foreclosure: Who will this help? - 11/03/08 05:16 PM
J.P. Morgan Chase has announced that they will be actively seeking homeowners who are in need of a Loan Modification! In fact they are going to open 24 regional branches advocating for the needy! This not only is designed to address our nation's greatest crisis, but it will open over 500 … (8 comments)
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foreclosure: Freddie Mac and Fannie Mae thrown a "LIFELINE"....Finally! - 07/30/08 05:11 PM
It appears our current government will take action after all!
After mulling and procrastinating for more than a year, the Administration has decided to pass a bill worth passing.
Pres. Bush ok'd a bill designed to assist more than 400,000 homeowners and correct the market plunge. The Treasury Department will be … (6 comments)
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foreclosure: 30,000 points...A small but satisfying goal! - 06/29/08 08:03 PM
I'm so excited to reach the 30K mark! Mainly because when I first landed here at Active Rain, it seemed like such a long way! However, Here I am and I'm glad I made the journey.
thanks to all fellow active rain junkies who helped by taking the time out to … (20 comments)
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foreclosure: Short Sales...The Ostrich Syndrome - 06/26/08 02:06 PM
How many Short Sales gurus out there have clients who come to you at the very last minute!?
Homeowners who are in deep trouble with their mortgages, more often than not simply put their heads in the sand until the fireworks are over! Those fireworks being "Foreclosure"!
Doesn't that drive you … (11 comments)
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foreclosure: Control a client! It's a must! Short sale 101 - 05/26/08 02:53 PM
I just had a meeting with my staff Friday about controling our clients during our short sale process. I thought this might be good information for a fellow short sale experts out there!
The problem lately has been clients calling banks and speaking with the loss mitigator reps on the lenders … (5 comments)
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foreclosure: "Beautiful OHIO" A state that Cares!!! - 04/07/08 10:39 PM
Here's another "Attaboy" for the state of Ohio!
The Governor of Ohio (Ted Strickland) has worked out a pack (agreement) with Nine lenders to help try and solve his states foreclosure problems. The lenders are Carrington, Homecomings, HSBC, … (1 comments)
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foreclosure: Ohio's "Save the Dream" campaign - 04/02/08 03:57 PM
Here's a great story and tribute to the great state of Ohio!
Ohio is another state that's apparently fed up with Big Government and decided to take matters in their own hands. They are sponsoring a program to assist Home Owners who are facing foreclosure.
This program is called "Save the Dream"! … (5 comments)
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foreclosure: R.E.O Market Growing ever Bigger! - 03/19/08 03:23 PM
Here's evidence of where the R.E.O Market is going.
FAS (Field Asset Services) is a REO maintenance and service provider for many Lending institutions. Their main focus is to increase their return on defaulted properties sold for their clients.
Recently, they've just added new clients like Fannie Mae, Indy Mac and … (28 comments)
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foreclosure: Finally "Jumbo" Loans...Protected! - 03/18/08 08:20 AM
Recently in President Bush's new Economic Stimulus Plan, Conforming Loan limits were increased to a little under $730,000.
Typically, the Nation's 2 largest secondary market lenders (Freddie mac and Fannie mae) set the standards for conformed loans. That limit was just above $400,000 recently. Loans above this limit were termed "Jumbo … (4 comments)
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foreclosure: Broker Fees In Question... - 03/16/08 07:03 PM
It appears our government is at it again! This time they are going after Mortgage Brokers???
In an attempt to restore our expiring economy the Bush Administration is pressing for Mortgage Brokers to have full disclosure to fees charged for originating loans. Lender and Broker trade groups in the past have resisted … (2 comments)
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foreclosure: The reality is.....If we don't who will? - 03/10/08 01:14 AM
Last week Treasury Sec. and other members of the Bush Administration visited Oakland, CA. They were there due to the fact that CA has an abnormally high foreclosure rate. (who doesn't!)
The Administration's current attempt to battle the foreclosure epidemic is to educate home owners who are loosing their homes to … (16 comments)
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foreclosure: Loss Mitigation....Continued! - 03/08/08 03:29 PM
Earlier this week i wrote a blog about how HomEq was giving me the run around in regards to getting a short sale payoff letter! Well, here's how it ended!
I managed to find out the email address for the CEO of HomEq and the phone number to the CFO! I called … (8 comments)
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foreclosure: What is Loss Mitigation Really Doing!? - 03/06/08 06:42 PM
I can't believe these Loss Mitigation departments! I would love to see who is managing these departments. Surely it's a 12 year old!
Correct me if i'm wrong, but the purpose of these departments are to "Mitigate Losses" isn't it? Then what are they doing!? The bank told me exactly what they … (15 comments)
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foreclosure: "Write Downs" on Principle (Will This Work?) - 03/04/08 05:53 PM
This just in....
Federal Reserve chairman Ben Bernanke is recommending lenders consider "Writing down" the principal amount of loans to help home owners who are loosing their homes. This is an effort to assist those homeowners who are asking for interest rate reduction.
According to Bernanke, write downs may be far more effective … (4 comments)
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foreclosure: Federal Law can't help, but State law WILL!!! - 03/01/08 12:37 PM
In an unprecedented move, Massachusetts state court ruled to stop all foreclosures preceding against Fremont Mortgage based out of California.
The court ruled that Fremont had approved many loans that were designed to make the loan holder fail. Also known as Preditorial Lending!
The objective is to allow the homeowners time to develop … (7 comments)
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foreclosure: There "Absolutely" no End in Sight! - 02/27/08 08:01 PM
foreclosures are gaining Speed! In the month of January filings were up 57%! ???? Unbelievable That is an 8% increase from the month of December Ok Active Rainers! Which state is the winner of the highest rate of Foreclosure .......... Nevada! with California and Florida a Very close Second and Third Respectively Never fret Californians you … (10 comments)
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foreclosure: BPO: If I had my Druthers! - 02/18/08 04:00 PM
I Think most of us agree that the most important (at least one of them) piece of a successful Short Sale is the
BPO!
The question is whether or not you are going to get:
A. BPO Agent?
B. Appraiser?
Now, is there a toss up … (9 comments)
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foreclosure: Is this Really Relief!? - 02/16/08 11:15 PM
The Bush administration is at it again. They've now come up with a new stop gag program not really designed to solve any of the problems home owners are having with the economy and crazy mortgages! However, I guess yet again.....it is something...
"PROJECT LIFELINE"
Home owners are allowed a 30 day reprieve … (10 comments)
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foreclosure: Congress gives Debt Relief (Short Sale Help) - 02/16/08 11:14 AM
Great News for us Short Sale Folks! Many of you may have heard, but for those who haven't this is an important piece of what we do.
Our Short Sale clients will not have to pay "Income Taxes" for the amount of the short sale forgiven by the Lender!
I can't tell … (4 comments)
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foreclosure: REO vs Short Sale - 02/12/08 01:35 PM
REO vs. Short Sale (Sales)
I recently got the statistics back from a question I posed our company. Do banks make more on the sale price for REO than for our short sale offers? So, I had our staff go back and do a little homework using last years records. … (11 comments)
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