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Strategic Foreclosure…A Good “Strategy”? Or Not?

Homeowners have found themselves in foreclosure for a number of reasons. Some lost their jobs–the national unemployment rate remains in the double digits–and had no way to make mortgage payments. Here in Arizona we have one of the highest rates of unemployment anywhere. Some people simply purchased properties they could never really afford. Some got […]

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HAFA? What The Heck Is THAT and Why Should You CARE!??

Well…let’s start by defining what HAFA means. It stands for Home Affordable Foreclosure Alternative Programs. It is basically divided into four separate programs. 1. Home Affordable Refinancing Option (I am not addressing this option in this post as most folks in our market exceed this requirement… “The amount you owe on your first lien mortgage […]

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Could It BE? Homebuyer Tax Credit Extension To Happen!!??

In a 409-5 vote, House lawmakers have passed a standalone bill that would extend for three months Wednesday’s deadline for closing on a home purchase in order to claim the federal homebuyer tax credit. The Senate is already on record supporting an extension, but other provisions of that bill, the “American Jobs and Closing Tax […]

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B of A Modification Program…Maybe The Start of Something Good?

Ever since this “mortgage meltdown” many of us in the business have been of the mindset that the only TRUE loan modification program that would make a difference MUST include a  PRINCIPAL BALANCE REDUCTION! This has now been proven to be true as a great number of loan modifications that have been granted in the […]

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NAR needs your help generating phone calls from Arizona REALTORS® and homeowners to the DC offices of Senator McCain (202-224-2235) and Senator Kyl (202-224-4521). Request to speak to each Senator’s Tax Legislative Assistant and ask them to support the Dodd-Lieberman-Isakson amendment. Ask your Senator to support the Dodd/Lieberman/Isakson amendment by extending the $8,000 first time […]

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FHA slaps HARD!

Well…again I feel a bit like the barn door was closed after the cows got out…but Florida Company Taylor, Bean and Whitaker Mortgage Corp. (TBW) was CUT off today. From what you may ask?? From originating and underwriting new FHA-insured mortgages! If you have not been paying attention…FHA loans comprise a HUGE part of all […]

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