Six months ago, the U. S. Department of Housing and Urban Development (HUD) completely revised the Good Faith Estimate.
The reason to revise the Good Faith Estimate was to make all the costs of a loan more transparent and easier for borrowers to understand. To accomplish this directive, the government turned what was for years a [...]
Although the foreclosure sale rate is .21%, according to a report by Lender Processing Services, the number of mortgages in default has declined while the number of REOs has increased. However, banks aren’t putting these homes on the market through MLS. The shadow inventory is still out there. Not to mention, one out of [...]
When the Federal Reserve makes a vote on the Fed Funds Rate, it’s voting on the rate at which banks borrow from each other. The Federal Reserve is NOT voting to change consumer mortgage rates because, based on its government charter, it can’t. Look to Wall Street for that, instead.
Banks are now making loans against non-warrantable condos and condotels. But you won’t get approved with The Big Banks if you try — you’ve got to look local instead. Here’s how to do it.
By the time sellers in Sacramento come to me to ask about doing a short sale, these sellers have typically been rejected for a loan modification. You hear a lot about loan modifications, but very few are being granted. About a year ago, President Obama’s Home Affordable Modification Program (HAMP) promised to help some 3- [...]
If you’re wondering whether banks make more money on a foreclosure over a short sale, I lost a short sale transaction a few weeks ago that could be used to support a case that some banks may prefer a foreclosure. I’ve heard numbers bantered about that banks lose less money if they agree to a [...]
“The Tyra Banks Show” debuts on September 12.
Targeting women, XM Satellite Radio, with more than 4.4 million
subscribers, the nation’s leading satellite radio service
announced that it would launch a new talk and lifestyle channel,
Take Five.
This new women’s channel will feature daily satellite radio
broadcasts of the Daytime Emmy(R) Award-winning “Ellen
DeGeneres Show,” and the new “Tyra [...]
Are you thinking about buying a short sale?
When I think about short sale banks, I can’t help but hear the voice of Arte Johnson (playing his Laugh-In character) in my mind. He was famous for impersonating a German soldier and sputtering, “Veerrrry interesting, but shtupid.”
Because much of the subprime mortgage fiasco was based on a [...]
I loved this SNL skit about the banks stress tests. Honestly, the bank stress tests were a bit of a joke, mainly because the government kept changing the analysis in order to placate the big banks.
Happy Friday!
Post from: Yielding Wealth
Waiting for short sale approval can be agonizing, especially for first-time home buyers.
Some banks such as Countrywide, for example, move files through a minimum of two phases. During the first…