Short sale client Policy Changes
Update: 3/21/2009
Due to recent changes in the way mortgage company loss mitigation departments have been processing short sale purchase offers, we have been forced to decline requests for help in certain situations. Until some level of consistency in the process is implemented, we are no longer accepting new clients who have two mortgages that are held at separate banks. Freddie Mac and Fannie Mae are currently working to improve the system. Our goal is to abandon this policy as soon as possible so we can offer assistance to everyone who needs it. In the mean time, we will continue to provide short sale services to anyone in America with an FHA mortgage. In the Dallas, Texas metro area, we also work with conventional and VA short sales, as long as they do not have multiple loans at separate banks. Regardless, we are always happy to refer a trusted specialist to anyone requiring services which we are not able to provide, so please feel free to contact us with any questions.
Understanding Obama's Foreclosure PLan
Update: 3/10/2009
On the 3/4/2009 update we promised to provide additional information as soon we were able to review the full plan. Now that we have had an opportunity to review it, we have come to the conclusion that it is inadequate and lacking substance. As a result, we will not be providing loan modification services under the program at this time. If the primary desire is to modify the terms of a mortgage and remain in the home, we recommend that you contact the bank directly. Of course we are always here to answer any questions and provide general guidance whenever possible.
Obama's Foreclosure PLan
Update: 3/4/2009
Information related to President Obama's foreclosure plan can be found here: http://www.financialstability.gov/makinghomeaffordable/. Additional white papers are also available here: HASP. We are currently reviewing the documentation and will provide a new update soon.
Homeowner Affordability & Stability Plan
Update: 2/20/2009
President Obama announced the Homeowner Affordability and Stability Plan today. He expects to help between 7 and 9 million homeowners avoid foreclosure through work out solutions and refinancing. Full details and specific of the program are scheduled for release on March 4th, 2009. We will update this page with all the details as soon as they become available. To review a summarized version of the known details to this point, please review the Homeowner Affordability & Stability Plan.
Interesting News:
http://www.businessweek.com/magazine/content/09_07/b4119042628146.htm
DFW Area Foreclosure Statistics for February
Update: 1/27/2008
Foreclosure postings for the DFW metro area of Texas were down 8% with a total of 5,315 homes in the month of February 2008 as compared to 4,905 in February 2009. Dallas County was down by 8% from 2,351 posted homes posted in February of 2008 to 2,171 in February of 2009. Tarrant county was down by 14% from 1,775 to 1,521. Collin County was up 8% from 623 to 673. Denton County was down 5% from 566 to 540 homes. Rockwall was down a whopping 28% from 112 to only 81 homes.
Statistics were provided by the Foreclosure Listing Service.
HUD Updates FHA Pre-Foreclosure Sale Program!
Update: 12/24/2008
HUD announces new FHA pre-foreclosure short sale program modifications in the Mortgagee Letter 2008-43. Evidently, in order to help families in foreclosure, the federal government decided to raise the limits required to sale homes in the FHA pre-foreclosure short sale program. In years past, they would a "net to lender" requirement of 82%, now they have tied the threshold starting at 86% in the first 60 days before dropping it to the lowest acceptable price of 84% of appraisal. After adding in closing costs, this reduces the actual discount on the property to on about 8% below market value. In this economy and market place, things just got a little tougher for FHA borrowers who need help the most. For details, read the full Mortgagee's Letter.
Video of Client Success Stories
If you have spent much time in Dallas, TX area, you are probably aware that you live in a state with a very low tolerance for anyone who is unwilling or unable to play by the rules. Demand for accountability is apparent in all areas of our civil and criminal code. On one extreme, Texas is world famous for executing its worst criminals faster than any other state in the country. On the other, the catchy anti-littering campaign slogan "Don't Mess with Texas" is a jingle we are all familiar with. Our mortgage foreclosure laws are just as strict as the others. As a matter of fact,
Texas has some of the most aggressive foreclosure laws in United States.
Compared to other states, the foreclosure process in Texas moves very quickly. As an example, in Pennsylvania, the foreclosure process takes approximately 10 months, not including
the pre-foreclosure phase. In Texas, the foreclosure process only takes 21 days! Unfortunately, most people do not seek professional assistance until they have already received the 21 day foreclosure auction notice from their mortgage company. Unless they have an FHA loan that is backed by HUD, their options are dramatically limited at this late stage of the process.