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Mortgage Delinquencies

by Elizabeth Rodgers

Mortgage Delinquencies - National Numbers

2nd Quarter - 2010

All Mortgages:

     4.57% in Foreclosure     9.40% in Default (30+ days late)     13.97% Total

Prime Mortgages:

     3.49% in Foreclosure     6.66% in Default (30+ days late)     10.15% Total

Subprime Mortgages:

     14.38% in Foreclosure     25.90% in Default (30+ days late)     40.28% Total

FHA Mortgages:

     3.62% in Foreclosure     12.63% in Default (30+ days late)     16.25% Total

VA Mortgages:

     2.50% in Foreclosure     7.48% in Default (30+ days late)     9.98% Total

 

All Mortgages - 2010

Total Distressed Properties:     6,216,650

Total Predicted Sales:            3,830,000

 

For more information go to www.LocalHomeSaver.com

 

*Based on default percentage for all mortgages

**NAR, Lawrence Yun

 

Your Closing Could Be Delayed!

by Elizabeth Rodgers

I found this in the ARA newsletter, and thought I would pass it along.  The artical reads...

 

Dear Mr. Homebuyer,

      Please be advised that your closing could be delayed.  Stated income/stated asset and no doc loans are no longer available.  This means that I am going to verify everything.  Once everything is verified, I am going to do it again before closing.

     If you tell me that you have been at your job for two years and I find out that it has really been one year and nine months, your closing could be delayed.  If you say that you make $40,000 per year and I find out that $10,000 of that is from a part time Mary Kay business, your loan closing could be delayed.  If you fail to tell me about the Mary Kay business and you actually report a loss on your tax return, I will find out and your closing could be delayed.

     If you change jobs or even put in a notice to quit prior to close, I will find out and your closing could be delayed.  I am going to pull your credit at the time of application and then again right before closing.  If you have purchased a new car, charged up your credit card or took advantage of a 10% discount at the Gap by applying for a credit card, your closing could be delayed.  I am going to get a transcript of your tax return directly from the IRS so if you haven't filed your tax return like you say you have, your closing could be delayed

     I am going to verify every penny you have to bring to closing.  If you have large deposits in your bank account or plan on using cash or depositing large sums of cash, your closing could be delayed.  If your loan amount or interest rate changes or anything from your original application changes from what was originally disclosed, your closing could be delayed.

 

Warmest regards,

 

John Q Loan Officer

Any Bank USA

Rent By The Weekend!

by Elizabeth Rodgers

One bedroom furnished condo with pull out sofa bed in addition to a queen bed in a private bedroom, stack washer/dryer, dishwasher, stove, microwave and all linens, plates, dishes etc. included. Television in bedroom and flat screen provided in living area. Guests have access to outdoor pool while in season. Basic cable is provided. For More information, click here.

 

 

Need A Place To Stay For War Eagle Craft Fair?

by Elizabeth Rodgers

One bedroom furnished condo with pull out sofa bed in addition to a queen bed in a private bedroom, stack washer/dryer, dishwasher, stove, microwave and all linens, plates, dishes etc. included. Television in bedroom and flat screen provided in living area. Guests have access to outdoor pool while in season. Basic cable is provided. For More information, click here.

Facing Foreclosure?

by Elizabeth Rodgers

‎    

 1 in 6 homeowners are more than 30 days behind on their mortgage! There are options for these people other than Foreclosure and Bankruptcy.

For more information go to www.localhomesaver.com

Mortgage Rates

by Elizabeth Rodgers

823 Durham Pl., Bentonville, AR

by Elizabeth Rodgers

823 Durham Place Bentonville, AR  2 bdrn 1.5 bath condo in the heart of bentonville featuring wood floors, ceramic tile, and built-in oven.  Seller will also consider leasing.  Call the McNaughton team today to schedule your private showing 479.442.9099

Back To School Tips

by Elizabeth Rodgers

     BACK TO SCHOOL TIPS

As the summer draws to an end for most school aged children, I am reminded of one thing… my mother.  During an age when information wasn’t at her fingertips, she always found a way to make my first day back to school a fun and exciting time. 

