June 2011 Blog Posts (23)

More Information on the Bankruptcy Court "Game Changer" in Distressed Real Estate

Many have made comments to my blog or emailed me separately in regard to my blog about a recent bankruptcy appellate case that could potentially revolutionize loan modifications, forensic audits, short sales, deficiency judgments etc. I wanted to review the case with colleagues prior to discussing it further. Last evening, I met with prominent tax and bankruptcy attorneys. I traveled from the Giant Litter box (Las Vegas) to Palm Desert, California and another traveled from Phoenix to Palm… Continue

Added by Paddy Deighan, JD PhD on June 30, 2011 at 9:26pm — No Comments

Wells Fargo Short Sale: Is 3 months for approval Fast or Forever?

In 2008/2009 I listed a Bank of America Short Sale in Mountain View. It took 11 months to close it, with the first buyer walking and the second one sticking it out.  11 months, and I was thrilled to have gotten approval from Bank of America for a short sale.  At that time they had a terrible reputation for short sale approvals, and now they are most agents favorite company. 

Boy have things changed!  It has now taken me 3 months, from seller signature on a contract to approval of both…


Added by Marcy Moyer on June 29, 2011 at 8:29pm — No Comments

Pending Home Sales Turn Around in May

Pending home sales rose strongly in May with all regions experiencing gains from a year ago, pointing to higher housing activity in the second half of the year, according to the National Association of REALTORS®.

The Pending Home Sales Index rose 8.2 percent to 88.8 in May from an upwardly revised 82.1 in April and is 13.4 percent higher than the 78.3 reading in May 2010. The data reflects contracts but not closings, which normally occur with a lag time of one or two… Continue

Added by Kenneth Bargers on June 29, 2011 at 5:30pm — No Comments

Market Comment for Week of June 27, 2011...

MARKET COMMENT   Mortgage bond prices rose last week pushing mortgage interest rates lower. Bond trading remained volatile with large swings throughout the week. Trading was tied to news from Europe on the ongoing Greek debt crisis and stocks. The debt crisis in the Euro Zone will continue to drive trade for the foreseeable future. Federal Reserve Chairman, Ben Bernanke, acknowledged in his press conference that the economy had hit a “soft patch” and that the governing body… Continue

Added by Kenneth Bargers on June 27, 2011 at 9:20am — No Comments

Short Sale Myths Busted

Short Sale Myths Busted


So as you know I get brought into a lot of different real estate offices in Chicago to train agents on Short Sales, the Short Sale Process, and how to legally and properly handle…


Added by John Oertel on June 24, 2011 at 12:00pm — 3 Comments

Federal Bankruptcy Appellate Court Makes Astonishing Decision on "Produce the Note"

A federal bankruptcy judge has ruled that a lender must prove that it has the original note in order to receive relief from the automatic stay in bankruptcy and proceed against the real estate.  This has potentially HUGE repercussions in all forclosures and certainly all foreclosures in bankruptcy.

The "produce the note" affirmative defense in one in which a home owner in foreclosure alleges as a defense to the foreclosure lawsuit that the lender does not have the legal right to sue…


Added by Paddy Deighan, JD PhD on June 24, 2011 at 1:34am — 11 Comments

More Home Owners Staying Current on Mortgage

The number of borrowers defaulting on their mortgages has dropped considerably compared to a year ago, according to Lender Processing Services' "First Look" report, which analyzed nearly 40 million mortgages.

Nearly 8 percent of mortgages were 30 days past due--but not in foreclosure--in May, a significant difference compared to… Continue

Added by Kenneth Bargers on June 22, 2011 at 3:06pm — No Comments

House price volatility expected until 2014...and the Beat Goes On...

Tuesday, June 21th, 2011, 2:50 pm  www.Housingwire.com

A lack of demand may keep house prices from a consistent rise until 2014, according to analysts at Capital Economics.

Home prices double-dipped in the first quarter, according to the Standard &…


Added by Chris B Johnson CDPE,SFR,HAFA on June 21, 2011 at 3:44pm — No Comments

Agent Portal

I am very excited to see the agent portal come to life. I hope I have a great number of Short Sale Listing to enter very soon.

