Mortgage Insurance Approval No Longer Needed for Freddie Mac Short Sales

This is a BIG DEAL!

From Freddie Mac: On November 1, 2012, you can begin approving short sales and deeds in lieu of foreclosure that are completed in accordance with the Guide without obtaining pre-approval from the participating MI companies. With the new delegation agreement, you will experience greater efficiencies in evaluating borrowers for foreclosure alternatives.

Freddie Mac Bulletin Announcement Here.


An added plus to distressed homeowners! Mortgage Insurance Companies have been a big approval blocker for homeowners trying to short sale their home. This is a big plus if your loan is serviced by Freddie Mac!

Call Mike Towers at 661-706-6922 and request a free consultation to see if a short sale or a loan modification is right for you!

I strongly believe that a SHORT SALE is your best possible option if you are dealing with a frustrating mortgage! I have seen it liberate so many people and set them on the path for better home ownership, conquering debt and relieving much of the stress that was in their life! For a FREE consultation to see if a SHORT SALE or a LOAN MODIFICATION is right for you, do not hesitate to CALL ME at 661-706-6922!

Short Sale Now- Buy A House Again Sooner and For Less Money Than You Currently Owe

Why should you consider a short sale? What is in it for you? What do you gain out of a short sale?

Well, it's pretty simple. If you short sale now, you could potentially buy a house again sooner than if you were foreclosed on, and you would be able to buy that home for less than what you currently owe on your home right now (which is NOT currently worth what you owe- remember?).

Let's think about this and sincerely consider it for a moment. Let's use an example of a home that was sold as a short sale for $217,000. The owner owed $348,000. The owner can potentially requalify to buy a home again in 2 years (with a conventional loan) to 3 years (with a FHA loan). Let's assume the house he sold at $217,000 went up in value 5% per year for 3 years. This would be FAST appreciation, especially in this current market. After 3 years of fast appreciation, the home would appraise for about $251,000. He could buy the same exact home for $97,000 LESS than what he owed. Or he could buy a home with 1000 more square feet, plus more amenities, for maybe $265,000? That is still over $80,000 LESS than what he owes. Do you see the benefit now?

What if he was foreclosed upon? He wouldn't be able to purchase a home again for approximately 7-10 years, according to current guidelines. In seven years at the same appreciation rate the house would appraise at $305,000. Ten years would be $353,000. Either one of these options, except waiting 10 years, is less than what he owes. But let's consider purchasing a similar home in this hypothetical situation 3 years after his short sale, compared to 7 years after his foreclosure. The same home would cost him $40,000 MORE after a foreclosure than a short sale. Considering it another way, he would LOSE $40,000 IN EQUITY if he DID NOT SHORT SALE!

If he considered a loan modification, at this fast appreciation, he would be looking at about 7-9 years JUST UNTIL HE BREAKS EVEN and is no longer underwater. After 7-9 years, he could sell his home and make zero profit from the sale.

PLEASE CONSIDER WHAT IS BEST LONG TERM! LET'S TALK AND SEE IF A SHORT SALE IS BEST FOR YOU!

I strongly believe that a SHORT SALE is your best possible option if you are dealing with a frustrating mortgage! I have seen it liberate so many people and set them on the path for better home ownership, conquering debt and relieving much of the stress that was in their life! For a FREE consultation to see if a SHORT SALE or a LOAN MODIFICATION is right for you, do not hesitate to CALL ME at 661-706-6922!

RealtyTrac: 65% of housing markets worse off than in 2008

THIS IS WHY IT IS STILL CRITICAL TO CONSIDER A LOAN MODIFICATION OR A SHORT SALE! WE CAN HELP! 

RealtyTrac measured five key housing metrics in 919 U.S. counties and discovered the majority are still suffering from falling average home prices, unemployment, and higher foreclosure inventories, foreclosure starts and distressed sales.

Sixty-five percent of U.S. housing markets studied by RealtyTrac are worse off than they were four years ago, according to the Irvine, Calif.-based real estate research firm. The results of the survey arrive the same day as the final presidential debate and just weeks before the general election.

RealtyTrac measured five key housing metrics in 919 U.S. counties and discovered the majority are still suffering from falling average home prices, unemployment, and higher foreclosure inventories, foreclosure starts and distressed sales.

Of those counties studied, 580, or 65%, showed results in three of the five metrics as being worse off when compared to 2008 levels. Only 315, or 35%, of the counties had three of five housing metrics with improved performance over four years time.

"The U.S. housing market has shown strong signs of life in recent months, but many local markets continue to struggle with high levels of negative equity as the result of home prices that are well off their peaks. In addition, persistently high unemployment rates are hobbling a robust real estate recovery in most areas," said Daren Blomquist, vice president at RealtyTrac.

"While the worst of the foreclosure problem is in the rearview mirror for a narrow majority of counties, others are still working through rising levels of foreclosure activity, inventory and distressed sales as they continue to clear the wreckage left behind by a bursting housing bubble."

In the majority of the counties studied, home prices are down and unemployment rates are up in more than 90% of the areas. More than half have smaller foreclosure inventories and fewer foreclosure starts than in 2008, while distressed properties make up a smaller share of overall residential sales when compared to four years ago.

Article by Kerri Ann Panchuk from HousingWire.

California Loan Modification and Keep Your House Sale!

Do you want to keep your house but are behind in your mortgage payments? Would you prefer to not do a short sale? There's hope for you! Utilize our experience and do a LOAN MODIFICATION. If you are approved, the bank will redo your loan terms and bring your account current! The process to do so can be frustrating and complicated to some, so use us to get it done! We have negotiated with banks on numerous deals helping California homeowners just like yourself. Even better, our cost to do a loan modification is drastically LESS than many others! We have heard people charging $6000 to do loan modifications. Crazy! We only charge $3000 for one loan, $3500 for two or more loans. We can do a loan modification for ANY homeowner in California! Call or email us today!

661-706-6922 or miketowersrealty@gmail.com

SPECIAL: RIGHT NOW, WE ARE OFFERING $1000 OFF OUR FEE! DON'T HESITATE! SIGN UP TODAY BEFORE THIS OFFER EXPIRES! YOU DON'T PAY UNTIL AFTER WE SUCCESSFULLY MODIFY YOUR LOAN!