Short sales having same effect as foreclosures


Many people who sold their home in a short sale are having problems getting back in the market due to the fact that their credit reports and scores indicate that they had been foreclosed on. This is preventing many from being able to qualify for a home loan and mortgage even though they may have cleaned up their credit and have twenty percent cash aside for a down payment. How and why is this happening?

The current credit reporting system does not have a code that distinguishes a short sale from a foreclosure. The code only shows that a home was foreclosed on and not sold in a short sale. This doesn’t seem quite fair and is being investigated by the Federal Trade Commission and the Consumer Financial Protection Bureau. Sen. Bill Nelson, D-Fla, requested that the FTC and CFPB investigate the issue and penalize any responsible parties if they do not fix the coding issue within 90 days.

Bills, Bills, Bills

King County recently announced that property tax bills are in, and have been sent out for the first half of 2012. Payments are due April 30th and the 2nd half will be due in the fall no later than October 31st.

 The value of homes has dropped in almost every nook of the county, with the exception of the Wallingford & Phinney Ridge areas which actually increased in value. The biggest drops were present in Burien, Redondo, and Algona areas around King County, among others. For information on how the taxes are calculated, and ways to pay your taxes, visit the county website.