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Text Summary of Obama's Speech on the Mortgage Crisis

Text Summary of Obama’s Speech on the Mortgage Crisis

Obama gave a speech today in Phoenix, AR on his Mortgage Bailout Plan. Here is a text of that speech. “Today, as a result of declining home values, millions of families are “underwater,” which means they owe more on their mortgages than their homes are worth. These families are unable to sell their homes, and […]

Obama to Announce Housing Plan on Wednesday

Obama to Announce Housing Plan on Wednesday

DS News White House officials said that President Barack Obama is scheduled to unveil the administration’s new housing and mortgage relief program on Wednesday during a speech in Phoenix, Arizona, one of the areas hardest hit by the nation’s foreclosure epidemic. Provided the details of the program are fleshed out by mid-week, they will come […]

Home Affordable Foreclosure Alternative (HAFA)

Banks Reacting to Federal Call for Foreclosure Moratorium

NEW YORK, Feb 13, 2009 (BUSINESS WIRE) — “To reiterate the commitment made by Chief Executive Officer Vikram Pandit to the House Financial Services Committee on February 11, 2009, Citi is taking the necessary steps to help American homeowners keep their homes. As part of this commitment, Citi has initiated a foreclosure moratorium on all […]

Countrywide Adds Yet Another Layer of Short Sale Gatekeepers

Countrywide Adds Yet Another Layer of Short Sale Gatekeepers

Countrywide Mortgage adds another layer in its continuing maze of gatekeepers and required approval process.  Countrywide now requires the seller to be qualified before starting a short sale. They now require a much more detailed financial summary and a personal phone contact with the seller before the short sale process is even started.  If you […]

Tax Credits for First Time Home Buyers

Tax Credits for First Time Home Buyers

 The 2009 Federal Budget offers up several financial breaks for first-time homebuyers and home-owners looking to improve the value of their homes through renovations. First-time buyers could see savings of up to $750 to alleviate closing costs by way of a $5,000 non-refundable income-tax credit on a qualifying home purchased after Jan. 27, 2009. This […]

Foreclosures Increase Over 80% in 2008

Foreclosures Increase Over 80% in 2008

Foreclosure filings on more than 2.3 million properties reported in 2008.   ForeclosureListings.com, one of the largest foreclosure listings providers, reports a total of 3,108,364 foreclosure filings in 2008 — auction sale notices, bank repossessions, and default notices — 1,275,791 U.S. Properties over the course of the year; an 82% increase in all properties from […]

Top Ten Reasons Short Sales Fail - Part I

Top Ten Reasons Short Sales Fail – Part I

 Over the years I’ve participated in hundreds of short sales, whether I was conducting my own, teaming up with other agents or investors, or coaching a client through the process.  I rode the learning curve and made my share of mistakes for sure, some of which I’d like to share with you to help you […]