Feb 2012 e-Report

Feb 2012 North Texas Market Update

Robo-Signing Settlement Update

The following information is a few of the updated details of the Robo-Signing settlement as provided to myself and other CDPE’s (Certified Distressed Property Experts)

·         The five banks that are taking part in the current settlement are: Bank of America, Ally, Chase, CITI, and Wells Fargo. This settlement will not currently affect loans owned by other banks or Freddie Mac and Fannie Mae.

·         The $25 Billion settlement will be allocated as follows

o   $5 billion in $2,000 payments to borrowers who were fraudulently foreclosed on between Jan 1 2008 and Dec 31 2011

o   $10 billion allocated to borrowers who are delinquent on their mortgages now

o   $7 billion to assist homeowners in short sales, forbearance, relocating, and other alternatives

o   $3 billion allocated to help borrowers who owe more than the value of their home

·         Current Time line for this settlement

o   30 to 60 Days from March 1^st 2012 Negotiators will select an administrator to handle the settlement logistics and fulfillment

o   6 to 9 months form March 1^st 2012 Administrator with state attorney generals will identify homeowners who are eligible for cash payments and notify them by mail

o   3 years the settlement should be completed by the banks

·         Other notes of interest

o   Money will be distributed differently for different states with California receiving the most at $12 billion

o   Oklahoma is the only state that is not a party to this settlement as they will create their own agreement worth $18.6 billion.

I will continue to update information about the Robo-Signing settlement as more details become available.

If you have questions about your unique Real Estate situation I encourage you to contact me at bret.wilson@remax.net or 214-315-9465

Loan Programs and information for our Veterans

The Department of Veterans Affairs has wonderful home loan programs and information about refinancing your existing VA loans to today’s low interest rates. The VA takes pride in helping our Veterans and provides resources for new home loans, refinancing existing home loans, and helping veterans who are having trouble making current loan payments.

For more information on how the Department of Veterans Affairs can help you in your current situation please follow this link http://www.benefits.va.gov/homeloans/veteran.asp

Please feel free to contact me with questions about these programs or others and I am always honored to help you with your Real Estate needs.

Robo – Signing Settlement Taking Shape

Five of the nation’s largest banks agreed to a $25 billion dollar Robo-signing settlement. The agreement is between the five Banks and the Justice Department with 49 state Attorney Generals.

Some of the settlement details include payments to be distributed to borrowers who were illegally foreclosed on between Jan 1, 2008 and Dec 31, 2011. Much of the settlement dollars will be used to help homeowners who are currently in danger of losing their homes. Help could come in the form of loan modifications, principle reductions, refinancing, short sales, relocation assistance and other alternatives.

I will be providing additional detailed information as it becomes available.  Please feel free to share this and any other useful information from my blog with others.

I am always available to help you with your real estate needs.

Fannie Mae’s Home Sale Online Offer Program

Fannie Mae is rolling out an online offer program nationwide for its homes listed for sale with Home Path. This program allows agents the ability to submit and track offers on-line for Fannie Mae owned homes. Fannie Mae hopes to provide a greater level of transparency for home buyers and their agents.

For more information about this program please follow this link Home Path Online Offer Info

As always please feel free to contact me with your real estate needs or questions about this program or others.