I know most of you real estate agents and brokers are all over this but you may want to get this information out to your contact database and geographic farm.  I was recently asked by a couple agents if the relief covers years other than 2007, so I know that some of you may not be aware that this tax relief option is available for 2008 and 2009.
There are homeowners out there who should understand this relief plan and what they need to do to implement and take advantage of …

This post is in response to a great post by Mary Supinger regarding short sales and credit ramifications.  I felt inclined to follow up with a post that may help agents and brokers reduce their risk in these types of transactions.  Many of my agents recently attended a risk management credit course on short sales, foreclosures and refinancing which has now scared them to death regarding the representation of a seller who is in a position for a possible short sale.  The issue isn

This is an updated version of a post that I sent out earlier in the year:

I have gotten the impression from many real estate agents that they are unaware of the effect of a Short Sale on their clients’ credit report. The common belief is that a Short Sale isn’t as bad as Foreclosure or Deed In Lieu of Foreclosure.

Big Time Mortgage Industry History

Given the current state of the credit markets, a wise person will take the time for prepare their credit report so that it is shown at its’ best before the credit report is pulled. One such person would get copies of their free annual credit reports and get to work writing letters to dispute any negative information.

They have been working on their credit and getting it ready to borrow. Many times, collection accounts are paid off. Unfortunately, paying off even one collection account can hit your scores for as much as 80 points!

The Federal Government took over control of FNMA and Freddie Mac this morning.(09/07/2008) As I was reading about it last night and again this afternoon, my thoughts go to how this will affect home buyers and sellers, as well as the economy in general.

I have gotten the impression from the many real estate agents are unaware that the effect of a Short Sale on their clients credit report isn’t as bad as Foreclosure or Deed In Lieu of Foreclosure.

I have actually seen a lot to the contrary in advertising. It scares me because I see a lot of lawsuits in the future regarding this.

Short Sales, Deed in Lieu of Foreclosure, or full blown Foreclosure are all weighted the same in determining credit score computations. This information comes directly from MyFICO.com. My FICO is a website for FAIR ISAAC,  the inventors of credit scoring.

This past Monday, June 9^th, was the first day

Foreclourses has become the new real estate Four-letter word.

In March one in every 538 households in the U.S. received a foreclosure notice with Nevada (1 in 139 homes) leading the pack, followed by California (1 in 204 homes), Florida (1 in 282 homes) and Arizona (1 in 283 homes).

And the bad news is just everywhere…CNN, Fox News, USA Today, the Web, etc. etc.

To assist homeowners Real Estate Wiki (see previous entry on launch of the new wiki in real estate) has added a bunch of Frequently Asked Questions (FAQs) covering questions such as:

As promised, and actually required, by the Economic Stimulus Bill of 2008, FHA/HUD announced their new loan amounts this past week. The new FHA loan limits are based on 125% increases of each county’s median price with a minmum of $271,050 and a maximum of $729,750.This one move will make it much easier for many who are burdened with an adjustable rate mortgage to refinance if their property has not appreciate much over the past few years.