What is a Short Sale ?

May 10, 2011

A short sale is a transaction in real estate where the sale proceeds are less than the balance owed on the seller’s loan. This is typically a result of a property’s value decreasing to the point where it can no longer be sold at or above the amount owed on the owner’s loan. Both sellers and lenders consent to the short sale process because it avoids the foreclosure process which involves substantial fees for the lender and longer credit consequences for sellers.

2011 Foreclosure mess… Worst year yet?

Jan 19, 2011

Due to the dramatic decrease in property values over the last three years millions of Americans have found themselves in an increasingly hopeless situation. The American dream of one’s home being the most lucrative investment seems long gone. Many homeowner‘s find themselves wondering which course of action is the quickest road to financial recovery. As a responsible adult which is the best financial decision for your family?? Should you consider letting your home go risking your credit history of faithfully making all your payments on time, will you qualify for a loan modification, or would it be best to continue making payments even though your home is underwater and hope for the best ? [ read more ]

LOAN MODIFICATION DISASTER

Sep 30, 2010

It is estimated that 60%-70% of homeowners who have modified a loan have or will go back into default within the first nine months and back on the road to foreclosure. This proves that many homeowners approach a loan modification with high hopes and realized only after completion, that it was not what they bargained for.  

Why Loan Modifications Often Don’t Work  

1. Modified loans often carry higher balances than the original loan… [ read more ]