"At what point and what value is the property decided? If the bank lets vandals destroy the property while it is an REO and burn down, then sell the place for $10, is that the amount that the bank will claim they got back and the owner gets a 1099…"
"Bring in a state senator to discuss the matter. FNMA is political - they get bailout money and don't care about the taxpayer or the homeowner. You need to apply pressure where it is effective. They are happy to foreclose and list the property…"
"This is not where I saw the requirement (just googled for this now), which banks do their best to ignore: Residential Borrowers May Receive Copy of AppraisalDecember, 1991 amendments to the federal Equal Credit Opportunity Act, known as 12 USCA…"
"Of course big banks are loaded with lawyers and wallow happily in lawsuits, so I would expect that to be a tough direction. I would complain to the OCC and your state attorney general. I doubt that the banking commission cares or the real estate…"
"I initially glanced at the guidelines in Sep, I don't recall any change in that area. My introduction to FHA years ago was with a negotiator who complained that the property was not in "show condition". She already had the pictures of…"
"FHA is the slowest at WF and BofA. The shutdown didn't help and the 10/1 change didn't either. HUD expects to net 88% of the appraised value, so if your HUD-1 doesn't hit that, you have a problem. Also, the new rules add a BPO to the…"
"If Ocwen is under OCC, put in a complaint there. Complain to the investor, if possible. If those fail, complain to the state AG. Get your state senator to chat with Ocwen. I think that the biggest thing in your favor is that they have been sitting…"
"I've recently run into this with Freddie, but persistence finally won - not easy. You'll find multiple discussions in these forums about FNMA bumping them 20% above BPO. Why? The servicer is paid monthly to "maintain" the file.…"
"Thanks for that - good to know. I know of someone fooling around with commercial tenants to lengthen the time it takes for a bank to foreclose or some such. I assumed that a residential tenant would have more rights since it is their…"
"I don't know about that site. Many agents are complaining about auction.com and NationStar forcing its use. I was just on a webinar yesterday for FNMA where they explicitly stated that if NationStar tries to force that on anyone with an FNMA…"
"I have avoided auction.com, however, people have complained that money goes to auction.com and buyers with higher offers have been bypassed for auction.com lower offers. Maybe it is perfectly legal for a servicer to ask a seller to stand on one foot…"
""Funny." I had one FHA service released to NStar, twit from HUD said they can do anything, new appraisal, whatever they want. A couple of days later, w/o my calling, got another call from HUD. Apparently, this time from someone with a…"
Do you have any experience in Commercial Real Estate? If so, do you have the CCIM or any commercial designations? How many commercial transactions and dollar volume have you CLOSED?
About Me/Profile of yourself: - Please add your Brokerage Company name also!
Used to invest in SFH's, process short sales now.
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September 24, 2010
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