Mortgage Issues

30 Nov Lies, Damned Lies and Statistics on Mortgage Modifications

It seems that every time you turn on the radio or television in Southwest Florida, all you hear is a new advertisement from a mortgage modification company and how many modifications are getting done and how good the banks are doing at saving homes. If you call the latest scam company, they can help you save your home because they have the knowledge and contacts to get it done. All I can say is be careful out there? If you are in the market for a mortgage modification, please seek out a consultation with a qualified attorney that will give you the facts on what is really going on out there. Thank goodness that lawyers cannot advertise that way.
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29 Nov Abysmal Record on Modifications Prompts Additional Attention

CNN reports that the Treasury Department is ramping up efforts to coerce banks into modifying more mortgages. The reason is, of course, that the number of mortgages that have been modified under the HAMP (or any other) program have been insignificant:
For example, fewer than 5% of the trial adjustments on loans owned or guaranteed by Freddie Mac were converted to permanent modifications as of Sept. 30, according to the mortgage finance giant. Looking more broadly, the figures are even lower. As of Sept. 1, only 1.26% of all trial adjustments were made permanent after three months, reported the Congressional Oversight Panel, which monitors the government's use of bailout funds.
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02 Nov Short Sales in Southwest Florida – The Latest News Part I

Short sales in Southwest Florida, especially Lehigh Acres, Cape Coral and Fort Myers are nothing new. We have been living with this problem for a while. The new trend is for buyers to put in multiple offers on different properties creating a kind of buying frenzy. This behavior may have been brought on by the Realtors trying to make a sale or the Buyers wanting to cash in on what looks like a good deal.
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02 Nov Short Sales in Southwest Florida – The Latest News Part II

Our second key player in the short sale process is the homeowner. Obviously, the homeowner is the one player with the most at risk. By the time they are entering the short sale process, not only are they significantly underwater on their homes, now they are also at least three months behind on their mortgage payments. Therefore, they want to get the highest sale price as they can to avoid a potential deficiency claim later. So, the homeowner is definitely in favor of a bidding war on their homes and would welcome multiple offers, despite the amount of work it would create for a seller's agent, buyer's agent or the mortgage company.
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