Archive for the 'Foreclosure' Category

RE/MAX Chairman Backs HARP Changes

Wednesday, October 26th, 2011

The Obama administration announced plans Monday to assist struggling homeowners, providing hope for those who haven’t been able to refinance because their home values are underwater. The restructuring could curb foreclosures, especially in hard-hit markets like Las Vegas, where Obama delivered his housing proposal.

The movement has drawn praise from many business leaders, including RE/MAX Chairman and Co-Founder Dave Liniger. Liniger has been influential in government policymaking and has been an outspoken proponent of housing initiatives and reform in Washington, D.C. He applauds the administration’s move to expand the Home Affordable Refinance Program (HARP) through executive means, calling it “the right action at the right time.”

To find out more about the restructuring of HARP, download the HARP Fact Sheet.

“The problems in the housing market have to be addressed to further economic recovery, and it means taking aggressive action. We can’t wait,” said Liniger, who has met with government and industry officials throughout the year. “This type of reform is crucial in getting help for diligent borrowers, giving homeowners who have a chance to reduce their payments and save their homes the means to do so. We can’t afford a higher inventory of homes on the market right now. Something needs to be done and this will certainly help.”

The new program benefits borrowers who are making on-time payments on their current loans regardless of how much their home value has dropped. Previously the program was available only to borrowers whose mortgages were no greater than 125 percent of the value of their homes. The loans must be owned or guaranteed by Fannie Mae or Freddie Mac.

“These are important steps that will help more homeowners refinance at lower rates, save consumers money and help get folks spending again,” Obama said in his speech. The administration hopes the move will curb foreclosures, thereby also helping home values slowly recover.

According to RealtyTrac, September marked the 12th straight month where foreclosure activity decreased on a year-over-year basis. But October’s report showed one in every 213 U.S. households with a foreclosure filing in the third quarter of 2011.

Tenants Rights in a Foreclosure

Wednesday, February 2nd, 2011

What happens if a landlord loses his or her property in a foreclosure? Can the tenants be evicted by the lender? Not any more thanks to a federal law that went into effect in May 2009. Under the law, (Protecting Tenants at Foreclosure Act of 2009), a tenant cannot be evicted by the lender prior to the expiration of the lease without justification.

There are some conditions, however: the lease that’s in place must be an arms length transaction meaning that the parties are not related and the lease must have been in place prior to foreclosure. In addition, the lease amount must not be dramatically under market value.

The lender can terminate the lease agreement upon giving 90 days notice to the tenant in the event that the lender sells the foreclosed property to a purchaser who intends to move into the property as his or her primary residence.  The lender can also terminate the lease agreement for a bona fide reason such as the tenant has violated the terms of the lease. As always, we recommend you consult with an attorney for specific advice about a specific situation. Read more about tennant protection in a foreclosure here.

Watch this helpful video on avoiding foreclosures

Monday, January 11th, 2010

RE/MAX International brings us this informative video on how to avoid foreclosure with the governments new short sale guidelines.

RE/MAX Properties of New Hampshire has several CDPE’s (Certified Distressed Property Experts) as well as many other agents who do short sales regularly that can help you through this difficult process. Please contact us with questions or assistance with the short sale process.


Federal Incentives Coming for Short Sales, Deeds-in-Lieu

Friday, September 18th, 2009

After recognizing that the Making Home Affordable program would not reach all Americans who are experiencing difficulty making their mortgage payments, the US Treasury has been working on an alternative program designed to streamline the process of short sales. The Foreclosures Alternative program when it is implemented later this month aims to simplify the process of pursuing short sales and deeds-in-lieu, and will encourage more servicers and borrowers to participate in the program. That will make a huge difference in the number of successful short sales we are able to complete for the benefit of homeowners in trouble.

That’s why it is more important than ever agents become experts in short sales. You may have noticed that several RE/MAX Properties agents have received the CDPE designation from the Distressed Property Institute. We encourage all agents to do the same. It’s not exclusive to RE/MAX but RE/MAX agents do receive substantial discounts as incentive to complete the program. For more information visit or contact us.