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foreclosure: Foreclosed Homes and Tenants! N.J.S.A. 2A:18-61.1 ET SEQ (It's The Law) - 04/07/10 06:04 PM
NJ Law: N.J.S.A. 2A:18-61.1 ET SEQ [Tenants in Foreclosure Homes]
I have to post my comments on this in my blog. New Jersey law states that is you are renting a home, and the home is foreclosed on, you pretty much NEVER have to leave. Just keep paying your rent to the new owner or lender in the case of an REO and they can never ask you to leave! If you were to have a 10 year lease with the prior owner for let's say $900 a month (well below market value) for a 4 Bedroom house, the lender would … (0 comments)
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foreclosure: Understanding Short Sales and Loan Modifications - 05/14/09 10:01 AM
Understanding Short Sales: As foreclosure rates hit record levels, more sellers are turning to short sales as a way to avoid foreclosure. So, how does it work? In a short sale, the seller arranges with their mortgage lender to accept a price that's less than the amount they owe on the property. As part of this arrangement, the lender typically agrees to forgive the rest of the loan. As a result, the seller doesn't have to go though a foreclosure, the buyer picks up a property at somewhat of a discount, and the lender avoids taking on the burden of unloading … (4 comments)
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foreclosure: Great NEW Tip With Countrywide Short Sales... A Must Read!! - 04/07/09 12:44 PM
CUT 2 WEEKS OFF YOUR SHORT SALE WAITING TIME BY DOING THE FOLLOWING.......
I just got off the phone with a friend at Countrywide. I had to post this tip almost immediately! When sending your short sale packages to them, break the faxes up into sections in no more then 10 pages!!! if your package is 50 pages, then you will send 5 separate faxes!!!! (10 pages per fax)...
Send the financials in one fax, the contract in another, etc, etc. Keep the sections together if you can! And always have the account number at the top of every faxed … (11 comments)
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foreclosure: www.NewLoanPackage.com - Modify Your Loan/Mortgage Today! - 03/10/09 01:37 PM
PEOPLE! … THERE IS NO SECRET TO DOING A LOAN MODIFICATION! – Over 9 Million People Will Qualify! Doing a loan modification is easy. All you need is the right instructions and the forms the lender will require. Frank Wible, the nation’s number one short sale realtor has performed hundreds of these loan modifications for his clients. NOW, the same documents and instructions that have been used by his staff are now available for download. You will not believe how easy it is to modify your own loan. It’s time to take advantage of this governmental opportunity to reduce your payments … (1 comments)
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foreclosure: Do it Yourself Complete Loan Modification Kit! - 03/10/09 01:05 PM
Frank Wible's NewLoanPackage.com Home Order Now! Instruction Manual Financial Sheets Negotiation Strategies Qualification Checklist Sample Hardships Lender Phone Numbers Government Guidelines Package Checklist COMPLETE MODIFY PACKAGE!
Government Approves Help For Homeowners! Are you behind on your mortgage or can you no longer afford your mortgage? The government and lenders have finally approved a program that will help you modify your loan to something you can afford, even if they have to erase the amount you owe and start over again!
To take advantage of this new program, all you will need is to order and download the kit and … (0 comments)
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foreclosure: Short Sale/Foreclosure Services, and Area of Service - 02/20/09 07:45 AM
Services Provided.Frank Wible is no stranger to foreclosures and difficult real estate markets. He has spent his entire real estate career focused on the people involved in foreclosure. As heard on the radio and seen on TV, Frank Wible is often called by the media to provide market analysis and assistance to call-in listeners when they face financial hardship with their homes. Frank is a well known real estate columnist and analyst for national newspapers, magazines and websites. He is recognized as a nationwide foreclosure, short sale, and loss mitigation expert.
As the short sale authority, many Realtors, brokers, and even … (1 comments)
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foreclosure: Mr. Santelli from CNBC has shown his true colors...SHOCKING VIDEO!!! - 02/19/09 08:03 PM
VIEW THIS VIDEO FIRST, IT'S SHOCKING: http://www.cnbc.com/id/15840232?video=1039849853
Dear Mr. Santelli & CNBC,
Your reporting on this topic today was an outrage. Are you calling my clients that have kept steady jobs for years, and now from no fault of their own, are possibly losing their home "losers?" Personally I think you are a pompous ass!
