Foreclosure and Loan Modification Blog

Distressed Home Sales In 2016 At A Nine-Year Low

Distressed home sales made up 16.2% of all homes sold in 2016, which is a drop of more than two and a half points from 2015, and a smaller percentage of home sales than in any year since 2007, according to ATTOM Data Solutions Year-End 2016 U.S. Home Sales Report.

A distressed sale is a bank-owned sale, short sale, or foreclosure auction sold to a third party buyer. Basically anything other than a regular sale of a home in which the seller has equity is considered a distressed sale. It's a good thing the number of distressed sales are down.

The distressed sales numbers breakdown as follows. REO (Real Estate Owned) sales, also called bank-owned sales, were 8% of all sales in 2016, which is down two points from 2015 and the lowest level in 10 years.

[fa icon="clock-o"] Tuesday, February 21, 2017 [fa icon="user"] Maxwell Swinney [fa icon="folder-open'] short sale, housing market, deed in lieu of foreclosure

Disclaimer: These results should not be taken as a guarantee, as each case is unique. We have helped over 7,000 homeowners. Here are a few of their stories.

Every week we obtain loan modifications for our clients with a variety of loan servicers. You can see these results as they are announced on Twitter (#loanmodwow) or Facebook. Here are some of our results from this week with SPS, Wells Fargo, Chase, Nationstar, and Loan Care, and one deed in lieu of foreclosure agreement with Carrington:

SPS

Our SPS clients were 89 months and $449,078 past due on mortgage, but we got them a streamline HAMP loan modification with $1,240 monthly savings, interest rate slashed, and $209,885 deferred principal forgiven if paid on time for three years!

What Is A Deed-In-Lieu Of Foreclosure?

If your lender is threatening to foreclose on you for missed mortgage payments and you don't have the money to get current, and aren't eligible for a loan modification, you may be a candidate for a deed in lieu of foreclosure agreement. A deed-in-lieu of foreclosure agreement is when the borrower agrees to give ownership of their home to the lender in exchange for canceling their mortgage.

[fa icon="clock-o"] Wednesday, November 18, 2015 [fa icon="user"] Maxwell Swinney [fa icon="folder-open'] short sale, foreclosure deficiency, foreclosure, deed in lieu of foreclosure

If you're in foreclosure and have decided that you cannot or do not want to keep your home, you may be wondering if you could get a “cash for keys” agreement. Cash for keys, sometimes called a "move out incentive", may sound like something you've heard about in hip hop music, but in this case it has nothing to do with kilos of illegal drugs. It's an agreement between you and your lender to hand over the keys to, and move out of your property in exchange for money. Getting paid cash money is always a seductive option, but you should take a close look at what you give up in exchange for that money before signing an agreement.

Distressed Home Sales In 2016 At A Nine-Year Low

Successful Loan Modification Roundup Week Of 11/11

SPS

What Is A Deed-In-Lieu Of Foreclosure?

Can Cash For Keys Work For Me?

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