Published 1. July 2010 at 12:04 am - No Comments
Fannie Mae recently announced policy changes designed to encourage borrowers to work with their loan servicers and pursue alternatives to foreclosure. Under the new policies, borrowers who strategically default on their home loan despite having the capacity to pay and those who do not complete a workout...
Published 26. March 2010 at 12:41 am - One Comment
Government Sponsored Enterprises (GSE) Fannie Mae and Freddie Mac last week released guidelines for implementing the Treasury Dept.’s Home Affordable Foreclosure Alternatives Program (HAFA). The new guidelines apply to loans owned or guaranteed by the GSEs; servicers are required to implement...
Published 26. March 2010 at 12:40 am - No Comments
Generally, the Internal Revenue Service (IRS) treats debt forgiveness by a creditor as taxable income. However, under federal legislation that took effect in 2007, certain home mortgage debt cancellations—such as loan modifications, short sales, or foreclosures—may be exempted from federal taxes. ...
Published 19. March 2010 at 8:12 pm - 3 Comments
By Connor P. Wallmark • Mar 11th, 2010 •
Part I of this article reviews an agent’s counseling of a negative equity homeowner by analyzing the owner’s net worth in a balance sheet, and the agent’s advice on asset management for the residence.
Underwater property: the family’s black-hole...
Published 16. March 2010 at 5:08 pm - No Comments
By Connor P. Wallmark
Part II of this article discusses the rational decision of a negative equity homeowner to strategically default on his purchase-assist mortgage, and thus force the lender to buy his property, with no personal liability for the lender’s losses when the retention of the property...
Published 11. March 2010 at 11:10 pm - No Comments
By DAVID STREITFELD
Published: March 7, 2010
In an effort to end the foreclosure crisis, the Obama administration has been trying to keep defaulting owners in their homes. Now it will take a new approach: paying some of them to leave.
This latest program, which will allow owners to sell for less...
Published 10. March 2010 at 11:53 pm - No Comments
“To support overall market stability and reinforce the importance of borrowers working with their servicers when they are in difficulty”, Fannie Mae is updating their policies regarding the future eligibility of borrowers to obtain a new mortgage after experiencing a short-sale. Effective on July...
Published 10. March 2010 at 5:37 pm - No Comments
State and federal investigators are cracking down on mortgage scammers, pushing arrests and civil actions to record levels.
MortgageDaily.comtracked 134 mortgage-related lawsuits in the fourth quarter of 2009, an increase of 76 cases compared to the third quarter. There were 46 cases in fourth quarter...
Published 10. March 2010 at 5:29 pm - 2 Comments
By Amanda Ripley
California Attorney General Edmund G. Brown Jr. joined with the Department of Real Estate (DRE) to warn California homeowners about the latest scam plaguing distressed homeowners: forensic loan audits.
These so-called “loan audits” encourage homeowners to pay an advanced fee...
Published 6. March 2010 at 6:58 pm - No Comments
According to the most recent REALTORS® Confidence Index, buyers continue to be discouraged with the extended short sale process, which frequently results in foreclosures that could have been prevented.
New resources from the National Association of REALTORS® aim to help REALTORS® and consumers...
Fannie Mae recently announced policy changes designed to encourage borrowers to work with their loan servicers and pursue alternatives to foreclosure. Under the new policies, borrowers who strategically default on their home loan despite having the capacity to pay and those who do not complete a workout alternative in good faith will be ineligible for
read more..
Government Sponsored Enterprises (GSE) Fannie Mae and Freddie Mac last week released guidelines for implementing the Treasury Dept.’s Home Affordable Foreclosure Alternatives Program (HAFA). The new guidelines apply to loans owned or guaranteed by the GSEs; servicers are required to implement the new policies no later than Aug. 1. While largely consistent with the HAFA
read more..
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