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Families Fall Behind on their Mortgage. What’s next?

In our last post, we discussed the possible impact distressed properties might have on the values of homes in the surrounding area. We documented how the current economy has devastated the finances of so many families in every income bracket and in almost every neighborhood in this country. In order to bring some insight to the […]

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How will the value of YOUR home be impacted by the current economy?

Our current economic difficulties have wreaked havoc on millions of households across this country. We all have either heard or read about families losing their homes to foreclosure. Obviously, that is a critical challenge at this time in history. However, I am not sure we realize that these tales of heartache not only effect the home that […]

Strategic Defaults

For the last few months, I have been discussing that more and more homeowners are actually ‘strategically’ defaulting on their mortgages. By that I mean that some homeowners that have the financilal capability to pay mortgage have just decided not to. Northwestern University teamed up with the University of Chicago to study this situation. They […]

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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. The KCM CrewWe believe every family should feel confident when buying & selling a home. KCM helps real estate professionals […]

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 […]