Lower FHA Loan Limits For 2014

Lower FHA Loan Limits

Lower FHA Loan Limits For 2014 Hud just release Mortgagee Letter HUD No. 13-184 HUD ANNOUNCES NEW FHA LOAN LIMITS for 2014 TO TAKE EFFECT JANUARY 1ST The existing FHA loan limits for 2013 around the country were the result of HERA Housing and Economic Recovery Act of 2008, which is not going to be extended this year. HUD has now announced that those FHA Loan Limits for 2014 are lower. You … [Read more...]

Minimum Five Days On MLS Per Fannie Mae and Freddie Mac

Freddie Mac Short Sale

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

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

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...]

You Do Not Need The Mortgage Debt Relief Act In Arizona To Short Sale

Mortgage Debt Relief Act and Short Sale

You Do Not Need The Mortgage Debt Relief Act In Arizona To Short Sell Your Home. Due to the potential expiration of the Mortgage Debt Relief Act last year in December 31, 21012, Realtors had underwater Arizona Homeowners running for the short sale because if they waited too long they would not close in 2012 and might now owe taxes on a short sale or foreclosure if they waited till 2013 to do so. … [Read more...]

Price recovery in most housing markets will slow down

Price Recovery

Price recovery in most housing markets will slow down Article in Housingwire today discussed that in some markets price appreciation or price recovery will begin to slow down, possibly even go backward. In Arizona, which has seen some of the greatest recovery as it was one of the hardest hit states, will see some flattening of pricing. "The data index reported that the markets with the strongest … [Read more...]

Owe More Than Your Home Is Worth

owe more than home is worth

Owe More Than Your Home Is Worth? If you are reading this you owe more than your home is worth. That is, your home is underwater. What do you do? From many this is a problem to live with. You made a commitment and you are going to stick to it. For some, you can no longer afford the home and the negative equity is preventing you from a traditional sale. For still others, a point is coming in the … [Read more...]

Foreclosure backlog to ‘take decades to complete’ « HousingWire

Foreclosure

Original Article. Urban Institute: Foreclosure backlog to 'take decades to complete' « HousingWire. How this affects Arizona, time will tell. Arizona is not a judicial state and though foreclosure filings i.e. recording Notices of Trustee Sale have risen, the speed of which homes are going to foreclosure slowed. There are still rampant problems with the foreclosure process and properly … [Read more...]

Another Year of Short Sales

short sales

Another Year of Short Sales  at Mortgage Mediation Group 2011: A year of foreclosure litigation and strategic default. Can I get a No Duh! Bottom line, we can expect Short Sales to play a huge roll in 2012. Are you ready? http://www.housingwire.com/2011/12/28/2011-a-year-of-foreclosure-litigation-and-strategic-default Great article. Master of the obvious. We would all love for their to be … [Read more...]

Fannie Mae Removes ‘Ability to Repay’ from HARP 2.0 Guidelines

r-FANNIE-large570

Fannie Mae Removes 'Ability to Repay' from HARP 2.0 Guidelines original article here Stated Income / No Doc comes back to lending. huh? I really want people to make good decisions, but this is nutts. Didn't we already make this mistake in the recent past? Harp 2.0 is starting to look allot like good old No Doc refinance. Sure it is good for the originator to get additional business, but … [Read more...]