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, … (19 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 … (2 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. … (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 … (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 … (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 … (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 … (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 … (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 … (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 … (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 … (2 comments)
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foreclosure: NEW! - REAL ESTATE NEWS RADIO - Now Online! - 06/27/08 04:38 PM
FRANK WIBLE'S REAL ESTATE NEWS RADIO. An educational and informational segment through sharing and direct communication with listeners. Agents, brokers, homeowners and lenders are always welcome to participate in our show. Our guests include short sale specialists, lender or mortgage representatives and nationally recognized industry leaders. Always feel welcome to participate … (5 comments)
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foreclosure: CBS Evening News - Short Sale Market Data - 06/24/08 07:47 PM
For everyone who missed the show, I wanted to post here so you can preview it. It was a great spot on short sales and I want to thank you all for all the great emails
The main objective is to help homeowners that need a short sale and … (5 comments)
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foreclosure: Short Sale Debate: 3.5% or 50% Split? Which is better? - 06/20/08 09:01 AM
When you negotiate your client's short sale, there is no doubt that you and the buyer's agent stand to have the commissions cut. It has become more common and understood that when involved with a short sale, you will be paid less.
You don't want to post this assumed cut down commission in … (14 comments)
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foreclosure: All aboard the New Jersey Foreclosure Bus Tours... - 05/22/08 10:09 AM
With home foreclosures at a 20-year record high and up 68 percent nationwide, one real estate agent is out with new ideas to keep the housing market alive. Frank Wible, the name most known in foreclosure, short sale, and bank owned real estate has launched a fleet of foreclosure bus tours … (0 comments)
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foreclosure: Why Housing Market Creates Overall Issues in The American Economy... - 05/15/08 08:57 PM
It's not just you! Everyone you know, and many you don't know, are in the same position as you. Some may not be losing their home or cars yet, and they may not show their financial pain, but I can assure you the belt has been tightened. Gas prices are completely … (2 comments)
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foreclosure: NJ AGENTS: Promote Your Listings on our Foreclosure Tour... - 05/14/08 03:36 PM
FORECLOSURE TOUR BUS Sponsored by Frank Wible, Patriot Title, and Countrywide Mortgage.
ATTENTION LISTING AGENTS:
We would like to schedule a showing with 15+ qualified buyers!
Each of our scheduled tours are "already" completely booked with 15+ pre-qualified buyers. Our tours run every second and fourth Saturday of each month and set … (2 comments)
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foreclosure: Short Sale Investment Properties...The straight through title deal! - 03/05/08 08:43 PM
The short sale foreclosure business seems like a smart place to start when looking to enter the investment properties business, but is it? Being an investor for many years before I started my career as a Realtor, and seeing the business from both sides, I'm not sure that it's something worth … (8 comments)
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foreclosure: When does responsibility begin to not make CENTS? - 02/08/08 09:52 AM
When does responsibility begin to not make sense?
You purchased a home four years ago. You paid $700,000 for this home, and it's the home of your dreams. Since then, you home has lost over $180,000 in equity and you are so upside down. It could take you eight to ten years … (7 comments)
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foreclosure: Lenders so focused on negotiations forget there is a buyer... - 02/03/08 07:13 PM
Each and every short sale holds hostage a buyer waiting to know if they own the home. If an investor is the buyer, they can wait for the answer, but what about the young couple waiting to see if this is going to be their new home? The wait could be … (5 comments)
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foreclosure: Foreclosure Time Period from State to State… - 02/03/08 04:53 PM
The foreclosure process is just that, a process, not an event. Once you have missed payments, a process will begin in order for the lien holder, your lender, to take back the property. Some states are so quick while other take much longer (see chart below).
Unless you live in Tennessee or … (10 comments)
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foreclosure: Home Buyers Waiting For Market To Bottom Begin to Move In! - 02/03/08 09:34 AM
Buyers, waiting in the wings to purchase that fantastic deal on their new home may not want to wait much longer. Personally being a major name in the foreclosure and short sale markets, buyers contact me constantly asking me to find them that steal, and willing to wait for it. Working … (2 comments)
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foreclosure: Looking to purchase that house on your block? - 02/01/08 05:18 AM
Aggressive South Jersey buyers looking to purchase homes that they have found on their own utilize me as the front man to get the job done...
