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How well are modifications working?

“The Treasury expects ‘millions of foreclosures’ even if the Home Affordable Modification Program (HAMP) is a total success.” – Herbert Allison, US Treasury’s assistant secretary for financial stability We have to realize that, though the modification programs are helping many families, the number of foreclosures and ‘short sales’ will continue to mount. Here are the […]

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High End Foreclosures

For several months now, I have been alerting agents to the fact that this economy is starting to attack even the high-end seller. As I watched delinquencies dramatically increase in the sector of prime mortgages (good FICO score, good job, good downpayment), I realized that foreclosures in this sector could not be far behind. Well, […]

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Top 5 Tips for Buyers of Distressed Properties

Managing the expectations of our customers in the process of buying a distressed property is crucial in today’s market. I found these tips in the Wall Street Journal and have added my thoughts on each.

Where are all these foreclosures we have been hearing about?

Foreclosures have decreased recently. Why? Ever since banks learned of the pending implementation of the administration’s Making Home Affordable modification program, they delayed the initiation of foreclosure proceedings hoping customers might have been eligible for a loan modification. Because of this, foreclosure sales in recent months have been as little as half of what they […]