foreclosure: Entitled to compensation for your foreclosure? Deadline: 7/31/12 - 05/28/12 08:41 PM
Were you involved in a foreclosure during 2009 and 2010? There may be an opportunity for you. If the review board find errors in your foreclosure you may be eligible for compensation. You do not have to be living in the home to be eligible for this review. Its a good opportunity to see if your rights were violated. The www.independentforeclosurereview.com website is the only website that you can go on and get legit information on how the foreclosure review process works. The opportunity expires on July 31, 2012.
Take a listen
Eligibility:
1. You made payments to any one of … (0 comments)
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foreclosure: Got a hardship and can't loan mod or keep your home - short sale it! - 05/27/12 10:40 PM
Got a hardship and can't loan mod or keep your home - short sale it! The question of how does a short sale affect your credit is clearly an excellent question to ask. The credit reporting is not the easiest system to figure out – so I won’t pretend to know or tell you I understand it. All I can do is tell you what I have read and heard on the subject.
Basically:
It can show up on your credit in various ways depending on your lender and circumstances Most of the time… a short sale will … (0 comments)
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foreclosure: This market and ... "tenant transition to home owner" - 05/13/12 01:12 PM
Thinking back on when the foreclosure crisis first started, it was about the attack on the renters (a target for sure). Sure there was a focus on the "move up" homeowners, but more so on those that were renters. This is really when the First Time Homeowners received so much attention. The big question to that audience was - Buy now why rent?
I was just reading a post that I thought I'd mention right here, because this is unfortunately the way most agents are feeling:
Sorry Mr/Ms. Rental Tenant I Just Can't Work For Free Anymore! The statement above is … (1 comments)
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foreclosure: To extend or not to extend.... that is the question! - 05/01/12 02:46 AM
A big concern for the 2012 year is - will the Mortgage Debt Relief bill be extended pass the end of this year. It just seems that since the foreclosure crisis is not over that it would be automatic to extend it - but its not! It all depends on what legisilative decisions are made and we all know is lined with the big word (politics).
So many homeowners are now and will be in the future affected if this is not extended. 'For example, depending on one’s tax bracket, every $10,000 in forgiven debt could incur as much as $1,500 … (0 comments)
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foreclosure: Homeowners: Requesting a loan modification is not an easy task: Bottle neck: Incomplete file - 04/25/12 10:06 AM
Homeowners: Requesting a loan modification is not an easy task: Bottle neck: Incomplete file
Incomplete file: I was going to try to define this but in the reality of loan modification requests, there is no clear definition!
What is clear: If you have an (incomplete file) – a file that is missing documents, such as missing one required document, the document manager will put notes of an incomplete file and move on to the next file they have to review.
At this point (or a few days later), a generic letter is automatically mailed to … (0 comments)
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foreclosure: Homeowners: Requesting a loan modification is not an easy task: Bottle neck: Review status - 04/25/12 08:59 AM
Homeowners: Requesting a loan modification is not an easy task: Bottle neck: Review status
Question: Why is my file still in review status? I sent it months ago!! Why isn’t it moving forward?
While there is no simple answer to this question -let me see if I can shed some light on some possible maybe this is why scenarios.
It is so frustrating when you call the customer service line and finally get someone to tell you the truth about what is going on with your file. And you find that the answer is – NOTHING!!
… (0 comments)
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foreclosure: Bank of America is bullish on improving their Short Sale process! ... work with it B/A show us what you're working with! - 04/16/12 08:36 PM
Bank of America is shaking things up in the Short Sale arena!
Bank of America is changing its Short Sale ways!!! Right on for the progress!
Bank of Amierica is putting up a fight to clean up their short sale process. I think I like it!!!
Starting Saturday, April 14, real estate professionals working with BofA will be required to submit five documents for short sales initiated with an offer:
Purchase Contract including Buyer’s Acknowledgment and Disclosure HUD-1 IRS Form 4506-T Bank of America Short Sale Addendum, which includes the Agent Certification form Bank of America Third-Party Authorization Form The … (0 comments)
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foreclosure: Houses do not belong - underwater.... REDUCE the principal balance! - 03/11/12 09:56 AM
While there are several hardest-hit areas - Stockton, CA has been for years one of the nation's hardest hit housing markets and entered this year with the nation's second-highest rate of foreclosures.
One of the most important questions that many homeowners and industry professionals are asking is "why is so hard to get these lenders, loan servicers and the Federal regulators to introduce a nation-wide principal reduction program" - that they all have to go by?
I do believe it should be a choice here. Lets do what we know we need to do to get our markets back up and … (1 comments)
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foreclosure: How do you know when your flip deal has flopped? - 02/05/12 09:28 AM
Had an incident with a flip property. The seller purchased the property at a steal of a price, did some fixing up and with each nail he must have been thinking that he could get more and more for that property --- and when he hammered that last nail and cleaned up the place - he was certain it was worth way more than what it was. So he set out to sell and not give in to anything lower than what he wanted.
When the appraisal came in -- it was lower than what this seller was asking for this … (2 comments)
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foreclosure: Short Sales - on the rise and so are the process changes! Be Ready! - 01/28/12 07:04 AM
The short sale process has changed so much over the last year and now it is impartive that we keep up with the new updates. Not only do we have to keep up with the updates for the short sale process, but for each lender that we deal with. You have to walk pretty fast to keep up.
But none the less - it is important to keep up. So get ready and stay ready!
Here are couple of tips that is as important to the lender - almost as the listed price of the property!!!
