If I can help you find the perfect Napa Valley property, please email me B of A streamlines short sale process Bank Of America recently announced it will begin to use additional methods to determine property values in an attempt to streamline the short sale process and reduce cycle time. As of mid-October, different valuation […]
Current on your mortgage yet underwater and need help, new federal short sale program may be the answer
If I can help you find the perfect Napa Valley property, please email me Curtis@NapaValleyAddress.com New short-sale program offers relief for underwater homeowners One of the federal government’s most-important financial relief efforts for underwater homeowners started operating Nov. 1. Making sense of the story Traditionally short sales, where the lender agrees to accept less than […]
Update on shadow inventory & foreclosure sales for the country
If I can help you find the perfect Napa Valley property, please email me Curtis@NapaValleyAddress.com Shadow inventory continues to decline CoreLogic reported this week that the current residential shadow inventory fell to 2.3 million units, representing a supply of six months, as of July. This was a 10.2 percent drop from July 2011, when shadow […]
Fannie Mae and Freddie Mac to use same short sale program starting November 1st
If I can help you find the perfect Napa Valley property, please email me Curtis@NapaValleyAddress.com I’m happy to inform you of changes announced today by the Federal Housing Finance Agency (FHFA) that will align guidelines for Fannie Mae and Freddie Mac short sales and allow lenders and servicers to quickly and more easily qualify borrowers […]
Starting June 15th, Fannie Mae & Freddie Mac to give final short sale decision within 60 days
Speeding up short sales Beginning June 15, the Federal Housing Finance Agency, which regulates Fannie Mae and Freddie Mac, will require both agencies to give short-sale buyers a final decision within 60 days. Under this same guideline, Fannie Mae and Freddie Mac also must respond to initial requests for a short sale within 30 […]
Current Facts Regarding Short Sales Including What Percentage You Might Save and How Long They Take To Close
According to a recent report by RealtyTrac, short sales accounted for 25 percent of all home sales in the second quarter, an increase from 18 percent the previous year. However, while the number of short sale transactions has increased, and lenders such as Bank of America and Wells Fargo claim to be processing more short […]
Pre-Foreclosure short sales rose 19 percent in Q2
Short sales rose 19 percent between the first and second quarters, with 102,407 transactions completed during the April-to-June period, according to RealtyTrac. Pre-foreclosure short sales took an average of 245 days to sell after receiving the initial foreclosure notice during the second quarter, RealtyTrac says. That’s down from an average of 256 days in the […]
