short sale: Fannie Mae and Freddie Mac- profits go to shareholders and losses go to tax payers? - 02/22/11 04:40 PM
WHITE HOUSE PLANS TO WIND DOWN FANNIE AND FREDDIE
Congress will consider three suggestions.
A fundamental reform for the housing market. For two-and-a-half years, economists and housing industry analysts have wondered what would happen with Fannie Mae and Freddie Mac. On February 11, they got an answer: the Obama administration announced plans to shut down both of the troubled mortgage giants by 2018 or sooner.1
As he met with the press, Treasury Secretary Timothy Geithner cited the "very broad consensus" that the government should play "a much smaller role" in the housing market. Capitol Hill Republicans would … (2 comments)
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short sale: Wells Fargos New Short Sale Procedure Change- Washington Short Sales - 09/23/10 12:30 AM
Wells Fargo makes some drastic changes prior to what some feel will be another law passed by the government to increase the speed of a short sale.
I had a discussion today with the operations manager at the Law office of Robert C. Russell and she has not yet heard of these new changes that have been announced but she has no doubt that it will be yet another hurdle to step over.
Here is what we found-
Time allowed for buyer to close on short sales-
If foreclosure date is within 0-11 days All … (0 comments)
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short sale: Washington States 2nd Certified Distress Property Expert - 06/09/10 01:04 AM
I am very happy to say I just completed my CDPE designation and one of two mortgage professionals in the state of Washington with this certification. I look forward to sharing the information with our team at www.nwssn.com and www.nwlmc.com to improve our short sale negotiation business and assist homeowners obtain up to $3,000 under the new HAFA program.
What is a CDPE?
A Certified Distressed Property Expert® is a professional with specific understanding of the complex issues confronting the real estate industry, and the foreclosure avoidance options available to homeowners. Through comprehensive training and experience, CDPEs are … (2 comments)
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short sale: First Mortgage Banker in Vanouver, Wa. to be a Certified Distressed Property Expert - 06/07/10 02:12 AM
This week I will be gaining my designation as a Certified Distressed Property Expert or CDPE. This education will be a great resource to share with my local Realtors as well as my borrowers on improving the success of a short sale. Here is a little of what a CDPE is all about:
What is a CDPE?
A Certified Distressed Property Expert® is a real estate professional with specific understanding of the complex issues confronting the real estate industry, and the foreclosure avoidance options available to homeowners. Through comprehensive training and experience, CDPEs are able to provide solutions for homeowners … (0 comments)
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short sale: RMLS Trade Fair- April 1st Will be sharing the benefits of HAFA - 03/25/10 09:19 PM
Finally here- a possible solution to short sales! Come join us on April 1st for the RMLS trade Fair at the Oregon Convention Center for an in depth overview of HAFA and how you can market for it today. For more information check out http:/facebook.com/defaultsolutuions
… (0 comments)
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short sale: NW Loan Modification Center consults on Short Sales for Vancouver, Wa. Realty Pro - 02/02/10 09:52 PM
It was perfect timing for Joe Smith from KGW channel 8 to search out a short sale specialist in the Portland Metropolitan area as I had just scheduled a presentation to a group of a 100 Realtors at Realty Pro in Vancouvers West side office.
I strategially planned for Joe to meet me at thier office on the West side of town as I was ending my presentation so he could hear live from the trenches on the impact of the short sale debacle. There was plenty of issues that were brought up and Joe did a side interview with me … (3 comments)
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short sale: Update: Bank Of America and Loan Modifications - 09/16/09 07:57 PM
Loan Modification- Bank Of America and Countrywide What Can You Expect From Bank of America/Countrywide Home Loans ?
So I was looking for a funny logo to add to today’s post and I ran into a very interesting website-www.bankofamericasucks.com I am not going to say what I used for a google search but lets just say the search pretty much covered the 4 words in the website. No need for a funny picture when that website pretty much clears up the facts.
