Pending home sales in California gained ground for the second consecutive month in February, while the share of equity sales posted higher after two months of decline, the CALIFORNIA ASSOCIATION OF REALTORS® (C.A.R.) reported today. Pending home sales: C.A.R.’s Pending Home Sales Index (PHSI)* rose from a revised 102.3 in January to 127.8 in [...]
The state-run program, “Keep Your Home California,” which helps homeowners struggling to pay their mortgages now has broader eligibility guidelines. Borrowers who did “cash-out” refinances and own multiple properties now are eligible for the program, according to California Housnig Finance Agency officials. To date, Keep Your Home California has helped approximately 8,000 low- and [...]
Short sales – a real estate transaction in which the homeowner needs to sell the property, but owes more on the mortgage than the home currently is worth – continue to dominate the housing market, but these real estate transactions aren’t for everyone. Typically with a short sale, the homeowner is underwater and has experienced [...]
Lenders are losing out on thousands of dollars–sometimes within just mere hours–due to short sale fraud, which is skyrocketing and plaguing the housing market, investigators say. In one of the most common short sale scams, an investor submits a low offer on a home that is underwater, in which the borrower owes more on [...]
We all know that this recession we are in now is all due to our banks and Wall Street. With their haste to make as much money as possible, by reducing lending requirements, they created a housing market that had only one direction to go., down. They created a wave of foreclosures, Wall Street firms [...]
Missed mortgage payments, short sales, and foreclosures can all drastically bring down a credit score. Lenders use credit scores to measure how well a person handles debt. Credit scores range from 300 to 850, with 650 and below considered poor credit. A mortgage makes up a big part of a person’s credit score and [...]
By John J. O’Dell I wonder why banks call short sales, short sales? Of course, what they mean by a short sale is that they are agreeing to sell a house for less than the mortgage they hold on the property. After that, short sale means you will complete a sale within a period of [...]
Photo courtesy of Around Hawaii The California Association of REALTORS® has put full page ads in numerous papers throughout California regarding the frustration of dealing with banks in trying to do short sales with them. A short sale is a sale of real estate in which the sale proceeds fall short of the balance owed [...]
The states of Arizona and Nevada has sued Bank of America for alleged foreclosure fraud. The lawsuits are very similar in scope, and basically allege that Bank of America engaged in deceptive practices specifically with regard to mortgage servicing, loan modification, and foreclosure. Arizona Attorney General Terry Goddard said in a press release: “Bank of [...]
SACRAMENTO, Calif.–(BUSINESS WIRE)–The California Department of Real Estate (DRE) has reported a sharp increase in the number of cases involving short sale fraud. In response, the Department has issued a new consumer alert detailing the perils and pitfalls of short sales and has begun posting its administrative actions filed against violators on the DRE web [...]
