Word: mortgagees
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John Cooper, 27, is having a tough few years in real estate. The Roseville, Calif, agent came into the business shortly before the top of the market then saw his sales drop off in 2006. Next, he lost his house. Payments on his adjustable rate mortgage jumped from $1,300...
Recently, Cooper has gotten busy again, but all of listing are so-called short sales [i.e., the sales price is less than the mortgage owed,] which involve more work and can take double or triple the time to complete than a typical house purchase. "Investors stay away from short sales...
Worse, real estate professionals from around the country say they have seen a growing trend of agents, like so many other homeowners, in housing distress. Ray Caddell, a broker in Charlottesville, Virginia, says he was recently asked to do an appraisal on a distressed property by a bank. When he...
While foreclosures continue to grow nationwide, there are no official numbers of how many of those foreclosures are on homes owned by real estate professionals. Darren Duarte, a spokesperson for the Neighborhood Assistance Corporation of American, which provides free mortgage counseling, says his organization has helped numerous real estate agents...
The association's proposal calls for the government to pay that upfront fee to lower the mortgage rate instead of the home buyer. Yun says lowering mortgage rates 1% would result in up to 840,000 additional home sales nationwide, reduce the inventory of homes on the market by 20...