I agree that many people purchased homes that they could not afford, but why did the lenders place the stamp of "APPROVED" on the damn loan to begin with. Maybe the blame (not the trillions their getting) needs to go in that direction. And, is it wrong … (7 comments)
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foreclosure: Foreclosure Short Sale In New Jersey - What you really need to know. - 02/18/09 10:23 PM
Don't get sucked into by the hype! Remember what your mother and father used to say, "If it's too good to be true, it normally is!" Your home, most of the time your largest investment; when it becomes your largest problem, you quickly look for a solution....and that sometimes leads you down the wrong path!
Investors, agents, and every loan modification company in the world will contact you. Your mailbox will become more "full of crap" than most politicians. Choose wisely. It's important to ask the following questions:
•1.) How many short sales and foreclosures have you done? What was the … (2 comments)
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foreclosure: Letter to Countrywide from one of my sellers...GREAT LETTER! - 12/23/08 01:33 PM
This letter is from one of my frustrated sellers doing a short sale deal with countrywide. It really speaks to the frustration that all clients go through when dealing with this lender. I think this letter was great and I had to post it on my blogs....
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Dear Countrywide,
Further to your email regarding the Short sale for the above property, as the owner, and provider of the documents requested, I am embarrassed to admit dealing with an organization as incompetent and inflexible as Countrywide. After months of waiting to get a response from CW on a Short … (7 comments)
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foreclosure: Offers: Don't Waste Your, or My Time! - 09/09/08 09:41 AM
Don't Waste Your, or My Time! (more importantly--our buyers and sellers time)
When you are looking to place an offer on a short sale, give real consideration to what your offer will be! Don't just assume because it's a short sale you can make some crazy offer on the property. Agents, please advise your clients in the right direction. Don't try and be the hero and say, "yeah, let's put that low offer in!"
Here is the deal. A short sale, as we all know is when a lender accepts less than the amount owed on the house. But remember, they … (32 comments)
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foreclosure: Real estate short sales often end up being a long haul - 09/07/08 09:20 AM
Real estate short sales often end up being a long haul - A wonderful and insightful article written by Sam Ali - Great Story Sam!
Sunday, September 07, 2008 BY SAM ALIStar-Ledger Staff
-----------------------------------------------------------------------------------------------------------------------------Desmond Pessoa is ready to walk away.
Last October, he made what he considered a pretty good offer on a distressed property in Washington Township.
It was a short sale, meaning the owner aimed to sell the home for less than what he owed the bank. It also meant the bank had to preapprove the reduced sale price and eat the loss.
The four-bedroom house was listed … (3 comments)
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foreclosure: Housing and Economic Recovery Act of 2008? - 08/05/08 02:26 PM
What can I say, another failed attempt to Band-Aid a broken leg. I applaud the efforts but I really think so much more needs to be done. Just to be clear 750,000+ foreclosures were filed in just the 2nd qtr of 2008. The program is aimed to help 400,000 people total.
Eligible Borrowers. Only owner-occupants who are unable to afford their mortgage payments are eligible for the program. No investors or investor properties will qualify. Homeowners must certify, under penalty of law, that they have not intentionally defaulted on their loan to qualify for the program and must … (0 comments)
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foreclosure: UPDATE ON: Countrywide: I can honestly say this is a first for me! - 08/05/08 01:17 PM
So many people emailed me to ask for an update to my last post about Countrywide screwing up and selling the house via sheriff sale six months after we already short sold the property and closed.
ORIGINAL ARTICLE: http://activerain.com/blogsview/615331/Countrywide-I-can-honestly
As an update we finally resolved the issue and the new homeowner is no longer in jeopardy. The research department finally found the money and the problem (loss mitigation put an "8" instead of a "9" in the account number when they sent the approval letter). It was credited to a mortgage of a guy in Las Vegas. A simple keystroke error … (12 comments)
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foreclosure: News Update in the World of Real Estate. - 08/04/08 03:41 PM
QUICK NEWS UPDATE...
1.) Banks and mortgage companies are now borrowing $17.45 billion per day from the feds last week in order to keep their doors open, the second straight week this had hit a record and up from $16.38 billion the previous week, Fed data showed.
