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Great News For Short Sale Buyers

Great News! Short Sale headache is soon to end! Yes, I know dealing with a major bank is a headache. But dealing with a major bank through a Short Sale process takes the cake.

Fannie Mae and Freddie Mac will require mortgage servicers to make decisions on short sales under new timelines beginning this June.

Servicers must review and respond to a borrower within 30 days of receiving all documentation. According to guidance released Tuesday, the servicer can take up to 60 days on a decision if negotiations with mortgage insurers or other stakeholders linger.

Short sales have in the past taken several months to complete as servicers, borrowers, buyers, investors and different lien holders had to agree on a transaction. Mortgage servicers working with the goverment-sponsored enterprises completed a record 32,000 short sales in the fourth quarter, up 14% from the previous quarter, according to agency data.

Under the new guidance, which takes effect June 15, the servicer has three business days to acknowledge the documentation was received, and must notify the borrower within five days if more paperwork is needed.
If a short sale is still under review after 30 days, the servicer must provide weekly status updates to the borrower.

The Federal Housing Finance Agency directed the GSEs align their short sale guidelines.
"FHFA and the enterprises are committed to enhancing the short sales and deeds-in-lieu process as additional tools to prevent foreclosure, keep homes occupied and help maintain stable communities," said FHFA Acting Director Edward DeMarco. "These timeline and borrower communication announcements set minimum standards and provide clear expectations regarding these important foreclosure alternatives."

This article was written by 

By Jon Prior • April 17, 2012 • 4:38pm

To read this and other real estate stories visit...

http://www.housingwire.com/news/fannie-freddie-set-new-short-sale-timelines

This Week’s Forecast

DID YOU KNOW?... The typical home purchased in 2011 was built in 1993, with three bedrooms and two bathrooms in 1900 square feet of space, as reported in the latest NAR survey. >> This Week’s Forecast BUDGET, FED VIEWS, INFLATION... Wednesday's March Federal Budgetshould show the government running a big deficit, no surprise there. This will be followed by the Federal Reserve's Beige Book of economic observations from Fed districts around the country. Could be some good stuff. But the big reports will be PPI wholesale inflationon Thursday and CPI consumer inflationcome Friday. The monthly numbers are expected to reflect annual inflation rates slightly above the Fed's 2% target. This is not good, as inflation cuts consumer buying power, sends mortgage bond prices lower -- and mortgage rates up! >> The Week’s Economic Indicator Calendar Weaker than expected economic data tends to send bond prices up and interest rates down, while positive data points to lower bond prices and rising loan rates. Economic Calendar for the Week of Apr 9 – Apr 13 Date Time (ET) Release For Consensus Prior Impact W Apr 11 10:30 Crude Inventories 04/07 NA 9.009M Moderate W Apr 11 14:00 Federal Budget Mar NA –$188.2B Moderate W Apr 11 14:00 Fed's Beige Book Apr NA NA Moderate Th Apr 12 08:30 Initial Unemployment Claims 04/07 355K 357K Moderate Th Apr 12 08:30 Continuing Unemployment Claims 03/31 3.350M 3.338M Moderate Th Apr 12 08:30 Producer Price Index (PPI) Mar 0.3% 0.4% Moderate Th Apr 12 08:30 Core PPI Mar 0.2% 0.2% Moderate Th Apr 12 08:30 Trade Balance Feb –$52.0B –$52.6B Moderate F Apr 13 08:30 Consumer Price Index (CPI) Mar 0.3% 0.4% HIGH F Apr 13 08:30 Core CPI Mar 0.2% 0.1% HIGH F Apr 13 09:55 Univ. of Michigan Consumer Sentiment Apr 76.1 76.2 Moderate >> Federal Reserve Watch Forecasting Federal Reserve policy changes in coming months... The Fed said it intends to keep the Funds Rate low for quite some time, which is what economists expect. Note: In the lower chart, a 1% probability of change is a 99% certainty the rate will stay the same. Current Fed Funds Rate: 0%–0.25% After FOMC meeting on: Consensus Apr 25 0%–0.25% Jun 20 0%–0.25% Jul 31 0%–0.25% Probability of change from current policy: After FOMC meeting on: Consensus Apr 25 <1% Jun 20 <1% Jul 31 <1%

For more information on Lending Contact Bailey & Wood Financial Group Juli Harding Loan Officer 51 North US 31 Whiteland, IN, 46184 Cell: 812-325-6953 Toll Free: 855-350-HOME Fax: 877-811-1269

Thanks to First Republic Mortgage

Nancy Eberle With First Republic Mortgage Sent this great email on Google's Privacy Changes...  

