short sale: Short Sales & Foreclosures Make Happy Renters - 04/26/11 05:01 PM
I’m compelled to write a blog about the life of a “Renter” from my personal experience…especially after the conversations I’ve had over the past several months with homeowners that are mentally challenged about moving from homeownership to being a renter. After reading the latest from Diana Olick, CNN Housing Reporter today I’m more convinced that now is the time to start typing!
As a Real Estate Agent, my views and opinions are probably not going to go over well with all of my comrades.
Things have changed for most Americans, especially those who had achieved the proverbial American Dream of Home Ownership. Our economy … (2 comments)
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short sale: Wells Fargo Finds Foreclosure Mistakes…Issuing 55,000 “Supplemental Affidavits”…Whatever That Means? - 10/29/10 02:22 PM
Wells Fargo…shame on you… Foreclosure is a serious process and WF treats it like an assembly line…with Robo signers!
What is a “supplemental affidavit” any how? Something one of your “legal” eagles (senator or congressman no doubt) came up with to avoid the responsibility to complete the foreclosure process accurately?
I see this all as a filtered response to a bad situation…I smell class action suit!
Great article by The Truth About Mortgage.com
Wells Fargo has finally admitted to errors involved in its foreclosure process, according to a company press release.
The top mortgage lender in the nation said it identified “instances where a final step in its processes relating … (4 comments)
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short sale: The “Super Prime” FICO Scorers More Likely to “Strategic Default”? …LOL - 07/07/10 11:33 AM
This article hit over the weekend in the Washington Post…
It’s enlightening…and some may even find it shocking!
Who are the folks more likely to “strategically default”?
The “Super Prime” FICO scorers! Yes, the snooty folks that look down on us with the less than 700 scores are 28% more likely to strategically default on their home mortgage.
What’s a strategic default?
It’s the action of choosing to walk away from your obligation or in this case, the mortgage on a home. Why would an “Elite” Scorer strategically default?
Simple…the realization that the value of the investment has decreased and is now a true “liability”. … (7 comments)
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short sale: To Move Forward….Stop Looking Over Your Shoulder! - 07/01/10 08:31 PM
Many of us live our lives stuck somewhere “back when,” fixated on days–or people, or circumstances–gone by.
In todays economy, the “good old days” can be hard to let go of…but living in the past, it is absolutely holding you back from living your very best life now.
Remember….the past is nothing more than a story we tell ourselves. Continuing to tell that story, verbally or non-verbally, eventually turns it into your reality.
Moving forward isn’t about forgetting. It is about accepting things for what they are. It’s about coming to an understanding that what already happened doesn’t need to be … (4 comments)
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short sale: Antione Walker...Retired NBA Star...Needs To Practice Free Throws...May Have to Go Back to Work! - 06/16/10 08:33 PM
$110,000,000.00 and now He's Broke! Yes that's $110 Million...
Former NBA star Antoine Walker made approximately $110 million in his 13-year pro career playing for the Boston Celtics, Miami Heat, Dallas Mavericks, Atlanta Hawks, and Minnesota Timberwolves. He was a member of the NBA All-Rookie First Team, named an NBA All-Star three times and won an NBA Championship while playing for the Miami Heat in 2006. And now he’s broke.
Walker has filed for bankruptcy and faces foreclosure on the Tinley Park home (photo above) he purchased for his mother. Reportedly, Walker has missed three months of payments … (0 comments)
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short sale: Bank Of America…Equator Platform equals 200,000 Short Sales Completed - 06/08/10 06:42 PM
This is hot off the Press at Housing Wire:
Equator, formerly known as REOTrans, has seen 200,000 short sales close on its automated platform in seven months, said Chris Saitta, CEO of Equator.
Lenders can elect to enable the agent-initiated feature within Equator’s network platform, a move that the firms says will help lower call volumes and involve the correct decision makers quicker for more timely responses to short sale inquiries. Equator launched the platform in November 2009.
