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foreclosures: Long Beach, Ca. The real protocol of how to purchase Bulk REO Properties - 09/02/09 12:50 AM
Long Beach, Ca.    Bulk Purchase of REO, notes and distressed assets through one of the largest
resellers of lender owned assets in the United States and an approved asset manager
under the U.S. Governments  (Public-Private Investment Program) for the
disposition of bulk REO/Distressed assets through the FDIC.
In order for new and/or prospective buyers to get a better understanding of how to buy
wholesale bulk real estate assets through this program we have prepared the following flow chart.
Should you have any additional questions please call:
Step 1
NAA Representative will assist Buyer in preparing the following for submission:
1. Letter … (2 comments)

foreclosures: Obama's plan to stem foreclosures - 02/18/09 04:33 PM
Long Beach, Ca.  Housing starts shrank to the lowest levels on record due to lack of credit and declining prices. Today, President Obama announced a plan to stem foreclosures by subsidizing mortgage payments for millions of homeowners. The plan will cost $50B. GM is seeking another $16.6B in new US aid. One trader from Cantor Fitz mentioned that, "GM seems like a pension plan that occasionally makes a car somebody occasionally buys." Currently, the Ten Year yield is at 2.66% (2.73% yesterday).  30 year mortgage backed bonds are down slightly.  We had some late price changes from a few investors yesterday, … (0 comments)

foreclosures: Fannie Mae is moving to become the biggest landlord in the U.S.A. - 01/25/09 01:28 PM
Long Beach, CA.  Recently, Housingwire.com, a web based real estate site covered the big story that Fannie Mae announced earlier this month that they would allow renters to stay in their homes after the foreclosure process has been consummated.  
Potentially homeless and hapless ex-homeowners would have a few options including: 
"Cash for Keys," wherein they would receive a lump sum of money to leave the house in tact, broom swept, and trashed out.  Normally, banks pay between $2000.00-$4000.00 to get people out of the property.  This helps the banks market properties because they can easily be shown when they are vacant.
The article is continued … (3 comments)

foreclosures: America seems to be One Big Distressed Property - 01/04/09 10:53 AM
Long Beach, CA.  In even, "normal" markets, there are always families and individuals that suffer from hardship. According to most investor publications, the default rates should only be between 1-3% in a healthy and normal economy.  However, in the current real estate malaise in Southern California approximately 55% of all properties sold are considered, "distressed."  Out of these properties, over two thirds of these distressed properties end up selling through what is known as, "Short Sales."
These are clearly an astonishing figures and extremely troublesome considering that unemployment figures seem to be getting worse daily.  Wherein you have government officials complaining … (0 comments)

foreclosures: Has anyone out there actually brokered an REO Bulk Sale??? - 02/08/08 12:08 PM
Long Beach, Ca.  Every since the middle of last year, I have had countless brokers calling me trying to either off REO bulk packages or attempting to buy them.  I would like to know if anyone of us 70000+ members have had any closings in regard to this market trend.  I don't know about the rest of the Country but in my office, out of the last 15 sales, half have been either short sales or REO properties!!
See attached letter from a personal friend, I would like any comments or observations, thanks, ktm
Hi Kirk:
Good Morning! Okay, we are finally ready … (42 comments)

 

Kirk Mulhearn

Long Beach, CA

More about me…

Prudential California Realty/Gem Mortgage

Address: 3728 Atlantic Ave., Long Beach, Ca., 90807

Office Phone: (562) 989-4608 x 110

Cell Phone: (562) 965-0054

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