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Once a home owner falls into foreclosure, the eviction doesn’t happen right away — in fact, it may take years before delinquent borrowers finally have to turn over their keys. Data by LPS Applied Analytics shows that New York holds the longest average in the nation–mortgage loans in the foreclosure process in New York have… Read More
(Sfgate.com) Struggling homeowners who get loan modifications to stave off foreclosure often discover that their credit score takes a big hit. A bill introduced on Thursday by U.S. Rep. Jackie Speier, D-Hillsborough, would shield homeowner credit ratings after a loan modification. “To play by the rules, modify your loan and then have it as a blemish on your credit report is… Read More
RealtyTrac®, an online marketplace for foreclosure properties, released its U.S. Foreclosure Market Report™ for April 2010, which shows that foreclosure filings — default notices, scheduled auctions and bank repossessions — were reported on 333,837 properties in April, a 9 percent decrease from the previous month and a 2 percent decrease from April 2009. One in… Read More
Dear Bill Parsons, You asked me to look into the rumors that people who are under water in their homes can get out of their debts, stop foreclosures, and even cancel their home mortgage by going to court. Those rumors are all over the Internet and even in seminars right now and all I can… Read More
Thursday State lawmakers passed SB 401 which will exempt borrowers who lost their homes to foreclosure or short sales in 2009 from paying state taxes.
There couldn’t be a better time to walk away from your house! As a refresher, see my blog post from November 5th 2008 regarding the short sale process and the “Cash For Keys” some lenders offer homeowners as an incentive to go away quietly. I’m posting today about another government program that could put some… Read More
Yesterday the California Senate voted 21-15 to approve legislation that would relieve the tax liability of California homeowners from who have had forgiven debt from a foreclosure or short sale.
As a veteran of processing over 100 short sales in Redding and Shasta County I can tell you; sometimes things just don’t add up. Many times I’ve seen banks turn down offers and later sell the property after foreclosure for less than our original offer. How can this be? It just doesn’t make sense, or does it?
