Forgo final property inspection at your own risk

Sellers don’t always play by rules when moving out Purchase contracts often include a provision for the buyers to walk through the property with their real estate agent about five days or so before closing. This is not a contingency of the contract. It provides the buyers an opportunity to confirm that the property is …

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February modifications and foreclosures down

HOPE NOW, a private sector alliance of mortgage servicers, investors, mortgage insurers, and non-profit counselors, estimated 45,000 homeowners received permanent, non-HAMP loan modifications from mortgage servicers during February 2012, down from 56,000, or 20 percent, compared to the month before in January. While modifications were down, foreclosure sales and foreclosure starts also declined on a …

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Proposed Bill to Speed Up Short Sale Process and Prevent Foreclosure

To avoid losing homes to foreclosure due to long response times for short sale transactions, three senators introduced legislation to speed up the short sale process. Senators Lisa Murkowski (R-Arkansas), Scott Brown (R-Massachusetts), and Sherrod Brown (D-Ohio) proposed the bill addressing the issue of short sales timelines on February 17. A short sale is a …

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Obama’s Investigative Unit: Absolving Iniquities or Slowing Progress?

New York Attorney General Eric Schneiderman has reportedly been designated a co-chair of President Obama’s newly announced investigative team to probe the mortgage industry for past misconduct. In his State of the Union address this week, Obama announced the creation of “a special unit of federal prosecutors and leading state attorneys general” to examine the …

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