May 2011 Blog Posts (40)

Los Angeles Short Sales: Should I Short Sale or Keep trying to Save the House?

Los Angeles Short Sale Specialist | Short Sales |California Free Loan Modifications:

 

 

 

Los Angeles CA – I receive calls all the time that go a little something like this: “I have fought the bank for year and half, and after paying thousands and thousands I…

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Added by Jennifer Escobar on May 31, 2011 at 7:30pm — No Comments

Don't sale my property

It is so sad when the clients come to you, looking for help and when you postponed the sale for long time, advertised their property, negotiated with the bank to accept a short sale on it and finally find a buyer! they tell you "Don't sale my property" I am not making any money in the sale, I already damaged my credit why I gonna sell it? just let the sheriff sell the property and give back to the bank. I will live for free; for a few more months and collect the rent until that. 

What…

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Added by Gloria Oquendo on May 31, 2011 at 4:25pm — 6 Comments

Buy Again After Bankruptcy Short Sale or Foreclosure?

I recieved the follow email from a local Mortgage Broker. Can anyone comment on its' validity? It differs from my understanding;

 

I get this question all the time and I finally got smart and decided to post it here for everyone.

These guidelines have changed quite a bit over the past three years (becoming more strict) and are accurate as of the date of today’s post ; 2/3/2011

2011 FHA Waiting Guidelines

Bankruptcy ; You may apply for a FHA insured loan after…

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Added by Chris B Johnson CDPE,SFR,HAFA on May 31, 2011 at 12:04pm — 2 Comments

GreenTree Negotiations

Has anyone had any experience negotiating short sales with Greentree.  I understand that they can be difficult negotiators, especially if they are in a 2nd position.  I would love to hear of your experience and any pointers that you may offer.  I am also looking for a contact person at Greentree as well as for Citibank.  Thanks.

Added by Ruth Pearson on May 31, 2011 at 9:23am — 3 Comments

What is the Difference Between a Bank of America HAFA and Co-operative Short Sale Program?

Bank of America has made great strides recently in processing short sales.  For many agents they have gone from being the least favorite to the most favorite bank to work with.  They have managed to do this in part by switching to an online documentation system for short sales, called Equator, but I also think it is a corporate decision to work out an orderly way to deal with defaulting homeowners.

B of Ahas recently instituted a new program called the Co-operative Short sale Program.…

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Added by Marcy Moyer on May 29, 2011 at 7:14pm — 3 Comments

Short Sales in Stark and Tuscarawas Counties, Ohio

Short sales in Stark and Tuscarawas Counties, Ohio, are becoming more frequent and for higher priced properties now. Foreclosures have slowed.

Added by Stacie A. Kramer on May 26, 2011 at 9:59pm — No Comments

Affordability Reaches Highest Level in 20 Years

Homes are more affordable to more families, according to the latest index for the first quarter of 2011 that shows affordability reaching its highest level in more than 20 years.



Nearly 75 percent of all new and existing homes sold in the first quarter of 2011 were affordable to families earning the national median income of $64,400, according to the National Association of Home Builders/Wells Fargo Housing Opportunity Index. The previous high was set in the fourth quarter of 2010… Continue

Added by Kenneth Bargers on May 26, 2011 at 3:56pm — No Comments

Riverside Ca, Short Sales, Ready To Make An Offer On A Riverside County Short sale ?

Short sales are quickly dominating Riverside county, you may have heard that short sales are among the fastest growing property transactions in today’s market. According to the U.S. Treasury Department, short sale transactions more than doubled in 2010 and short sales are expected to increase further.



Short sales offer a great opportunity to buyers, specially first time buyers they can get in a home they otherwise may not be able to afford ,don’t let no body scare you, you just…

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Added by Cecilia Rodriguez on May 26, 2011 at 4:35am — No Comments

Los Angeles Short Sales: Chase offers seller on a short sale $30,000 at the close of escrow!

Los Angeles California Real Estate | Short Sale Specialist | Short Sales in Los Angeles | Short Sale Los Angeles

 

I have a Realtor friend that works out of Pasadena California that recently was fired by her seller because of this letter. Chase told the seller that they would receive $30,000 at the close of escrow if they fired their current agent and picked an agent from the CDPE…

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Added by Jennifer Escobar on May 25, 2011 at 9:00pm — 11 Comments

How is a Palo Alto Short Sale Different From a Regular Sale?

How is a Palo Alto Short Sale Different From a Regular Sale

 

A short sale is not the same as a regular sale and the differences are very significant. It is not a simple process and if you are buying or selling a short sale you should be working with an agent who knows what her or she is doing.

 

In a short sale the seller owes more on the home than it is worth. The seller needs to ask the lien holders if they will accept less than the amount owed to them.  There…

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Added by Marcy Moyer on May 24, 2011 at 3:30pm — 2 Comments

Break Free From Unaffordable Mortgage Payments!

Break Free From Unaffordable Mortgage Payments!

