August 2010 Blog Posts (30)

Market Comment for Week of August 30, 2010...

MARKET COMMENT Mortgage bond prices fell slightly last week pushing interest rates higher. Unfortunately the seesaw trading pattern continued with rates rising and falling throughout the week. We started the week with stronger than expected Industrial Production and Capacity Use data pressuring mortgage interest rates higher. Stocks fell mid-week following a shocking 27.2% decline in existing home sales and weaker than expected durable goods orders. This helped us recover…

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Added by Kenneth Bargers on August 30, 2010 at 8:50am — No Comments

Looking forward to the Buyer Program!

I have been with the SSSN since before they charged anything, and they have always delivered in what they promise. Thank You All.

Added by David A. Earhart on August 27, 2010 at 4:36pm — No Comments

Waco Texas economic report for July 2010

An economist hired to give a monthly report of the state of the Waco Texas economy gave his first report Wednesday August 25th. He said Waco is doing about the same as similar cities. Read the full story here. http://www.wacotrib.com/news/Greater-Waco-Economic-Index-Area-faces-slow-recovery.html

Added by Ann Cordes on August 26, 2010 at 2:55pm — No Comments

Mortgage Applications Jump

Mortgage applications rose 4.9 percent last week as more borrowers refinanced at the lowest rates in decades.

The Mortgage Bankers Association said Wednesday the gain was fueled by a 5.7 percent increase in refinancing applications. The number of loans taken out to purchase homes edged up by less than 1 percent. The numbers are adjusted for seasonal factors.

Refinancing is at its highest level since May 2009 and makes up 82.4 percent of all new loan activity,…

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Added by Kenneth Bargers on August 25, 2010 at 6:25pm — No Comments

Referral for an Okeechobee Agent

Hello.... I have a referral for an agent in Okeechobee, Fl I have all bank info for bank and owner. Please call me direct 772.634.0575 or email FloridaShortSaleExpert@gmail.com

Added by James G Vulpetti, PA, CSP, GRI on August 23, 2010 at 2:29pm — No Comments

Market Comment for Week of August 23, 2010...

MARKET COMMENT Mortgage bond prices rose last week helping recover some of the recent losses. We started the week with weaker stocks helping the mortgage bond market. Overall trading was choppy with data coming in all over the place. Higher than expected core producer price index data mid week helped erase most of the Monday morning improvements. This was countered by higher than expected jobless claims Thursday that pressured stocks lower. The jobless numbers remain…

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Added by Kenneth Bargers on August 23, 2010 at 8:27am — No Comments

Watch out for the Mortgage Insurers who may FORECLOSE without the bank's knowledge...

Recently, I was working on a short sale file with BofA. We had been working on it for sometime, so we were checking weekly to make sure that there was not a trustee sale date.

They ensured us everytime that there wasn't one. The file had finally gotten into the hands of upper management and we were expecting approval very soon.

One day I got a call from a local agent saying that the home had gone to…

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Added by Julie Vrigian CSSG, CSSP on August 21, 2010 at 12:41pm — 12 Comments

Looking for a Short Sale expert in Aurora Colorado..

I have a client that is looking for a good Short Sale agent for an FHA home.
This would be a referral... Please email me or call me at 503-849-1775.

Thank you,

Aliz Smith
Realtor
FRED Real Estate Group
Portland, Oregon

Added by Aliz Smith PC on August 20, 2010 at 6:23pm — 1 Comment

Closing Short Sales

I have just closed my first short sale referral from short sale specialist network. I am working on another one that is a little more involved but hope to close this one soon. I just would like to say thanks and keep them coming.

Added by Thomas Becker on August 20, 2010 at 4:56pm — No Comments

Pool Owners: Be Prepared to Pay

The water temperature may be just right, but the cost of buying and operating a pool is scalding.

Anyone who contemplates owning a pool should expect it to cost at least $3,000 a year, or $5,000 if they turn the job of maintaining it over to a pool service, estimates Susan Elser, a certified financial planner in Indianapolis.

