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Category Archives: Foreclosures & Short Sales
Selling an Underwater Mortgage
If you put less than 15% down on a recent purchase, there’s a good chance that you owe more than your property’s current value. It’s a tough spot to be in—and tougher if you want to sell. But despite the … Continue reading
Posted in Finance, Foreclosures & Short Sales, Homeowners and Sellers
Tagged home improvement, mortgage, negative equity, short sale, under water, underwater
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Waiting Period after a Short Sale
We all know that short sales and foreclosures can hurt your credit, and bad credit hurts your chances of securing a mortgage. It makes sense. If you were unable to make your payments just last year, you’re a pretty risky … Continue reading
Posted in Foreclosures & Short Sales, Homeowners and Sellers, Sellers
Tagged credit score, FHA loan, foreclosures, rebuilding credit, short sales
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Bad Credit and Good Income
The last few years have been rough on everyone. Bankruptcies, foreclosures, short sales, and unemployment have ravaged the savings and credit ratings of hard-working honest citizens, and their effects can linger. As our economy gets back to work, you may find yourself in an increasingly-common position: bad credit but good income.
Mountains of debt?
Is your credit score only hampered by past behavior, or are there current items weighing you down? If you have unpaid judgements or high revolving debt balances, you should almost always pay them down first. Doing so will increase your buying power and decrease your risk in the bank’s eyes, but it will also save you money right away. If you can hold off until you’ve paid off your most dangerous debt, do it. Continue reading
Posted in Buyers, Finance, Foreclosures & Short Sales
Tagged bad credit, down payment, FHA loans, home inance, loan officer
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6 Tips for Buying at Auctions
With millions of homes in or approaching foreclosures, auctions are an increasingly popular method of liquidating inventory quickly. Banks unload distressed properties in a hurry, and potential buyers can compare and bid on dozens or hundreds of homes in their area in one place. It’s a win-win for everyone, as long as they’re prepared. Here are six tips for keeping your game-face on and getting the most out of an auction.
1. Know your goals: Talk with your family and decide which features are most important to you. Do you want a property that’s close to work? In a good school district? Near public transportation? Write down every feature and assign each an importance rank of 1 to 10. When you evaluate properties, assign a score of 1 to 10 to each (to the best of your ability–some aspects of a property, such as interior condition, may be hard to judge). Multiply the score by the importance and add all the numbers together. Your total score isn’t your only metric, but it may help you focus on what’s really important, once the emotion and excitement of the auction take over. Continue reading
Posted in Buyers, Foreclosures & Short Sales
Tagged auctions, distressed homes, foreclosures, short sales
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President Obama’s Home Affordable Refinance Program and You
At a campaign stop in Nevada on Monday, President Obama announced an
expansion of the HARP (Home Affordable Refinance Program) which would
eliminate the current maximum LTV of 125%. The initiative is being looked at
as a way to reward those homeowners who have been good payers of their
mortgages but, because of declining home values, they could not take
advantage of today’s lower interest rates.
While the actual details on the program will not be released until next
month, here’s the buzz: Continue reading
Posted in Foreclosures & Short Sales, Homeowners and Sellers
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Should you Stay or Should You Go: Answer This Before You Walk Away
Before you decide whether to try for a short sale or walk away and face a full foreclosure, ask yourself if you really want to leave the home at all. You might wind up saving your time, your credit, and possibly even a lot of money. Your situation will always be unique, but answering one quick question will help you decide how to proceed when your mortgage is causing problems.
Why did you buy?
This is the single most important question you can ask when facing a property loss, because it sets the tone for everything that comes next. Did you hope for a quick flip to cash in on rising prices or home improvements? Was it a long-term investment designed to provide income and stability decades down the road? Or was this a primary home for yourself and your family? Continue reading
Posted in Foreclosures & Short Sales, Homeowners and Sellers
Tagged foreclosure, mortgage, refininacing, short sale, underwater
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