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…
Added by Sonja Campbell on September 30, 2010 at 2:00pm — No Comments
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…Continue
Added by Cidalia Mendonca Matukas on September 30, 2010 at 11:30am — No Comments
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…Continue
Added by Kenneth Bargers on September 27, 2010 at 9:25am — No Comments
Today I was told that Freddie Mac was no longer participating in the HAFA program. Has anyone else been told this?
Las Vegas, Nevada
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…Continue
Added by Sandy Morris on September 20, 2010 at 2:59pm — No Comments
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…Continue
Added by Kenneth Bargers on September 20, 2010 at 10:20am — No Comments
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…Continue
Added by Kenneth Bargers on September 19, 2010 at 9:53am — No Comments
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…Continue
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…Continue
Added by Deana Smedlund on September 16, 2010 at 12:31am — No Comments
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.…
Added by Bud Zeller on September 14, 2010 at 3:00pm — No Comments
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…Continue
Added by Kenneth Bargers on September 13, 2010 at 9:01am — No Comments
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!
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?
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…Continue
Added by Kenneth Bargers on September 6, 2010 at 11:17am — No Comments
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,…Continue
Added by Vanessa Calhoun on September 3, 2010 at 9:14am — No Comments