Mortgage Principal Reduction Program may be on the way for Bank of America Borrowers

Via: Time Moneyland, May 9, 2012 Bank of America announced it has begun mailing letters to the first wave of up to 200,000 homeowners who are eligible for mortgage principal reductions, part of a settlement the bank worked out with … Continue reading

What is the new Obamacare Real Estate Tax and When does it take effect?

Q: What is the new Obamacare Real Estate Tax and When does it take effect? Answer: Obamacare 3.8% Real Estate Tax becomes effective January, 1, 2013.   Beginning January 1, 2013, a new 3.8 percent tax on some investment income … Continue reading

What is the difference between how a deed-in-lieu is reported on my credit score vs. a short sale?

What is the difference between how a short sale is reported on my credit vs. a deed-in-lieu? A. This is right out of the MHA Handbook: (Credit) Reporting for Deed in Lieu should be as follows: Account Status Code = … Continue reading

What do you suppose is the shadow inventory size in Las Vegas right now in 2012?

Q: What do you suppose is the shadow inventory size in Las Vegas right now in 2012?   Answer: Let’s start here: There are still over 150,000 mortgages underwater in Las Vegas but how many are in default and yet … Continue reading

What do lender consider acceptable short sale hardship reasons?

Q: What do lender consider acceptable short sale hardship reasons? A: Here is a list of the most common short sale hardship reasons however all hardships have to be documented and approved by your lender: http://michaelsrealestate.com/short-sale-hardship-reasons/

What are the signs of short sale fraud

Q:  What are the signs of short sale fraud or loan modification fraud?  A:  The FBI reported a jump of 71% in mortgage relief fraud investigations from 2008-2009, and expects this number to continue to grow. That’s why it’s my … Continue reading

What is the big deal about walking away from my house?

Q: What is the big deal about walking away from my house? A: In a recent study, the Chicago Booth/Kellogg School Financial Trust Index found that a full 36% of Americans would consider “strategic default”—another term for walking away from … Continue reading

Can you get cash for keys on a short sale in Nevada?

Q: Can you get cash for keys on a short sale in Nevada? A: Yes! In fact, here are a few actual letters. The Robo-signing Settlement may have helped more homeowners obtain this incentive. Here is the language on the … Continue reading

Foreclosure vs. Short Sale in Nevada. Which one is better?

Q: Which one is the better option? Short Sale or Foreclosure? A: You make the call! At one point, FICO Banking Analytics said there was no real difference in the affect a short sale or a foreclosure had on your … Continue reading

Yale University Professor: Housing Recovery a Generation Away

Yale University Economics Professor Robert Shiller says a total recovery of the housing market may take a generation as new home sales falter and prices barely rise. VIDEO: http://www.usatoday.com/video/housing-recovery-a-generation-away/1582170849001 Find out if you might be eligible for any Cash for … Continue reading