
Thursday, December 10, 2009
Snohomish County Blog Obama's Failed Foreclosure Prevention Plan

Tuesday, December 1, 2009
Snohomish County, Real Estate Guidelines that should make it easier for some financially troubled borrowers to sell their homes…short sales

Thursday, November 5, 2009
Marysville, WA. Home For Good, Now Accepting Applications for Housing

Saturday, October 17, 2009
King, Pierce and Snohomish Counties, WA. Discounted New Construction Homes and Condos…Special Financing and Other Buyer Incentives Offered by Builder

Wednesday, October 14, 2009
Snohomish County, HomeSeeker Center Announces New Service (4.0 Release) to Include its new Mortgage Resource Center

Saturday, September 12, 2009
Snohomish County, Wa Buying Foreclosures Part V of Series Writing up an Offer
HomeSeeker Center
By: Don Sieb
Buying Foreclosure in Snohomish County...Writing up the Offer
Before the offer is made, make sure you contact the agent listing the property so you can ask some of the
following questions.
• Are you selling the property "As Is"? Is the bank willing to do any repairs?
• Have any inspections taken place for the property? If so, can you provide a copy of these inspections?
• Has the bank agreed to do any repairs to the home?
• How will the offer be delivered to the bank?
• How long should I expect the bank to respond to my offer?
The offer is typically sent to the bank. The listing agent will take the originals. At this point you must have a
little patience. It can take a few days for you to get a response from the bank. Many Realtors work weekends, but banks do not typically have anyone around after 5pm or on the weekends so you will not get a very quick response.
HomeSeeker Center specilizes in distressed Property Sales. We strongly recommend Buyers seek our Real Estate Specialist to assist Buyers in purchasing bank owned properties.

FDIC Pushes Mortgage Help for Jobless
FDIC Pushes Mortgage Help for Jobless
HomeSeeker Center
By: Don Sieb
Some unemployed homeowners at risk for foreclosure could get a temporary break on their mortgage payments under a plan being pushed by the FDIC. The Federal Deposit Insurance Corp. said on Friday it is encouraging certain banks to reduce mortgage payments for the unemployed or underemployed for at least six months.
Overall, relatively few of the unemployed will benefit from this recommendation because the effort would only apply to a handful of institutions. Specifically, it would affect those that bought failed banks and participate in loss-share agreements with the FDIC. In such deals, the agency covers some of the losses incurred on the assets of the failed banks. Some 53 institutions, mainly regional or community banks, have entered into such arrangements since January 2008.
"With more Americans suffering through unemployment or cuts in their paychecks, we believe it is crucial to offer a helping hand to avoid unnecessary and costly foreclosures," said Sheila Bair, FDIC chairman, who has led the efforts to have loan modifications be based on income.
The expanding unemployment rolls have long vexed policymakers focused on stabilizing the housing market. Existing foreclosure-prevention programs, including the president's loan modification plan, generally do not help the jobless because they don't have enough income to sustain even reduced monthly payments.
Administration officials have said they are exploring ways to help the unemployed -- including through reduced payments, typically called forbearance plans. Housing advocates said they approved of the FDIC's effort. While many servicers have offered forbearance plans in the past, fewer are these days. That's because financial institutions no longer feel that borrowers will be able to land a comparable job within a few months.
Assisting the unemployed Citigroup is one of the few banks that has implemented a plan to help the jobless during the housing crisis. The bank will lower the payments of eligible borrowers to an average of $500 a month for three months.
Under the FDIC's recommendation, unemployed or underemployed borrowers would have their payments reduced to an affordable level for at least six months. Unlike a typical forbearance plan, where the arrears would have to be paid back within a year, the FDIC endorses allowing borrowers to catch up over the life of the loan.
Borrowers who cannot afford their payments once they get jobs would be considered for a loan modification program approved by the FDIC, which includes the president's plan. Eligible borrowers could have their monthly payments reduced to 31% of their pre-tax income if doing so would cost less than foreclosing on the home.

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