July 2011 Blog Posts (32)

Banks are giving money for Short Sales

I just read an interesting article on DSNEWS, the article explains that major lenders are giving their borrowers insentives for short sales, and some are trying to streamline the process.



The article states that Wells Fargo has been giving relocation assistance up to $20,000 in Florida for if the borrower chooses to go do a short sale or deed in lieu. Chase is also offering up to $20,000 if the borrower doesn't qualify for a loan modification and up to $30,000 in CA. Citi has… Continue

Added by Jose A. Rivas (RDCpro,SFR, CDPE) on July 30, 2011 at 2:11am — 7 Comments

Flagstar

Sorry if this topic has been discussed(over and over)

Have any of you been having a very hard time getting Flagstar to move? I am stuck right now waiting for Flagstar to call my seller and do an online review of her financial. Has been 4 weeks and they keep saying they are busy and are doing the best that they can, over 64,000 files.

Have tired to escalate, speak to supervisors, etc. to no avail.

Any suggestions?

Added by Scott Ingraham on July 27, 2011 at 4:44pm — 2 Comments

Is it healthy for Brokers to charge Upfront Fees?

*Email received from staff in the Bureau of Consumer Protection:

The FTC’s stay means that the mars rule does not prohibit real estate professionals who assist consumers in obtaining short sales from charging advance fees. However, the mars rule does not preempt state law. This, in turn, means that if a state law bars such advance fees, real estate professionals who operate in that state continue to…

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Added by Peter J Kim on July 25, 2011 at 6:59pm — 5 Comments

Market Comment for Week of July 25, 2011...

MARKET COMMENT   Mortgage bond prices fell last week, which pushed mortgage interest rates slightly higher. Rates started off on a bad note Tuesday following stock strength and higher than expected housing starts data. Things rebounded a bit Wednesday as European debt concerns dominated the headlines. News that France and Germany reached an agreement Thursday on Greece sent the financial mortgage bond market downward. We saw some negative movements the end of the week tied to… Continue

Added by Kenneth Bargers on July 25, 2011 at 9:16am — No Comments

Can A Bank Really Change The Locks on My Mountain View Home Selling as a Short Sale?

Seems like a bizarre question doesn't it? Well guess what, it is not.  If you are selling your home as a short sale the bank may have the right to send a property preservation company to the house and "secure it" if they feel the house is vacant and abandoned. But it is still my house, right?

Yes, it is still your house, even if you have stopped making payments, but here is the catch. Many loans contain clauses that say if you abandon your home the bank has a right to secure the…

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Added by Marcy Moyer on July 24, 2011 at 11:30pm — 8 Comments

More Americans to exit homeownership....Calling All Investors!!!

Is it time to Buy & Hold???   by JACOB GAFFNEY  Housungwire.com

Political deadlock mixed with terrible housing market conditions will eventually turn America into a society of renters, according to the latest Housing Market Insights report from Morgan Stanley (MS: 23.45 +7.97%).

High rates of mortgage delinquency, foreclosures and liquidations are turning homeowners…

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Added by Chris B Johnson CDPE,SFR,HAFA on July 21, 2011 at 12:05pm — No Comments

Lenders Primed for Short Sales

Lenders Primed for Short Sales

 

Short sales are a terrific option for homeowners struggling with unaffordable mortgage payments. In fact, lenders’ losses due to foreclosure are projected to increase at record rates in 2011, giving them more reason to pursue short sales. Lenders are projected to incur losses as severe as 85 percent in foreclosure! Meaning, after deducting the expense of the foreclosure process on a $100,000 loan, they may only get back…

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Added by Jeff Clawson on July 19, 2011 at 3:56pm — 1 Comment

Will SB458, The Expanded Anti-Deficiency Law Have Unintended Consequences on California Short Sales?

The California residential real estate blogs and media have been enjoying an anti-deficiency “happy dance” the last several days. Is this warranted or will some homeowners…
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Added by Chris B Johnson CDPE,SFR,HAFA on July 19, 2011 at 1:16pm — 1 Comment

Good NEWS From MARS

I read all over the internet about the new MARS rules, that wont be enforced to agents in good standing with their local boards.

This is a great news for us, before MARS required us to make several disclosures and we were not allow to collect any retainer fees.

The new rules:

Real estate agents who are in good standing under state licensing requirements, in compliance with state real estate laws, and assisting homeowners in obtaining short sales…

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Added by Jose A. Rivas (RDCpro,SFR, CDPE) on July 18, 2011 at 4:18pm — 11 Comments

One in four private Citi mortgage mods redefaulted....We need to help these people!

July 17th, 2011, by JON PRIOR, HousingWire.com

Roughly 25% of the mortgage modifications Citigroup (C: 37.03 -3.52%) completed through its own private programs redefaulted over the past two years, the bank's Chief Financial Officer John Gerspach said Friday.

