Government Attempts to Speed Short Sales

The federal government is launching in an attempt to speed up the short-sale process. The plan includes incentives to lenders and a $1,500 moving allowance to borrowers. Holders of second liens would be offered up to $1,000 to relinquish their claims. That piece of the program could stall the process since some junior lien holders are unwilling to take a substantial loss.

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Long waits for short sales

Home sellers frustrated as short-sale deals collapse

Scores of homeowners who thought they’d cut a deal with their banks to sell their houses for less than their unpaid mortgages are seeing those agreements fall apart months later, contributing to the mounting foreclosures that threaten the housing market’s recovery.

The sales of homes for less than the amount owed the bank, known as “short sales,” have been widely viewed as an alternative that could help slow the foreclosure epidemic. In theory, delinquent homeowners escape a mortgage they cannot afford, and lenders, although taking a loss, avoid the even costlier process of completing a foreclosure.

Instead, many homeowners are watching potential buyers walk away as months pass while they deal with lenders’ lengthy delays, lost documents and unreturned calls, according to the National Association of Realtors (NAR). Not all the snafus are lenders’ fault; inexperienced real estate agents who fail to turn in complete paperwork also are causing holdups, as are severely underpricedhomes.

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Short Sale Resources

If you’re looking for information on Short Sales, here is a list of resources we’ve gathered for you.

• Short Sale Field Guide
• Short Sale Market Experiences Growing Pains
• Short Sale of a House
• Terms of the Housing Bubble of the 2000s
• What is a Short Sale?
• How to Do a Short Sale
• Buying a Short Sale

The Short Sale Process

A short sale is a real estate transaction in which the lender agrees to sell a property at a loss because it is more economical than doing a full foreclosure. Short sales are less expensive for the banks than a traditional foreclosure. Borrowers are able to maintain their credit scores with a short sale, whereas the foreclosure ruins credit and is remedied faster.

According to Wikipedia,

“Lenders may accept short sale offers or requests for short sales even if a Notice of Default has not been issued or recorded with the locality where the property is located. Given the unprecedented and overwhelming number of losses that mortgage lenders have suffered from the 2009 foreclosure crisis, they are now more willing to accept short sales than ever before. This presents an opportunity for “under-water” borrowers who owe more on their mortgage than their property is worth and are having trouble selling to avoid foreclosure as a result.”

Short Sales

Short sales are a very popular way to buy real estate in the market of today. A short sale is a real estate transaction, in which the sale of the property is less than what is owed on the loan. Such a transaction is rampant in bad economic conditions when a borrower is unable to make mortgage payments, but the lender chooses to sell the property at a loss rather than trying to collect from the borrower. The borrower is enticed into doing the short sale because it keeps them from foreclosure. Opting to do a short sale is better than a foreclosure because there are high fees associated with foreclosures, and foreclosures damage the borrowers credit.

Boyd sweeps another district foe

Boyd sweeps another district foe
McKinney Courier-Gazette

The McKinney Boyd varsity volleyball team continued a string of winning performances Tuesday night with a 3-0 (25-15, 25-18, 25-20) victory over Plano East. The Lady Broncos (21-14) had 39 kills for a .264 hitting percentage, with sophomore Drew Darling leading the way with 12 kills.

Darling posted a hitting percentage of .367 with nine digs, one block and two aces. Senior Cara Howley was second on the team with 10 kills and 13 digs.

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Mayor hopes to give McKinney athletes their day

Mayor hopes to give McKinney athletes their day
By Andrew Snyder / McKinney Courier-Gazette

McKinney Mayor Brian Loughmiller wants to ride a bike through his own city. After participating in Saturday’s Wish 100 and Wichita Falls’ recent Hotter ‘N Hell cycling rally, he plans to bring a similar event to McKinney and give both the city and a charitable cause a boost.

“I’m hoping we can get a bike ride here,” Loughmiller said. “We do the Collin Classic, it’s partly in McKinney, but we’ve been talking about trying to make it a two-day event, maybe involve more of the downtown area. I’d like to see us get something that is more substantial here in McKinney that would benefit a charity also.”

The Collin Classic, which takes place annually in June, starts and ends at McKinney North High School. The city has been talking with Bikin’ Mike Keel, who’s been involved in both the planning and execution of the Collin County and Wish 100, and he’s shown interest in expanding the event. While the plan is only in a conceptual stage now, Loughmiller says it has support.

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McKinney to celebrate National Night Out

McKinney to celebrate National Night Out
McKinney Courier-Gazette

For the thirteenth year, the McKinney Fire and Police Departments will join local communities and McKinney citizens in celebrating National Night Out. The event, held Oct. 13, helps generate participation in local anti-crime efforts and strengthen police-community relations.

“Year after year, McKinney residents turn out in record numbers to

celebrate National Night Out, showing their dedication to keeping

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Hospice Compassus Opens New Office in McKinney, Texas

Business Wire
August 19, 2009

MCKINNEY, Texas–(BUSINESS WIRE)–Hospice Compassus, a leading provider of hospice services, announced today the opening of its third Dallas-area location in McKinney, Texas.

The McKinney office, located at 901 N. McDonald Avenue, Suite 200, 75609, 972-548-1600, employs 16 professionals, who focus on the delivery of a full range of hospice services to patients throughout McKinney and surrounding communities. The new office will add additional service coordination and also offers a location for local bereavement support.

Hospice care delivered by Hospice Compassus is managed by an interdisciplinary team of professionals who routinely review the plan of care patients receive. This team includes physicians, nurses, social workers, chaplains, and others who meet to discuss all patients and their charts.

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Around Town: Events, Kiwanis, football tickets, library, Manegait, Military news and more

McKinney Courier-Gazette

McKinney Kiwanis supports local charities with donation

The McKinney Kiwanis Club is dedicated to the Kiwanis International idea of changing the world one child and one community at a time. The club works during the year raising money through fund-raisers such as a Pancake Breakfast, Bar-B-Q Dinner, Kids Triathlon, Wellness Rally and an Adult Triathlon. All of the proceeds from these fund-raising events are donated to local charities and community projects that will improve the lives of the local residence.

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