Short Sale Relocation Assistance Program: Bank of America announced that for a limited time, they are offering enhanced relocation assistance payments in which qualified homeowners who initiate a short sale without an offer could be eligible to receive $2,500 – $30,000 in relocation assistance and owe no more on their mortgage with the sale of their ... [Read More]
Short Sale Relocation Assistance Program:
Bank of America announced that for a limited time, they are offering enhanced relocation assistance payments in which qualified homeowners who initiate a short sale without an offer could be eligible to receive $2,500 – $30,000 in relocation assistance and owe no more on their mortgage with the sale of their property.
The relocation assistance payment is calculated based on the appraised value of the homeowner’s property. The total amount will be no less than $2,500, but no more than $30,000.
The payment will be delivered at the time of closing if the homeowner complies with all terms and conditions of the Short Sale Agreement, which includes but are not limited to the following:
1. A full walk-through appraisal must be completed and the homeowner
must satisfy all junior liens and provide clear title for the property
(the relocation assistance payment can be used to clear those liens).
2. The short sale must close by September 26, 2013.
If the homeowner does not comply with all terms and conditions of the Short Sale Agreement, they will not receive the relocation assistance payment.
The amount of any deficiency and relocation assistance will be reported to the Internal Revenue Service (IRS) on the appropriate 1099 Form or Forms. We suggest that the homeowner contact the IRS or their tax preparer to determine if they have any tax liability.
Don’t miss this limited-time offer to get the help needed by initiating a preapproved price short sale today.
Determining eligibility is easy:
Once the short sale is initiated Bank of America will evaluate the homeowner for this offer quickly to determine if they qualify for the enhanced relocation assistance.
The homeowner must participate in one of the preapproved price short sale programs, such as:
1. HAFA (Home Affordable Foreclosure Alternatives) or
2. Bank of America’s proprietary program.
Specific investor participation and eligibility criteria do apply to these programs.
Have an active pre-approved price short sale?
Bank of America is reviewing all current, in-process pre-approved price short sale agreements to determine who is eligible for this limited-time offer. Eligible homeowners actively participating in a preapproved price short sale program (such as HAFA or Bank of America’s proprietary program) will receive a letter if they qualify for the additional relocation assistance. The relocation assistance will be paid at closing.
The bottom line is… If your home is worth less than you owe, you may still sell it via a short sale — without bringing any money to closing and you might even get money to move!
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According to a report from Foreclosure-Response.org, the serious delinquency rate, which includes loans 90 or more days past due plus foreclosures, increased for the first time after a downward trend between December 2009 and June 2011. Serious delinquencies rose from 9.2 percent in June 2011 to 9.7 percent in December 2011 for the nation’s 100 ... [Read More]
According to a report from Foreclosure-Response.org, the serious delinquency rate, which includes loans 90 or more days past due plus foreclosures, increased for the first time after a downward trend between December 2009 and June 2011.
Serious delinquencies rose from 9.2 percent in June 2011 to 9.7 percent in December 2011 for the nation’s 100 largest metropolitan areas. While the 90-plus delinquencies component of the percentage is flat at 3.8 percent and has remained largely unchanged for the past four quarters, foreclosure rates continue to rise and now stand at 5.9 percent. In June 2011, the foreclosure rate was 5.5 percent.
Analysis with the data suggested the build-up of foreclosed homes in judicial states is the main reason behind the rising foreclosure rate.
Metros located in judicial states had foreclosure rates averaging 7.2 percent in December 2011 compared with 4.7 percent for metros in non-judicial states.
Also, when separating metro trends in judicial states from non-judicial, the foreclosure rate in judicial areas has actually increased since March 2009, when Foreclosure-Response.org began tracking the data, while the rate has been roughly flat in non-judicial metros for the last five quarters.
Nearly half, or 46, of the 100 largest U.S. metro areas are located in judicial states.
http://www2.realtoractioncenter.com/site/R?i=iEo9QuAEyhY-KJ1Sje-0vA
Estimates by Standard & Poor’s Rating Services, based on first quarter 2012 data, show that it will take 46 months to clear the market’s supply of distressed homes, or the shadow inventory. The agency’s latest estimate came in one month shy of the liquidation timeline determined in the fourth quarter of 2011. While national residential ... [Read More]
Estimates by Standard & Poor’s Rating Services, based on first quarter 2012 data, show that it will take 46 months to clear the market’s supply of distressed homes, or the shadow inventory.
The agency’s latest estimate came in one month shy of the liquidation timeline determined in the fourth quarter of 2011.
While national residential mortgage liquidation rates appeared stable over the first three months of this year, these rates varied widely between local markets, which prevented any significant reduction in S&P’s months-to-clear estimate, the agency explained in its report.
Regional variations in how quickly servicers can clear the backlog of nonperforming loans are primarily due to differences in foreclosure procedures, judicial vs. non-judicial.
As of first-quarter 2012, S&P says its months-to-clear estimate in judicial states was almost two and half times as long as non-judicial states.
S&P includes in the shadow inventory all outstanding properties on which the mortgage payments are 90 or more days delinquent, properties in foreclosure, and properties that are REO. The agency also includes 70 percent of the loans that became current, or “cured,” from 90-day delinquency within the past 12 months because S&P says these loans are more likely to re-default.
http://www2.realtoractioncenter.com/site/R?i=2tlc77M2XTRRPk_hNzPxEw
Estimates by Standard & Poor’s Rating Services, based on first quarter 2012 data, show that it will take 46 months to clear the market’s supply of distressed homes, or the shadow inventory. The agency’s latest estimate came in one month shy of the liquidation timeline determined in the fourth quarter of 2011. While national residential ... [Read More]
Estimates by Standard & Poor’s Rating Services, based on first quarter 2012 data, show that it will take 46 months to clear the market’s supply of distressed homes, or the shadow inventory.
