JP Morgan Chase Bank Offering Big Rewards to Sellers That Short Sale -vs- Foreclosure
Today… We’ve been wondering when this would be exposed… Chase has been awarding it’s sellers that choose a Short Sale a hefty bonus for a succesful close…up to $35,000. Many banks offer incentives, however, most are in the realm of $3000. We have experienced this award from Chase over the last 6 months: Here’s the article: To avoid further clogging the already sluggish home foreclosure pipeline, some lenders have been offering cash incentives to strapped homeowners at risk of foreclosure to complete short sales and move out of their homes. Chase,...
Read MoreIt's Official…New Buyers Must Meet June 30 Close Deadline to Get Tax Credit
It seems our illustrious government representatives can’t find a common ground to on which to meet…what’s new? With the recent defeat of HR 4213 on The Hill…it leaves an uncertain feeling in the mouths of buyers that are trying to take advantage of the $8,000.00 tax credit. Why it didn’t pass…there’s simply too much “pork fat” tied to it…or other initiatives that clouded its intention. Along with this HR bill…there was tied another initiative that would cost Americans billions of dollars and of course, that was the area of...
Read MoreHome Tax Credit….Dead…No Extension
The proposal was simple and necessary: Extend the closing date for the home buyer tax credit from June 30th to September 30th — not the tax credit itself, which required buyers to sign a contract by April 30th, just the closing date. Anybody who has ventured into the real estate market in the past year knows that tighter lending standards, new appraisal rules and general banking backlogs are making a two month contract-to-closing period very difficult. This week the chief economist for the National Association of Realtors said 25 to 30 percent of the buyers who signed in April will not get...
Read MoreConsumer Spending Up…Paying Mortgages Down…Strategic Short Sales
The numbers are telling us some crazy things… It seems that Americans are placing themselves in a unique conundrum. With housing prices continuing to drop, many Americans are turning to loan mods and short sales to reduce their liabilities. As many are aware, during these processes the homeowner can stop paying their monthly mortgage payments without real concerns of foreclosure activity. Well, that means is more “discretionary” income to spend on the items that would not have been purchased if the mortgage was being paid. There are obvious concerns for this type of...
Read MoreSergei Fedorov Selling His Detroit Mansions on Short Sale
Sergei Fedorov, better known for scoring hat tricks than missing mortgage payments, is facing foreclosure on two of his Michigan mansions. The ex-Red Wings star owes more than $2 million on two Bloomfield Hills properties, according to Detroit News. The PrivateBank and Trust Company filed two notices on foreclosure against the hockey player today, compounding his financial woes. One home, purchased in 1999 for $1.25 million, has a balance of nearly $1.2 million, and is currently being sold for $999,999, per Zillow. It’s been on the market for more than two months. Fedorov acquired another...
Read MoreEnd of Your Emotional Rope! Strategic Short Sale
This is a video from CNN that is beating up this guy about his decision to do a Strategic Short Sale. However, this homeowner “investor” is right! Morally wrong? Is it morally wrong for banks to default on their properties? or is it a business decision? The last 4 listings we have taken were not necessarily broke or in dire financial straights…they simply were tired of trying to work with their banks to find a solution to their bad financial situation. The banks are unwilling to work with them… because they “were not going to work with them as long as...
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