I’m repeating myself, but as I was updating my database I came across a few old files that reminded me that lenders don’t always do the logical thing. There were several instances, for example, where the lender refused to approve a short sale that would have had the asset cleared off their books immediately, opting … Read More…
Category: Commentary
Foreclosure Recordings in Westchester and Putnam are Skyrocketing
Categories: CommentaryI’ll post this with the caveat that the public records connected to the MLS are not always 100% accurate, but the data is telling nonetheless. I searched for the number of foreclosure filings in Westchester and Putnam counties for the first two months of 2023 and the same period this year. There were only 15 … Read More…
On Collection Letters
Categories: Commentary, ForeclosureTags: collection lettersI have seen this hundreds of times with clients and even on my own home when we were in the modification process in 2009: despite being in the process of some sort of relief sanctioned by the lender, you still get collection and demand letters that seem to be unaware that payments are not, in … Read More…
Why a Mortgage Forbearance is Always a Smart First Step When Hardship Hits
Categories: Commentary, ForeclosureDuring the COVID pandemic when uncertainty was rampant, the government mandated that lenders extend more aid to anyone economically impacted by the restrictions imposed for public health. There were moratoriums on foreclosures and evictions, and lenders informed borrowers more proactively on the steps to get relief if payments became a burden. My lender allowed me … Read More…
Covid Moratorium on Foreclosures in New York is Ended
Categories: Commentary, ForeclosureAmong the many things that Albany did when the pandemic began was the issue a moratorium on foreclosures and evictions to protect people economically impacted by the shut downs. Given that New York is a “judicial” state, meaning that foreclosure proceedings must go through the courts, over the next year we will see a return … Read More…
Is That $30,000 Incentive to do a Short Sale for Real?
Categories: CommentaryTags: HAFA, IncentivesA number of short sale clients have shown me letters, mostly from Chase, offering them an almost incomprehensible amount of money if they’ll do a short sale. It would seem hard to believe, in a world where short sale sellers typically walk from closing with the clothes on their back and no proceeds, that lenders … Read More…
How Can I Get a Rental After a Short Sale?
Categories: CommentaryTags: renting, renting after a short saleWho would rent to someone who just did a short sale on their house? This question has been asked many times, and I understand the concern. The presupposition, that one’s credit is so compromised after a short payoff that no landlord would accept them, is not quite that accurate. In spite of what some say, … Read More…
When Everyone Walks Away with Money Exept the Seller
Categories: CommentaryTags: avoiding foreclosure, preserving credit, proceedsJust about every home sale is stressful on the seller. A short sale, given the higher stakes and financial ramifications, often has even more stress for the seller than a typical transaction. On a few occasions, I have had a short sale client lament that they are “left out” in a way, in that everyone … Read More…
Please Take Off Your Clothes
Categories: Commentary, Short salesTags: avoiding foreclosure, New York short sales, questionsI just finished my first day of CDPE (Certified Distressed Property Expert) class, and am reflecting on one of the more profound insights given by the instructor, Mark Boyland. Mark, who is an excellent presenter, compared the difficult issues we have to sort out with distressed homeowners with the rather matter of fact way a doctor handles another … Read More…
How Much of a Loss Will The Bank Accept in a Short Sale?
Categories: Commentary, Short salesTags: Bank Loss, New York short sales, Westchester short salesHow much of a loss will the lender accept in a short sale? I am asked this from time to time by consumers and agents alike. We always disclose when a property is being sold subject to lender approval, and I understand the rationale for asking about the numbers, especially with the high dollar value … Read More…