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CBS
News
SPECIAL REPORT
Short Sales A Viable Alternative To
Foreclosure!
WATCH NOW!
Broadcast Date June 21, 2007
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04/26/2010
Fannie sweetens offer to avoid foreclosure
WASHINGTON – April 26, 2010 – Struggling borrowers who give up their homes through a "deed in lieu of foreclosure" or a short sale will be able to obtain a new Fannie Mae loan in two years. Currently, these owners must wait at least four years.
The new policy, which takes effect in July, is designed to make foreclosure alternatives more attractive. The policy applies only to Fannie Mae's willingness to approve a mortgage, however. Homeowners' credit scores will still take a hit following a short sale or deed in lieu of foreclosure.
To qualify for a mortgage after the two year wait, Fannie Mae says borrowers must make a 20 percent downpayment; but those who lost a job or have other extenuating circumstances will be able to make a 10 percent downpayment.
Freddie Mac – which, with Fannie Mae, insures over half the mortgages in the U.S. – currently makes homeowners wait four years after a short sale or deed in lieu of foreclosure before it will back a new mortgage. Owners who go through a foreclosure wait five years. For both Fannie Mae and Freddie Mac, the waits can be shorter in some cases if borrowers show extenuating circumstances.
Source: http://www.floridarealtors.org/NewsAndEvents/article.cfm?id=238494
07/06/2007
Florida Foreclosure Future Shock
By Les Christie, CNNMoney.com staff writer
CNN
NEW YORK (CNNMoney.com) -- A tidal wave of
foreclosures may be heading toward Florida, if you judge
by the number of homeowners looking to get rid of their
homes as fast as they can.
Duane LeGate, president of House Buyer Network,
arranges quick sales for home owners in distress. He claims
he can predict where markets will go bad by looking at the
traffic on his Web site.
"We can tell you what's going to happen
nine months from now," he said. His most endangered
market right now is Orange County, Florida, home of Disney
World.
Read
More...
03/17/07
Mortgage Trouble Clouds Homeownership Dream
Max Whittaker
The New York Times
Adam and Sunny Gardner bought a house in Nevada
two years ago. They would like to move, but with prices
falling, they probably can’t.
03/10/07
Home Prices Decline
By James R. Hagerty
Wall Street Journal Online
Home prices declined from a year earlier in
about half of all metropolitan areas in the fourth quarter,
the National Association of Realtors reported.
02/13/07
Michigan foreclosures up by nearly 2½ times
Toledo blade.com
Toledo blade.com Staff Home foreclosures in
Michigan occurred last month at a rate nearly 2½
times that of a year ago, according to RealtyTrac.
02/12/07
Foreclosures Begin 2007 at Two-Year High
darenb
New foreclosure activity in January hit its highest level
since RealtyTrac began issuing a national foreclosure
report two years ago, with 130,511 new foreclosure filings
reported during the month. That was up 19 percent from
the previous month and up 25 percent from January 2006.
02/10/2007
Foreclosure numbers are rising in the Valley
Misty Williams
East Valley Tribune
Misty Williams, East Valley Tribune Nationally, 1.2 million
properties entered some stage of foreclosure in 2006,
a 42 percent increase from the year before, according
to Realty-Trac, an online marketplace for foreclosure
properties.
01/25/07
More Than 1.2 Million Foreclosures Reported In
2006
RealtyTrac Staff
U.S. Foreclosure Filings Up 42 Percent From
2005 Colorado, Georgia, Nevada Post Highest Foreclosure
Rates
IRVINE, Calif. – Jan. 25, 2007 – RealtyTrac™
(www.realtytrac.com), the leading online marketplace for
foreclosure properties, today released year-end data from
its 2006 U.S. Foreclosure Market Report, which shows more
than 1.2 million foreclosure filings were reported nationwide
during the year, up 42 percent from 2005 and a foreclosure
rate of one foreclosure filing for every 92 U.S. households.
01/24/07
Banks Move Earlier to Curb Foreclosures
Wall Street Journal
Wall Street Journal, P. D1; Simon, Ruth Moody's
Economy.com and Equifax Inc.
report a jump in mortgage delinquencies to 2.51 percent
in the fourth quarter of
2006 from 2.33 percent during the previous three-month period.
01/24/07
Five Tips on How Short Sales Could Save Homes
REO Magazine
When property owners owe lenders more than the property
is worth, short sales can be a reasonable solution to
taking the property back through foreclosure.
01/21/07
Arizona Republic “Mortgage Fraud”
Catherine Reagor
Irvine, Calif. – May 23, 2006 – RealtyTrac™
“Because of the high home prices in
many areas, more home buyers have stretched themselves
financially with creative, and often risky financing that
involves adjustable interest rates, interest only and
negative amortization loans” he said. “Home
buyers with these types of loans are more susceptible
to default and foreclosure when interest rates move higher.”
- James J. Saccacio, chief executive officer
of RealtyTrac.
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