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short sales

Existing-Home Sales See October Upswing

House Keys/Credit: Digital Vision

Existing-home sales rose in October for the second straight month and are now above year-over-year levels for the first time in a year, according to the National Association of Realtors (NAR). Total existing-home sales, which are completed transactions that include single-family homes, townhomes, condominiums and co-ops, rose 1.5 percent to a seasonally adjusted annual rate of 5.26 million in October from an upwardly-revised 5.18 million in September.Click to continue

Surge of Past Short Sellers Spotlights New Problems for Sellers With Deficiencies

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Many are aware of the foreclosure code placed on past short seller credit. As past short sellers surge back into the housing market, new problems come to light. Short sellers who paid on a deficiency after the short sale closed are getting denied by both Fannie Mae and Freddie Mac for a conventional mortgage for three reasons:

1. The short sale credit is coded as a foreclosure, the same problem that almost all short sales are experiencing.Click to continue

Foreclosure Inventory Found to be Significantly Higher in Judicial States

Black Gavel Pic/Credit: Brand X Pictures

The Data and Analytics division of Black Knight Financial Services (BKFS) has released its latest Mortgage Monitor Report, looking at data as of the end of June 2014. An analysis of the month's mortgage performance data showed that the nation's inventory of loans in foreclosure is disproportionately distributed in states with judicial foreclosure processes.Click to continue

The Long and Short: The Business of Short Sales ... Two "Fixes" to Use for Past Short Sellers Who Receive a Foreclosure Code on Past Short Sale Credit

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Past short sellers who are now eligible to re-enter the housing market again are stunned to learn that their past short sale is credit coded as a foreclosure. The problem is typically seen for the first time in both Fannie Mae and Freddie Mac automated underwriting systems (AUS). Fannie Mae's Desktop Underwriter (DU)/Originator (DO) notates in the findings which account is flagged as a foreclosure.Click to continue

Nearly 40,000 U.S. Homeowners Granted Permanent Loan Mods in May

Foreclosed Home Sign

HOPE NOW has released its May 2014 loan modification data, finding that an estimated 37,000 homeowners received permanent, affordable loan modifications from mortgage servicers during the month of May. This total includes modifications completed under both proprietary programs and the government’s Home Affordable Modification Program (HAMP).Click to continue

NJ Man Pleads Guilty in $2 Million Short Sale Scam

Black Gavel Pic/Credit: Brand X Pictures

The Office of the Special Inspector General for the Troubled Asset Relief Program (SIGTARP) has announced that Delio Coutinho of Colonia, N.J., pleaded guilty before U.S. District Judge Susan D. Wigenton in Newark, N.J., federal court to an information charging him with conspiracy to commit wire fraud. Through the plea, Coutinho admitted his role in a large-scale mortgage fraud scheme that caused millions of dollars in losses.

According to documents filed in this case and statements made in court:Click to continue