January 2012 Blog Posts (38)

Options to Avoid Foreclosure

Ways to Stop Foreclosure

 

People who are facing a foreclosure now have quite a few ways to stop it. Being on a hardship can be tough on its own, but losing your home can add a whole new dimension to it. A home can also be…

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Added by Allie L. Zehring on January 31, 2012 at 5:07pm — No Comments

Buy a Home or Rent? I Shoulda!, I Woulda!, I Coulda!

"Don't Be A Shoulda!"

Ever say "I shoulda did that" or "I coulda did that", or "I woulda done that"?

I am sure we all have.  I coulda bought gold at $400, I shoulda bought Apple at $25, or I woulda put more money for my retirement when I had the chance... 

Would you rather Buy Real…

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Added by Larry Sarlo on January 31, 2012 at 11:30am — No Comments

Bank of America Short Sale "Special" Agent ~ Los Angeles

I received a phone call this morning from the Bank of America short sale escalation team, as a Los Angeles Short Sale Agent, I thought it was about one of my B of A short sales. The representative on the call explained that they would be testing out a new web tool in case any escalations are needed. This could be used if Bank of America were taking too long to respond on the short sale, for foreclosure sale extensions, more time needed on a closing etc. I'm supposed to be receiving an…

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Added by Sara Mehrpouyan Los Angeles CDPE on January 31, 2012 at 12:00am — 3 Comments

"NEW" New Year's Resolution: Get Out of Your Underwater Home! Make it a Healthy Happy Debt Free Stress Free 2012

Make a "New" New Year's Resolution to Get Out of Your Underwater Home!

Mortgage Forgiveness Debt Relief Act tax breaks set to end in 2012

Sicklerville NJ: We all begin our New Year with Resolutions and most of them are the same. Spend more time with family, make more money,quit smoking, quit drinking, lose weight. In 2012, the resolution of choice for many will be... Get out…

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Added by Larry Sarlo on January 30, 2012 at 6:30pm — No Comments

Using FHA 203K Loan to Purchase a Fixer-Upper

FHA Rehab 203k Mortgage Using FHA 203K Loan to Purchase a Fixer-Upper…

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Added by Michael Collins, CDPE, SFR, BPOR on January 30, 2012 at 11:07am — No Comments

Short Sale Approval Tips

 

Five Agent Tips to Insure Short Sale Approval

 …

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Added by Allie L. Zehring on January 27, 2012 at 12:30pm — 1 Comment

Housing Crisis to End in 2012? Standards-It might just be time to buy!

Chris Thornberg, a former UCLA economist and a founding principal of Beacon Economics, was very skeptical of the housing market in 2007. However, in an article by the Orange County Register on January 13th, he is quoted as saying that now is:

“…a great…

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Added by Kathryn Lovell on January 26, 2012 at 11:46am — 11 Comments

Is this the right place to ask for help? BAC HAFA

BAC has emailed me to use the BAC-HAFA short sale site for email, but didn't tell me how to get there.  I think (too frazzled after failure to be sure) I may have tried to access it last week but was not able to successfully complete sign-up.  Or I may have been on some other BA site.

Added by Frances Earman on January 25, 2012 at 1:05pm — 4 Comments

WARNING TO YOUR SELLER'S REGARDING DEFICIENCY LANGUAGE!!!!!

WARNING for any of your Seller's thinking they can just agree to the deficiency rights post closing, and, then declare bankruptcy to "make it go away" later.



We just got an approval letter for a Wells Fargo second lien, and, it SPECIFICALLY PROHIBITS the Seller from including the banks deficiency rights should they elect to declare bankruptcy in the future!!!



Translation - even if the Seller declares bankruptcy, the DEFICIENCY RIGHTS CAN NOT BE… Continue

Added by Ben Benita on January 25, 2012 at 12:28pm — 6 Comments

Need REO and SS Listings This Weekend

If anyone has non-MLS or upcoming listings that meet the following criteria, please let me know. I have investment clients for multiple units this weekend and inventory in the MLS is scarce. Thanks!