Added by Connie Martin on June 21, 2011 at 3:10pm — No Comments

Los Angeles Short Sale: Are The Banks Lying to Uncle Sam?

Los Angeles CA – I recently received an e-mail from another real estate agent. They were asking for our advice on a short sale.

They accused a large, national lender (one of the 4 largest in America) of lying to Fannie Mae. Fannie Mae is almost a subsidiary of the Federal Government



Added by Jennifer Escobar on June 20, 2011 at 3:30pm — 4 Comments

Market Comment for Week of June 20, 2011...

MARKET COMMENT   Mortgage bond prices fell last week pushing mortgage interest rates slightly higher. There were large swings throughout the week. Rates were pressured higher Tuesday following stronger than expected producer price index data. Retail sales showed a decline but not as bad as expected. Consumer prices rose higher than expected. The headline figure rose 0.2% and the core rate, which excludes volatile food and energy, rose 0.3%. Fortunately the Greek debt worries… Continue

Added by Kenneth Bargers on June 20, 2011 at 9:53am — No Comments

HELP! Short Sale with MGIC PMI Company

Borrower only have one loan  (Freddie Mac is the investor) service by Provident. After 5 months of waiting for response from Provident , they came back stating that the MGIC PMI company has denied the short  sale because the borrower  can afford the mortgage base on her income. The homeowner had to relocate for a job and can't afford the mortgage , the apartment rental at the new place  & all her  other debts & expenses-that's why we are doing a short sale. Prior to doing the short…


Added by Jessica Nguyen on June 16, 2011 at 4:01pm — 3 Comments

Short sales trending to 'top down' approach.....finally?

by CHRISTINE RICCIARDI,   HousingWire.com

With short sales gaining popularity as a more financially sound route to loss mitigation, the dynamic of how they are worked out is changing — with banks providing real estate agents with "warm leads" for short sales.

A panel at HousingWire's REO Expo in Fort Worth, Texas, explained the industry is turning to a "top down" approach to short sales to accumulate more successful…


Added by Chris B Johnson CDPE,SFR,HAFA on June 14, 2011 at 12:02pm — 14 Comments


For those of you haven't met Mike or Andrew - I just wanted to say these two are really great guys - I look forward to the dinner Tuesday in Ft Worth.  For those of you attending, please ask Mike if he has learned to speak Texan!

Added by Cindy Billman, CDPE, SFR on June 13, 2011 at 8:56pm — 3 Comments

Short Sale-HAFA spikes, HAMP Loan Mods flat in April--Are you HAFA Certified?

by JON PRIOR  http://www.housingwire.com/2011/06/10/hafa-spikes-hamp-flat-in-april


Friday, June 10th, 2011, 12:02 pm

Government-sponsored short sales spiked and modifications remained steady in April, but the majority of foreclosure prevention work remains in private programs.

Servicers participating in the Home Affordable Foreclosure Alternatives program…


Added by Chris B Johnson CDPE,SFR,HAFA on June 10, 2011 at 6:18pm — 1 Comment

Homeowners Foreclose on Bank!!

Although the big banks want us to think that they never make a mistake, sometines they make doozies.  Bank of America foreclosed on a home for which the owners paid cash!  Then ignored court ruling supporting the homeowners.  They got their come-upance.


Select this link to read the entire MSN story:



Added by Mike West on June 9, 2011 at 5:00pm — No Comments

Tell Your Clients - Why It's Time To Buy

The Clouds Haven't Quite Parted, But the Long-Term Case for Home Ownership Is Looking Stronger

Back in June 2006, when the housing market peaked, the prospect of a five-year national housing bust seemed unimaginable to most people. And yet here we are, with the latest Standard & Poor's Case-Shiller index showing that prices hit new bear-market lows, falling back to 2002 levels nationally and to 1990s levels in some battered regions.

Despite all the gloom, however, there…


Added by Chris B Johnson CDPE,SFR,HAFA on June 6, 2011 at 8:00pm — No Comments

Headline: A national standard for servicers — stupid

This headline grabbed my attention - and made me laugh out loud.



Beyond that, if you weren't aware of it, I find Housing Wire a valuable resource for keeping up to the minute.

Sign up for their email notifications.

Added by Steven Pawera on June 6, 2011 at 2:21pm — No Comments

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