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, [...]
New FICO Credit Scoring coming soon!!
Three NEW FICO Credit Scores Hit the Market The Fair Isaac Company have announced that they will be releasing three new credit scores based on their new FICO 08 model. 1. The FICO Mortgage Score The FICO Mortgage Industry Score is designed to help mortgage lenders improve credit decisions for both current and future homeowners. [...]
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 [...]
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). [...]
