Last week, Bank of America announced that they were reducing the amount owed for 200,000 underwater homeowners. This is huge for the homeowners, because it means a chance to eliminate the underwater portion of their mortgages. The anticipated average reduction is $100,000. Homeowners are eligible for the reduction if they were at least 60 days… Continue Reading
Read MoreThis is good news for real estate investors. Last month, three Senators (Murkowski, Scott Brown and Sherrod Brown) together proposed a bill called the “Prompt Notification of Short Sale Act,” which, in essence, is designed to speed up the short sale process. It would require “a written response from a lender no later than 75… Continue Reading
Read MoreRecently, CoreLogic released their annual National Foreclosure Report. Corelogic is a leader in providing financial, real estate and consumer data used by top industry experts. In this report, they provide information on foreclosures by month, total foreclosure inventory and delinquency rates. Their findings include the five states with the highest foreclosure rates. The leaders are… Continue Reading
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