Foreclosure filings and repossessions fell to their lowest level since 2007 last year. Total filings, including default notices and bank repossessions were down 33% for the year to 2.7 million, according to RealtyTrac, the online marketer of foreclosed properties.
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Delinquent borrowers facing foreclosure are learning that they can stay in their homes for years, as long as they're willing to put up a fight. Among the tactics: Challenging the bank's actions, waiting to file paperwork right up until the deadline, requesting the lender dig up original paperwork or, in some extreme cases, declaring bankruptcy.
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Great News! Home sales were estimated to have been up almost 17% in Louisville the last week of December 2010. I know that my 2011 has really started off with a BANG and hear that many other REALTORS are experiencing the same. The best news we have had in a very long time.
Why wouldn't you buy with the low interest rates and the great low prices? Well, things are picking up around Louisville when it comes to those BABY BOOMERS who are putting offers on the patio homes and condos around town. Most are writing contingencies on their new home and putting their current homes on the market. They are telling me that they can't beat the great deals and they feel that now is the time to put their home on the market and pray that their home sells soon. They find it appealing that they are paying less for their new home and the great interest rates are lower than what they are paying now. They know they may be making less on their current home right now but they are wise enough to know that these great deals will not last forever. Would you like to know more? Contact me today! I have earned the SRES Designation which means that I am a Senior Real Estate Specialist. I understand the needs of the senior who is going through the conversion of their larger home to a patio home or condo. I have the answers!
With the elections over, we are sure to see new changes within the Government. Changes are good in most cases. A new way to look at things, focus and plans to improve. What are your goals?
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With Cold Winter Weather right around the corner, I am recommending that my home owners seriously look at reducing their prices before the cold weather sets in. January and February are well known for their slow down time.
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Are you having trouble with your loan modification? Maybe you could share your experience. I am hearing that most home owners have had to wait it out a total of 9 months before they get their answer about a loan modification. The home owner applies for the modification and told to either quit making payments or only pay half a payment. At the end of the 9 months, they find out that they don't qualify. At that time, they don't know what to do because they are behind even further. What are your thoughts and what do you think our Goverment and Banks could do to make the loan modification easier on our home owners?
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