Buyers always seem to find they house they want to purchase on the foreclosure list, but it's not listed with on the market for sale. If … (5 comments)
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foreclosure: Investors Needed for Short Sales... - 01/29/08 02:39 PM
Dear Investor Community,
As New Jersey's top, and most active short sale and foreclosure Realtor, I am looking to form an investment group around our business model. This is the first time I am opening my doors to new investors. I will max this offer out at 10 investors. The spelled out … (2 comments)
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foreclosure: Short Sale Agents Go Into "Burn Out" Status...Quickly! - 01/25/08 10:46 PM
FRANK WIBLE-- Friday night, and I sit here thinking of the many appointments I have tomorrow. Most entries on my calendar are listings that will probably require a short sale. I wonder how much more I want to do. I don't mind hard work, but this is getting out of control. … (58 comments)
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foreclosure: Countrywide Update! Short Sale Data - 01/23/08 01:34 PM
Short Sale Realtors,
I just hung up with the VP of Loss Mitigation for Countrywide. The update is as follows:
They are now at over 300 short sale applications per day. As of January 18th.This has grown from 150 applications per day as of December 23rd, 2007.
Although some applications are investors attempting low-ball offers, she thanked … (77 comments)
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foreclosure: Lenders struggle to deal with pre-foreclosure overload. - 01/10/08 11:09 AM
FRANK WIBLE //Turnersville, NJ// For more than two years, unpleasant surprises and market rumors have continued to create mayhem in the real estate market. Government agencies, although ambiguous, have announced repeated solutions for homeowners facing foreclosure; however, are lenders prepared to provide this support?
Countrywide Homes Loans, the largest lender in the … (2 comments)
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foreclosure: Sometimes being silly drives the point home... - 01/09/08 08:25 PM
The marketing folks I hire to do my ads and advertising sent this ad to me today for my approval. After I fell on the floor laughing, I found myself liking it more and more. It's a front page inside cover ad that will probably cost me way more than I want to spend. … (7 comments)
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foreclosure: The casualties of this market continue... - 01/09/08 07:59 PM
Pulling up to a client's home today I noticed it looked vacant. I looked in the door and saw the young husband sitting on a folding chair watching TV. I knocked and he quickly answered. A very nice family came running after him and I made my standard small talk. This … (3 comments)
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foreclosure: Countrywide says it's not filing for bankruptcy - 01/08/08 04:31 PM
Countrywide says it's not filing for bankruptcy as shares slump5:10p ET January 8, 2008 (MarketWatch) SAN FRANCISCO (MarketWatch) -- Countrywide Financial Corp. said Tuesday that it's not filing for bankruptcy as speculation swirls about the mortgage lender needing billions of dollars in extra cash to survive.
Shares of Countrywide slumped 28% … (8 comments)
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foreclosure: Short Sale Tip for Agents. - 01/06/08 06:53 PM
Maybe everyone already does this, maybe not. I just figured I would throw it out there and it may help some agents doing their own short sale work. I seem to get a much faster response and have an Loss Mit rep assigned a lot faster when I put the following … (9 comments)
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foreclosure: Short Sale Final Approval Legal Advice - A Must Read for ALL Realtors - 01/06/08 09:22 AM
There has been a pretty hot topic in the blogs about the lenders sudden switch asking for full deficiencies with a lot of short sales that have been approved lately. This post is a "CYA" when this happens.
The full deficiency is a big deal. The lenders have been paying the full commission, … (23 comments)
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foreclosure: Many Lenders Now Asking for Full Deficiency Note! Sudden Change? - 01/06/08 09:02 AM
THIS IS AN ANSWER I POSTED FOR ANOTHER BLOG. I JUST POSTED IT HERE BECAUSE I'M LOOKING FOR ADDITIONAL FEEDBACK...
Refinanced money, depending on how long ago, how many payments they made, all matter to the investor and the outcome of the deal. Also watch out for loans with MI (mortgage insurance), they all … (0 comments)
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foreclosure: Can someone please ring the real estate closing bell... - 01/03/08 09:42 AM
Can someone please ring the real estate closing bell...
At the very least, a bad day on Wall Street has a definitive end; the sound of the closing bell. After a full day watching the stock market drop, we take comfort in knowing tomorrow it may rally back. When can we expect someone … (5 comments)
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foreclosure: Foreclosure Market Statistics by State - As of Oct 2007 - 01/02/08 09:54 PM
THANK YOU REALTYTRAC FOR THE GREAT UPDATED INFORMATION:
The RealtyTrac Monthly U.S. Foreclosure Market Report provides the total number of foreclosure filings - both nationwide and by state - over the preceding month. Data is also available at the individual county level. RealtyTrac's report includes documents filed in all three phases of foreclosure: … (4 comments)
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foreclosure: NationalForeclosureGroup.com - Agents Helping Homeowners - 01/01/08 09:25 PM
National Foreclosure Group - Agents Providing Assistance to Homeowners!
