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Andrew Coppo
1,314 followers -
Real Estate Attorney, Short Sale Negotiator
Real Estate Attorney, Short Sale Negotiator

1,314 followers
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Large Inventory of Foreclosures in Massachusetts Just Now Coming to Auction

Foreclosure auctions in Massachusetts were up 44 percent over the first seven months of this year, as compared to the same period in 2015.

David Cotney, the Massachusetts Commissioner of Banks, told MassLive that the state is currently “having to clean out a large inventory of mortgages that have been in default for years.”

#shortsales #foreclosures #realestate #realtor #Massachusetts #MARealEstate
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Mortgage Debt Relief Act Extended Through 2015?

Massachusetts senators have sponsored a bill that would extend the debt relief act for two years, through the end of 2015. A similar bill has been filed in the House with support from the Massachusetts delegation. The act was extended last year just before it was set to expire on December 31.. 

#shortsales #foreclosures #realestate #realtor #Massachusetts #MARealEstate #debtrelief
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Freddie Mac Short Sale Guidelines

Many real estate experts are predicting the end of the foreclosure crisis due to the fact that the number of foreclosure starts are decreasing throughout the US. In my opinion, the number of foreclosures have decreased in part because both Fannie Mae and Freddie Mac, who own the majority of mortgages, have streamlined the short sale approval process. The standardized short sale servicing guidelines now grant loan servicers the delegated authority to approve short sales for qualified homeowners.

#shortsales #foreclosures #realestate #realtor #Massachusetts #MARealEstate #FreddieMac #FannieMae
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The Monsters of the Housing Market

More evidence that banks are controlling housing inventory: Vampire REO's -- homes still occupied by the foreclosed-upon homeowner -- and Zombie Foreclosures -- homes vacated by the owners but still yet to be foreclosed upon -- comprise a growing shadow inventory as rising home prices motivate banks to sell off these homes in order to recoup their losses on soured loans.

#foreclosures #housing #realestate #shortsales #realtor
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Banks, Not Homeowners, are The Real Winners of the $25Bil Mortgage Settlement

Just 20% of the aid doled out under the national settlement went to forgiveness of first-mortgage principal, which would have kept troubled borrowers in their homes. In terms of borrowers helped, just 15% of the total received first-mortgage forgiveness.The vast majority of financial aid provided by the big banks came in the form of short sales and forgiveness of second mortgages. The five banks collectively delivered twice as much aid using short sales.

#shortsales #Foreclosure #Realestate #homeowners #mortgage #loanforgiveness
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Can The Mortgage Market Crash Again?

Congress recently created the so-called qualified mortgage (QM), a category of loans where borrowers would be the most protected. These are the only loans Fannie Mae and Freddie Mac will buy starting in 2014. This mortgage goes further than the ability-to-repay rule: it cannot be an interest-only loan or carry excessive fees, and the borrower's monthly debts, including mortgage payment and related housing expenses, cannot add up to more than 43 percent of the borrower's monthly gross income. In return, the lender gets certain legal protections if the borrower defaults.

Interestingly, a whole new industry has popped up in anticipation of the QM rule underwriting mortgages that are not subject to the QM rule. Loans outside of QM will be more costly but generate greater returns for the investor. Sound familiar? 

#realestate #Mortgages #housing #qualifiedmortgage #FannieMae #FreddieMac
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Borrowers Denied Class Status in Loan Modification Lawsuit vs. BofA

Borrowers were dealt a huge blow when US District Court Rya Zobel determined that the plaintiffs claims, as meritorious as they may be, rest on "so many individual factual questions that they cannot sensibly be adjudicated on a class wide basis." Many homeowners cannot afford the costly legal fees required to fight the big banks on an individual basis and very few attorneys will take these cases without the guarantee of legal fees. 

#Realestate   #loanmodification   #Housing  
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What is a Short Sale? The Definitive Guide

The folks over at +BiggerPockets , with the help of AZ short sale speciailst +Tracy RoyceofRealEstate , have provided an informative overview of short sales in today's real estate market. This article is a good read for any sellers considering a short sale, as well as any buyers or real estate professionals looking to handle a short sale transaction. Short sales are not for everyone, but if you decide to delve into the short sale waters, you need to familiarize yourself with the short sale process. This article is a good place to start. 

#Shortsales   #Foreclosure   #realestate  
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Anti-trust Suit Could Challenge MLS Listing Practices in All 50 States

An interesting case is making headlines in Minnesota as an out-of-state real estate company makes anti-trust allegations against Multiple Listing Services in Minnesota. If successful, real estate agents in other states may want to take notice as more and more internet based real estate platforms threaten the long standing dominance of the Multiple Listing Service. A changing of the guard?
#Realestate #Realtor #Housing
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