In Georgia we have been seeing record numbers of foreclosures, record numbers of bank repos and record numbers of short sales.  There may be some in your neighborhood. Homeowners are faced with rising mortgage payments once their low adjustable rate mortgages begin to climb.  The common answer up to this point to avoid foreclosure has been the short sale.

But what if the homeowner is in the right home; just in the wrong mortgage? (more…)

I know.  You read the title and you eyeballs bulged out of your skull, and you probably screamed “What!!  Where has this guy been??!!”

Truth be told, I have been right here, with you, weathering the same drop in home values and number of homes on the market that you have.  And, now that we are being honest, it has not been a lot of fun.  My own home is probably worth $100K less than it was two years ago.  And, I know, so is yours.

I was thinking of the latest in the investment banks to fall – Lehman Brothers – and then the thought occured to me:  what will all the job losses from Lehman, Merrill Lynch, Bear Stearns and others do to to housing market in and around New York City? (more…)