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Most recent items from this feed:
HARP Is Expanding
On 2nd Feb, 2012, President Barack Obama revealed the details of a proposal that is going to encourage the housing market by assisting more distressed homeowners than are being helped now by lenders. The current HARP only assists the borrowers who have their loans backed by Fannie Mae and Freddie Mac. The President expressed the [...]
02/03/2012 01:56 PM
Effects of HARP 2.0 To Be Visible In Feb 2012
Servicers have been altering their operations to adjust the changes announced by the Federal Housing Finance Agency to HARP in October 2011. For the eligible borrowers certain things were eliminated e.g. loan-to-value ratio caps, upfront fees and warranty claims on the old loan file. When the HARP was launched in March 2009, about 0.8 million [...]
01/18/2012 01:01 PM
Anti-flipping Waiver Extended to Support Home Sales
The Federal Housing Administration waived a rule that restricts the agencies from insuring a home if the home is sold within 90 days of their possession. Now FHA is extending this waiver. This regulation, known as anti-flipping regulation, was invented to curb the damages done by market functions. It disallows the buyers to buy a [...]
12/31/2011 12:34 PM
The New Short Sale Process at Bank of America
In order to reduce the cycle time and to bring improvement in customer services, Bank of America had made a process change for short sales that are submitted with an offer. This change is effective since 1st December, 2011. This change has impact on all short sales that are submitted with an offer and the [...]
12/04/2011 10:26 AM
FHA Loan Limits Restored By Congress
On 17th November 2011, FHA loan limits have been restored to their previous limits by the U.S. House and Senate. Now the limits will be 125% of the median home price which was 115% earlier. According to an estimate by NAR, several hundred counties where FHA loan limits fell at the end of September will [...]
11/20/2011 11:40 AM
Defaulting on Recourse Loan
Defaulting on recourse loans provides the lender the opportunity to retrieve the asset that was given as collateral for the loan as well as providing them grounds to collect on any deficit there may be left on the balance of the loan. In stark contrast to this, is the non-recourse loan that only allows the [...]
09/17/2011 04:39 AM
Short Sales and REOs Contributed for 39% of Current Home Sales in the First Quarter
A data revealed by NAR or the National Association of Realtors in Tuesday has shown that many of the properties under foreclosure, like pre-foreclosure short sales and homes owned by the bank, made 39% of the present home sales in the first quarter. It rose 3% percent higher than the previous year’s home sales of [...]
06/23/2011 02:35 PM
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