Short-Sale Property « HomeBuyerPower®

Short Sale vs. Foreclosure Credit Score Damage? FICO Debunks Some Myths

The Baltimore Sun had an interesting article on Monday on the subject of the relative impact of foreclosures and short sales on credit scores:

“Homeowners who are falling behind on a mortgage often worry just how much they might be damaging their credit score.

How much will a score be dinged if a [...]

What If We Are Only 25% Thru All Of The Foreclosures?

Mark Hanson, who in his former life was a highly successful mortgage banker, now an independent real estate and finance sector analyst, does not post publicly very often but when he does it is always worth a read. In his latest post he opines on a number of housing related subjects, including the number of [...]

Short Sales Not Immune To Debt Collectors: Experts say it’s best to know your risk when considering a short sale.

The Orlando Sentinel had a good article today that is worth a read by any homeowner considering a short sale as a way to get out of an underwater loan. Although it is a Florida-focused article, the same caution would also apply to a Maryland homeowner:

“What these homeowners, whose loans are “underwater,” may [...]

Inviting Attorneys Into The Homebuying Process

The Baltimore Sun had a good interview today with Diane Cipollone, Maryland Mortgage Fraud Prevention Project manager of the nonprofit law firm Civil Justice Inc. Ms. Cippolone has routinely worked with homeowners in danger of foreclosure and has a novel idea: many home owners and borrowers could have avoided trouble by consulting with an [...]

Owners Stop Paying Mortgages, and Stop Fretting

Another article found today about how clever it is not to pay your mortgage, and how we may be in for a VERY, VERY LONG ride to home price and mortgage stabilization in America:

“For Alex Pemberton and Susan Reboyras, foreclosure is becoming a way of life — something they did not want but [...]

Ocean City Maryland REOs Spark Concerns With Market Recovery

The Maryland Coast Dispatch had an interesting article this Friday about the impact of, what might be, a potential tsunami of Ocean City Maryland resort condominium and home foreclosures and REOs in the future:

“Locally however, Worcester County is below both the state and national average for foreclosure properties, but, according to Robert Smith, [...]

Fannie Mae Sees Strategic Default on the Minds of Underwater Borrowers

HousingWire.com is reporting that more borrowers are increasingly planning “strategic defaults” with their housing debt:

“A contagion effect within communities is leading borrowers to consider default as an acceptable option in the face of financial hardship, Fannie found. Both delinquent and current mortgage borrowers are more than twice as likely to have seriously considered [...]

Walking away from mortgage debt in Maryland can still haunt you

We’ve been noticing recently in many of the real estate agent ads and Web Sites, claims by agents to special expertise in negotiating short sales and deeds in lieu of foreclosure with lenders on behalf of their buyer and seller clients. Various “Certifications” in such negotiation expertise are out there and are being touted by [...]

What if you lost your house – but you still have to pay

CNNMoney had a very thought provoking article today that should be a must read for any home owner, particularly those pursuing a short-sale or deed-in-lieu end to their troubles:

“Former homeowners may still be on the hook if there’s a difference between what they owed on their mortgage and what the bank could sell [...]

Some Argue That Mortgage Default Is A “Patriotic Duty”

Michael David White at NewObservations.net had an interesting piece last week arguing that defaulting on one’s mortgage is a patriotic duty:

“The government is dropping nuclear bombs on the mortgage market and nobody is dying. They can’t move the product. What has been taking off are foreclosures. They are soaring. The general feeling is [...]

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