Recently the housing market has been more favorable to buyers. Buyers can take advantage of the short sales and foreclosures because they are sold at a lower price. While this may be true, buyers should be aware of some precautions before considering a short sale or foreclosure. Home prices can be attractive due to the low interest rates. Consumers should not be wrapped up in the excitement of the price of the home and should consider other factors when trying to find the perfect home.
Take away the worry and stress of losing your home! Starting Point Home Solutions is here to help you through the financial hardships you are facing. Starting Point can provide plenty of options to prevent you from filing for bankruptcy or foreclosing on your home due to an unexpected decrease in income.
Bankruptcy, divorce or an inherited home can put you in position to sell your home him a short time span.
A short sale is an alternative to a foreclosure. You can qualify for a short sale if you are facing a foreclosure and can no longer afford your home. You can sell your home for less than the remaining balance on your mortgage. There are advantages to following through with a short sale. The mortgage company can allow you to pay off the rest or some of the house with the proceeds from the short sale.
A short sale can be an option if:
Today is the biggest shopping day of the year, and almost everyone will be filling malls and stores to hunt down Black Friday deals. Not so many, though, are shopping for homes this time of year, and prospective homebuyers who don’t have their head in the game during the holidays could be missing out on some serious real estate steals.
Over the past month we noticed that Bank of America has been resuming foreclosures on loans originated by Countrywide. As you may recall in October BofA voluntarily imposed a foreclosure moratorium following the robo-signing scandal. We actually expected an increase in activity as lenders began to catch up after these delays and were instead surprised to see foreclosure activity drop in April.
Even more surprising is just how old some of the foreclosures being resumed are.
There are a few major players in the short sale industry. First and foremost, there is the borrower, the person who signs the mortgage note. This is the person who owns the house and borrows the money from the bank. Next, there is the bank itself. This can be broken down into a few different categories. The person who the borrower primarily deals with is the mortgage broker. This person makes the decision of whether or not you qualify for the mortgage. They do not, however, make the decision of whether or not to accept a short sale. This is left to the loss mitigation specialist.