Here are a few facts about Short Sales:

Approximately 8M mortgages in the United States are upside down- or in a negative equity position which means if these owners want to sell they will either need to bring a check to closing or work with their lender to negotiate a short sale.

A short sale is a [...]

Sometimes when I meet with homeowners who are either behind on payments or about to be, they ask me why they should bother pursuing options other than  foreclosure. We’ve all been overwhelmed at times and felt as if it would be easier to just throw our hands up and walk away from it all. But [...]

Not everyone will qualify for to refinance their home despite recent initiatives in the Making Home Affordable plan recently rolled out by the Obama Administration.  Unfortunately, one of the most attractive solutions for owners struggling with high payments will not be available for everyone under this plan.
Have a Jumbo Mortgage?
Typically jumbo mortgages, or non-conforming loans, [...]

In the grand scheme of mortgage payments and 1st and 2nd mortgage balances, annual or monthly Homeowner’s Association dues seem nominal and unimportant. But most folks don’t know that Homeowner/Condo Associations also have the ability to foreclose on a property for unpaid dues.
Many distressed property owners will stop paying HoA dues first when trying to [...]

Up to 5 million homeowners are expected to be helped stay in their homes under the recently announced Obama Administration’s foreclosure relief plan. Announced March 4, the plan is designed to allow some homeowners to refinance into lower rates (up to 105% of current value which helps those whose value has fallen) or others to [...]

If any home owner is considering a Loan Modification, Short Sale or other alternative to foreclosure which involves the bank making some form of concession, it is usually necessary for the home owner to be able to demonstrate a valid hardship.
The Distressed Property Institute defines an acceptable hardship as:
A material change in the financial situation [...]

A statistic provided to me by the Distressed Home Institute stated that seven out of ten homes which are foreclosed upon never have an visible intervention-by visible they mean there was no effort to ever try to sell the home first.
According to a report completed by the State Foreclosure Prevention Working Group which was published [...]

In December WA state Senator Patty Murray’s office released a news memo announcing additional funding for foreclosure counseling. Stats within the press release state:
Washington state had 4,278 foreclosure filings in October, which was a 95 percent increase from October of 2007. The state’s rate of one filing for every 631 households put it 17th among [...]

I don’t think I’ve read a better summation of what we’re really experiencing across the country than this post by Justin Hood on Zillow’s Mortgage Blog. Not only is it spot on in it’s message, but it poignantly speaks to the frustration those of us “on the front lines” are feeling.
Here’s an excerpt from Justin’s [...]

Technorati Tags: financing,short sales,foreclosures
In a recent article by Mark Calvey of the San Francisco Business Times, a Wells Fargo spokesman is quoted in support for customers facing foreclosure. After acknowledging that many of the loans Wells Fargo services are owned by other companies and investors, Chris Hammond was quoted as saying,
“…..We are fully committed to [...]