Tuesday, May 18, 2010
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USA Today reports "More drop out of mortgage modification program"
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Interesting article found at USAToday.com
"WASHINGTON - The number of homeowners dropping out of the Obama administration's main mortgage assistance plan is growing, and is almost equal to the number who have received permanent relief.
More than 299,000 homeowners had received permanent loan modifications as of last month, the Treasury Department said Monday. That's about 25% of the 1.2 million who started the program since its March 2009 launch. They are paying, on average, $516 less each month.
However, the number of people who started the process but failed to get their mortgages permanently modified rose dramatically in April....
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| Posted by Rebecca Nierodzinski at 12:28 PM |
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Tuesday, April 27, 2010
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Is buying a short sale a good idea?
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Short sales have a reputation to be unpredictable. Is it a good idea to buy a short sale? Maybe!
It is well worth your while to have your agent do a little investigation for you before you decide to write that offer.
First, as a buyer, your agent should be knowledgeable about listing short sales to help you understand the process and what to expect. The more experienced your agent is with short sales, the easier it is for them to discuss the circumstances of the short sale with the listing agent. With a few simple questions, your agent should be able to find out if the listing agent is experienced with short sales (unfortunately, there are still a few out there just winging it), how many lenders need to be negotiated with, and who those lenders are.
If your agent has done a lot of short sales, chances are they have had a lot of experience working with different lenders. They get an idea of how difficult some lenders are to work with and how long they take to respo...
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| Posted by Rebecca Nierodzinski at 4:02 PM |
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