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short sale: 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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short sale: Is The FDIC Broke? How Could That Be? - 09/28/09 06:16 PM
IS THE FDIC BROKE? HOW COULD THAT BE?
All of the networks are "buzzing" today, saying that the FDIC is going to ask banks to pre-pay their FDIC Insurance Premiums for the next three years. This will bring in roughly $15 Billion for each year that is "pre-paid". Why are they taking such a drastic action? They say that they need to "shore up" their FDIC Fund, due to the large amount of bank failures this year, and they don't want to borrow from the Treasury, as this would appear to be yet another "bank bail-out" in the American Taxpayer's eyes. … (70 comments)
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short sale: Is The FDIC Killing Indymac OneWest Bank Short Sales & Loan Modifications? - 09/17/09 01:49 PM
Is The FDIC Killing Indymac OneWest Bank Short Sales & Loan Modifications?
Please Note: This is a re-post of a blog I wrote on September 17, 2009. In February/2010, the guys at Think Big Work Small decided to use this blog as the basis of their video that ended up “going viral”. The title of their video was “The IndyMac Slap In Our Face”, and I’m sure many of you saw it.
As of the re-posting of this blog, the FDIC now has 167 Loss Share Agreements in place with various lenders. At the end of 2009, there were 94. … (199 comments)
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short sale: Guess What? IndyMac (now One West Bank) & BofA WOULD RATHER FORECLOSE! - 09/04/09 02:50 PM
GUESS WHAT? INDYMAC (NOW ONE WEST BANK) & BOFA WOULD RATHER FORECLOSE!
For the past several months, we, as agents who have taken on short sale listings, have been able to tell potential clients, "Your lender doesn't want your home back. They would much rather work with you on a short sale".
Well folks, I'm here today to tell you that you should pause before making this assertion.
Fellow CDPE (and AR Member) Sidney Jimenez has written several blogs lately about the strong-arm tactics that lenders have been taking in recent weeks/months. I would highly recommend you read them here, and … (10 comments)
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short sale: Questions & Answers on Scottsdale & Phoenix Loan Modifications - 04/22/09 04:22 PM
The one reality about today's Phoenix & Scottsdale Housing Market is that many people have more questions than answers. As a Phoenix & Scottsdale CDPE (Certified Distressed Property Expert), my primary goal is to help people stay in their homes. I hope you find this information to be helpful to you, or anyone else you may know that is facing the loss of their home.
LOAN MODIFICATION
A Loan Modification is a process through which your mortgage lender changes:
-Your Interest Rate
-Your principal balance (through a reduction)
-Your Loan Terms (example: from an adjustable to a fixed rate)
-Any or all of … (0 comments)
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short sale: ATTN SELLERS: Phoenix & Scottsdale Loan Modification Scams: SELLER BEWARE! - 04/15/09 12:13 AM
OK, I've finally had it... Time to get on my soapbox..AGAIN... How many of you, in the last month, have seen an ad or received a letter in the mail for a so-called "Loan Modification Specialist"? It's getting out of control, I know. The ads are everywhere, and it makes me sick everytime I hear about another homeowner being taken advantage of by what I'll call the "Scum of the Earth".
When someone that is "upside-down" in their home calls me for advice, my first goal is to try to keep them in their home. In doing so, I'm fully aware that if my advice keeps them … (1 comments)
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short sale: Looking for a Scottsdale or Phoenix Foreclosure or Short Sale? - 04/08/09 12:25 PM
You've come to the right place! There are currently over 22,000 properties in Phoenix, and over 1,300 properties in Scottsdale that are listed in our database as being in Pre-Foreclosure or Bank-Owned.
You can have all of these listings at your fingertips, along with updates every 24 hours of any new properties that come on the market. You set up your own search parameters. You can search by List Price, # of bedrooms/bathrooms, Schools/Districts, Zip Code, etc. You create your search, and each day a list of new listings will be emailed to you. All of this for no charge, and … (0 comments)
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short sale: Bob Hertzog, North Phoenix and Scottsdale CDPE (Certified Distressed Property Expert) - 04/07/09 04:03 PM
What Is A CDPE?
The developers of the Certified Distressed Property Designation (CDPE) believe that in almost all cases, the best person for a homeowner in distress to speak with is a well-informed Licensed Realtor that has the tools needed to help that homeowner find the best solution for their situation.
Foreclosure is a devastating financial and emotional process for a Phoenix or Scottsdale Short Sale or Foreclosure homeowner to go through, and in many cases they go through it alone and without help of any kind.
An Agent who has earned the CDPE Designation has dedicated their time, effort, and … (1 comments)
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short sale: Attn: Phoenix & Scottsdale Homeowners! Foreclosure Vs Short Sale: Homeowner Consequences - 04/07/09 01:25 PM
According to MSNBC, over 1/3 of all Adjustable Rate Mortgages (ARMS) in the U.S. are currently in default. This number is probably higher in the North Phoenix & Scottsdale market (which is market that I specialize in).
Our first goal is to direct our clients to a HUD Approved Loan Counselor, to see if their loan can be modified, allowing them to stay in their home. DO NOT pick up the phone and call one of these so-called "Loan Modification Experts". Several of these companies in Phoenix are currently being investigated by the FBI and/or the Arizona Department of Real Estate. … (4 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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