Foreclosures & Short Sales Category
filed under: Foreclosures & Short Sales posted on April 16th, 2013
Short sales are part of the real estate business in home and condo sales in Cincinnati.
The term "short sale" refers to a sale where the mortgage holder owes more than the property is worth- and the lender agrees to accept less than what is owed. The lender agrees to be "shorted". However while the process of "short sales" has improved (somewhat) over the last few years-many sellers and buyers find themselves at the mercy of unseen and unknown "processors" working...
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filed under: Foreclosures & Short Sales posted on October 22nd, 2012
Until recently every time a struggling homeowner would contact me to find help with a loan modifications- every call required unique searches and phone calls to find the right contacts.
Help may have arrived as a result of the $25 billion National Mortgage Settlement with the five largest mortgage servicers - a somewhat consumer-friendly website Homeowner Connect -was developed and funded by GMAC and aimed at assisting their drowning homeowners with handling their own applications, checking the status, and locating Department...
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filed under: Foreclosures & Short Sales posted on October 2nd, 2012
In a recent news release, Ohio Attorney General Mike DeWine announced that nearly 65,000 Ohio residents who lost their homes to foreclosure in the past three years may be eligible for payment under the $25 billion National Mortgage Foreclosure settlement.
Claim forms are being sent to eligible borrowers who had mortgages with Ally/GMAC, Bank of America, JPMorgan Chase and Wells Fargo, the nation’s five largest mortgage servicers who agreed to the settlement with the federal government and attorneys general for 49...
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filed under: Foreclosures & Short Sales posted on September 25th, 2012
Ohio ranks 7th in the top ten states with the highest foreclosure rates!
According to RealtyTrac foreclosures in judicial foreclosure states (Ohio is a judicial state) are "boiling over". Overall foreclosure related filings are down sharply from a year ago- in spite of increased activity in states where courts are in charge of the foreclosure process. Ohio now ranks 7th with 1 in 556 homes in foreclosure.
In the greater Cincinnati market potential buyers can check local county Sheriff web sites for...
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filed under: Foreclosures & Short Sales posted on September 14th, 2012
According to the latest report from Corelogic -1 in 4 homeowners in Ohio are "underwater" with their mortgages. That means that approximately 25% owe more on their mortgages than their property is worth.
An article in the Cincinnati Enquirer highlights some of the numbers associated with the CoreLogic report. Nationwide 22.3% of mortgage holders were in negative equity -a decrease from the first quarter of 2012. According to the report the number of negative equity and near-negative equity mortgages account for...
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