So the question of the day has become “I have Bank of America Mortgage- what are the chances of … (2 comments)
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short sale: Saxson Mortgage contact new contact number and short sale changes - 09/08/09 03:11 PM
I just reviewed a short sale approval and wanted to note a few things from Saxon Mortgage aka Hillbridge Capital Group for those wading through the quick sand in Short Sales:
New Contact Number for Saxson: 866-241-1901
Purchase Price $210,000
$174,300 Net 83%
$8,000 to 2nd Lien holder (Note- NEVER increase this amount by allowing Realtor commissions or having seller come in with more money or be prepared to go back to the negotiation table at the 11th hour)
Q: How much they will penalize Real Estate Agents if a short … (0 comments)
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short sale: Short Sales are tough- Make sure you earn what you deserve - 07/24/09 03:38 PM
Banks are bullies- but knowledge is power!
Appealing Short Sale Commissions-
I keep running into short sale transaction that are Fannie mae insured with only 5% Realtor commissions. This is assumed that it's required. Please read on to find out how you can maximize your earnings and appeal the bank that is trying to maximize thier income by reducing yours.
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short sale: 97% Financing~ Fannie Mae Owned ~ No MI ~ No Appraisal~ Investors too! - 03/13/09 02:39 AM
FANNIE MAY HOMEPATH PROGRAM OFFERS GREAT HOME BUYING OPPORTUNITY This one could come and go... I finally have a product that I am happy to announce to the world and happy to say it can make the american dream come true!
It almost sounds too good to be true but it is the real deal... 3% down, no mortgage insurance, no appraisal, 6% seller concession, and you don't have to move to the country to get this offer!
FannieMae really wants to get rid of the homes they have had to take back. This offers a fine opportunity to score … (0 comments)
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short sale: Washington Mutual/Chase Loan Modification accepted - 03/06/09 08:23 PM
I just wanted to send a quick note to my readers to share a story that occurred yesterday.
I had some clients that were 6 months behind with WAMU. They originated the loan with Long Beach Mortgage which was a sister company of WAMU. They owed $99,000 on the home that was valued at $160,000. The rate was 7.625 with 2 years into the loan. WAMU ignored the clients right up to the end and accepted a loan mod at 5.365 fixed for 28 years. Although my clients had the $7,000 they owed and were ready to pay WAMU or the … (3 comments)
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short sale: The Obama Stability Plan- Vancouver, Wa. training course - 02/25/09 02:23 AM
Homeowner Affordability and Stability Plan
Executive Summary
The deep contraction in the economy and in the housing market has created devastating consequences for homeowners and communities throughout the country.
Millions of responsible families who make their monthly payments and fulfill their obligations have seen their property values fall, and are now unable to refinance at lower mortgage rates. Millions of workers have lost their jobs or had their hours cut back, are now struggling to stay current on their mortgage payments – with nearly 6 million households facing possible foreclosure. Neighborhoods are struggling, as each foreclosed home reduces nearby property values … (1 comments)
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short sale: Different types of loan modification options - 01/18/09 08:14 PM
Question- What kind of options do I have to modify my own mortgage? A: Here is a list ofsome different options Capitalization of arrears: The past due payments -- and perhaps late fees and other charges arising out of past delinquencies -- are added to the loan balance. A new payment, which will be a little higher than the previous payment, is then calculated. This is the most common type of modification because it has very little cost to the investor. Its only value to the borrower is that it provides a new start by making him current. It works for … (2 comments)
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short sale: Rates slide up- will they stay? - 12/29/08 07:42 PM
The bad news- Rates increased .50% Midday
Good News-
Our team was prepared and had everything within a 30 day close locked! We will see it come again in the next 2 months so make sure those looking to buy, refinance or just need some direction for a roadmap take the time to do this in advance. Rates were at 4.375% 13 days ago and lasted about 4 hours- Today they average 5.375%!
As expected the mortgage bond prices fell off their earlier highs in profit taking amid thin trading conditions this afternoon. MBS's (Mortgage Backed Securities) rallied nicely … (0 comments)
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short sale: Short Sale Investing Summer of 2008 - 06/26/08 05:00 PM
“What Every Investor Needs to Know About
Short Sale Investing During the Summer of 2008”
With the number of foreclosures and short sales on the rise, investors are doing more and more short sales out of need more than desire. The days of numerous sellers with loads of equity seem to be few. As we continue to invest through this declining market cycle, we must pull out our short sale tools, sharpen them and get to work creating equity.
In answering student questions, we find that so many hit the same roadblocks.
In this special report, you … (0 comments)
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