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MBA Report: 1 in 7 Homeowners Past Due or in Foreclosure

By Ed Brophy on Aug 31, 2010 in Short Sale and Foreclosure

MBA Report: 1 in 7 Homeowners Past Due or in Foreclosure One in seven homeowners is past due on their mortgage or in foreclosure, according to the Mortgage Bankers Association’s latest report on home loan delinquencies. The report shows that mortgage delinquencies rose during the second quarter, and overall, one in seven borrowers is delinquent [...]

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Will a Short Sale Save Your Credit?

By Ed Brophy on Jun 20, 2010 in Short Sale and Foreclosure

Will a Short Sale Save Your Credit? Stuck in a house you can’t afford or can’t sell for more than you owe on it? Beware the Web, where you’ll see plenty of claims that short sales will save your credit, simple as that. But there’s nothing simple about deciding whether to sell your house in [...]

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Many Stay at Home for Free as Banks Defer Evictions

By Ed Brophy on Jun 17, 2010 in Short Sale and Foreclosure

Many Stay at Home for Free as Banks Defer Evictions It’s been 16 months since Eugene and Patricia Harrison last paid the mortgage on their Perris, Calif., home. Eleven months since the notice got slapped on their front door, warning that it would be sold at auction. A terse letter from a lawyer came eight [...]

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Bank Auction: Great Rancho Mirage Investment Opportunity

By Ed Brophy on Jun 05, 2010 in Short Sale and Foreclosure

Time is running out to get your pre-auction bid in on this 2 bedroom 2 bath condo in Rancho Mirage. It’s listed at $89,900 my bet is you can probably pick this up for somewhere in the $50 to $60K range. It’s a perfect opportunity for someone who doesn’t mind a little work and wants [...]

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Seven Tips to Profitable Investing in Foreclosures

By Ed Brophy on May 31, 2010 in Hot Topics, Short Sale and Foreclosure

Have you been thinking of investing in a foreclosed home? The game plan sounds simple enough: purchase a foreclosure at pennies on the dollar, cover the mortgage by renting the property to tenants, and then sell it at a tidy profit when the economy recovers. Unfortunately, when it comes to buying foreclosures, “things are not [...]

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The Nitty Gritty on Short Sales

By Ed Brophy on May 22, 2010 in Hot Topics, Short Sale and Foreclosure

With short sales making up almost 35% of home sales in March and the country facing a national foreclosure problem I thought this is a good time to explain the Nitty Gritty on Short Sales. If you missed the 7 Short Sale Myths you can find it by following the link. What is a short [...]

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7 Short Sale Myths

By Ed Brophy on May 21, 2010 in Short Sale and Foreclosure

With short sales making up almost 35% of home sales in March and the country with a national foreclosure problem, let’s sets the record straight on common 7 short sale myths. What is a short sale? A short sale occurs when the net proceeds from the sale of a home are not enough to cover [...]

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Strategic Default and Foreclosure Explained

By Ed Brophy on May 19, 2010 in Hot Topics, Short Sale and Foreclosure

What is a Strategic Default and Foreclosure A “strategic forclosure” or “strategic default” happens when a homeowner decides to quit making mortgage payments as a wealth-protection strategy. The homeowner doing a strategic forclosure may be almost broke, or may have substantial financial assets. A strategic forclosure or strategic default should be distinguished from bankruptcy or [...]

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Foreclosure Activity Slows For The First Time In Several Years

By Ed Brophy on May 17, 2010 in Hot Topics, Short Sale and Foreclosure

The national foreclosure rate is finally falling. According to foreclosure-tracking firm RealtyTrac.com, the number of foreclosure notices dropped 2 percent between April 2009 and April 2010. Two percent may not seem like much, but it’s the first time in the history of the RealtyTrac report that the annual foreclosure rate has dropped. To be sure, foreclosure rates [...]

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Homeownership After Short Sale, Is It Possible

By Ed Brophy on May 16, 2010 in Hot Topics, Short Sale and Foreclosure

Recently I’ve been receiving a number of questions asking Homeownership After Short Sale, Is It Possible. Many people who through no fault of their own had to sell were blocked from repurchasing a house for four years or longer, even though they’d rebuilt their credit, had qualifying incomes and were fully capable of handling a [...]

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Short Sale Legal Issues Affecting Real Estate Agents Part #4

By Ed Brophy on May 15, 2010 in Short Sale and Foreclosure

Short Sale Legal Issues Affecting Real Estate Agents – Part #4 by: Drew Sygit May 07, 2010 Short Sale Legal Issues Affecting Real Estate Agents Part #4 Part 1 - Part 2 – Part 3 This series of posts is meant to assist real estate agents in recognizing: Legal & Tax Issues their clients are exposed to [...]

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Short Sale Legal Issues Affecting Real Estate Agents Part #3

By Ed Brophy on May 13, 2010 in Short Sale and Foreclosure

Short Sale Legal Issues Affecting Real Estate Agents – Part #3 by: Drew Sygit April 30, 2010 Short Sale Legal Issues Affecting Real Estate Agents Part #3 Part 1 – Part 2 This series of posts is meant to assist real estate agents in recognizing: Legal & Tax Issues their clients are exposed to through a [...]

