September 2010 Blog Posts (24)

REO Rising at a Controlled Pace... In the news: Mortgage servicers and banks repossessed more homes in August—95,364 units—than in any month since the start of the U.S. mortgage crisis, according to…



REO Rising at a Controlled Pace...

In the news: Mortgage servicers and banks repossessed more homes in August—95,364 units—than in any month since the start of the U.S. mortgage crisis, according to new figures compiled by RealtyTrac.



This amount is about 2% higher than the previous peak of 93,777 bank-owned properties in May 2010. The report shows August REO activity increased 3% from July…

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Added by Sonja Campbell on September 30, 2010 at 2:00pm — No Comments

3rd party company who states they are an assistant to Wells Fargo and GMAC

I received a call from a company called Kazork that stated they were a short sale assistant for Wells Frago on their Fannie Mae short sales. They had my clients account number, address and listing info. They then told me they were there to help and all I had to do was send the authorization letter and listing agreement to them. In addition, they said there was no fee to me and that they would be able to maybe drive buyers my way.

I called Wells Fargo and they have never heard…

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Added by Cidalia Mendonca Matukas on September 30, 2010 at 11:30am — No Comments

Repurchase time on Short Sale vs Foreclosure

We are giving a seminar tomorrow through AARP. I was curious to the latest word on repurchase time after doing a short sale vs. foreclosure. I ran this by a lender we work with a lot and his what he found.


Short Sale are foreclosure rules. 3 years on FHA and VA. 7 years on conventional.


There are no shorter time lines for short sale, only on FHA where you had a short sale with NO mortgage late payments a all on credit; but did not know a lender…
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Added by Rick Stalker on September 27, 2010 at 5:29pm — 2 Comments

REOMAC October Conference in Florida

Is anyone going? Please let me know, I would love to meet any members that will be attending!

Added by Cindy Billman, CDPE, SFR on September 27, 2010 at 3:06pm — 1 Comment

Market Comment for Week of September 27, 2010...

MARKET COMMENT Mortgage bond prices ended near unchanged last week keeping mortgage interest rates historically low. The Fed meeting Tuesday went as expected. The Fed kept interest rates unchanged and noted they will keep rates low for an extended period of time. Mortgage rates were positive through the middle portion of the week. Unfortunately stronger than expected data and surging stock prices the latter portion of the week eroded the earlier positive movements. Despite…

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Added by Kenneth Bargers on September 27, 2010 at 9:25am — No Comments

Freddie Mac No Longer Participating in the HAFA Program?

Today I was told that Freddie Mac was no longer participating in the HAFA program. Has anyone else been told this?

Thank you,

Valerie Maes

Las Vegas, Nevada

Added by Valerie Maes on September 24, 2010 at 11:06pm — 4 Comments

ANOTHER SHORT SALE FIASCO

I had to share this as it is just too dumb! Listed a short sale in April, sellers had already moved out. Received a contract in June and submitted to lien holder (Flagstar), followed up weekly, fcl sale date was postponed, was told the contract was on manager's desk for approval. Well, it ended up going to foreclosure on Aug 2nd with the contract still sitting on someone's desk.

As of right now, the locks still have not been changed, the yard is unkept, etc. As it turns out, the…

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Added by Cindy Billman, CDPE, SFR on September 21, 2010 at 9:58am — 2 Comments

I am excited about the Guaranteed Listing Referrals and am looking forward to receiving my fair share in Charlottesville, Va.

I am excited about the Guaranteed Listing Referrals and am looking forward to receiving my fair share in Charlottesville, Va. Continue

Added by Sandy Morris on September 20, 2010 at 2:59pm — No Comments

Market Comment for Week of September 20, 2010...

MARKET COMMENT Mortgage bond prices rose last week pushing interest rates slightly lower. Tame inflation readings helped to counter the better than expected weekly jobless figures. Core producer and consumer price data was generally bond friendly. The Philadelphia Fed report showed tremendous weakness in that region. Industrial product and capacity use data also came in below estimates, which helped rates improve.

Rates fell by about 3/8 of a discount point…

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Added by Kenneth Bargers on September 20, 2010 at 10:20am — No Comments

Top 10 States with Highest and Lowest Median Income

The U.S. Census Bureau on Thursday released the latest statistics about household incomes. New Hampshire was the winner with a median income averaging $65,028 annually over the past two years.

Mississippi posted the lowest median household income of $35,693 per year in 2008 and 2009. Mississippi’s income levels were 45 percent lower than those of New Hampshire, and it had the lowest income of any state.

