Short Sales 
Albuquerque - This page will describe what a short sale is as well as the in's and out's of short sale transaction. I will give tips to consumers on how to successfully complete a short sale transaction.
There are currently 15 blog entries related to this category.
Overcome mental roadblocks that lead to foreclosure
Thursday, November 17th, 2011 at 1:32pm. 109 Views, 0 Comments.
Recently read this article and thought it may help those needing to prevent foreclosure
There are several government reports out now stating that most homeowners who lose their home to foreclosure never contact the bank to determine whether they can work something out with them, despite the ubiquitous government, bank and media education campaigns encouraging them to do just that.Read the Full Story
Contact me to help advise you on a possible short sale Carlos Martinez 505-350-8184 Click Here for additional information.
When you need a reliable, up to date...
Thursday, October 6th, 2011 at 8:35am. 116 Views, 0 Comments.
When you need a reliable, up to date home search website visit www.NMWelcomeHome.com. Serving Albuquerque and Surrounding Area, Rio Rancho, Santa Fe and Surrounding Area.
Many details are available about the listing, including Virtual Tours, Map, Birdseye View, Days on Market, Short Sale, Bankowned, Financing, and all the basic information you may desire. Contact Us for additional information on ANY listing.
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Bankruptcy and Foreclosure?
Monday, July 26th, 2010 at 3:28pm. 151 Views, 0 Comments.
I have had many conversations with customers, clients and agents regarding how a bankruptcy affects the foreclosure of a home. Before I give my opinion, I will give my disclaimer. This is not meant to be legal advice and you should seek out an attorney for any legal advice needed.
I recently attended a bankruptcy class taught by one of our local Albuquerque attorneys. This person was full of information, including how bankruptcy and foreclosure work. First we will begin with how a mortgage works and the definition.
A mortgage involves two important legal documents: A promissory note and either a mortgage document or deed of trust.
Promissory Note: The promissory note (also called a mortgage note or real estate note) is a note the buyer gives to the…
Can you tell me what HAFA is and what it means for homeowners?
Thursday, June 3rd, 2010 at 3:02pm. 118 Views, 0 Comments.
HAFA (Home Affordable Foreclosure Alternatives, is part of the part of the Makeing Home Affordable Programed which helps homeowners during this current economic crisis through short sales and deeds-in-lieu.
The programs gives a $3,000 cash incentive to homeowners to avoid foreclosure and successfully complete a short sale or deed-in-lieu.
Probably the most appealing part of the HAFA program is the lender agrees to forgive the remaining mortgage debt for which the home sells for or for the deed to the home. Note: New Mexico law allows for a deficiency judgements which can be brought by the lender to the borrower for the difference from the mortgage balance to what the actual selling price was and closing cost. The HAFA program specifically waives a…
How will Short Sales effect your home’s value?
Monday, May 17th, 2010 at 1:33pm. 149 Views, 0 Comments.
By now most have heard what a short sale* is, know that it can sell for less than what is owed and possibly less than market value. So how does this effect your home value?
Well it doesn’t…unless it becomes a large part of the market sales in your area. Only then will it have to be considered in determining market value for your home. For example if there was maybe one or two short sale homes out of 10 sold in the last month, then the market valuation would not consider these sale types as good comparable** properties to your home. If 4 or 5 homes that sold in the last month were short sales that would represent a large share of the market and would weigh in on determining market value for your home.
I don’t know the formula, stats or…
First Time Home Buyer New Mexico Mortgage Finance Authority (MFA)
Tuesday, April 20th, 2010 at 6:52pm. 275 Views, 1 Comments.
New Mexico Mortgage Finance Authority also known as MFA is a home buyer assistance program. Without getting into to much detail the program assist low to moderate income buyers with housing. There are income limits but is much more flexible than traditional type of financing. It is possible to get a loan to cover your down payment and closing cost. Although flexible MFA made the below change.
Sole and Separate-poor credit for spouse. A sole and separate is to disclaim or relinquish his or her right, title and interest to the property. This establishes that it is the desire of both spouses that title to the property be granted to one spouse as that spouse’s sole and separate property. For example: Lee Buyer, a married man, as his sole and…
Nationwide Statistics on Delinquent Mortgages & Updates
Friday, February 5th, 2010 at 10:31am. 153 Views, 1 Comments.
Here are just some quick facts from a member call I was on recently.
1 out of 10 prime borrowers are delinquent
4 out of 10 sub-prime borrowers are delinquent
Continuing increase in delinquencies, foreclosures, defaults.
Reverse mortgages could be the next subprime...which in my opinion does not seem to dominate NM so should not be much of a problem here.
Lender pursue mortgage payoffs long after homeowners default.
This type of mortgage recovery rose 48 percent to a record $1.01 billion in the first nine months of last year. Now that lenders have had a chance to 'catch up' they are now pursuing deficiencies.
Luxury Homes Deliquency
Faster growing number of deliquent loans are loans over $1 million. Reasons: Very little
purchase money, no refinance…
Short Sale Series Part 5 - Pitfalls
Monday, February 1st, 2010 at 10:52am. 84 Views, 0 Comments.
Buyer's interested in a short sale require an agent who is experienced in the process. This means the buyer agent and the listing agent need to have intimate knowledge and systems to see the short sale process through.
When hiring an agent to work for you on a short sale, you should ask the following questions.
- How many short sales have you done in the past 12 months?
- How many have failed/been successful?
- What lenders have you worked with?
- What is your typical timeframe from contract to close?
- Do you have any education in the short sale process ie. certification?
- What is your lender follow up like?
There are many more questions you should ask regarding a short sale but these questions will help you to gauge their knowledge of the process. …
Short Sale Series Part 4 - Selling Process
Monday, January 18th, 2010 at 10:14am. 105 Views, 0 Comments.
As I said in the previous sections of the Short Sale Series, these sale types are a great buying opportunity, but require time and patience.
The seller of a short sale is typically in a more distressed situation. My job is to help alleviate the stress of selling their home. Although there are no proceeds going to the seller, the seller must be proactive in the sale as well which also requires time and patience.
The seller is attempting to make good on their debt and find a solution for them and the lender. Due to some circumstance, possibly loss of income, disability, forced relocation, death of a loved one, not having the ability to pay their bills weighs heavily on the sellers.
I have heard comments from people stating that "these people"…
Short Sale Series Part 3 - Buying a Short Sale
Monday, January 4th, 2010 at 7:38am. 119 Views, 0 Comments.
Buying Short Sales -
If a home is being sold for below what the current seller owes on the property—and the seller does not have other funds to make up the difference at closing—the sale is considered a short sale. Many more home owners are finding themselves in this situation due to a number of factors, including job losses, aggressive borrowing against their home in the days of easy credit, and declining home values in a slower real estate market.
A short sale is different from a foreclosure, which is when the seller's lender has taken title of the home and is selling it directly. Homeowners often try to accomplish a short sale in order to avoid foreclosure. But a short sale holds many potential pitfalls for buyers. Know the risks before you pursue a…