October 2010 Blog Posts (30)

Is Strategic Default a Good Idea?


Added by Dan and Traci Rochon on October 31, 2010 at 12:00pm — No Comments

Mortgage Applications Rise, 102710

Mortgage applications to purchase homes rose 3.9 percent last week compared to the previous week on an adjusted basis.

On an unadjusted basis, purchases rose 3.5 percent compared with the previous week, but were 30.3 percent lower than it was the same week a year ago.

Including mortgage applications to refinance, total applications increased 3.2 percent on an adjusted basis.

Mortgage rates were the second lowest ever observed by the MBA’s weekly…


Added by Kenneth Bargers on October 28, 2010 at 11:43am — No Comments

Riverside Ca, Bank of America's Foreclosure Moratorium and Potential Effects on Riverside County Real Estate !

Bank of America announced that it will not proceed with foreclosures in all 50 states while it reviews its procedures for foreclosures.

The question, is what effect does Bank of America's Foreclosure Moratorium have on the Riverside County real estate market and those who are facing foreclosure or considering selling their…


Added by Cecilia Rodriguez on October 27, 2010 at 5:15am — No Comments

Does anybody has the phone number for OCWEN Loss Mitigation Dept ?

It has been impossible for me to contact Ocwen, I have to start working two short sales and every time I call the 800 numbers nobody answer, I don't know where to call, if someone has a direct number I will appreciate thanks.

Added by Jhoan Chacon on October 26, 2010 at 5:10pm — 5 Comments

5 Reasons Foreclosure Prevention Is Like Halloween

5 Reasons Foreclosure Prevention Is Like Halloween

1. Tricks

I don’t know if kids do this anymore, but I remember part of the fun, the anticipation, of Halloween was coming up with a “Trick” to offer in exchange for candy –…


Added by Jennie Blackburn, Realtor, CDPE, on October 26, 2010 at 4:00pm — No Comments

Wells Fargo Declaration, New York Legislation

Published On: October 23, 2010

October 21st, 2010 in CDPE by cdpe
Wells Fargo says it has no plans to freeze foreclosures today or in the future. Since the beginning of the “robo-signing” scandal, where large banks allegedly processed hundreds of thousands of foreclosure documents improperly, Wells Fargo has maintained that its…

Added by Eugene Mills on October 25, 2010 at 1:30pm — No Comments

GMAC (Ally) Expands its Foreclosure Review Nationwide

Published On: October 15, 2010

October 13th, 2010 in CDPE by cdpe

GMAC’s mortgage unit, Ally Financial, has followed Bank of America in reviewing its foreclosure proceedings on a nationwide level. Ally continues to halt evictions in only 23 states, but has hired a “specialized team” to review all their foreclosure holdings with special…


Added by Eugene Mills on October 25, 2010 at 1:30pm — 2 Comments

Market Comment for Week of October 25, 2010...

MARKET COMMENT Mortgage bond prices ended the week higher pushing mortgage interest rates lower. We had a week of very mixed data. Industrial production data was weaker than expected which was generally bond friendly to start the week. Stronger than expected housing starts data Tuesday was not what the bond market was looking for but the reaction was muted. Significant stock weakness Wednesday helped mortgage bonds finish the day in positive territory. This was followed by…


Added by Kenneth Bargers on October 25, 2010 at 10:32am — No Comments

Showing Property in the Rain


Showing property in the rain - can it be successful or just a wet, bedraggled mess? Depends on you and your buyers! Selling real estate in southern California means that the weather is mostly sunny and nearly all showings are done in a pleasant climate. We are so unaccustomed to rain that buyers often cancel their showings at the first sign of inclement…


Added by Michele Ashbarry on October 22, 2010 at 6:00pm — 1 Comment

Foreclosure Moratorium - Good or bad for Short Sales?

This week both Bank of America and GMAC resumed foreclosures. The states attorneys are investigating all foreclosures, and depending on the outcome of their investigations, this issue will likely plague the real estate market for some time.

We anticipate that if the government steps in, it will be devastating…


Added by Dan and Traci Rochon on October 22, 2010 at 2:30pm — 1 Comment

Builder Confidence Rises

Home builder confidence rose in October for the first time since May.

