All Entries in the "Sell your property" Category
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 [...]
January 2011 Foreclosure stats and median price points
Here are some stats provided by CNN last week from 10 cities across the nation. Notice Dallas and Houston both made the list. Thank goodness for the drivers that continue to move our economy forward and keep our unemployment lower than any other state. Not only that, but we have some of the most affordable [...]
Legal terms associated with a Texas-Short-Sale
If you are behind on your payments and are considering your property options, a few confusing legal terms may come up about foreclosure. I will make some sense of them for you. In Texas, lenders may foreclose on deeds of trusts or mortgages using either a judicial or non-judicial process. What is the difference? JUDICIAL [...]
The Importance of the Hardship Letter
The more short sales I do, I have found that the most important document of the short sale package is the hardship letter. It is read by a real person (loss mitigator) that have emotions and cannot help be influenced by a sincere hardship story. Please remember not to be embarrassed about your situation, create [...]
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 [...]
Bankruptcy—Effects on the Short Sale
One thing to remember if you are considering bankruptcy, it will only postpone the foreclosure. A bankruptcy creates a stay, which stops all litigation. While it is true the property cannot be foreclosed while in bankruptcy, once you come out you will lose your home. Your probably filing either chapter 7 or 13. Chapter [...]
