The Residential Specialist

DECEMBER 21, 2022

Experts who worked through The Great Recession of 2008 share how to handle tricky short-sale transactions. With its perfect storm of record-low property values and record-high unemployment, The Great Recession of 2008 triggered a rash of residential short sales. Short sales are not suited to all REALTORS ®.

Short sale 52

Short sale Sales Banks Principal 52

Housing Wire

NOVEMBER 15, 2022

While originations are down due to a volatile mortgage market, the population of underserved borrowers who require non-QM products is on the rise. There will always be a population of borrowers who cannot qualify for a home loan under traditional guidelines. The solution: Bank Statement loans. . Loans up to $1.5

Bankruptcy 384

Bankruptcy Short sale Investor Title 384

HomeLight

AUGUST 16, 2021

Between searching for, viewing, negotiating , inspecting, and possibly renegotiating on a home, the road to the closing table is rarely a short one. And if the house you’ve landed on is listed as a short sale, you could be in for a long ride. What exactly is a short sale? It’s a long sale.

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Short sale Sales Purchase and sale agreement Banks 102

CT Homes

FEBRUARY 3, 2022

As difficult as it may be to believe, the mortgage collapse was over ten years ago. A defining term that emerged shortly after the collapse was the “short sale”. In the years following, short sales were the driving force behind a majority of all total real estate transactions. What is a Short Sale?

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Short sale Sales Pre-approval Principal 52

Housing Wire

JULY 11, 2023

The Westchester County District Attorney announced on Friday that it has indicted a group of six individuals and a corporation for allegedly stealing property deeds from distressed homeowners, fraudulently accessing mortgage loans, and evading state taxes. They ultimately defaulted on the mortgages, the district attorney claimed.

Bankruptcy 282

Bankruptcy Short sale Loans Title 282

Housing Wire

FEBRUARY 1, 2021

The great promise of short sales and other distressed pre-foreclosure sales as a foreclosure alternative is most fully realized in a competitive and transparent online auction marketplace, according to recent data from the Auction.com Market Validation Program (MVP) for pre-foreclosure sales. More than 45% of the 1.7

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Sales Pre-approval Short sale MLS 409

RIS Media

APRIL 21, 2022

The total number of loans currently in forbearance decreased by 13 basis points in the past month from 1.18% of servicers’ portfolio volume to 1.05%, according to the Mortgage Bankers Association’s (MBA) monthly Loan Monitoring Survey. million loans), according to the MBA. million loans), according to the MBA.

Loans 105

Loans Mortgages Staging Short sale 105

Housing Wire

AUGUST 31, 2020

Most mortgage lenders are looking for ways to automate their mortgage servicing operations in order to cut costs, maintain profitability and effectively manage their compliance and reporting to various agencies (e.g., The system also offers loss mitigation, modifications, short sales and repayment tracking functionality.

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Mortgages Investor Short sale Loans 277

HomeLight

AUGUST 31, 2020

You may have heard that short sales, foreclosures, or bank-owned properties offer great opportunities for a steal , but what do these different terms mean, and how does the homebuying transaction work for each? What’s the difference between buying a short sale vs. a foreclosure, and where can the best deals be had?

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Short sale Sales Banks Inspection 86

RIS Media

MARCH 23, 2022

The total number of loans now in forbearance decreased by 12 basis points, from 1.3% of servicers’ portfolio volume in the prior month to 1.18%, according to the Mortgage Bankers Association’s (MBA) monthly Loan Monitoring Survey, released last week. The share of other loans (e.g., By stage, 30.1% The remaining 12.9%

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Loans Mortgages Staging Short sale 98

Housing Wire

JUNE 8, 2022

Solutions like active listing scan will help customers “close more loans more quickly,” he added. . In May, the inventory of homes for sale rose 8%, marking the first inventory rebound since June 2019. Xactus, with its mortgage verification suite, aims to close more loans quickly and enhance profitability.

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Short sale MLS Banks Loans 369

RIS Media

FEBRUARY 25, 2022

The number of loans now in forbearance decreased by 11 basis points from 1.41% of servicers’ portfolio volume in the prior month to 1.30% as of January 31, 2022, according to the Mortgage Bankers Association’s (MBA) monthly Loan Monitoring Survey released this week. The share of other loans (e.g., By stage, 26.8%

Loans 98

Loans Mortgages Staging Short sale 98

Housing Wire

JUNE 22, 2021

Servicers’ forbearance portfolio volume fell 11 basis points last week to 3.93%, according to a survey from the Mortgage Bankers Association. Fannie Mae and Freddie Mac loans once again made up the smallest share at 2.05% ? while Ginnie Mae loans in forbearance fell 7 basis points to 5.15%. a 4 basis point improvement ?