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Short Sale Legal Issues Affecting Real Estate Agents Part #2

By Ed Brophy on May 09, 2010 in Short Sale and Foreclosure

Short Sale Legal Issues Affecting Real Estate Agents – Part #1 by: Drew Sygit April 27, 2010 Short Sale Legal Issues Affecting Real Estate Agents Part #2 The previous post in this series was on 05/03/10, click here to read it. MORTGAGE, EXPERT, MICHIGAN, BIRMINGHAM, BLOOMFIELD, DETROIT, ROCHESTER, ROYAL OAK, TROY This series of posts is meant [...]

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Short Sale Legal Issues Affecting Real Estate Agents – Part #1

By Ed Brophy on May 03, 2010 in Short Sale and Foreclosure

Short Sale Legal Issues Affecting Real Estate Agents – Part #1 by: Drew Sygit April 23, 2010 This series of posts is meant to assist real estate agents in recognizing: Legal & Tax Issues their clients are exposed to through ashort sale. The legal liabilities agents may expose themselves to when representing short sale sellers. How [...]

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Foreclosures: Inspect Before You Buy

By Ed Brophy on Apr 18, 2010 in Hot Topics, Short Sale and Foreclosure

It’s no surprise that buyers are looking for a bargain, with todays foreclosure rate more people are turning to the growing foreclosure market. A recent survey shows that 55 percent of U.S. adults are somewhat likely to consider a foreclosed home when buying real estate. Many buyers are a bit leery of foreclosures, approximately 85 [...]

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Foreclosure Rates Are Up First Quarter 2010

By Ed Brophy on Apr 17, 2010 in Hot Topics, Short Sale and Foreclosure

New reports from RealtyTrac.com show that foreclosures jumped 16 percent from the first quarter of 2009 to the first quarter of 2010. Bank seizures hit a record high as banks work through the slow foreclosure process and as some borrowers whose loans were modified fall back into foreclosure. RealtyTrac predicts that there will be 1 million bank seizures and 4 million [...]

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California Legislature Okays Housing Crisis Relief Tax Bill

By Ed Brophy on Apr 14, 2010 in Hot Topics, Short Sale and Foreclosure

Good news for Californians who have lost their homes to foreclosure or were forced to sell their homes via a short sale. The Legislature passed a bill Thursday, April 9, 2010, that may help many homeowners who were hurt by the housing crisis save thousands of dollars in taxes. The bill provides relief for homeowners [...]

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Should I Buy Short Sale or Wait for Foreclosure?

By Ed Brophy on Apr 12, 2010 in Hot Topics, Short Sale and Foreclosure

Participating in and waiting for an answer on a short sale can be a frustrating experience. A short sale happens when a seller’s lender agrees to accept less than the unpaid mortgage balance. The wait for an approval of a short sale can stretch out six months or more. Based on my experience, half the [...]

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Avoiding Foreclosure – Helping Clients Keep Their Homes

By Ed Brophy on Apr 08, 2010 in Short Sale and Foreclosure

Few things are as devastating as losing your home. Sadly, it’s not always inevitable. In many cases the foreclosure could’ve been avoided with some outside help. You are in a unique position to advise your clients in financial matters. If you know that a client is on the path toward foreclosure, take the time to [...]

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2006 4th Quarter California Foreclosures Rise to 8-Year High

By Ed Brophy on Feb 01, 2007 in Short Sale and Foreclosure

Mortgage default notices in California have risen to nearly their highest level in eight years, but the adjusting market may not reveal the degree of seriousness of rising foreclosures until the summer. According to DataQuick Information Systems, the 37,273 default notices sent to homeowners during the fourth quarter represent a 145.3 percent increase from a [...]

Category: Short Sale and Foreclosure

MBA Report: 1 in 7 Homeowners Past Due or in Foreclosure

Will a Short Sale Save Your Credit?

Many Stay at Home for Free as Banks Defer Evictions

Bank Auction: Great Rancho Mirage Investment Opportunity

Seven Tips to Profitable Investing in Foreclosures

The Nitty Gritty on Short Sales

7 Short Sale Myths

Strategic Default and Foreclosure Explained

Foreclosure Activity Slows For The First Time In Several Years

Homeownership After Short Sale, Is It Possible

Short Sale Legal Issues Affecting Real Estate Agents Part #4

Short Sale Legal Issues Affecting Real Estate Agents Part #3

Short Sale Legal Issues Affecting Real Estate Agents Part #2

Short Sale Legal Issues Affecting Real Estate Agents – Part #1

Foreclosures: Inspect Before You Buy

Foreclosure Rates Are Up First Quarter 2010

California Legislature Okays Housing Crisis Relief Tax Bill

Should I Buy Short Sale or Wait for Foreclosure?

Avoiding Foreclosure – Helping Clients Keep Their Homes

2006 4th Quarter California Foreclosures Rise to 8-Year High

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