Foreclosure and REO Properties Expert Advice

The newest “buzzword” in real estate these days is Short Sale.
A short sale occurs when a lender agrees to accept less than the full loan balance from a borrower, in exchange for the sale of a home that is behind on payments and heading for foreclosure.
Why Do Lenders Accept Short […]

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“Distressed property” is by definition a piece of real estate that is under duress or is in some way becomes a nonperforming asset.
There is a timeline and reference point that is indicative to how much stress a piece of property has.
This article addresses this concept of when  payments are missed and property owners head down […]

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The Banking industry, specifically the mortgage lenders, are on the verge of a massive wave of foreclosures dwarfing anything like it in the past 75 years. 
But, banks seem to be blind to the fact that they cannot deal with this as they have in the past.
The numbers are so big that most lenders probably hope […]

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We, as a people, have become desensitized by the lack of trust that is demonstrated in many segments of our society. 
The government questions the longevity of social security, a trusted legacy for many generations; many pension funds have disappeared, leaving millions without suitable retirement; and now, many banks are having to take away the consumer’s […]

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With the tsunami of foreclosures closing in on lending institutions, there is a growing need for workout specialists. The need is so apparent that in some parts of the country, workout specialists have coined their own title as elite members of “The Mod Squad”.
These individuals have a singular purpose:
Their objective is to minimize bank losses. […]

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With Real Estate Values Dropping, A Readjustment of our Values.
Reluctantly…
I attribute our current downturn in real estate values and the surge of foreclosures to short-sightedness and a pinch of “greediness”. 

Overly zealous developers, catching the wave, continued to develop without consideration to future demand. 
Municipalities approved subdivisions after subdivisions because it was good for the tax base, […]

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I’m sure you’ve read the recent news about Bank of America purchasing Countrywide (America’s largest home lender) for about $4 billion earlier this month. 
This is a huge deal in the mortgage world… but what will this mean to borrowers who are having a tough time making their Countrywide mortgage payments?
What you will likely see is […]

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TULLY’S REAL ESTATE AND MORTGAGE NEWS:
Looking  For  a  Mortgage??
 
If you are in the market to buy a new home or refinance your existing mortgage, you had better be extremely qualified or not really in need of one.
The reason that I say this, is that the easy credit that fuelled the housing boom of the last […]

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