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New FHA Collections Rule Almost Killed Two Of My Short Sales

New FHA Collections Rule Almost Killed Two Of My Short Sales

Two weeks ago, we received buyer contracts for two of our short sales – each FHA buyers.  While both had credit histories that would qualify them for a FHA loan – both had over $1000 in disputed collections, one was just $1,200. As neither had locked in their loans or an established a “loan case […]

Agents Face High Risks with Bank of America New Third Party Authorization

Agents Face High Risks with Bank of America New Third Party Authorization

Bank of America is requiring a new third party authorization form (TPA) starting April 14th…. Today’s guest post features excerpts from attorney Ron Ballard’s recent article featured on his blog. Read the original post here in its entirety: Monday, April 2nd, 2012 at 11:06am Agents Face High Risks with Bank of America New TPA Posted […]

Bank of America Getting Into the Landlord Business

Bank of America Getting Into the Landlord Business

Bank of America, the nation’s second-largest lender, is launching a pilot program this week that will offer a limited number of customers behind on their mortgages to transition from owner to renter. The bank, which was saddled with thousands of delinquent loans when it took over mortgage giant Countrywide, says that beginning this week “in […]

Bill to Speed Up Short Sale Process and Avoid Foreclosure

Bill to Speed Up Short Sale Process and Avoid Foreclosure

Bill to Speed Up Short Sale Process and Avoid Foreclosure This might be one of the few government bills affecting real estate that might work! To avoid losing homes to foreclosure due to long response times for short sale transactions, three senators introduced legislation to speed up the short sale process. Senators Lisa Murkowski (R-Arkansas), Scott […]

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Bank of America stops selling mortgages to Fannie Mae

Here is an interesting article from Jacob Gaffney describing Bank of America’s policy change that they will not be selling many of their loans to Freddie Mac and Ginnie Mae!  Those of you involved in Short Sales will find this move as a very positive approach to remove these government agencies from the short sale […]

Federal Officials: No Plans for Expanding Refinance Programs

Federal Officials: No Plans for Expanding Refinance Programs

Obama administration officials knocked down rumors on Thursday about any plan for new programs-dubbed an “August Surprise” -to streamline refinancing or cut mortgage balances for homeowners in a bid to stimulate the economy without asking Congress for money ahead of the midterm elections.

Government to Forgive Negative Real Estate Equity?

Government to Forgive Negative Real Estate Equity?

On August 17th President Obama may announced that Fannie Mae and Freddie Mac will FORGIVE negative equity…..

Fannie Mae to Penalize Homeowners Who Walk Away From Their Homes

Fannie Mae to Penalize Homeowners Who Walk Away From Their Homes

Now more than ever, homeowners need to work with Agents and lenders when contemplating a default on their mortgage. On Wednesday, Fannie Mae announced policy changes that will encourage more homeowners to pursue alternatives to foreclosure. Borrowers in default who decide to walk away but have the capacity to pay or didn’t complete a workout […]

End of Texas Pre-Foreclosure Purchase by Investors?

End of Texas Pre-Foreclosure Purchase by Investors?

Here is yet another Bill being introduced by our Texas Legislature that will have a negative impact not only on the Homeowner but also the Honest investor trying to help them. SB354 in Texas Legislature threatens Preforeclosure Investing In an effort to curtail so-called “foreclosure consulting”, a bill introduced by Texas State Senator Craig Estes […]

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 […]