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arizona pre foreclosure: PBS Exclusive- Homeowners Express Frustration With Government Loan Modifications - 10/26/10 01:02 PM
PBS Exclusive- Homeowners Express Frustration With Government Loan Modifications
Today I stumbled across what I feel is the best video I've seen thus far in regards to the failure of the HAMP Program, and the emotional effects on homeowners. The video is just over 10 minutes long, but is definitely worth watching and sharing with homeowners that are looking at alternatives to foreclosure.
If nothing else, I hope that the "foreclosure moratorium" news will wake up the main-stream media, and will hopefully lead to more stories like this.
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Bob Hertzog
Summit Home Consultants
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arizona pre foreclosure: Arizona Pre Foreclosure Buyers & Agents-Demand A Copy Of The Preliminary HUD-1! - 10/06/10 01:28 AM
Arizona Pre Foreclosure Buyers & Agents-Demand A Copy Of The Preliminary HUD-1!
The great majority of my business in the past year has been that of an Arizona pre foreclosure listing agent. As many of you know, Phoenix homes have taken a beating in the past two years, and short sales have become "the norm" for our market. That being said, today I learned a very valuable lesson when it comes to representing Phoenix short sale buyers.
We submitted an offer on August 6, 2010 for a Scottsdale short sale at full price, with no seller contributions ($445,000). Because the home … (11 comments)
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arizona pre foreclosure: Fannie Mae Now Issuing Fines To Servicing Lenders Who Don't Foreclose In A "Timely Manner"! - 10/01/10 08:58 PM
Fannie Mae Now Issuing Fines To Servicing Lenders Who Don't Foreclose In A "Timely Manner"!
On August 31, 2010, Fannie Mae released Announcement SVC-2010-12, "Foreclosure Time Frames And Compensatory Fees For Breach Of Servicing Obligations". This announcement acts as a supplement to the Servicing Guide, which gives servicing agencies the Fannie Mae "rules for foreclosure".
Over the past 60 days, we've noticed lenders who are servicing our Arizona pre foreclosure Fannie loans becoming more and more difficult to deal with, particularly when it comes to requests to extend the foreclosure auction date. Today, I think I figured out why these servicing … (3 comments)
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arizona pre foreclosure: Miss Out On A Fannie Mae Short Sale? Just Wait Two Weeks! - 09/27/10 10:01 PM
Miss Out On A Fannie Mae Short Sale? Just Wait Two Weeks!
Over the past two months, I've noticed a trend with failed Fannie Mae short sales in the Arizona pre foreclosure market. We've had at least 5 cases where our buyers lost short sales because Fannie refused to extend the foreclosure dates. In all of these cases, these failed short sales hit the market as REO listings within 10 DAYS of the foreclosure auction date. In all cases, the asking price was 10-20% lower than what we had offered on the short sales. Were my clients happy to pay less … (17 comments)
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arizona pre foreclosure: OneWest Short Sale Dept Gets Caught In A Lie-In Writing - 09/21/10 06:35 PM
OneWest Short Sale Dept Gets Caught In A Lie-In Writing
Today, we once again caught OneWest in a lie, but this time they screwed up and put it in an email to us. Let me explain what happened.
We turned in a short sale package on August 16, 2010. First, they told us that they couldn't accept the complete Arizona pre foreclosure package because we had the wrong property address. Come to find out, THEY recorded the original deed incorrectly when my client closed on the property in 2004. So, two weeks later, and several futile escalation attempts, they fixed the … (1 comments)
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arizona pre foreclosure: Wells Fargo Decides To Play Hardball On Short Sales - 09/15/10 09:09 PM
Wells Fargo Decides To Play Hardball On Short Sales
I just received a very disturbing email from a local mortgage broker here in Phoenix. If any of your clients is in the Arizona pre foreclosure process with Wells Fargo, you'll need to read this.
I'll start of by saying that I have not been able to confirm this with anyone at Wells Fargo, but was wondering if anyone else had heard anything yet.
Apparently, one of her real estate agents/clients received the following email today from a member of their short sale division:
Hello,
If you are receiving this email, … (7 comments)
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arizona pre foreclosure: Arizona Pre Foreclosure Options - 09/12/10 03:39 PM
Arizona Pre Foreclosure Options
If you are an Arizona homeowner in the pre foreclosure process, you are not alone. According to a recent study by Zillow, two-thirds of homeowners in Arizona owe more on their homes than what they are worth.
In addition, the Mortgage Bankers Association recently released a study, saying that 14% of homeowners nationwide are behind a minimum of one payment on their mortgage. This means that 1 out of every 6 mortgages are currently not being paid.
Folks, these are staggering statistics. The worst part of this scenario is that currently 7 out of 10 homeowners … (2 comments)
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arizona pre foreclosure: AHMSI Short Sale Department-Are They Greedy Or Just Plain Stupid? - 09/03/10 11:42 AM
AHMSI Short Sale Department-Are They Greedy Or Just Plain Stupid?
On July 14th, 2010, I wrote a blog titled "Congratulations AHMSI Short Sale Department... You Just Bought Your Investor Another House!". Had I known then what I know now, the title to the post would have read something like this; "AHMSI Just Lost Over $50,000 For Their Investor".
You see, I have a client who stopped making his $1,800 per month house payment in February/2009. AHMSI filed for foreclosure, and the date was set for July/2009. To make a long story short, my client moved out of the home in June/2009, … (2 comments)
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arizona pre foreclosure: Right of Offset-Yet Another Trick Up The Lenders Sleeve - 08/21/10 05:37 PM
Right of Offset-Yet Another Trick Up The Lenders Sleeve
Folks, this is scary stuff. Yesterday, I received a call from one of my clients, telling me that her bank recently withdrew money out of her account to pay part of her missed mortgage payments. We are in the middle of the Arizona pre foreclosure process, trying to conduct a short sale on her home, and she happens to bank at the same institution that holds her 1st Mortgage.
Banks have what is called a "right of offset", which allows them to take money out of your account, without your prior approval … (55 comments)
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Bob Hertzog Phoenix Short Sale Agent, Designated Broker
Phoenix,
AZ
More about me…
Summit Home Consultants
Address: 7702 E Doubletree Ranch Rd., Suite 300, Scottsdale, AZ, 85258
Office Phone: (602) 957-1583
Cell Phone: (602) 909-5994
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