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New Fannie Mae Guidelines

June 13, 2011

Well, a little late if you ask me but very needed nonetheless – Fannie Mae has announced that they have new rules to require mortgage servicers to act consistently and more rapidly with helping homeowners avoid foreclosure. Strong Customer Service Relationship Fannie told mortgage servicers they must try to build a “strong customer service relationship,” [...]

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Foreclosures Slow But Still Strong

May 30, 2011

Sales of distressed properties declined in the first quarter of the year, but they still accounted for 28 percent of all home sales.  This is six times the rate it would be in a normal housing market. Statistics According to RealtyTrac, Inc., foreclosure sales hit the highest share of overall sales in one year during [...]

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Senate Bill 1259: The Arizona Foreclosure Bill for Full Title History

May 25, 2011

Guest contributor: Frank Martin As a result of the financial meltdown after the great recession of 2007-2009, cities having facing foreclosure problems along with problems of handling unsecured debts. Many financial experts believe that in 2011 there will be increased rate of foreclosure on the mortgage loans. Similar is the case with Arizona, where foreclosure [...]

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Short Sales & REO Transactions: Buyer Beware!

May 23, 2011

With approximately 40% of homes for sale today being short sales and REO properties, it’s good to know what to expect and how to prepare for the differences between these transactions and regular escrows. Timing Is Everything! In my experience as an escrow officer, a standard escrow without any title issues or delays from the [...]

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Deed In Lieu – What Is It And How Does It Work?

May 16, 2011

A deed in lieu (DIL) of foreclosure is where you deed your property to the lender in exchange for being forgiven the entire amount of your mortgage.  The lender then sells off the property in order to retrieve as much of the unpaid mortgage amount as they can.  A DIL of foreclosure may not be [...]

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Tenant Rights With Foreclosures

May 10, 2011

Like other types of property, real estate that is used as rental property can be sold, or may be affected by foreclosure proceedings.  However, sales and foreclosures don’t just affect the owners of rental properties, but also the tenants or renters of the property. Protecting Tenants at Foreclosure Act of 2009 Thanks to a tenant-friendly [...]

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Government vs. Bank Foreclosures in AZ

May 2, 2011

According to a recent study by RealtyStore, a great deal of government owned foreclosure listings are competing with bank foreclosures for home buyers in Maricopa County, Arizona. The study revealed 45% of all foreclosures for sale in Maricopa County are marketed by Fannie Mae or Freddie Mac. VA foreclosure properties and HUD homes comprise about [...]

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Repairing Your Credit in Arizona

April 25, 2011

We have all been affected in some form or fashion by the recessive economy and many of us by the hard hit housing market.  Whether it be late payments on credit cards, or struggling to pay a mortgage, many people have seen their credit take a hit.  So what can people do to repair their [...]

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Arizona Loan Modifications: What You Need To Know

April 19, 2011

Who Should Modify And Why Any homeowner who is as at-risk for foreclosure may first be considered for a Hope for Homeowners refinance.  If that is determined not to be the best option for them, then a loan modification is in order.  Loan Modification is a way for homeowners who are facing financial struggles today [...]

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Deficiency Judgments In Arizona

April 12, 2011

What Are Deficiency Judgments And How Are They Obtained? When an asset is repossessed, or a home foreclosed on, because the debtor is in arrears, the asset or home is generally sold at auction and the monies raised used to pay off the debt.  Typically, the money raised does not cover the remaining debt, leaving [...]

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