Saitta said there has been an additional 15,000 short sales conducted on its platform through the Home Affordable Foreclosure Alternatives (HAFA) program launched … (2 comments)
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short sale: Real Housewife of NJ’s in Foreclosure...More Gossip! - 06/08/10 12:51 AM
Nearly $11 million. That’s the amount of debt that Real Housewives’ of NJ Teresa Giudice and her husband, Joe, are facing, and includes the foreclosure of their Towaco, NJ mansion (above), which is used in the Real Housewives’ series. They have filed for bankruptcy and are undergoing credit counseling.
How did the Giudice’s get into this much debt? Simply, it’s a matter of spending more than they earn, which is allegedly $79,000 a year. Here’s a laundry list of some of their debt, courtesy NY Post:
Credit card debt — $104,000 (including $20,000 on credit cards for Bloomingdale’s, Nordstrom and … (8 comments)
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short sale: What’s Your Opinion on Strategic Short Sale Defaults? - 06/02/10 07:20 PM
First an explanation of what a Strategic Default Short Sale really is…..
You own a home that is upside down in equity. You can afford to make the monthly payments. You have made a decision to Short Sale the property and cut your losses-thinking non emotional about an investment gone bad The same type of decision the Mortgage Bankers Association made when they decided to do a Short Sale on their corporate headquarters.
BofA’s credit loss mitigation executive, Jack Schakett, said today that the amount of strategic defaulters (those who can pay their loans but opt not to) are … (4 comments)
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short sale: Home Owners Choosing Their Own “Loan Modification” Strategic Default Short Sale…? - 06/01/10 03:39 PM
An article just hit the press today about a family that stopped paying their mortgage last summer when they could not get a loan modification. I’m still trying to grasp what’s really going on here in our Wonderful Land of The FREE….
Ironic that our weekend put us in the company of friends and family that all had a story to tell about a “neighbor” that was not making their house payments and living in the home for FREE! It was a mixed group, some had feelings of resentment…as they were making the payments on their homes that were just as … (4 comments)
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short sale: Bank Of America, Citigroup Incorrectly Hid Billions In Repo Debt - 05/27/10 04:10 AM
If you follow the banking and housing market, there has always been a 2+2=5 for us...something just didn't add up.
How do the largest banks in the US produce enormous gains when all around is collapsing...their coffers of homes are growing in essence becoming the largest "property managers" in the free world...next to the US government?
How do banks that are doling out billions each month for lost assets continue to increase in earnings?
Simply put, these banks have been deceiving there investors. These banks are shrouding their losses in deceptive accounting ...however, Wall Street Journal revealed today that BofA and CitiGroup purposely "hid" their housing losses … (5 comments)
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short sale: Kris & Kim Darney Featured in Article About Helping Our American Servicemen & Women Soldiers & Sailors Act SSCRA - 05/26/10 09:43 PM
God Bless America!
The Soldiers’ and Sailors’ Civil Relief Act of 1940 (SSCRA) was updated and amended in 2003 by President Bush. This Act was created to protect our Fellows in Arms during their "Active Service".
Many of our soldiers we're non-active in the National Gaurd or Reserves. When called to duty, they leave jobs behind. T
What does the SSCRA accomplish? read Below...We are featured in this article:
LASplash.com: Home
Military Family Homes Foreclosed?
By Brian Standly
The SSCRA is here to protect the individuals that protect us, and secures the America way.
… (0 comments)
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short sale: Delinquent Loans...Loans In Foreclosure...What's the Real Number? - 05/24/10 06:04 PM
By: Diana Olick CNBC Real Estate Reporter
What do you do when a certain economic indicator is just so far out of whack that whether the weather is cold or whether the weather is hot, we'll be bewildered whatever the weather, whether we like it or not? Such is the case with the Mortgage Bankers' Association's Quarterly Delinquency Survey, released today.
The overall total percentage of delinquent loans and loans in foreclosure stood at 14.01 percent in Q1 2010, on a non-seasonally adjusted basis, which is actually a declinefrom 15.02 percent from Q4 of 2009.