(Yes I think it's ironic that I'm posting this on a Google product.)

Google's new privacy policy went into effect last week. Based on the new policy, all data collected about you - including search queries, sites visited, age, gender and location - will be gathered and assigned to your online identity represented by your Gmail, Google Plus, and YouTube accounts.

Prior to that, information about your Google searches and sites visited was kept separate from Google's other products. The wall between those products has now been removed and more of your information than ever is potentially floating around in cyberspace.

All of this provides a good reason to revisit your privacy settings and your own habits when searching information or conducting business online.

Why Does It Matter?

The history stored in a browser can contain sensitive information, such as your phone number, account numbers, passwords, emails, and so on.

In addition, your search queries can also reveal information about you, including private information like health concerns. In fact, privacy experts have raised concerns about that type of information being gathered in the event that it may be used when you apply for credit, a new job, car or life insurance, and even health care coverage.

Finally, if you work in a business where you help people with private financial matters (such as purchasing a home, improving their credit score, and so on), the need for privacy is even greater.

The Good News Is…

The first piece of good news is that major companies such as Microsoft, Google, and AOL recently agreed to install a do-not-track button in Web browsers to make sure that you can browse the Internet with more privacy. But it'll take a while before this button actually arrives in a browser near you.

The second piece of good news is that you already have a simple step that you can use in the meantime to help keep sensitive information from being recorded.

Tell Your Clients, Business Partners, and Friends…

Most browsers already feature a privacy setting that can be turned on. When you activate the private browsing setting, the actions you take are kept private - which means caches, browser history, forms, passwords and other temporary files are not permanently recorded. Instead, once the window is closed, the data is erased. So you can feel more comfortable working online without worrying that bank balances, emails, or passwords are being captured.

This is especially important if you use a shared computer in a business setting or a public computer (such as a computer at a public library or Internet café).

PCWorld recently provided the following quick instructions for setting your browser to privacy mode:

• Internet Explorer 9: Ctrl-Shift-P
• Chrome: Ctrl-Shift-N
• Firefox: Ctrl-Shift-P
• Safari: Go to the "Edit" menu and choose "Private Browsing"

But Don't Forget!

Even if you use a privacy setting, you'll need to quit a browser when you're done. That's because the "back" button still works in privacy mode, so someone else could easily click back to previously viewed pages, such as an email or financial account if you step away.

Finally, remind your clients and friends that social media sites may ask for a lot of information, but that doesn't mean you should share it. Phone numbers, your full date of birth, and social security numbers should never be part of your profile.

Following those simple steps can help you feel more comfortable about working online, especially when sensitive information is on the line.

To Contact First Republic Mortgage

505 S Woodscrest Drive 

 Bloomington, IN 47401 

 812-334-2000 Phone 

812-334-2002 Fax

Spring Has Sprung... It's time to move foward

 

It's that time again... 

Spring has Sprung time to push forward...

You shouldn't be Afraid of the big bad Wood Foundation?

Comfortable Living with Permanent Wood Foundations

Bloomington, Indiana and surrounding Monroe County have many communities that were built with wood foundations. Some of those communities include; Woodhaven Estates, Paddington Park, Country Club Hills, Southern Pines and select homes in Van Buren Park. (if you are unsure if the property you are interest in purchasing our currently own has a wood foundation please ask your trusted REALTOR®)

Watch the video to Educate yourself on the value wood brings to the home maintenance and building process.

Answers found in this video:

• How is a wood foundation different than concrete block? 0:55
• How is the foundation wood different than other wood building materials used in construction? 4:49
• How does this wood resist wood eating insects and rodents? 4:56
• How does this type of foundation keep water from seeping into the basement? 5:13
• How does this compare to poured concrete and concrete block basements? 5:59
• What's the durability of the wood?  6:49
• How much does this cost? 8:00

 ** If you can get over the 1980's production of this video, you'll find that it has valuable information about wood foundations.

Get Rich and Car Payment Free

My Lovely Sister- in- Law sent me this video. I found it so compelling I had to share.

Of course my brain started thinking couldn't we apply this thought to home ownership and health care as a way to get wealthier?