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New Short Sale Regulations – Effective April 5th, 2010The down side is that mortgage companies don’t have to put the program into action until April 5, 2010. I think this time frame was established to give these companies time to get their act together. My understanding is that this program is voluntary for lenders that hold second mortgages. These lenders can receive up to $3,000 to release the loans. I’m sure that will be a gamble for many lenders that stand to lose a substantial amount of money and opt to hold the borrower accountable instead.
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There are quite a few exclusive communities in Central Florida with a wide range of outstanding elements among them. Luxury lakefront properties located on a "chain" of lakes rather than just a single lake are usually the more sought-after. The premier chain of lakes in Central Florida is the Butler Chain of Lakes which hosts many exquisite homes owned by celebrites, entertainers, sports stars and legends. The Winter ParkChain also hosts some large and beautiful homes and estates. The are a few single lakes surrounding--or in close proximity to the Butler Chain of lakes where large estate homes and true luxury communities are located.
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New Short Sale Regulations – Effective April 5th, 2010
[caption id="attachment_124" align="alignleft" width="500" caption="New timeline for acceptance of your short sale offer"][/caption] The federal government has just released new short ...
New Regulations Give Banks More Incentive to do Shortsales
Should you consider a shortsale in light of new federal regulations? [caption id="attachment_120" align="alignleft" width="466" caption="There are new federal regulations affecting ...
Buying a Property on Fisher Island
The Fisher Island real estate market is the most luxurious market in South Florida. Located some distance away from Miami, ...
Cher’s Hawaii Hideaway Goes Under the Hammer for $8.7 MILLION
The Hawaii retreat Cher has painstakingly revamped has gone under the hammer for $8.7 million. The Kailua Kona property on Hawaii's ...
Successful Loan Modification Strategies
How to negotiate new terms for your mortgage that stick By Amy E. Buttell Loan modification efforts fall short when they aren’t ...
South Florida – Residents Renting Luxury Homes for Big Games
South Florida homeowners are trying to cash in on the upcoming Pro Bowl and Super Bowl by renting their homes ...
Will a Quicker ‘Short Sale’ Process Bring About Healthier Home Sales in 2010?
New government guidelines and bank programs combine to boost ‘short sales’ January 5, 2010 -- Is a housing turnaround possible in ...
Shortsales - Foreclosures
New Short Sale Regulations – Effective April 5th, 2010 The down side is that mortgage companies don’t have to put the program into action until April 5, 2010. I think this time frame was established to give these companies time to get their act together. My understanding is that this program is voluntary for lenders that hold second mortgages. These lenders can receive up to $3,000 to release the loans. I’m sure that will be a gamble for many lenders that stand to lose a substantial amount of money and opt to hold the borrower accountable instead.
New Regulations Give Banks More Incentive to do Shortsales Now new federal rules will require lenders to respond to all shortsale offers in 10 business days. That makes shortsales a very real option for many. Florida’s Sun Sentinel reports that 20 percent of houses in certain parts of the state have been shortsales, while more than 40 percent were foreclosures.
Successful Loan Modification Strategies Loan modification efforts fall short when they aren’t based on what a homeowner can afford in the long run.
The good news is that the number of loan modification efforts designed to help financially troubled homeowners remain in their homes is up; the bad news is that more of the same homeowners who received a loan modification are in default again.
What’s the problem?
Will a Quicker ‘Short Sale’ Process Bring About Healthier Home Sales in 2010? New government guidelines and bank programs combine to boost ‘short sales’
January 5, 2010 — Is a housing turnaround possible in 2010? That’s what U.S. homeowners and real estate professionals are counting on when the government’s ‘short sale’ guidelines take effect in April—guidelines that are designed to “shorten” the short sale process. This is great news [...]
Luxury Homeowners in U.S. Use ‘Short Sales’ as Defaults Rise By Kathleen M. Howley and Dan Levy
Homeowners with $1 million-plus mortgages are defaulting at almost twice the U.S. rate and many are turning to short sales
(Bloomberg) — Homeowners with mortgages of more than $1 million are defaulting at almost twice the U.S. rate and some are turning to so-called short sales to unload properties as [...]
A historic hotel with distinctive Spanish Mission-style architecture, located 70 miles Northwest of Disney World, Orlando is heading to court-ordered foreclosure auction on January 21, with no minimum bid.
Ocala, Florida’s The Ritz Historic Inn, a hotel in need of renovation and rehab work, is listed on the National Registry of Historic Places, according to a [...]
New Year’s Prediction: Foreclosure Mills Will Prosper By Steve Cook, Real Estate Economy Watch
Predictions that 2010 will bring one to two million more foreclosures are gloomy news for most homeowners and housing professionals.
But to a small group of legal professionals who have figured out how to made foreclosures their pot of gold, the Foreclosure Era continues to be a time of prosperity [...]
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