Hi Students,
Here’s the follow up Q&As leftover from our class:
Here are two articles on how credit scores are effected by short sale v. foreclosure v. bankruptcy. First, here’s Ken Harney’s article and here’s Ardell’s follow up on the blog RCG.
Here’s more information on the new WA State Foreclosure laws.
George asked “What constitutes ‘mitigation’ under the new law?” Great question. Visit this page and click on “bill as passed by the legislature” and go to page 3. Copying and pasting from the final bill:
During the initial contact, the beneficiary or authorized agent shall advise the borrower that he or she has the right to request a subsequent meeting and, if requested, the beneficiary or authorized agent shall schedule the meeting to occur within fourteen days of the request. The assessment of the borrower’s financial ability to repay the debt and a discussion of options may occur during the initial contact or at a subsequent meeting scheduled for that purpose. At the initial contact, the borrower must be provided the toll-free telephone number made available by the department to find a department-certified housing counseling agency and the toll-free numbers for the department of financial institutions and the statewide civil legal aid hotline for possible assistance and referrals.
Here’s the link to the Making Home Affordable government website for a homeowner to see whether or not they qualify for the Obama Administration’s foreclosure mitigation options.
Here’s the recent article about investors flipping foreclosed homes at various price ranges in the Seattle area.
I mentioned in class that “household creation” is one of the keys to the recovery of the housing market. Here’s the link to my favorite finance and econ blogger CR and his analysis.
Some folks were curious about the 3 investor groups that represent buyers who want to buy homes at the foreclosure auction like the one we watched in class, and the one I filmed in May here.
Those companies are: Vestus, Foreclosure Resolutions NW, and RE Investment Firm.
Here’s my youtube channel with the recent foreclosure video from this past May over in Factoria.
Thanks for coming to class and all your great questions!