Here are the 10…

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Added by Kenneth Bargers on September 19, 2010 at 9:53am — No Comments

Strategic Default

Heard About "Strategic Default?" - The New "Short Sale"

When you know the value of your property will not equal the amount of your mortgage balance anytime in the next few years, you may want to seriously consider what is known as a strategic default. This is when you and your Real Estate Agent begin negotiations with your Lender to Short Sale your property for less than the balance owed. You do not necessarily need to have a financial hardship to initiate…

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Added by Lisa Farmer on September 18, 2010 at 5:14pm — 2 Comments

Stopped a Foreclosure 3 days prior to the Sale Date!!!!!!

I tell this story not to brag but to educate others out there who deal in mostly short sales. I was an agent working one at a time and had a handle on things, I have yet to lose one to foreclosure but I know my time is coming I can't save them all. Now doing several at a time.

I feel this one is news worthy. I will say one that had me upset to the point of having chest pains, not good at all, I take my job of helping people very seriously. This one we had an offer in on the…

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Added by Deana Smedlund on September 16, 2010 at 12:31am — No Comments

Top 3 Short Sales Myths Debunked





Aside from foreclosures, one of the business models in the real estate industry that many investors have a lot of misconceptions is short sales. Throughout the years, a lot of property investors or even sellers stay

away from short sales thinking that such option is not good for them. Below are

some explanations that will help debunk the myths surrounding short sales.…





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Added by Diana Morselli on September 15, 2010 at 6:05pm — 2 Comments

Lenders do not do homeowners any favors

The primary objective of a lender purporting to help a homeowner modify a loan is not to benefit the homeowner, but to keep the loan on their books at a loan balance that, in California, nearly always exceeds the value of the home. Lenders only reduce monthly payments below interest-only payments when they include a balloon payment in 3 to 5 years. The home is still upside down, now and then.



A simple mathematical calculation tells the lender if they will receive more money by… Continue

Added by Bud Zeller on September 14, 2010 at 3:00pm — No Comments

Market Comment for Week of September 13, 2010...

MARKET COMMENT Mortgage bond prices fell last week pushing interest rates considerably higher. The primary cause for the increases was stronger than expected data. Consumer confidence and weekly jobless claims beat estimates solidly and shocked the bond market lower. Overall the Treasury auctions and stronger stocks also pressured mortgage bond prices.

Rates rose by about 1/2 of a discount point for the week.

The retail sales data Tuesday will…

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Added by Kenneth Bargers on September 13, 2010 at 9:01am — No Comments

ANOTHER SHORT SALE SUCCESS STORY

Just wanted to share with everyone info on a short sale I did back in March. I was talking to my sellers recently, and they had checked their credit just recently and found their credit scores to be better now than before the short sale. They had even missed several payments on their mortgage, but the high score was in the low 700s and their average was in the upper 600s. Proof that short sales are preferable to foreclosure in most cases!

Added by Kathy North on September 10, 2010 at 12:55pm — 3 Comments

VHDA - Has anyone had any luck?

I've been working with a client who has a VHDA mortgage and is need of either modification or

Short Sale of property. They cannot afford to make current payments anymore due to job status.

I've tried numerous times to make contact with VHDA and try to get some contact information

for either a Loss Mitigation Dept or Short Sale Dept with no luck.

Has anyone had any success dealing with VHDA and if so, how did you make contact?

Added by Benjamin S. Lehrman on September 10, 2010 at 8:38am — 4 Comments

FlagStar- I need your help

Hi, I have been working on a shortsale with Flagstar for 2.5 months. All they do is collect paperwork month. Still no negotiator. The buyer is going to start looking again due to he is having problems with his landlord and needs to move. What can I do to expedite this. Flagstars system is "deal with the properties first that are close to foreclosing" My buyers has not made a payment in months and is NOT in foreclosure yet. What can I do to get this to a negotiator for approval.

Added by Linda Pillard on September 6, 2010 at 5:42pm — 3 Comments

Market Comment for Week of September 6, 2010...

MARKET COMMENT Mortgage bond prices fell last week pushing interest rates moderately higher. The up and down trading pattern continued with rates rising and falling throughout the week. Strong stocks mid week and stronger than expected ISM Index data didn’t help rates. Consumer confidence came in at 53.5, higher than the expected 49.9 mark and pressured rates. Weekly jobless claims and factory orders data were near expectations. Rates rose by about 1/4 of a discount point…

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Added by Kenneth Bargers on September 6, 2010 at 11:17am — No Comments

NAR Reports 5.2% Increase In Pending Home Sales

The National Association of Realtors has reported that pending home sales have increased 5.2%, which was mostly unexpected by some due to the dramatic drop of home sales in July....

Was it that unexpected????

Not really, in my honest opinion. In our local market, we saw a gigantic increase in pending home sales during the month of March. No big surprise since buyers in most markets took advantage of the tax credit - especially at the last minute. Simply stated,…

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Added by Vanessa Calhoun on September 3, 2010 at 9:14am — No Comments

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