That big number … (1 comments)
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short sale: 76% Of Consumers Prefer Renting to Owning A Home in Current Economic Climate - 05/24/10 05:59 PM
Freedom from high maintenance costs are top of mind concerns for consumers that are choosing to rent and not buy in this current economy. Financial concerns, rise in unemployment have many Americans playing it as safe as they can..... … (3 comments)
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short sale: Looming Defaults Likened To An Oil Spill..Cap New Defaults But There's Still A Big Mess To Clean Up! - 05/24/10 02:53 PM
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short sale: "Underclass" Growing; 40 Million Americans on Food Stamps - 05/18/10 01:39 PM
When we think of America, we think of a society thats booming and robust, a country of ambition and opportunity of explorers with the attitude of "Go Where No Man Has Gone Before!"
Everyday we listen to this site for up to date information on the world of finance...
Well, this morning we heard this shocking information:
25Million unemployed...That's 17+%!!!!! 40Million on Food Stamps Manufacturing Jobs are Gone! Remake yourself...Don't Sit and Wait. These Americans need your help...
… (4 comments)
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short sale: According to The Journal (WSJ)...U.S. Housing Inventories Are Up...With More To Come - 05/17/10 02:51 PM
Sometimes it seems that Kim and I bring nothing but bad news for the housing industry...
However, we are eternal, not naive, optimists.
When markets are down...then opportunity is up. When markets are up...then opportunity is up...now that's optimistic.
We live in an interesting time in a fantastic industry that has many variables.
It's what you do with those variables that determines your success or failure.
Now for more optimistic news...
Wall Street Journal released a report on home inventories in the Top 27 DMA's in the country...Chicago leading the way at 68,000+ homes on the market as of April 30, 2010
… (0 comments)
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short sale: Are IRS Mortgage Interest Deductions Next on the Chopping Block? Buy or Rent? - 05/14/10 06:38 PM
This article is very interesting...
It appears that there is "discussion" in the White House about the future of the IRS Mortgage Interest Tax Deduction.
The article states that between 2009 - 2013, the "Government" will "lose" about $600BILLION in taxes.
Well, "Lose" is amusing on it's own as it didn't have the money to begin with...or am I wrong?
Can you imagine the government taking the Mortgage Deduction from 40Million Americans...I'm thinking "Torches & Pitchforks"?
Know...the optimist in me says...maybe the White House discussion was thinking of INCREASING the Tax Deduction to "Spur" buyers to take action.
I would love your feedback...
Home Mortgage … (2 comments)
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short sale: Diana Olick; CNBC explains Recent REALTYTRAC Report - 05/14/10 01:24 PM
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short sale: HAFA...Short Sales Expedited... Southern California...Let's Talk - 05/01/10 04:12 PM
Kris and Kim Darney highlight HAFA….Home Affordable Foreclosure Alternative rolled out April 5th by our Treasury Department as an extension of HAMP….Home Affordable Modification Program.
Some of the highlights of HAFA include an incentive of up to $3000 for relocation costs that is paid to the home seller at close of escrow with a successful short sale. Non recourse settlements are also a huge benefit to the homeowner under the new program. If you are looking for alternatives to foreclosure, a short sale may be the answer.
We will schedule a discreet confidential meeting with you to answer all of … (0 comments)
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short sale: HAFA...Feds Help Home Owners Kris & Kim Darney Discuss - 04/04/10 01:45 PM
Real estate specialist Kris Darney on Thursday walks through a Rancho Cucamonga home whose owners are hoping it will be purchased in a short sale instead of being lost to foreclosure. (Mediha Fejzagic DiMartino/Staff Photographer)
Read more:http://www.dailybulletin.com/news/ci_14814460#ixzz0k9pQ41gK
Feds aim to ease pain
New U.S. program to start MondaySandra Emerson, Staff WriterCreated: 04/03/2010 07:08:53 AM PDT
Short sales have become more appealing to homeowners who are underwater on their mortgage and are looking to get out without going into foreclosure. But the time it takes to process these type of sales has been thought of as long rather than short.A new … (0 comments)
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