REO or Short Sale Approved
Acquisition at 50-70% of Market Value
North of Hwy 90/IH10 in San Antonio
Built after 1996
1700+ SF
Up to $150,000 per unit

Added by Christine Aldrete on January 24, 2012 at 12:08pm — No Comments

Report Shows Loan Mod's Falling

A third quarter report through Moody’s Investors Service said that servicers are beginning to sort and work through some of their foreclosure backlogs.  Moody’s report also shows that loan modifications are on the decline and servicers are opting to loss mitigation alternatives such as …

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Added by Allie L. Zehring on January 24, 2012 at 12:00pm — No Comments

Wisconsin December 2011 Housing Statistics

Counties of WI

The Wisconsin housing statistics…

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Added by Michael Collins, CDPE, SFR, BPOR on January 24, 2012 at 10:57am — No Comments

Getting the Buyer and Seller on the Same Page

Short Sale Road Rules: Getting Buyer and Seller on Same Page

 

One of the most neglected, and yet, most important part of a successful short sale is getting both buyer and seller on the same page.  This may stem from the traditional way of thinking on a traditional “retail” sale:  It’s “Us against them.”  This does not apply to short sales, and if you can over come this mentality, your closing success will…

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Added by Joseph C. Alfe on January 24, 2012 at 1:31am — 2 Comments

Servicing Company using bogus subcontractor to skim 1% for themselves

A few days ago there was a post about bogus subcontractors skiming 1 % of our commission.  I encountered this this week and the story follows.  We do not have to stand for this!  You State Association can help.

I had this happen last week.  We closed the sale so the buyers and seller could move on then we referred it to the NC Real Estate Commission.  What we discovered is that this group, NCLM out of Connecticut; is a licensed RE Brokerage.  They claim reciprocal rights with…

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Added by John E. Roberts on January 23, 2012 at 2:00pm — 13 Comments

Looking at the Mortgage Note

Has anyone else run across this situation -- the mortgage note that is on file in the courthouse was sold. There is no assignment letter filed with the note. No one knows who bought the note.

With no assignment on the note, I contend that the owner is not obligated to pay the mortgage. They have a requirement to pay the promissory note, but the promissory note and the mortgage note are now separated because procedures outlined in RESPA (Real Estate Settlement and Procedures Act) were…

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Added by Paul Cmil on January 21, 2012 at 2:19pm — 2 Comments

Albuquerque's West Side Short Sale Transactions Catching Up To REO Sales #s

Albuquerque's West Side Short Sale Property Statistics from 1-19-2011 to 1-19-2012

Albuquerque's West Side Bank Owned Property Statistics from 1-19-2011 to 1-19-2012…

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Added by Arthur Miller on January 19, 2012 at 1:28pm — No Comments

Rio Rancho Short Sales are increasing compared to Bank Owned Sales

Short Sale Statistics from 1-19-2011 to 1-19-2012 in the city of Rio Rancho, NM

Bank Owned Statistics from 1-19-2011 to 1-19-2012 in the city of Rio Rancho, NM

Information computed by Arthur F Miller at Real Living…

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Added by Arthur Miller on January 19, 2012 at 1:15pm — No Comments

Short Sales on The Rise In Orlando, Florida

 

In November, Orlando Florida homes found itself up $115,000, from the previous year. Short sales are taking the credit for this, says the Orlando Regional Realtor Association.  In November, 2011, short sale transactions increased to 39.38% compared to the previous year, while also the median price of short…

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Added by Allie L. Zehring on January 18, 2012 at 4:00pm — No Comments

Loan Mod or Short Sale vs Foreclosure in San Diego, CA

Loan Mod or Short Sale vs Foreclosure in San Diego, CA

First let me say, a loan mod may be your best option if you don't mind a oweing more than the home is worth.  Example you loan mod may be $500,000 @2% for 40 years but your home is only worth $275,000.

Loan Modification- The Good  dollar sign

1.  Lenders are making a big push for loan mods.  Based on my recent experience some of the large lenders like Bank of America prefer loan mods…

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Added by michael blue on January 17, 2012 at 9:30pm — No Comments

Charge off

clients are current on their first which is with LBPS and second was with HSBC which has been charged off.  can they still do a short sale and will the first do any settlement with HSBC?  I have heard that many banks will not even talk to you if you are current on your first.  any suggestions??

Added by mary tesensky on January 17, 2012 at 2:36pm — 2 Comments

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