They say the Short Sale … (1 comments)
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foreclosure: Check the property profile, especially if the homeowner mentions bankruptcy!!!!! - 01/21/12 04:31 PM
RED ALERT!! Agents when you hear the word (bankruptcy), discharged.... check the property records before you make another move!!!
This is more of a rant, but also with a mentoring twist to it!!!
Sure wish the agent that list the home would ask all the necessary questions upfront - before they list the short sale and certainly BEFORE they present offers to the homeowner and have them sign the offer.
I will tell you a true story:
Agent is so excited about getting the listing that they forgot to check out the story the homeowner told them about the … (0 comments)
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foreclosure: Fannie Mae amoung the "STARs" (program) - 09/18/11 04:14 AM
Its not a secret that at least the major servicers have been announcing that they are "working on " ways to improve their system and efforts in helping homeowners keep their home. Well it is also no secret, that Fannie Mae has a new program called "STAR". It was launched in February of 2011. This program measures servicer' success in providing sustainable solutions to distressed homeowners.
Want to make a bet that the STAR program has a lot to do with those improvement plans? Surprising to me is that finally we hear about the no so "major" banks and servicers in … (0 comments)
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foreclosure: ..attention short sale negotiator... you are in the middle of reviewing the file - right? ...then why foreclose before you finish reviewing? - 09/04/11 06:43 PM
It beats the heck out of me why a negotiator would not request/ or just do to extend the sales date if they are the ones that are reviewing the file!! Servicer refuses to stop a scheduled foreclosure sale on a borrower's house while the borrower is being evaluated for HAMP/HAFA.
If you engage in short sales you know that it is very hard in most cases, to get an extention. I mean it is right next to a act of God to get a postpondment for a trustee sales date. This should not be because the bank is aware of … (1 comments)
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foreclosure: Homeowners | If the investor of your first lien is GSE - you may qualify for HAFA! - 09/04/11 01:10 AM
I hope this is not happening but for some reason, I believe that it is. Homeowner call the lender to ask them about the HAFA program... (this is a Fannie Mae) property owner. The homeowner wants to be considered for the HAFA program. HAFA stands for Home Affordable Foreclosure Alternatives. The homeowner is told that the lender does not offer HAFA program. The truth of the matter is the investor is a GSE. Now this is a GSE mind you. GSE is short for Government Servicer such as Fannie Mae and Freddie Mac.
So sure they do HAFA. GSE stands for … (0 comments)
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foreclosure: ARE YOU READY FOR THE GOVERNMENT TO BE YOUR LANDLORD? - 09/02/11 03:41 PM
The talk has been softer and lower - just above a whisper --- none-the-less there has been talk for a while. Now the noise is louder (Government might turn foreclosures into rentals) its louder and louder and usually this means it is almost a done deal. If we do not scream that we think this is a bad idea for the economy (to say the least), communities and for the homeowners that have really suffered a hardship and just need a loan modification or some assistance -- instead of getting a foreclosure on their record and then being able to rent back (until … (3 comments)
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foreclosure: Stockton Home Owners| " I can't find my mortgage statement" is common but not good! - 08/28/11 11:10 PM
The other day I was talking to a homeowner that indicated that she needed help. When I explained what she needed to work on gathering for me - she said right out ... I just do not know where those papers are. It has been a spinning couple of years and I truly have not been keeping up with the papers, mail or calls that has been coming at us.
I explained to this homeowner that the documents are most important in order to get the ball rolling and time is of the essence.
current mortgage statement: this one seems to … (4 comments)
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foreclosure: Stockton Home Owners| " I can't Afford My Current Mortgage" is definitely a Hardship - 08/28/11 10:50 PM
When you hear a Stockton homeowner say "I can't afford my current mortgage" you know right away that they have a real problem. And you wonder why the lenders are not paying more attention to what the homeowners are saying. If they are saying they cannot afford their mortgage --- this usually means that the mortgage is not going to get paid.
Some of the problems that cause the mortgage to get behind:
My cash reserves is so low - you can't squeeze out another mortgage payment Low liquid assets Insufficient funds in the bank Basic living expenses are out of … (0 comments)
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foreclosure: Stockton Home Owners| Overextended & Excessive Debt is Definitely a Hardship - 08/28/11 09:33 PM
Hardship is defined in many ways: The one that stands out the most with me is " My monthy debt payments are excessive, and I am overextended with my creditors. Debts include credit cards, mortgage, car payments and other debts. This also includes food, clothing and other family expenses.
This is the gut of keeping your home. You must be able to afford your monthly mortgage and your other household debt. Although credit cards are not a necessity but the mortgage is - unless you are renter or living with someone else. So yes, this is a hardship. Now you need … (0 comments)
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foreclosure: Stockton Home Owners | Cash for Keys | How do they come up with that amount? - 08/20/11 08:05 AM
Stockton home owners: Cash for keys is not an automatic ... it is more the norm. After foreclosure, the bank want all occupants out of the property and they do not want to have to wait through the eviction process and they want to save as much money as they can. It has been said that there is very little concern about where the occupants will go and will they be able to find another home and what about the kids? No it is not their problem and they act as such. The process can be improved and the amount should … (1 comments)
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foreclosure: How young is "young enough" for Financial Literacy? - 08/15/11 06:35 AM
Given the massive economy problems we are having in the US. Given the foreclosure crisis we are having in real estate - the question of how can we combat this problem from ever happening again is a valid and major important question to ask.
Where did we go wrong? Was it really the homeowners that caused this problem? I mean did they single handily make this mess just by purchasing way over their heads? You know at first that was the easy answer to the question. But reality is it was only a part of the question and really not the answer! … (0 comments)
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