Dear Agents,
We have created a special site for agents and professionals that provide services and advice to homeowners that are in foreclosure. This is a free service and you can create an account right away.
Once you create an account, make sure you make … (5 comments)
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foreclosure: Is Your Home In Foreclosure? - 01/01/08 12:00 PM
HOME IN FORECLOSURE?
I see that you're thinking you may have to sell your home. Knowledge is power when you're in this unfortunate position. A homeowner who understands foreclosure processes, options, and educated about the entire situation, become a lot less stressed out.
No matter the need, Team Frank Wible is right by … (0 comments)
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foreclosure: Team Members Needed - Agents Wanted - Short Sale & Foreclosures - 12/31/07 09:39 PM
NJ TEAM MEMBERS/AGENTS NEEDED:If you're a very motivated agent that wants to be part of the top, and most well known foreclosure and short sale team in New Jersey, then we want you! Our buyer agents average 40+ leads per month. Learn the foreclosure and short sale business inside and out today. … (0 comments)
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foreclosure: Happy New Year 2008 - Real Estate & Mortgage Agents! - 12/29/07 12:56 PM
HAPPY NEW YEAR REAL ESTATE & MORTGAGE AGENTS!
It's going to be 2008 soon and all of us wonder what the market will do this year. I see and abundance of posts from new frustrated agents trying to make a go at the real estate market. The best advice I can give you … (2 comments)
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foreclosure: Homeowners Fall Victim to Loss Mitigation/Foreclosure Services. - 12/27/07 04:17 PM
Frank Wible /REMAX ALL PROS/ - The term "Loss Mitigation" has become a common term with home owners and real estate professionals throughout New Jersey. This term commonly associated with a short sale (also known as a short payoff) when a lender or lenders accept a discounted payoff on your mortgage. … (2 comments)
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foreclosure: FHA increase to $829,750 - 12/27/07 08:59 AM
FHA reform reached an important milestone on Friday when the U.S. Senate overwhelmingly approved its version of the legislation, the bill passed by a vote of 93-1.
The new FHA reform will raise the limit on FHA loans from $362,000 to at least $417,000. Some areas of the country will see an … (5 comments)
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foreclosure: FORECLOSURE HAS BECOME A COMMON HOUSEHOLD WORD... - 12/20/07 11:13 AM
FORECLOSURE HAS BECOME A COMMON HOUSEHOLD WORD...
Quickly, homeowners are scrambling to find an option to what is sure to be financial ruin for them if they do not address their mortgage situation. Most speak to a real estate agent about selling, but that becomes a problem because what they owe is … (0 comments)
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foreclosure: Frank Wible's Listings...Additional Information - 12/08/07 03:16 PM
I will try and add as many listings as I can to this system. They take quite a bit of time. Please contact me directly for more information and the additional listings that never make it here! I specialize in Foreclosures and short-sales so most listings are selling for a great … (0 comments)
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foreclosure: The lenders will eventually walk away! WHAT?? - 12/04/07 06:34 PM
Many houses in Cleveland's central city neighborhoods have been so damaged by looting, fires and weather that they are almost total losses. The lenders will eventually walk away from them.
"The lenders will come to us and say, 'We just can't hold the properties any longer. We don't want to pay the … (4 comments)
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foreclosure: Short Sale: How long should buyers have to wait? - 12/04/07 01:32 PM
How long should buyers have to wait?
Once again today, I had another buyer back out of a short-sale deal. The paperwork has been at the lender for almost seven weeks. I could load this page up with communications from this lender, but why bother. There is no doubt in my … (5 comments)
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foreclosure: Smart Lender or Dumb Lender? - 12/04/07 12:55 PM
Short Sales Increase! Are you dealing with a Smart Lender or Dumb Lender?
As short-sales continue to backup in the system, lenders scramble for solutions to the guidelines on the process, and what they're willing to accept. Some lenders have recently posted new guidelines to my team and I can't help to ponder...are … (8 comments)
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foreclosure: Offers on your Short Sale deal - Who do you represent? - 12/04/07 12:08 PM
Offers on your Short Sale deal - Who do you represent?
A THOUGHT PROCESS...
Agents ask me all the time, who are you representing in the transaction for a short-sale? Is it the lender or the seller? Well, the obvious answer is the seller. But the more money you get, the better the lender … (2 comments)
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foreclosure: Homeowners demonstrated outside Countrywide...why? - 11/29/07 09:39 AM
CNN: Homeowners demonstrated outside Countrywide Financial offices Tuesday, demanding the mortgage giant help them avoid foreclosure...
http://money.cnn.com/2007/11/28/real_estate/bc.apfn.ca.countrywidef.ap/
When is the last time we all saw this happen?___________________________________________________________________________
This is not a rally against oil prices or political issues; this is an organized rally for people to save their homes.