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Short sale Loans Equity Mortgages 397

HomeLight

OCTOBER 11, 2021

You see a house you love, but the listing shows that it is an “active pending short sale.”. And just what is a short sale, anyway? Is a short sale home purchase for you? And can you still make an offer on an active pending short sale? Short sales defined . Wait, what?

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Short sale Sales Banks Backup offer 71

Housing Wire

MARCH 3, 2022

A growing chorus of mortgage servicers, consultants, and lobbyists support the idea of having forbearance programs as a permanent solution in the industry’s loss mitigation toolkit, rather than only a temporary relief for wide-scale events such as financial crises and pandemics. So, it may start to come down.

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Principal Loans Lending Finance 370

Housing Wire

MAY 18, 2022

Mortgage servicers: If you’re not obsessed with customer service, you’re falling behind. In a world where disparate physical spaces are steadily merging in the central hubs of mobile devices, consumers consider their mortgages one more digital service in need of perfecting. Of that sum, 274,000 were federally backed loans.

Loans 384

Loans Short sale Mortgages Closing 384

CT Homes

MARCH 7, 2024

If you’re a homeowner pondering the possibility of selling your house, you might find yourself wrestling with a common question: Can you sell a home with a mortgage ? It’s a widespread belief that a mortgage chains you to your property until every last penny is paid off.

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Purchase and sale agreement Mortgages Equity Short sale 78

HomeLight

OCTOBER 5, 2020

But what if it’s a different kind of sale … for example, how much should you offer on a short sale? Sometimes life happens, and a current homeowner can’t afford to keep paying their mortgage … and the remaining payoff amount is more than the home is currently worth. What’s a short sale?

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Short sale Sales Banks Due diligence 62

Housing Wire

MAY 9, 2022

housing market is more tied to mortgage buyers. We are a monster compared to them in population and the majority of homebuyers in America use mortgages. When mortgage rates rise, two things always happen here in America. As we can see below, our current situation isn’t about mortgage credit getting out of hand.

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Short sale Mortgages Equity Sales 530

Housing Wire

APRIL 5, 2021

To manage a potential wave of foreclosures, the CFPB’s proposed change would permit servicers to offer certain streamlined loan modification options to borrowers with COVID-19-related hardships based on the evaluation of an incomplete application. Pre-foreclosure sales are a promising alternative to foreclosures – here’s why.

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Short sale Loans Mortgages Sales 544

Housing Wire

APRIL 25, 2023

Mortgage underwriting standards were much tighter for the past decade than in the era preceding the 2008 financial crisis. The average FICO score for a new mortgage has averaged more than 700 for the past 10 years consecutively. Inventory was so tight that homes often went to buyers with large down payments or even all-cash offers.

Short sale 384

Short sale Staging Mortgages Banks 384

Housing Wire

OCTOBER 1, 2021

According to the new data, high-equity borrowers are around 40% less likely to lose their homes to involuntary liquidation, such as short sale, foreclosure sale, or deed-in-lieu. However, 30% of these mortgage holders lost their homes, meaning they are not selling their property when needed. mortgage holders.

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Equity Short sale Loans Mortgages 295

Housing Wire

APRIL 8, 2021

The share of Auction.com foreclosure sales with surplus funds has steadily risen in recent years, hitting a new record high of 46% in 2019 before slipping slightly to 44% in 2020 — still more than twice the share of foreclosure sales with surplus funds between 2012 and 2015.

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Equity Short sale MLS Sales 432

Realty Biz

AUGUST 23, 2023

Are you wondering what happens with reverse mortgage foreclosures? A reverse mortgage foreclosure occurs when a homeowner cannot meet the requirements of their reverse mortgage loan, which can lead to the sale of their home. Understanding reverse mortgages and the foreclosure process is crucial for homeowners.

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Mortgages Loans Sales Short sale 92

Housing Wire

APRIL 12, 2021

Holmes said the new integration enables commercial and private money loan officers using LendingWise to streamline their processes and obtain a business owner’s credit report from Credit Plus – without leaving the LendingWise platform. Download this case study to find out about the integration process and the results it yielded.

Commercial 250

Commercial Lending Loan Officer Loans 250

Housing Wire

MARCH 17, 2021

WFG Title Insurance will now offer forbearance, loan modification, and foreclosure information reports as part of its general title and closing services. ” Pre-foreclosure sales are a promising alternative to foreclosures – here’s why. . ” Pre-foreclosure sales are a promising alternative to foreclosures – here’s why.

