All Entries in the "Uncategorized" 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 [...]
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 [...]
HOA dues and Short Sales….oil and water
Recently I had the opportunity to negoiate a short sale that had past due HOA payments. The payments were over a year behind and the association had put liens on the property. Two weeks before closing the homeowner received a foreclosure letter stating the HOA was foreclosing next month. I was never so frustrated that [...]
Obama’s new Foreclosure Alternatives Program coming soon!
On May 14, 2009, the Obama Administration announced its upcoming Foreclosure Alternatives Program. Among other things, the new program: Establishes financial incentives for servicers, sellers, and second lien holders to encourage the completion of short-sale transactions. Requires that a timeline, of no fewer than 90 days, be set to allow a homeowner to sell a home, [...]
Credit–Foreclosure or Short Sale; You decide
If you are lucky enough to sell your property through a short sale in this market, what next? First CONGRATS!!! By being proactive you have solved your foreclosure problem. Now the question, what is the bank going to do about the deficiency (difference of what is owed as to what it sold for). [...]
