WASHINGTON — Are large numbers of homeowners who have negotiated short sales with lenders at risk because of a startling omission in the American credit system? Do their credit reports and scores indicate that they were foreclosed upon, rather than having negotiated a mutually agreeable resolution with their lender?
The answer appears to be yes, and [...]
Posts in category Loan Modification
Large number of short sales leave home sellers short
Wells, Citi Halt Most Foreclosure Sales Amid OCC Review
Wells Fargo and Citigroup have halted the vast majority of their foreclosure sales in multiple states following the release of new guidance by the Office of the Comptroller of the Currency.
Article source: Broker Universe REO
Sen. Nelson slams regulators, credit bureaus for short-sale confusion
Sen. Bill Nelson wants regulators to fix a “disturbing” credit-reporting quirk that is torching the credit of people who sold their homes in short sales.
The sales, in which people sell their homes for less than they owe in loans, are often coded as foreclosures on credit reports, scarring many seeking to repair their finances with [...]
Distressed Property Investors Drive Housing Market Optimism
When the authors of the Home Value Forecast predicted a year ago that the U.S. real estate market was going to turn in a positive direction, they just did not think it would happen this quickly.
Article source: Broker Universe REO
Fannie Mae Strives to Improve and Shorten the Short Sale Process for …
(LoanSafe.org) – New polices established by mortgage giants Fannie Mae and Freddie Mac are aimed to expedite the short sale process.
Short sales play a major role in the real estate market as borrowers have no other way out of their property but to sell for less than the amount owed on the mortgage. The National [...]
Products Help Servicers Maintain Regulatory Compliance
As servicers try to comply with all of the new industry regulations being issued today, ISGN is doing their part in helping companies maintain compliance to these regulatory requirements.
Article source: Broker Universe REO
Short sales routinely show up in credit reports as foreclosures
The answer appears to be yes, and recently two federal agencies — the Federal Trade Commission and the Consumer Financial Protection Bureau — were asked to investigate why. The reality is this: The credit reporting system now in place does not have a separate code that distinguishes a short sale from a foreclosure. Yet there [...]
READ MORE »When short sales leave sellers short
WASHINGTON — Are large numbers of homeowners who have negotiated short sales with lenders at risk because of a startling omission in the American credit system? Do their credit reports and scores indicate that they were foreclosed upon, rather than having negotiated a mutually agreeable resolution with their lender?
The answer appears to be yes, and [...]
HUD: Single-Family Building Permits Up 27% in 1Q13
Through the first quarter, foreclosure starts fell 27% year-over-year while single-family building permits were up by 27%, according to data obtained by RealtyTrac from the Department of Housing and Urban Development.
Article source: Broker Universe REO
Short Sales Comprise Nine Percent of All Transactions in Q1
Both Fannie Mae and Freddie Mac have implemented policies to expedite the short sales process, including new resources to help determine property values, according to panelists at a property valuation forum during the Realtors Midyear Legislative Meetings Trade Expo. Short sales continue to represent a significant portion of the real [...]
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