Title 370

Title Short sale Lending Loans 370

Keeping Current Matters

SEPTEMBER 8, 2021

Investopedia defines it like this: “ Foreclosure is the legal process by which a lender attempts to recover the amount owed on a defaulted loan by taking ownership of and selling the mortgaged property. Loan modification. Short sale. Deed-in-lieu of foreclosure. Deed-in-lieu of foreclosure. housing market.”.

Equity 212

Equity Short sale Loans Sales 212

Housing Wire

JULY 1, 2021

they may not be able to modify the loan, sell quickly or whatever else and thus end up foreclosed upon). Servicers should also be sharing the mathematics of mortgage forbearance. Most homeowners will be exiting forbearance after 12 or even 15 months of not making payments. All those missed payments and interest need to be paid back.

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Short sale FHA loan Equity Sales 244

Realtor.com

DECEMBER 14, 2022

Getty Images / Realtor.com When it comes to making the largest purchase of their lives, most homebuyers would prefer to play it safe in choosing a loan. That’s why fixed-rate mortgages, the gold standard of home loans, have long been the most popular. These 15-, 20-, and 30-year mortgages aren’t exciting.

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Fixed-rate mortgage Mortgages Loans VA loan 102

Realtor.com

DECEMBER 14, 2022

Getty Images / Realtor.com When it comes to making the largest purchase of their lives, most homebuyers would prefer to play it safe in choosing a loan. That’s why fixed-rate mortgages, the gold standard of home loans, have long been the most popular. These 15-, 20-, and 30-year mortgages aren’t exciting.

Fixed-rate mortgage 99

Fixed-rate mortgage Mortgages Loans VA loan 99

Keeping Current Matters

MAY 26, 2021

There are three main factors that go into determining how affordable homes are for buyers: Mortgage Rates. Mortgage Payments as a Percentage of Income. We can see that homes are more affordable now than they’ve been at any point since the housing crash when distressed properties (foreclosures and short sales) dominated the market.

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Short sale Loans Mortgages As-is 261

Calculated Risk Real Estate

SEPTEMBER 8, 2023

Refinance activity declined significantly in early 2022 as mortgage rates increased, and I was expecting MEW to also decline as fewer homeowners used cash-out refinancing. However, in mid-2022, homeowners switched to using home equity loans (2nd loans) to extract equity from their homes. Mortgage debt is up $2.15

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Closing Equity Principal Short sale 125

Lighter Side of Real Estate

APRIL 6, 2022

You’re probably well aware that mortgage rates are rising. Which means you’ve probably been reading or hearing about adjustable rate mortgages making a comeback. The 30-year fixed rate mortgage has been so historically low, they haven’t been all that necessary to consider. So your rate isn’t fixed for the life of the loan.

Mortgages 140

Mortgages Fixed-rate mortgage Banks Lending 140

Calculated Risk Real Estate

MARCH 7, 2024

Refinance activity declined significantly in early 2022 as mortgage rates increased, and I was expecting MEW to also decline as fewer homeowners used cash-out refinancing. However, in mid-2022, homeowners switched to using home equity loans (2nd loans) to extract equity from their homes. Mortgage debt is up $2.36

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Closing Equity Principal Short sale 68

Keeping Current Matters

JANUARY 13, 2021

At the onset of the economic disruptions caused by the COVID pandemic, the government quickly put into place forbearance plans to allow homeowners to remain in their homes without making their monthly mortgage payments. First, the homeowner suffers an adverse economic shock…leading to the homeowner becoming delinquent on their mortgage.

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Equity Short sale Principal Loans 236

RIS Media

JANUARY 29, 2021

Lenders offer mortgages for borrowers with a wide range of financial circumstances. Between prime (highest-quality) and subprime (lowest-quality) home loans are a category called “Alt-A mortgages.” . The federal government sets guidelines for Qualified Mortgages that focus on a borrower’s ability to repay the loan.

Debt-to-income ratio 98

Debt-to-income ratio Mortgages Bankruptcy Loans 98

Keeping Current Matters

SEPTEMBER 1, 2020

Today, that’s largely impacted by low mortgage rates. In essence, purchasing a home while mortgage rates are this low may save you significantly over the life of your home loan. At that time, distressed properties, like foreclosures and short sales, dominated the market. The green bar represents today’s market.

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Short sale Loans Mortgages Closing 269