The National Association of Home Builders/Wells Fargo Housing Market Index rose three points to 16. All three components of the index were up with sales conditions rising three points to 16; six-month sales expectations increasing four points to 23; and buyer traffic climbing two points to 11.

“The new-homes market is finally moving past the lull that occurred when the home buyer tax credits…


Added by Kenneth Bargers on October 20, 2010 at 9:51am — No Comments

Nashville Short Sales: How Do I Get Back On My Feet After A Short Sale?

Nashville TN - It is very stressful to be upside down and facing foreclosure. You are worrying about everything. You find yourself thinking, "When is the bank going to kick me out?

"How will I pay back that huge debt?" "When will I ever be able to stop worrying about money?"

"I remember when I did not worry about money. How did I do that?" All those thoughts and more run through your head.

A short sale helps you stop worrying. Most people find a place to rent… Continue

Added by Reggie Woodgett RDCPro, CDPE on October 18, 2010 at 11:00pm — No Comments

Short Sales May Replace REO Sales

The use of short sales will get a boost now that many servicers cannot move ahead with foreclosure sales, according to Travis Olsen, a short sale vendor.

Under pressure from regulators, state attorneys general, and the courts to review and fix their foreclosure procedures, banks and their servicers have suspended foreclosure sales.

Short sales do not need court approval. This foreclosure alternative allows borrowers to sell their homes and walk away from…


Added by Sonja Campbell on October 18, 2010 at 3:30pm — 1 Comment

How Long Should it Take HUD to approve a shortsale.

I am working with a buyer on purchasing a short sale property and have been waiting over 6 weeks for final approval from HUD.

Added by Barbara Shaw on October 18, 2010 at 11:58am — No Comments

Nashville Short Sale Realtor Advice: I've heard banks won't do short sales. Is that true?

Nashville TN - I recently talked to a homeowner in foreclosure. She had heard of the short sale option. But, someone had told her that short sales are tough.

They told her, "Banks never accept short sale offers. You are wasting your time if you try one." As a result, she never researched her options and lost her home to foreclosure.

Many agents close short sales day in and day out. Short Sales are a specialized endeavor. They are much more complicated than… Continue

Added by Reggie Woodgett RDCPro, CDPE on October 14, 2010 at 5:30pm — 1 Comment

Cities with the Highest Income Growth Rate

National business news site Portfolio.com ranked U.S. cities with the highest income growth.

The study examined 100 metropolitan areas, analyzing federal income data to compare…


Added by Kenneth Bargers on October 14, 2010 at 2:57pm — No Comments

Banks Cutting Commission on Dual Agency Contracts.


I have heard that if you represent the buyer and seller on a Short Sale that the bank may cut you Commission by as much as 1/2. Wondered if there is any truth to this and if so how can I prevent this. If so which banks do this kind of commission cutting?

Thank you,

Added by Noel Herrington on October 14, 2010 at 2:39pm — 3 Comments

Nashville Short Sales: Bank of America forecloses on paid off house

Nashville TN - According to a story in the Sun Sentinel [1], Bank of America foreclosed on a paid off house. Here is an excerpt from the story.

" When Jason Grodensky bought his modest Fort Lauderdale home in December, he paid cash. But seven months later, he was surprised to learn that Bank of America had foreclosed on the house, even though Grodensky did not have a mortgage.

Grodensky knew nothing about the foreclosure until July, when he learned… Continue

Added by Reggie Woodgett RDCPro, CDPE on October 14, 2010 at 7:00am — No Comments

Does a Foreclosure Affect My House Value? What can I do to help myself?

A foreclosure really hurts everyone's home values. It sneaks up to the most unsuspecting neighborhood. One day a moving van pulls up, quickly loads up that homeowner dreams and belongings, and disappears down the road.

Then the home falls apart. The grass grows real long. Six to twelve months later a for-sale sign pops up. The home is listed for sale at such a low value it SHOCKS YOU!

Did the housing market really fall that far? No. Banks just price their homes…


Added by Zeev Greenstein on October 13, 2010 at 1:12pm — No Comments

Monthly Archives












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