Eureka was incredibly patient and assured me that we would close on our contracted close date. Although, we had a few sticking points come up with the short sale, they were right, we closed @ 10am on our contracted close date!! My fellow realtors couldn’t believe that we closed on time…their experiences with short sales have been “nightmares”. [...]
WASHINGTON (AP) — Housing construction plunged to a record low in April as a steep drop in apartment building offset a rebound in single-family construction. Permits for new projects also hit a new low. The Commerce Department said Tuesday that construction of new homes and apartments fell 12.8 percent last month to a seasonally adjusted [...]
The government will pay mortgage-servicing companies up to $1,000 and borrowers up to $1,500 for successful short sales or “deeds in lieu” transactions. It will also spend up to $1,000 to help defray the cost of getting holders of second mortgages to release their liens so these transactions can be completed. Short sales have accounted [...]
Well, not quite. Short sales have been underutilized, real-estate agents say, because they’re time consuming. It can take months to get a bank to sign off on a short sale, which is a lot longer than some buyers are willing to wait. Realtors say that banks also try to reduce their commissions on a short [...]
While price declines are slowing, it’s likely bank seizures will increase in the coming months, RealtyTrac Chief Executive Officer James Saccacio said. “Lenders and servicers are beginning foreclosure proceedings on delinquent loans that had been delayed by legislative and industry moratoria,” Saccacio said. California was No. 1 in April with 96,560 foreclosure filings, a 42 [...]
Home prices are forecast to fall more than 30% in some communities in ‘the most severe housing recession’ since 1945. On a national level, the housing market recession will continue through early 2009, said the report, co-authored by Mark Zandi, chief economist of Moody’s Economy.com, and Celia Chen, director of housing economics. Read Full Article
Reserves fall short of covering non-performing assets at 110 of 181 small-cap banks and institutions on the Russell 2500 Financial Services Index, according to first-quarter data compiled by Bloomberg. Non-performing assets are mostly loans 90 days or more overdue. Read Full Article Tags: Non+Perfoming+Assets, Housing, Lending
The federal government projected that 19 of the nation’s biggest banks could suffer losses of up to $599 billion through the end of next year if the economy performs worse than expected and ordered 10 of them to raise a combined $74.6 billion in capital to cushion themselves. Read Full Article
Realtors ramp up call for standards Patience is increasingly wearing thin across the country as real estate agents become more vocal over the agonizing process. They argue that clearing the nation’s huge inventory of distressed properties is paramount to resuscitate an ailing housing market and sputtering U.S. economy. Read Full Article .
No Sale: Bank Wrecks New Houses – WSJ.com.
I had two properties with no renters, and both were “under water”. I had resolved myself to letting them go into foreclosure. This would have crushed my credit and I was unsettled about it to say the least.
I had a credit score of 770 and was in danger of loosing the good credit my wife and I had worked so hard to get. I decided to give Eureka a try and I am very glad I did. I just closed one loan and the other is in the process of negotiations and should close very soon.
As soon as I had this service on my side, I was able to point the creditors to them for any questions. Once the creditors had this information on file, their calls slowed to a crawl, almost overnight. I have not heard from any of the creditors from either property for a long time. I felt like I finally had someone on my side. For the first time in months, I was able to sleep without worrying about what the future held in store.
If you are in a situation where you need to sell your property and get out from under that debt, Eureka is your answer. I do not need to wish you “good luck” as Eureka will do everything they can to make your problems a thing of the past. The sooner you act, the better things will be. Give them all the information they ask for and let them take over. You’ll be glad you did.
Alan Moses
Germantown, MD