2.) Rumors that Countrywide will NOT be doing short sales does have some merit. Countywide is considering stopping all short sale applications on investment properties only. We're not sure what the game plan here is, but I guess we will find out soon enough.
3.) Current REO properties/listings from Countrywide are now up to: … (1 comments)
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foreclosure: Updated: Documents & Items Required For Short Sale Package... - 08/01/08 08:14 AM
When formulating your short sale package, there are items that you will need to collect. By now, most agents that have performed a short sale know what these items are. However, to keep my list up-to-date, I have a checklist that I use all the time. This form helps me create a short sale package that is accepted most of the time from any lender.
I have attached a link so that you may download this form if you like.
____ Cover Letter to Lender____ Authorization to Release Information____ Seller's Hardship Letter____ HUD- 1 (Settlement Statement)____ Purchase Agreement____ Buyers Pre-Approval Letter____ … (4 comments)
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foreclosure: Massachusetts woman kills herself prior to foreclosure - 07/27/08 11:18 AM
Although "off the charts" extreme, does this measure the hopelessness someone is feeling when dealing with the lenders? Does it show the hope one receives when the Government provides a program and the lender crushes that hope over and over. Again, this is the extreme and I'm pretty sure this woman had other options, but it sure portrays the feelings some people have. Please remember...it's just a house...wood and paint....can be replaced!! The story really is; all the people she could have sent that letter to; family, friends, etc, SHE SENT IT TO THE LENDER!
Massachusetts woman kills herself prior to foreclosure
… (8 comments)
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foreclosure: Short Sale Agents and Lenders In a Tug-A-War! - 07/26/08 02:09 PM
Bad news continues to surface as quality solutions for homeowners continue to remain anonymous or hidden. FDIC shutters two more regional banks; The 28 branches of 1st National Bank of Nevada and First Heritage Bank, operating in Nevada, Arizona and California, were closed late Friday. The IndyMac fallout continues to create havoc among depositors and investors. Wachovia lays of 10,000 employees and the FDIC places them on the top of their "close doors" watch list. Foreclosure filings up 120%; 220,000 homes were lost to bank repossessions in the second quarter of 2008. A total of 739,714 more foreclosure filings were recorded … (2 comments)
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foreclosure: How do you handle Countrywide's counter offer? - 07/11/08 01:54 PM
Your short sale listing sits on the market for months. During this time many more homes in this development go up for sale, all coming close to list price of yours. You finally get an offer on yours, and based on the fact that it's a short sale, the offer you get is not that great, but it's not bad either.
Countrywide, after months and months of bureaucratic red tape, finally sends for an appraisal or BPO (broker's price opinion). The offer you sent to them on this property was $295,000 but the house comes back with a market value of $310,000. The … (8 comments)
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foreclosure: Short Sales; Lender Level System Flaws Identified. - 07/08/08 11:26 AM
If you read 100 different agent blogs about foreclosures and short sales, you will undoubtedly have 100 different opinions about how to successfully achieve and complete one. You will begin to hear (1) avoid them if possible; (2) the tasks to complete when you have a short sale listing; (3) what you should do first; (4) what lenders to avoid and which to work with; (5) and what to do as a buyer or seller stuck in a short sale scenario. All good advice by the way...and there really are no wrong opinions or directions. This is a business that truly … (7 comments)
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foreclosure: Foreclosures from State to State. - 07/05/08 09:35 AM
Jack Broad wrote a very compelling article about the time lines from State to State. I would never post his entire article, however I will post some of his data. (His website: http://www.theticasystems.com/)
Jack wrote: In this article, I want to convey some thoughts about foreclosure timelines. What they are and how they can impact various market participants. Recently I performed an analysis of state-level foreclosure timelines. Here's some of what I found. ----
Fastest Foreclosure States (listed alphabetically)
State #MonthsAlabama 2.34Arkansas 3.08DC 2.70Georgia 2.58Maryland 2.79Michigan 3.22Missouri 2.06New Hampshire 2.88Tennessee 2.15Texas 2.85Virginia 1.89
Slowest Foreclosure … (2 comments)
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Frank Wible, Foreclosure/Short Sales
Sewell,
NJ
More about me…
REMAX CONNECTION
Address: 5701 Route 42 South, Turnersville, NJ, 08012
Office Phone: (856) 228-7990 x 150
Cell Phone: (856) 745-7700
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