Currently, there are lenders who will keep the foreclosure process active, side by side with a short sale. Foreclosure and bill collecting departments will call the borrowers, demanding pay, and daunt them with the foreclosure date. There have also been situations where during a short sale process, if the foreclosure date nears, the lender will automatically foreclose on the property. Many times, the problem is that different departments don’t communicate with each other; the foreclosure department will keep foreclosing, while the short sale department will keep on pursuing a short sale. Read the rest of this entry »
The saying: “ With friends like that who needs enemies” comes to mind. We all can agree that banks are the main culprit in our current housing mess. I would also add Wall Street and lax governmental oversight into the mix. But when Washington tries to solve a clear problem the pendulum swings way too far sometimes and now is the sometimes. Read the rest of this entry »
I really don’t like being negative a person. My normal character is to look at things from a glass is half full perspective. Unfortunately the recent report I just read leaves me no choice but to be negative.
The bad news was from Fitch Ratings as reported in the Daily Real Estate News. Overall Fitch Ratings said it “remains cautious” in its outlook on home values. The report explained that the recent uptick in pricing was due to technical factors rather than “fundamentals”. Read the rest of this entry »