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foreclosure: Are Foreclosures Good For America? Part 3 - 09/25/08 09:47 PM
Are Foreclosures Good For America? Part 3 by Bill Roberts
Until now banks had three options for under-performing loans:
Workout a modification Accept a short sale Foreclose I would be very interested to hear how successful homeowners have been in obtaining a loan modification. It seems that if they were in default the lender's customer service representative can't or won't talk to them. They will only accept "full" payments. By the time the Loss Mitigation Department gets involved, the borrower owes six payments or more and they can't really see a way out. On the other hand, if they aren't in … (3 comments)

foreclosure: Are Foreclosures Good For America? Part 2 - 09/19/08 04:31 PM
Are Foreclosures Good For America? Part 2 by Bill Roberts
The whole mortgage mess can be laid at the feet of Alan Greenspan and his zero interest rates which caused a huge run up in real estate prices, but it was swamped by the tidal wave of foreclosures brought on by accelerating price decreases when the rates went back up.
We all remember the Hay Days of the real estate market in 2002 through 2005. Interest rates were coming down on a daily basis. House prices were going up by the minute. Sellers were getting multiple offers on their homes with … (15 comments)

foreclosure: Are Foreclosures Good For America? - 09/14/08 04:53 PM
Are Foreclosures Good For America? by Bill Roberts
A lot has been written about our financial crisis: How it started; Who is to blame; And how much has it cost us.
But I think that this entire discussion has missed the main point: Was it necessary?
Let's look at the foreclosure process: If you borrow money to buy something and then you don't repay, the lender can come and get what you bought. Their loan to you creates a lien on the purchased thing, whether a car, a couch, or a house.
If you stop making your car payments the bank … (6 comments)

foreclosure: Greenspan, The Evil Villain - 09/18/07 12:05 PM
Greenspan, The Evil Villain by Bill Roberts
Everybody talks about Alan Greenspan like he is some kind of God or something. When Greenspan talks Wall Street listens. Give me a break!
I just can't take any more Alan Greenspan. He ought to just keep his mouth shut. He caused almost all of the problem.
Let me see if I can recap it here in a few words. When he drove rates down to zero, mortgage rates followed. Home buyers (not the speculators) buy homes by how much they can afford to pay each month. As rates came down so did their payment amount. They … (24 comments)

foreclosure: Short Sale Revisited Again - 07/16/07 10:34 AM
 
If you want to pursue a short sale there are several things to do first. one is to make sure that the documentation required by the bank to evaluate the short sale application does NOT put your clients in a situation where they are giving evidence against themselves. This is MOST IMPORTANT. In the aftermath of this "meltdown" there will be blame and there will be prosecutions. Don't set up your client like a lamb to the slaughter.
Secondly, if you need to support a sales price that is far below the loan value then you should obtain an appraisal from an appraiser on … (12 comments)

foreclosure: The Short Sale Revisited - 07/10/07 03:55 PM
Let me say again that I am ALMOST totally opposed to short sales. I suppose that in very limited circumstances a short sale is the "best" solution to an otherwise unsolvable problem.
There are at least two parties to the short sale who  shouldn't want to go through the ordeal: The Buyer and The Seller.
The buyer makes an offer on a property for less than what is owed. Either the seller reaches down in his pocket to make up the deficit or he asks the lender to accept less than they are owed.
Unless foreclosure is imminent, neither the seller nor the lender … (56 comments)

 
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Bill Roberts - "Baby Boomer" Retirement Planner

Oceanside, CA

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Brooks and Dunphy Real Estate

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