All Entries in the "Realtors" Category
Buying a Short Sale with CASH
A new trend seems to happening to folks buying short sales with cash. With a cash buyer there is no need for the property to have “value comps” to justify and approve a loan, banks can use an inflated market value BPO/appraisal to see if the unsuspecting buyer will pay more and take their “bait”. [...]
How does a HELOC affect the Short Sale
If you are about to do a short sale and have a second lien, you should be aware of what type of loan it is. Usually if the second is “purchase money” meaning the second loan was made at the time of purchase you have a chance of walking away without a deficiency. (ex. 80/20 [...]
Fannie and Freddie to join HAFA Program
August 1 is the start of a new government program for what looks like all conforming loans. Until now the HAFA program was limited to only nonconforming primary residence loans. Now the conforming loan segment has entered the HAFA arena. It is supposed to be similiar to the original HAFA program, with a few minor [...]
Fannie Adds Incentive to Avoid Foreclosure for future Texas buyers
Beginning in July, Fannie Mae will allow financially troubled home owners to complete a “deed in lieu of foreclosure” or a short sale and be eligible to apply for a new Fannie-backed mortgage in two years. Currently, borrowers who have completed a deed-in-lieu must wait four years to apply for a loan that Fannie will [...]