 

A recent study found that only 5% of distressed homeowners knew they had alternatives to foreclosure, and only 3% took advantage of them. It was also found that 1 in 4 homeowners chose to “strategically default,” or allow their homes to be foreclosed upon on purpose!

 

Clearly, too few distressed homeowners know their options and the fallout of foreclosure. If they did, they’d soon realize that there’s…

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Added by Jeff Clawson on May 24, 2011 at 7:54am — No Comments

Riverside Ca, Loan Modifications, The Borrower’s Agony of The Riverside County Residents !

While the media continues to promise HELP for struggling homeowners the result is desperate homeowners have sent payments to banks in often-futile efforts to keep their homes. Although the Obama administration continues to search for a solution for homeowners facing foreclosure, the reality of the situation is only about 4 percent of these at-risk homeowners receive long-term mortgage help, according to a recent report by CNN.





A lot of people have gone through the frustration of… Continue

Added by Cecilia Rodriguez on May 24, 2011 at 2:34am — No Comments

Market Comment for Week of May 23, 2011...

MARKET COMMENT    Mortgage bond prices rose last week pushing mortgage interest rates slightly lower. We started the week positive while stocks struggled. Housing starts, industrial production, and capacity use data all were weaker than expected which helped rates improve Tuesday. Lower than expected weekly jobless claims caused rates to initially spike higher Thursday morning. Fortunately the leading economics indicators data and decent 10Y TIPS auction helped stem that… Continue

Added by Kenneth Bargers on May 23, 2011 at 9:09am — No Comments

Wells Fargo Gave Me a Save the Date Invite on a Santa Clara Short Sale

Have you ever gotten a Save the Date invitation for an upcoming event? They are great because they help you plan for the future, and bring excitement for the future into the mix. I got a lovely e-mail today from my negotiator on a Santa Clara Short Sale listing.  He said that he was just waiting for management to approve his approval and he should have something in writing to me in a few days.  This was very nice for a number of reasons:

1. Everyone involved is looking forward to…

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Added by Marcy Moyer on May 20, 2011 at 7:30pm — No Comments

April Existing-Home Sales Ease

Existing-home sales slipped in April, although the market has managed six gains in the past nine months,

according to the National Association of REALTORS®.

Existing-home sales, which are completed transactions that include single-family, townhomes, condominiums, and co-ops, eased 0.8 percent to a seasonally adjusted annual rate of 5.05 million in April from a downwardly revised 5.09 million in March, and are 12.9 percent below a 5.80 million pace in April 2010; sales surged in…

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Added by Kenneth Bargers on May 20, 2011 at 3:43pm — No Comments

Treasury Issues New HAMP Rule Requiring Single Point-of-Contact May 18, 2011

This a step in the right direction! A good push towards accountability on the part of the servicer.

 

The U.S. Treasury released updated guidance for the Home Affordable Modification Program (HAMP) this week requiring certain servicers to provide borrowers with a single point-of-contact through the entire default resolution process.

The new…

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Added by Tinarsha Rosita Brown on May 20, 2011 at 9:57am — 1 Comment

Referral to give in Sacramento - 95826

Please email me at dorloff@alliedrg.com if you're interested in a short sale listing for a property with a value of $65k.  Thanks.

 

-Dave

Added by David Orloff on May 17, 2011 at 8:14pm — 2 Comments

Market Comment for Week of May 16, 2011...

MARKET COMMENT   Mortgage bond prices rose last week pushing mortgage interest rates slightly lower. We started the week positive when it was announced Greek’s debt rating was downgraded. Retails sales were slightly lower than expected. Inflation readings on the producer side were slightly higher than expected as prices rose 0.8% and the core rose 0.3%. Consumer prices rose 0.4% and the core rate, which excludes the volatile food and energy costs, rose 0.2%. The core value was higher…

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Added by Kenneth Bargers on May 16, 2011 at 9:49am — No Comments

Menlo Park Wells Fargo Short Sale Default vs. Eminent Default

I frequently hear the question "Can I short sell my house if I have not stopped making payments."  The answer to this depends on your lender, the investor on the loan, and the phases of the moon.  However, at least right now, if you have a loan with Wells Fargo then at this moment in time they will look at approving a short sale if you have not stopped making your payments.  Wells Fargo has two different review processes, one for currently defaulted and one for eminent defaults.  So if you are… Continue

Added by Marcy Moyer on May 16, 2011 at 1:05am — No Comments

Fannie and Freddie unlikely to support principal write-downs for Loan Modifications...How Will This Effect Short Sales?

Reducing the principal on troubled mortgages may be a part of a settlement offer proposed by state attorneys general to mortgage servicers, but the industry's largest investors – Fannie Mae and Freddie Mac — say principal reductions are not a part of their plans.

Freddie Mac CEO Charles 'Ed' Haldeman told a…

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Added by Chris B Johnson CDPE,SFR,HAFA on May 13, 2011 at 5:58pm — No Comments

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