The agency’s latest estimate came in one month shy of the liquidation timeline determined in the fourth quarter of 2011.
While national residential mortgage liquidation rates appeared stable over the first three months of this year, these rates varied widely between local markets, which prevented any significant reduction in S&P’s months-to-clear estimate, the agency explained in its report.
Regional variations in how quickly servicers can clear the backlog of nonperforming loans are primarily due to differences in foreclosure procedures, judicial vs. non-judicial.
As of first-quarter 2012, S&P says its months-to-clear estimate in judicial states was almost two and half times as long as non-judicial states.
S&P includes in the shadow inventory all outstanding properties on which the mortgage payments are 90 or more days delinquent, properties in foreclosure, and properties that are REO. The agency also includes 70 percent of the loans that became current, or “cured,” from 90-day delinquency within the past 12 months because S&P says these loans are more likely to re-default.
http://www2.realtoractioncenter.com/site/R?i=2tlc77M2XTRRPk_hNzPxEw
CNNMoney The S&P/Case-Shiller home price index of 20 cities recorded a decline of 3.5 percent in February compared with the year before. Read the full story http://money.cnn.com/2012/04/24/real_estate/home-prices/index.htm?iid=HP_LN [Read More]
The Washington Post With home prices at historic lows and rental rates on the rise, a growing number of investors with cash to spare are seeking lucrative returns by gobbling up foreclosures in distressed markets across the country and turning them into rentals. Read the full story http://www.washingtonpost.com/business/economy/housing-downturn-spurs-a-boom-in-foreclosure-to-rental-conversions/2012/04/24/gIQAFWUZeT_story.html?hpid=z2 [Read More]
CNNMoney The Federal Housing Finance Agency laid out new rules aimed at speeding up the short sale process, a move that could keep many homes from falling into foreclosure. Read the full story http://money.cnn.com/2012/04/19/real_estate/short-sales/index.htm?iid=HP_LN [Read More]
The Wall Street Journal Former Fannie Mae CEO, speaking on a panel at a conference, says that an influx of investors into the housing market – rather than government policy – was the main cause of the housing market’s collapse. Read the full story http://blogs.wsj.com/developments/2012/04/20/raines-dont-blame-homeowners-government-for-housing-bust/ [Read More]
The Washington Post With home prices at historic lows and rental rates on the rise, a growing number of investors with cash to spare are seeking lucrative returns by gobbling up foreclosures in distressed markets across the country and turning them into rentals. Read the full story http://www.washingtonpost.com/business/economy/housing-downturn-spurs-a-boom-in-foreclosure-to-rental-conversions/2012/04/24/gIQAFWUZeT_story.html?hpid=z2 [Read More]
The Wall Street Journal Former Fannie Mae CEO, speaking on a panel at a conference, says that an influx of investors into the housing market – rather than government policy – was the main cause of the housing market’s collapse. Read the full story http://blogs.wsj.com/developments/2012/04/20/raines-dont-blame-homeowners-government-for-housing-bust/ [Read More]
Once a primary tool for real estate agents looking to sell a home, experts say the traditional open house has lost its influence in the Internet age. Most buyers today conduct their preliminary research at home – reviewing online photos, virtual tours, and a home’s layout – and arranging for private showings of the properties ... [Read More]
Once a primary tool for real estate agents looking to sell a home, experts say the traditional open house has lost its influence in the Internet age. Most buyers today conduct their preliminary research at home – reviewing online photos, virtual tours, and a home’s layout – and arranging for private showings of the properties they’re interested in.
Many REALTORS® report that open houses rarely attract interested, qualified buyers. During the boom times, it was more common for buyers to make offers at open house because they were worried that another buyer would beat them to it. But with real estate sales slow in most markets, the urgency is no longer there.
Buyers who visit an open house without their REALTOR® could be setting themselves up for problems. Listing agents – the REALTORS® who are representing the seller – have a fiduciary responsibility to represent the sellers’ best interests, which, not surprisingly, are often in conflict with the buyers’ best interest.
CNNMoney The S&P/Case-Shiller home price index of 20 cities recorded a decline of 3.5 percent in February compared with the year before. Read the full story http://money.cnn.com/2012/04/24/real_estate/home-prices/index.htm?iid=HP_LN [Read More]
Los Angeles Times A year ago, 1 out of 10 REALTORS® surveyed said houses were receiving low-ball offers. In the latest survey, there were hardly any. Instead, the focus ha shifted to declining inventory levels. Read the full story http://www.latimes.com/business/realestate/la-fi-harney-20120422,0,7259627.story [Read More]
CNNMoney The Federal Housing Finance Agency laid out new rules aimed at speeding up the short sale process, a move that could keep many homes from falling into foreclosure. Read the full story http://money.cnn.com/2012/04/19/real_estate/short-sales/index.htm?iid=HP_LN [Read More]
With the recent landmark National Mortgage Settlement between the nation’s five largest real estate loan servicers and state attorneys general over faulty foreclosure practices, troubled homeowners are at risk of falling victim to scam artists offering mortgage modification and other foreclosure prevention services. C.A.R. wants to help consumers from being defrauded and has launched a ... [Read More]
With the recent landmark National Mortgage Settlement between the nation’s five largest real estate loan servicers and state attorneys general over faulty foreclosure practices, troubled homeowners are at risk of falling victim to scam artists offering mortgage modification and other foreclosure prevention services.
C.A.R. wants to help consumers from being defrauded and has launched a special section on car.org with information about forclosure-prevention, short sale, and other types of mortgage-related fraud, along with information on where to get help and where to report suspected cases of fraud.
http://www2.realtoractioncenter.com/site/R?i=K6Gb5mN3CidEVn8uFsKfiA
