THE Huffington Post 2011 commented this about Neighborhood Assistance Corporation of America (NACA) : “The Save-The-Dream Tour has already helped thousands in need with reductions in interest rates to 3% or 2%”. So, I called around and looked online for more info, surprisingly I did not see too much updated info. I would imagine if this was really successful it would be all over the net. Would you not want to help others get the help that you have been going after? I have always recommended this non-profit organization and still believe that they are a legitimate organization, but sometimes it takes more than two to tango in this case. Borrowers have to qualify, lenders or investors have to be willing and you have to be very persistent and have the luxury of time and patience to do this.
Atty. Kenneth Go
Banks would rather foreclose than offer you lowered principal balance?
A VERY common question from my callers is about this:
“Why won’t the bank just reduce the amount of my loan instead of taking my home and then selling it to someone else for way less than I would have been happy to pay?” It’s a question that gets asked repeatedly these days, especially by people who are facing foreclosure or are upside down on their mortgages. I will not only reference my opinion on this situation but will also give you expert’s points of view in order for you to understand why they cannot just lower your balance and move on.
Short sales without hardship?
I MIGHT be jumping the gun a little bit but what we have been hearing is that lenders will start to allow short sales without a reason of hardship. Wow, that will bring out more homeowners that are underwater that would just like to get rid of their sinking ship. Obviously the outcome also will be that home values will spiral down some more, right? Is there any truth to this “rumor”?
I have been researching this topic for a couple of days and I can’t find any new information on it but my sources are very reliable. I will definitely keep you posted, since I am on this topic and I want to just broaden your knowledge about short sales some more.
Debt Relief Act 2007 expiring this December 2012
QUESTION: DEAR Ken, with this debt relief act expiring year end what will happen after, will the lenders pursue a civil judgment on foreclosed or short sales of properties?
Various reports regarding sales, foreclosures and the future of home prices
I AM not alone in being slightly confused when we see or read the papers and get conflicting information about our Real Estate Market. One day I would hear that sales are up then the next we would all be worried that we are treading in water and falling back into a recession. What is really happening, I believe you do not know that my ears are tuned into news radio every single day since I started this business, yes even on the weekend, with my kids. I am listening to the radio news especially about our Real Estate and Mortgage Market. Can you imagine what my kids have to go through every day while I am driving them back and forth school?
