Chicago Title has put together a good summary about some of the issues involved with a short sale.
A short sale generally will require a 2 year wait prior to purchasing another home.
Howver if you are not more than 60 days on your loan payment, this time period may be shorter.
Entries Tagged as 'Sub-Prime Mortgage Issue'
More information on Short Sales
May 3rd, 2009 · No Comments
Tags: Foreclosures · Short Sales · Credit Information · Sub-Prime Mortgage Issue
Do any of these government mortgage relief programs work?
April 1st, 2009 · 1 Comment
I have generally been pretty skeptical about whether any of these much talk-about government programs will actually help any homeowners? Are these programs just more of the “promise a lot, deliver a little” that we seem to get out of Washington DC the past 10 years or will they actually help people.
I like to stay […]
Tags: Short Sales · Foreclosures · First-time home buyers · Pending Legislation · Credit Information · Sub-Prime Mortgage Issue · Helpful Sites · Real Estate Finance
Do you need help selling your home with a short sale?
March 27th, 2009 · No Comments
I have recently sold a short sale in Redwood City representing the buyer and another short sale in East Palo Alto representing the seller.
Do you need help evaluating your options? I am glad to help. I have undergone short sale specific traing and have the process and procedure down. It is still time consuming but […]
Tags: Foreclosures · Short Sales · Credit Information · Helpful Sites · Sub-Prime Mortgage Issue
Obama Home Mortgage Rescue Plan part 6
March 23rd, 2009 · No Comments
One of the things President Obama promised was greater use of the internet to make information about government programs and activites more accessible to the general public.
The MakingHomeAffordable website is now up and runnning.
This is a very useful site which will help homeowners determine if they are eligible for either the refinance plan or the […]
Tags: Short Sales · Foreclosures · Pending Legislation · Credit Information · Sub-Prime Mortgage Issue · Helpful Sites · Real Estate Finance
Obama Home Mortgage Rescue Plan part 5
March 4th, 2009 · No Comments
Obama’s plan contains 2 main parts:
1. Refinance options for loans that are up to 105% of the current market value of the home.
2. Loan modifcation programs for people where option #1 does not apply and they are having a hard time making the monthly payments.
Obama has named the plan #1 - Making Homes Affordable.
Katie Curmutte, […]
Tags: Short Sales · Foreclosures · Pending Legislation · Credit Information · Sub-Prime Mortgage Issue · Helpful Sites · Real Estate Finance
Do you qualify for Obama refinance plan?
February 27th, 2009 · 2 Comments
Exact details on Obama’s refinance plan will be out March 4, 2009.
Expect the lenders to take a few weeks to digest the information and set their in-house systems up to handle these requests.
Diane Tuman of Zillow gives good detailed information on what the plan is expected to be.
Tags: Foreclosures · Short Sales · Helpful Sites · Sub-Prime Mortgage Issue · Real Estate Finance
Obama plan part 4
February 19th, 2009 · 3 Comments
There is lots of good information available throughout the real estate blogging community about Obama’s plan to reduce foreclosure and increase loan modifications.
Jillayne Schlicke of Rain City provides a lot of information and asks the very important question:
“IS A LOAN MODIFICATION IN YOUR BEST INTERSTS?”
Jillayne also tells it like it is: “If your home does […]
Tags: Short Sales · Foreclosures · Pending Legislation · Credit Information · Sub-Prime Mortgage Issue · Helpful Sites · Real Estate Finance
Obama Plan Part 3
February 19th, 2009 · No Comments
Obama’s plan is expected to help between 7 Million and 9 Million homeowners.
The New York Times has a neat chart which tells who qualifies and who does not.
Here is a summary:
Allows “responsive homeowners” - those who are paying their mortgages on time but whose property value has dropped so the loan balance is now 80% […]
Tags: Short Sales · Foreclosures · Pending Legislation · Credit Information · Sub-Prime Mortgage Issue · Real Estate Finance
Obama’s foreclosure and loan modification part 2
February 18th, 2009 · No Comments
I am confident that we will gain more insight on Obama’s plan to reduce foreclosures and increase loan modifications over the next few days and weeks.
Obama’s progrma does not address ssecond mortgages. Many folks have home equity loans on their property or obtained a second loan at time of purchase to go with a larger […]
Tags: Short Sales · Foreclosures · Pending Legislation · Credit Information · Sub-Prime Mortgage Issue · Real Estate Finance
Obama’s foreclosure and loan modification plan is out
February 18th, 2009 · No Comments
Preliminary details are out on Obama’s plan to reduce foreclosures and increase loan modifcations.
Full and final details should be out in the next 2 weeks.
Obama’s plan contains incentives for both lenders and home owners to agree to loan modifications and keep to those promises. Borrowers and lenders can receive up to $1,000 per year if borrowers […]
Tags: Short Sales · Foreclosures · Pending Legislation · Credit Information · Sub-Prime Mortgage Issue · Real Estate Finance