Installing a pool along with the required extras like a high fence costs at least $25,000 and probably $50,000 is a better estimate. And…

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Added by Kenneth Bargers on August 18, 2010 at 9:47am — No Comments

FHA'S SHORT REFI PROGRAM FOR NEGATIVE EQUITY HOMEOWNERS

So FHA is boasting about launching it's new short refi program for underwater homeowners. Woot, woot. Have you actually LOOKED at their requirements? It reminds me of the evil stepmother in Cinderella who tells the girl that she can go to the ball "IF" she can get an impossible amount of work done. In other words, "NOT GOING TO HAPPEN!"

The U.S. Department of Housing and Urban Development (HUD) Mortgagee Letter 2010-23 lists the eligibility…

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Added by Michele Ashbarry on August 18, 2010 at 12:08am — No Comments

NJ Agent

Anyone that has a client in NJ needed of a short-sale specialist let me know and we can workout a referral fee through the office.

Contact me:

E-mail: jgonzalezremax@aol.com

Added by Jorge Gonzalez on August 16, 2010 at 7:06pm — 1 Comment

Ocwen

I had another agent within our Company asking if anyone has contact information for Ocwen. I have not delt with the institution so I thought the Short Sales Specialist Network as a place to start. Anyone out there that has contact info I would appeciate it.

Thank you,

Noel Herrington

Added by Noel Herrington on August 16, 2010 at 11:01am — 2 Comments

Market Comment for Week of August 16, 2010...

MARKET COMMENT Mortgage bond prices were higher last week applying downward pressure on mortgage rates. Turmoil and volatility remain high with wide swings occurring in both stocks and bonds on an almost daily basis. The economic outlook remains clouded at best. Weekly jobless claims and the trade deficit remained high, hindering recovery in the jobs market. As expected, the Federal Reserve will restart the quantitative easing program by purchasing Treasury…

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Added by Kenneth Bargers on August 16, 2010 at 9:59am — No Comments

Short Sale approval letters are ONLY offer letters from the banks

EVERYTHING on your short sale is negotiable......when we negotiate for agents, buyers, or homeowners, we ALWAYS let them know it ain't over until you say it is.

On your approval letter, if you do not like the wording, your commission is being cut, or, the consequences to the Seller are unacceptable, then ASK FOR THEM TO BE CHANGED!!!!

most of the time the bank will crack (particularly if you hav reached out to teh Ivnestor directly)

Make it happen…

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Added by Ben Benita on August 15, 2010 at 9:12pm — 2 Comments

CHASE approval : Questions I present my fellow members.



The amount paid to Chase is for the release of Chase’s security interest(s) only, and the Borrower is still responsible for all deficiency balances reaming on the Loan, per the terms of the original loan documents.…

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Added by Patti Lyles on August 15, 2010 at 1:20pm — No Comments

Fannie, Freddie pick up short-sale pace

REO inventory nears 200,000

By Inman News, Monday, August 9, 2010.

Inman News

Fannie Mae and Freddie Mac were more willing to sign off on short sales during the second quarter but continued to repossess homes faster than they could sell them, according to the companies' latest regulatory…

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Added by Eugene Mills on August 13, 2010 at 12:11pm — No Comments

Eugene Mills, CENTURY 21 Pinnacle

What's on the Horizon?

Credit Suisse shows us 27 billion in high risk loans are resetting in June 2011. Think about that number - that's in (only) 1 month next year. Option ARMS are the majority of that 27, at 18 billion resetting in June 2011. These are the "smart pay" / "pick a pay" loans that had us scratching our heads at the settlement table wondering why anyone thought this was a good idea. The answer was…

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Added by Eugene Mills on August 13, 2010 at 12:10pm — No Comments

Home Prices are Firming...

The trend in firming home prices solidified in the second quarter with more metropolitan areas showing increases from a year ago, aided by a surge in home sales driven by the home buyer tax credit, according to the latest survey by the National Association of REALTORS®.…

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Added by Kenneth Bargers on August 12, 2010 at 10:44am — No Comments

Good experiences with Short Sales

In my experience with short sales there has been 2 banks that answered the phone, ordered the appraisal, and called me back with feedback so that we could close in 30 days or less. Those banks were Hsbc and Nationstar! Don't give up on short sales! You will get the bad but the good ones are a breeze!

Added by Annalily Johnson on August 11, 2010 at 6:09pm — 2 Comments

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