2012 could be record year for short sales

2012 is on track to become a record year for short sales, according to a report from foreclosure data aggregator RealtyTrac. Sales of U.S. homes in the foreclosure process, typically short sales, rose 33 percent year over year, to 35,000, in January. A total of 32 states saw annual increases in short sales, and 12 …

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FHA mortgages are poised to get more expensive

The Federal Housing Administration (FHA) plans to impose significant restrictions on the amount of money that sellers can contribute at closing in the near future. The FHA also will be raising its mortgage insurance premiums during the coming weeks, increasing charges for new purchases across the board. Making sense of the story: One reason for …

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More mortgage relief from the White House – but congressional ‘ok’ doubtful

An summary update (by CAR.org) on the mortgage relief plan by the federal government, covering an article by The Mercury News: In his State of the Union Address, President Obama laid out a plan to help responsible borrowers and support a housing market recovery. Details of that plan were released yesterday. However, funding for the …

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Refinance or modify while it’s still possible

Interest rates have been very low for several years, and right now they are lower than ever, yet millions of mortgage borrowers who could profit from a refinance haven’t. Similarly, millions of borrowers who are having trouble making their mortgage payments but want to remain in their homes could have their mortgages modified to make …

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