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Strategic Default-Fannie Mae Increases Penalties

As discussed in previous posts, strategic default is an intentional decision by a borrower to stop making their mortgage payment. What’s interesting with a strategic default is-the borrower can usually afford to make their payment but strategically choose not to because they believe it’s better for their finances. Strategic default usually happens when there is a substantial difference between what is owed on the home and what it’s actually worth, commonly known as … [Read more...]

The 5 Most Dangerous Questions a Short Sale Realtor Can Answer-Arizona

Thomson Conant, one of the top law firms in Phoenix, Arizona has been by the side of struggling homeowners since the housing crisis began.  Part of their commitment is to keep Realtors advised and educated as to changes in short sales.  The below article is from Doug Farnham of Thomson Conant. The stress of parting with a home can make even the most reasonable person become difficult to communicate with.  Realtors need to be particularly cautious when answering questions … [Read more...]

Do You Want More Short Sales

If you are a REALTOR in Arizona you know that the market can be a little challenging right now. There are 3 transactions taking place right now, Resale, REO and Short sale. Most cannot get into REO and if you ask the REO agents, they will tell you that the banks are approving more and more short sales. Soooooooo Short Sale is most likely the best bet. BUT.....How do you catch these elusive creatures called short sales? Well you have a few choices 1) Cold Call=HangUp 2) … [Read more...]

Short Sale: Is Arizona a Non-Deficiency State?

Short Sale Deficiency

The BS Show took a road trip to Phoenix today to meet with Doug Farnham, Director of Business Development for Thomson Conant Mortgage Mediation Group. If you are a REALTOR in Arizona that works short sales you have most likely been told that Arizona is a non-deficiency state. A deficiency judgment is a judgment lien against a debtor, defendant or borrower whose foreclosure sale did not produce sufficient funds to pay the mortgage in full. This option may or may not be … [Read more...]

Arizona Homeowners: How Changes In Short Sale Rules Benefit You.

A short sale of real estate occurs when a property is sold and the lender agrees to accept less than is owed on the property. The lender agrees to release the lien that is secured on the  property upon receipt of less money than is actually owed on the home. Until recently, a short sale usually occurred when a homeowner could not make their payment on the property. Until recently.... Breaking news regarding short sales. The rules are changing in regards to short sale.  In … [Read more...]

Short Sale Legislation To Take Effect in April 2010

"A short sale is a sale of real estate in which the sale proceeds fall short of the balance owed on the loan. It usually happens when a seller cannot pay the mortgage on their property, but the lender decides that selling the property at a loss is better than foreclosure. Both parties then consent to the short sale process, because it allows them to avoid foreclosure, which usually involves high fees for the bank and a poor credit report rating for the borrowers. This … [Read more...]