Search San Diego County Foreclosures & Short Sales Effective for new evaluations conducted on or after June 15th, Freddie Mac has implemented new requirements where servicers must comply with the following minimum communication time frames for all short sales. Within five days of an evaluation decision, but no later than 30 days following receipt of… Read More
San Diego Short Sales Help Stabilize The Market
October 20, 2011 By Leave a Comment
Bloomberg recently reported that we may see an increase in home prices from what they call an unlikely source. Short sales or properties that are in default prior to going into foreclosure. The 2nd largest U.S. mortgage brokerage stated, “There has been a “dramatic shift” in banks’ willingness to sell a property for less than… Read More
Loan Modification In San Diego Effect On Future Mortgage Loan Financing
October 1, 2011 By Leave a Comment
Homeowners receiving loan modifications in San Diego for their primary residence (if noted on their credit report); are now being treated as short sellers by Fannie Mae…even if the homeowner was never late on their mortgage. In other words: A responsible homeowner, who made their payments on time and received a loan mod for their… Read More
San Diego Short Sale vs Renting Out Home
September 27, 2011 By Leave a Comment
Search San Diego County Foreclosures & Short Sales The falling home values have made some homeowners accidental landlords. Harvard’s Joint Center for housing studies reports that the number of homeowners renting out their homes has soared to all time highs. Many are hoping the market will return in the next 24 months so that they… Read More
Short Sale Fraud In San Diego
September 16, 2011 By Leave a Comment
Short Sale Fraud is considered mortgage fraud and occurring in San Diego. Kim Ellison, Fannie Mae senior industry relations manager for the mortgage fraud program reports that illegal flipping and non-arm’s-length transactions. In a non-arm’s-length transaction the delinquent home owner sells the property to a family member or a business partner without disclosing the relationship… Read More
Underwater Homeowners Stuck With High Interest Rates On Their Mortgage
September 16, 2011 By Leave a Comment
There are 10.9 million underwater mortgages at the end of the second quarter which is around 22.5% of all residential mortgaged properties. 3 out of 4 had interest rates above the market rate, CoreLogic data show. This will likely lead to more foreclosures in the opinion of economists. The data released Tuesday indicates the majority… Read More
San Diego Upside Down Underwater
September 14, 2011 By Leave a Comment
Further deterioration of home values have pushed a large number of home owners to be “underwater.” This means borrowers owe more on their properties than they are current worth, and it’s impeding home sales, according to new data by CoreLogic. Approximately 10.9 million, or 22.5 percent, of all residential properties with a mortgage were in… Read More
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