In order to help your child make a smooth reentry to school, check out this website .  Here you will find tips on back-to-school topics ranging from what to expect on the first day of school, to dealing with back-to-school anxiety, and adjusting to a new teacher.  You'll also find must-know information for parents on homework, school subjects, and helping your kids improve their skills. Give your kids a strong start this back-to-school season, and keep them on track all year long!

Razorback Football Fall Practice

by Elizabeth Rodgers

 

The Razorback Football Team Starts Practice This Week!!!!! 

 

Starting August 5th, you catch a sneak peak of the 2010 Razorback football team as they start fall practice!  For the complete practice schedule click here.

Foreclosure vs. Short Sale

by Elizabeth Rodgers

 Foreclosure  vs. Short Sale 

         

It’s good to know what your options are… But do you know the consequences? 

Issue

Foreclosure

Successful Short Sale

Future Fannie Mae Loan – Primary Residence

A homeowner who loses a home to Foreclosure is ineligible for a Fannie Mae backed mortgage for a period of 3 years

A homeowner who successfully negotiates and closes a Short Sale will be eligible for a Fannie Mae Backed mortgage after only 2 years

Future Fannie Mae Loan – Non Primary

An investor who allows a property to go to Foreclosure is ineligible for a Fannie Mae backed investment mortgage for a period of  7 years

An investor who successfully negotiates and closes a Short Sale will be eligible for a Fannie Mae backed investment mortgage after only 2 years

Future Loan with a Mortgage Company

On any future 1003 application, a prospective borrower will have to answer YES to “Have you had property foreclosed upon or given title or deed in lieu thereof in the last 7 years?”  This will affect future rates.

There is no similar declaration or question regarding a Short Sale

Credit Score

Score may be lowered anywhere from 250 to over 300 points.  Typically will affect score for over 3 years

Only late payments on mortgage will show and after sale mortgage will be reported as paid or negotiated.  This will lower the score as little as 50 points if all other payments are being made.  A Short Sale’s effect can be as brief as 12 to 18 months.

Credit History

Foreclosure will remain as a public record on a person’s credit history for 7 years or more

Short Sale is not reported on a credit history.  There is no specific reporting item for “Short Sale”.  The loan is typically reported “paid in full, settled”.

Security Clearances

Foreclosure is the most challenging issue against a security clearance outside of a conviction of a serious misdemeanor or felony.  If a client has a Foreclosure and is a police officer, in the military, in the CIA, Security, or any other position that requires a security clearance in most cases clearance will be revoked and the position will be terminated.

A Short Sale on its own does not challenge most security clearances

Current Employment

Employers have the right and are actively checking the credit regularly of all employees who are in sensitive positions.  A Foreclosure may be grounds for immediate reassignment or termination

A Short Sale is not reported on a credit report and is therefore not a challenge to employment

Future Employment

Many employers are requiring credit checks on all job applicants.  A Foreclosure is one of the most detrimental credit items an applicant can have and can challenge employment

A Short Sale is not reported on a credit report and is therefore not a challenge to employment.

Deficiency Judgment

In many states, depending on the kind of loan, the bank has the right to pursue a deficiency judgment

Depending on the type of loan some lenders who accept a Short Sale may be able to pursue a borrower for a deficiency judgment.  In many successful Short Sales it is possible to convince the lender to give up this right as part of the Short Sale

 Deficiency Judgment (amount)

In a Foreclosure the home will have to go through an REO process if it does not sell at auction.  In most cases this will result in a lower sale price and longer time to sell in a declining market. This will result in a higher possible deficiency judgment

In a properly managed Short Sale the home is sold at a price that should be close to market value and in most all cases will be better than an REO Sale resulting in a lower deficiency

 If you or someone you know is going through a financial hardship and need someone on YOUR side, keep in mind... Help is a phone call away!  For your private consoltation please call your local Certified Distressed Property Expert at 479-442-9099.  We are always here to help.

‚óŹNOTE: I am not licensed as an attorney or CPA, and this information is in no way advice on the consequences, legalities and/or tax ramifications of a short sale.

Displaying blog entries 11-20 of 25

Contact Information

Photo of Don McNaughton Real Estate
Don McNaughton
McNaughton Real Estate
4299 W. Persimmon
Fayetteville AR 72704
479-442-9099
Fax: 479-442-0948
       

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