The fact that enough people … (2 comments)
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foreclosure: Sellers Taking The Holidays Off...and I Don't Blame Them! - 11/28/07 08:14 AM
TAKE THE HOLIDAY OFF SELLERS...ENJOY YOUR FAMILY!
I've seen a slow down this week on the number of motivated sellers in foreclosure contacting me. I feel this is due to the holidays being in everyone's mind. Sellers that are in foreclosure have decided to deal with the foreclosure by ignoring it right … (0 comments)
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foreclosure: Lenders Suggesting Short-Sale to Clients... - 11/26/07 10:13 AM
CLIP FROM WALL STRET JOURNAL: Mr. Perez, the graphic artist facing foreclosure, said recently that he spent two weeks talking to Citigroup, but the bank never offered him a modification. Earlier this month, he says, a representative urged him to unload his house through a "short sale," meaning that if the … (6 comments)
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foreclosure: Become The Next Short-Sale Expert! - 11/25/07 01:14 PM
SORRY, NO MORE TRAINING SESSIONS AVAILABLE! - WAY TOO OVERBOOKED!
… (15 comments)
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foreclosure: The Short Sale Listing: Making sure you're right! - 11/24/07 09:39 AM
The Short Sale Listing:
How can you determine if the property needs to be sold in a short-sale? The obvious answer is if the seller is upside down in the mortgage versus the property value, it's a short-sale. But are the conditions right for a short-sale? Does the seller have a hardship … (12 comments)
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foreclosure: Tax Implications of a Short Sale - 11/23/07 11:58 AM
Tax Implications of a Short Sale
Yes, this is the most popular question I get. Will I pay taxes on the short sale? There is no simple answer to this question, but from what I see, one is coming!
The new law will not tax so called "income" on debt forgiveness. The … (5 comments)
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foreclosure: HUMOR: This one had to be posted..it's fitting! - 11/23/07 10:38 AM
See, he should have hired me to do a short sale...too late now!
Frank WibleRealtor, Loss Mitigation Supervisorhttp://www.shortsalenj.com/
… (3 comments)
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foreclosure: Negotiating with a Lender for a Short Sale. - 11/23/07 09:58 AM
Negotiating with a Lender for a Short Sale.
Your day started out great. Business as usual! But then you get that phone call! The closing you've been working on for so long just fell apart. You go to the office and clients begin to call you asking why their house is not … (7 comments)
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foreclosure: Foreclosure & Short Sale Group Created. - 11/23/07 08:34 AM
Hello Real Estate Professional,
I just wanted to inform you that I have created a special group on Active rain for Foreclosures and Short Sale services. I will post updated data, addendums that I create, and cover letters for your contracts. I know this can be like helping my competition, but if … (3 comments)
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foreclosure: The Real Estate Market in 2008...Hold Tight! - 11/23/07 08:25 AM
We've all seen the market drop in 2007 like a rock. How do we all see the coming years? Being that I have been following the market for a long time, I see the 2008 market to be total anarchy! Sorry that I had to say that for the people that … (7 comments)
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foreclosure: Sellers that are feeling hopeless and stressed out... - 11/23/07 07:19 AM
Feeling stressed out and hopeless?So many people feel the exact way you do right now. Most of this stress is caused by people not knowing what steps are taking place by their lender.Right out of the gate, I would like to make clear that a foreclosure is a process and … (5 comments)
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foreclosure: How will a Short Sale Affect Credit Score? - 11/23/07 07:16 AM
How will a Short Sale Affect My Credit?
Some of our clients were out looking for houses a few months after we short sold their house. Their mortgage was already approved!
Credit Score Summary
Your credit score is very important, and should be considered when thinking of a … (3 comments)
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foreclosure: The New Jersey Foreclosure Process in Basic Terms - 11/23/07 07:02 AM
New Jersey Foreclosure Law Summary and Process The entire foreclosure process in New Jersey is about 12-13 months. This means from the first payment you miss, until the property is sold by the Sheriff, takes a little over a year. Judicial Foreclosure Available: Yes Generally, in judicial foreclosure, a court decrees … (0 comments)
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foreclosure: Frank Wible Joins Top Producing Office... - 11/23/07 06:53 AM
IN A MARKET WHERE SO MANY PEOPLE NEED ASSISTANCE...
The five-year ARM (Adjustable Rate Mortgage, or swing loan) was the most popular loan during the real estate boom. It allowed people to purchase much more home than they were previously able to afford, with a very reasonable payment. Now that the boom … (2 comments)
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