Fannie and Freddie To Lower Loan Limits

Fannie and Freddie to lower loan limits. In President Obama's speech in Phoenix back the first week of August, the plan for Fannie Mae and FHLMC a.k.a. Fannie and Freddie, was to begin the process of reducing their role in the mortgage market, winding them down and creating a market for private capital. One of the first steps was to begin to refinance underwater mortgages into mortgage securities … [Read more...]

Arizona Loan Modification

Arizona Loan Modification Short Sale vs Arizona Loan Modification is the question to consider when attempting to prevent a foreclosure or make a key decision when faced with negative equity.  In a short sale, you will sell the home for less than what you owe and walk away from the loan, with the goal of not owing the Lender anything on the prior loan post short sale.  A Mortgage Modification is a … [Read more...]

Minimum Five Days On MLS Per Fannie Mae and Freddie Mac

Minimum Five Days On MLS Fannie Mae and Freddie Mac recently announced requirements for Fannie Mae short sales listed in the multiple listing service (MLS). Starting August 1st, each new short sale listing must maintain an “active” status for a minimum five days on MLS; and that timeframe must include at least one weekend. Freddie Mac announced similar guidance for Freddie Mac short … [Read more...]

Declined For HARP

Declined for HARP; What do I do now? So, you have been through every lender there is and cannot secure a HARP refinance. What do you do now? If you are reading this you owe more than your home is worth. According to a Q1 2013 report form Corelogic, Arizona is running almost 30% of homes are underwater or in negative equity position. California is running close to 25%. The market has improved … [Read more...]

Climbing Out of the Basement of Negative Equity

Are You Climbing Out of the Basement of Negative Equity? We have heard so much talk about the recovery in the Arizona and California market. Everyday some talking head is screaming "The market is coming back!" Back?!? Really? Back to what? Are you climbing out of the basement of negative equity? Over the last 5 years I have worked with over 6,000 homeowners who were upside down in their … [Read more...]

Principal Reduction

I want a principal reduction on my mortgage. I hear that everyday from prospective clients. I completely agree. I want those homeowners to receive one. A couple years ago, they were a figment of our imagination. Today, principal reduction has become more of a reality. Clients are beginning to see more of them. With housing prices in our markets going up and with the amount of negative equity … [Read more...]

Arizona Zombie Mortgage

Do you have an Arizona Zombie Mortgage? You have an Arizona Zombie Mortgage. Sometimes called a Zombie Foreclosure as in an article in the Chicago Tribune, original article here. There are many of these zombie mortgages in Arizona. Not as many as some states like Florida, but many just the same. They just will not die! The bank will just not foreclose. You are not making payments and it will not … [Read more...]

Do You Owe More Than Your Arizona Home Is Worth

Do You Owe More Than Your Arizona Home Is Worth? Many homeowners are hearing the great news about lower delinquencies on mortgages and fewer foreclosures. But, you look at your own home and find out that you still owe more than your Arizona home is worth. What are you to do? First, don't call your lender. You see, your lender does not want to help you. They want to help whoever it is they are … [Read more...]

Principal Reduction and HARP Come Together

Principal Reduction and HARP Come Together I have been speaking for some time about HARP. The Home Affordable Refinance Program. I have heavily criticized the idea of any kind of refinance or loan mod of mortgages that are underwater that do not come with a principal reduction. Well, I had a conversation with Reginald Givens at the Arizona Department of Housing several months ago and he explained … [Read more...]

Principal Reduction Is Real

Principal Reduction Is Real It seems that the press engine on principal reductions is real. BofA has announced that they are beginning 200,000 principal reductions as part of the $25B settlement reached by the Attorneys General. Original Article This may be what many BofA mortgage holders have been looking forward to. This is not the first time BofA has been at the end of a lawsuit requiring … [Read more...]