Hogan School of Real Estate

Foreclosures

How do Foreclosures and Short Sales affect FICO scores?

How do Foreclosures and Short Sales affect FICO scores?

By Jim Hogan Posted in Foreclosures, Short Sales & REOs

According to National Mortgage e-Alert, Short Sales, Foreclosures or Deed in lieu, does not make any difference.  FICO treats them the same way for purposes of reducing the credit score.   However, the higher your starting score, the more dramatic the effect.  If the initial credit score is about 780, the drop would be 90 –…

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Short Sale Negotiator Regulation

By Esther Hogan Posted in ADRE, Foreclosures, Short Sales & REOs

By Arizona Department of Real Estate and Arizona Association of REALTORS. Numerous regulations have recently been enacted governing short sale negotiations.  In short, these regulations generally provide that a licensed real estate broker/salesperson representing a seller in a real estate transaction may negotiate a short sale with the lender provided that the broker/salesperson does not…

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Treasury Announces Big HAFA Changes

By Jim Hogan Posted in Foreclosures, HAFA

On December 28th the US Treasury issued Supplemental Directive 10-18 which announced major changes/improvements in their HAFA Short Sale and Deed-in-Lieu programs. The changes become effective on Feb. 1, 2011 and include: Deletion of the requirement that a borrower’s payment exceed 31% of their gross income; Increasing the allowable vacancy period from 90 days to…

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BofA HAFA Short Sales Now on Equator

By Jim Hogan Posted in Financing, Foreclosures, HAFA, Short Sales & REOs

Bank of America is now processing HAFA (Home Affordable Foreclosure Alternatives) short sales on Equator’s web platform. Fannie Mae and Freddie Mac have announced that they will start the HAFA program as of August 1st. and BofA’s has a stated goal of increasing short sales this year. The use of the Equator system for HAFA transactions…

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How How Wall Street Made Hundreds of Millions and Left Us Holding the Bag

By Esther Hogan Posted in Financing, Foreclosures

  Last week “This American Life” on NPR radio had a fantastic piece on how Wall Street created the sub-prime meltdown. Their story, “Inside Job,” is a must listen! A companion piece appears on ProPublica’s blog. It’s called, “The Magnetar Trade: How One Hedge Fund Helped Keep the Bubble Going.”  This is facinating stuff. I was…

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Bank of America Short Sale Process & HAFA

By Jim Hogan Posted in Financing, Foreclosures, HAFA

Bank of America did a web cast last week on their short sale process. The hour long webinar can be accessed at: Bank of America did a web cast last week on their short sale process. The hour long webinar can be accessed at: http://www-waa-akam.thomson-webcast.net/us/dispatching/?event_id=3068e6f00b836d36a361d1da7777062d&portal_id=1b8fe57a2d304cdbc43f1e95f94ac46a The short sale process is a moving target. Hogan School…

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New NAR HAFA Video

By Esther Hogan Posted in Foreclosures, Short Sales & REOs

The government’s HAFA program for short sales begins today. NAR has updated its video. You can watch it at: http://link.brightcove.com/services/player/bcpid74425227001 For information on HAFA courses go to: https://hoganschool.com/hafa.php

Pre-Approved Short Sales?

By Jim Hogan Posted in Foreclosures, Short Sales & REOs

As of April 5, 2010 HAFA is effective. HAFA (the government’s Home Affordable Foreclosure Alternatives program) promises to streamline short sales. But whether it does or doesn’t remains to be seen. Here are some of the HAFA basics. o Short sales can be pre-approved within 30 days of a request o Purchase contracts must be approved…

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NAR’s Short Sales & Foreclosure Certification

By Jim Hogan Posted in Foreclosures

Nearly one-third of all existing homes sold recently were either short sales or foreclosures, according to National Association of Realtors® data. To help Realtors® meet the needs of home buyers and sellers who need these services, NAR has launched a new Short Sales and Foreclosure Resource (SFR) Certification.  “Foreclosures and short sales can offer opportunities…

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Follow-up Questions from “Meet the Experts”

By Esther Hogan Posted in Foreclosures, Short Sales & REOs

On May 4th we held a class, “Meet the Experts,” with two panel discussions on Short Sales and Bank Owned Properties. The short sale panelists were Larry Pollman, Homeway Realty; Jerry Marbury, Coldwell banker Residential Brokerage; and Oscar Chavez, Long Realty. The bank owned property panelists were Bob Zachmeier, Win3 Realty; Sue Gutierrez, Tucson REO; and…

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