Ask Rey About Real Estate

Relief for Homeowners Ally/GMAC, Bank of America, Citi, Chase & Wells Fargo will give $17 billion in assistance to borrowers who can and will stay in their homes while making reasonable payments on their mortgage loans. At least 60 percent of the $17 billion must reduce the principal balance of your home loans if you are in default or at risk ...

CoreLogic, a provider of information, analytics and business services, released Q2 negative equity data in September 2011. Negative equity, often referred to as “underwater” or “upside down,” means that borrowers owe more on their mortgages than their homes are worth. Negative equity can occur because of a decline in value, ...

 Foreclosures & Short Sales92 single & multi family homes have sold from January to July of 2011. 42% of sold homes were either foreclosures or short sales. 29% were foreclosures. 13% were short sales. There are 288 single & multi family homes currently available for sale. Of those homes, 15% are identified as foreclosures and 10% ...

You may find yourself in a position where you can’t afford to keep paying your monthly mortgage payments and your house is now worth less than your loan balance. If so, you may need to do a short sale to avoid Foreclosure…yes the F-bomb.  Here are some misconceptions about short sales stopping you from completing one ...