Over the past nine quarters, the bank converted $5.7 billion in a trial modification into…

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Added by Chris B Johnson CDPE,SFR,HAFA on July 18, 2011 at 12:55pm — 2 Comments

Market Comment for Week of July 18, 2011...

MARKET COMMENT   Mortgage bond prices rose last week, which helped mortgage interest rates improve. Rates started off on a good note Monday as European debt worries reignited. Italy made headlines as the next country mired in debt concerns. The Treasury auctions showed decent foreign demand. The financial markets experienced some volatility mid week following comments by Fed Chairman Bernanke, which indicated additional stimulus might be needed to boost the economy. We saw some… Continue

Added by Kenneth Bargers on July 18, 2011 at 9:17am — No Comments

Great News For Silicon Valley Short Sale Sellers!

A few days ago short sale sellers in California got great news!  Governor Brown signed a bill which prohibits lenders and investors of junior loans to pursue a deficiency judgment on most approved short sales.  First lien holders are already prohibited from deficiency judgments, but second mortgages and HELOCS were not previously exempted. As of July 15th, they are included. So, if a bank approves your short sale, then they have to give up all rights to going…

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Added by Marcy Moyer on July 17, 2011 at 4:00pm — No Comments

SB458 – Short Sales in California just became SO much more attractive!

Los Angeles, CA – Just in, Governor Brown, signed into law today, SB458. This law will be written in the California Civil Code Procedures under CA CCP Section 580(e).

 

 

What this law states is that if a homeowner does a short sale, where the property has a 2nd Trust Deed, that 2nd lender/investor can no longer pursue the homeowner for the deficiency…

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Added by Jennifer Escobar on July 15, 2011 at 10:00pm — 10 Comments

Freddie Mac authorizes HUD Loan Modification unemployment program

by JON PRIOR  Thursday, July 14th, 2011  http://www.housingwire.com

Freddie Mac directed its servicers to fully participate in the Emergency Homeowner Loan Program, which provides mortgage assistance for the unemployed.

The Dodd-Frank Act authorized the Department of Housing and Urban…

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Added by Chris B Johnson CDPE,SFR,HAFA on July 15, 2011 at 12:11pm — No Comments

Single Women a Rising Force in the Housing Market

Unmarried women continue to make up a growing segment of home buyers and are buying homes in record numbers: Last year, they composed 20 percent of all buyers last year, according to the National Association of REALTORS®. Single men accounted for 12 percent.



The Joint Center for Housing Studies says the three main reasons single women are purchasing homes are:



• They have a strong desire to nest (the top-ranked reason).

• They want to relocate closer to a job or… Continue

Added by Kenneth Bargers on July 14, 2011 at 9:35am — No Comments

Short Sales on 4-plex

 

 

So I make an offer on a 4-plex and then find out that the owner is losing the place.    Now it's going into a short sale situation.    That's fine, but how do I determine how much and "as-is" sale diminishes the sale, when really, if the guy was losing it, there wouldn't be anything I could do about a disclosure issue anyway.

 

Do I bolt, or go for it?    

 

 

Added by Kathryn Brandt on July 13, 2011 at 9:09pm — 3 Comments

Mountain View Ca Short Sale Buyers Should Not Buy Furniture From the Seller

When a buyer makes an offer on a Mountain View or any Silicon Valley Short Sales they ocassionally want to purchase some of the furniture in the house.  Sometimes there is a couch that fits perfectly in the family room, or a dining room table that is too big for the seller's new house and they want to sell it. It's ok to do that, right?

NO NO NO NO NO!!!!!!!

Should I say it again?  Ok, NO DO NOT DO IT!!!!!

Here is why.  The seller is not allowed to have any gain from the…

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Added by Marcy Moyer on July 13, 2011 at 6:00pm — 1 Comment

New rules on Bank of America short sales- Good News!

Good News on Bank of America Short Sales!



Good news about Bank of America Short Sales!

We can all use some good news when it come to short sales and today

I received some that caused me to write this post.

Below is a notice I received from Bank of America that they will now NOT make us

start all over if a buyer has walked,which often does happen.









Now You Can Substitute a New Buyer for One Who Walked Without Restart

As an example… Continue

Added by Sidney Kutchuk on July 12, 2011 at 9:11pm — No Comments

Why a foreclosure moratorium is no longer an option. Monday, July 11th, 2011, 5:23 pm

A foreclosure moratorium is one of those suggestions that sounds like a good idea. And, for borrowers currently in foreclosure or seriously in default on their loans, a moratorium would provide a temporary reprieve.

Unfortunately, for the overwhelming majority of those borrowers, a moratorium would do nothing to change the ultimate outcome of the foreclosure…

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Added by Chris B Johnson CDPE,SFR,HAFA on July 12, 2011 at 12:02pm — No Comments

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