Here is some big news. I haven’t heard this product mentioned for quite some time now but hopefully banks starting implementing it b/c it is a great product.
http://www.financialstability.gov/docs/042809SecondLienFactSheet.pdf
Archive for April, 2009
Tax Consequences On Short Sales
You need to be very careful with short sales and I think this article highlights all of the things that can go wrong. Many think that if you do a short sale on your primary residence you won’t get hit with a deficiency but some banks are sneaking them in there. The purpose of doing a short sale in this environment is to get rid of your over leveraged assets that implies a negative net worth, not get a 1099 for the amount the lender takes a hit on with your primary residence, and to be able to rebuild your credit and buy a home down the road since your credit report is supposed to show satisfied. Sometimes it won’t show satisfied if you are not careful.
More On “Now Is The Time To Buy.”
I’m not sure what else can be said to get someone buying. “”Most of the big declines in home prices have occurred,” says Lawrence Yun, the chief economist at the National Association of Realtors. “Any more will probably be minimal.”
Will Home Prices Continue To Fall?
I think this article below does a great job answering that question. “Call them “the haves” and the “don’t haves.” As in: Those who have to sell, and those who don’t have to. The haves are the distressed sales. These include those in foreclosure, and those in pre-foreclosure “short sales.” Such sales are now booming – at bargain prices. On the other hand, those who don’t have to sell are often hanging on to 2006 prices. And they are hanging on to their homes.
What Some Are Doing To Sell Homes Faster
Tough times make you think outside of the box. “Home “staging” companies charge owners several thousand dollars to fill houses with attractive furniture — but no human props. Faux homeowners could be the next big thing in staging. They supply “that little extra mint on the pillow,” says Steve Rodgers, president of Windermere Exclusive Properties in San Diego, which has the listing on Windward Way. “Down-low and subtle is sometimes good.”
Bidding Wars Begin
THIS IS A MUST READ ARTICLE!!!! If you are on the fence, you should think about getting off. Rates are at historic lows, you get an $8,000 tax credit, and soon (even with some now) there will be no negotiating but only bidding wars. You will not be getting seller assist either.
More Money In Aid On The Way?
It looks like there may be. It seems as though they are going to target 2nd mortgages. “Under one scenario, investors in second liens would receive a cash payment if they agree to ease the terms of troubled loans and accept a smaller return on their mortgage investment, the sources said.”
Located in South Florida, Justin Miller has established himself as a leader in the mortgage community for his expert advice and understanding of the current real estate climate. 
Jonathon Becker (Coastal Credit Clinic): Justin- GREAT blog post! This is a HUGE questions many of my clients h...
Sean: Justin- Great article...would be great to understand the differences i...
Phil Himes: You are so correct! Many of my clients are currently looking at purch...
Stock quote: Good blog post, nice efforts. It couldn’t appear to have been penned a...
Upside Down Guy: This sounds like a great program for someone like me but my lending in...