Alex & Cadey's Blog

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Services for Real Estate Pros - Charfen Institute
Alex and Cadey Charfen - Experts on handling distressed properties with information you need to know about how to survive and thrive in today's real estate market.
RECENT BLOG POSTS
Current studies show that over 6 million homeowners in the country are potentially facing foreclosure. However, initiating the conversation to find out if a homeowner needs your services can sometimes be uncomfortable or even offensive. That’s why we have a refined a script that works well in any...
02/03/2012
Mortgage modification scams made the list of the Better Business Bureau's Top Scams of 2011, with more than 20,000 complaints. Sadly, there are countless organizations out there preying on desperate homeowners. That's why trained, qualified real estate agents are needed now more than ever. The na...
01/19/2012
Fannie Mae revealed its new Unemployment Forbearance Program, which mortgage servicers are required to implement by March 1 for all Fannie Mae-owned and backed loans. Servicers can now provide up to six months of relief for eligible unemployed borrowers without Fannie's review and approval. Borro...
01/17/2012
Effective Feb. 1, Freddie Mac is giving mortgage servicers expanded authority to provide six months of forbearance to unemployed mortgage holders without prior approval, and an additional six months (12 months total) with prior approval. This new policy essentially doubles the previously offered ...
01/17/2012
In an effort to shorten overall cycle times, Bank of America has reduced the window for submitting a backup offer on a short sale from 14 days to eight days after the initial offer becomes invalid. Once a backup offer becomes necessary: Contact your short sale specialist immediately to let him o...
01/11/2012
On Jan. 4, Federal Reserve Chairman Ben Bernanke sent a letter and white paper to Congress outlining his insights and recommendations on restoring the health of the U.S. housing market. Among the key findings on current market conditions: Housing prices remain 33% below their early 2006 peak Curr...
01/06/2012
With 1 in 10 homeowners not paying their mortgage—and Major Lenders predicting huge increases in short sale closings in 2012—savvy agents are finding new and creative ways to find and attract distressed property listings. A great place to start your outreach campaign is a list of NODs. Notices of...
01/03/2012
On Dec. 21, the Office of the Comptroller of the Currency released its latest report, which shows delinquencies remained elevated during the third quarter of 2011. The number of new foreclosures increased by 21 percent during the quarter, partly due to servicers lifting the voluntary "foreclosure...
12/27/2011
The holiday season should be a magical time of year. However, for a growing number of families, the usual holiday celebrations are trumped by financial troubles, foreclosure and the looming threat of eviction. Fannie Mae and Freddie Mac offered some relief to such families by announcing an “Evict...
12/19/2011
In an effort to reduce cycle time and improve customer service, Bank of America (BOA) announced several changes to their Home Affordable Foreclosure Alternatives (HAFA) short sale process, which agents should be aware of. Highlights include: When a short sale is submitted with an offer and the ho...
12/07/2011
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Our news and views on the distressed property market and Real Estate in General.