preforeclosure: 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 comment on my blogs or give me constructive advise.
Wow this was also a long 10K march from 20K to 30K. I found myself having writers block and very little time to drop by the Rain.
However, reaching this mark has given me new vigor! I pledge to get back … (20 comments)
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preforeclosure: 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 end. Keep in mind when clients come to you, it's because the don't know where else to turn. They turn to you for your expertise on negotiation and salesmanship. However, a strange transportation occurs somewhere during the process.
THEY BECOME BRILIANT! LOL … (5 comments)
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preforeclosure: 20,000 Points and counting!!! - 04/08/08 10:40 PM
Wow I can't believe it! I began January 1st 2008 and It took me 3 months to get to my first 10,000 Points.
The next 10,000 points only took me a little over a month's time to achieve. What happened???
I GOT HOOKED!!!
Has anyone one else heard of this phenomenon? I actually applied myself and got a bad case of the blogs! Not only did I blog more I actually started reading others at an alarming rate! This unexplainable craze led to me commenting!? Who would have guessed!?
I am officially an addict and i'm sure I need help! Can anyone help me?
I'd like … (34 comments)
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preforeclosure: "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, Ocwen, Option One, Select Portfolio and Litton.
These lenders are working with the state of Ohio to significantly modify the terms of adjustable rate loans that are approaching foreclosure. Here's yet another positive approach that a state is taking to help its constituents. I recently did a blog on Ohio's … (1 comments)
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preforeclosure: Taylor One.....Introduction! - 03/23/08 03:41 PM
I would like to take this time to introduce who we are!
Taylor One is a National Pre-forclosure Assistance company based out of Atlanta, Ga. Our aim is to greatly educate and assist homeowners who are facing possible foreclosure.
We work with these homeowners in setting up forbearances, Lifeline and Bailout programs assistances and even Short sales. We hope to put an end to homeowners giving up on a chance to save their homes, credit and pride.
We also, work with Loan Officers, Agents, Attorneys and Investors who wish to partner up in helping their clients avoid foreclosure. We understand these programs take … (8 comments)
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preforeclosure: 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 mandatory Federal disclosure, but no more!
Mortgage Brokers will now provide clients with a breakdown of all fees, duties and services at the onset of gaining an application.
In a more important new move, Lenders are coming together to support a standard fee allowable for brokers to charge their clients. This … (2 comments)
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preforeclosure: 30310... will it ever be the same!? - 03/12/08 11:54 PM
I remember not too long ago when this zip code comprised of historic beautiful homes. Not too long ago this area flourished with home owners that were proud of the history this area possessed.
That was then, this is now!
My company works with home owners in dealing with pre-foreclosure issues. Needless to say, this area has had our company busy as ever! It's not to say we didn't see this coming. Last year the values in this zip code sky rocketed to heights unknown. I've seen sales prices that exceeded $300,000 consistently. How is it that lenders thought those values would … (6 comments)
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preforeclosure: 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 the programs out there that can help.
Those of you who have read my blogs on this subject know that i'm a bit skeptical when it comes to the feeble attempts that are being made to correct such a mass nationwide problem. While i will always applaud any attempt made … (16 comments)
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preforeclosure: 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 and email them the entire process i've been made to go through. I made sure to include that the payoff money had been and still is sitting at an attorney's office!
Meanwhile i'm still being told to wait...wait....and wait more from the Loss Mitigation Department. Let me tell you I raised … (8 comments)
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preforeclosure: 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 wanted to close a deal out. Never mind the amount was much more than it was currently worth (my opinion of course). I had a buyer in the beginning but their lender decided they would not lend the amount requested and back out of the deal.
After 4 grueling months … (15 comments)
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preforeclosure: "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 in dealing with foreclosure than merely reducing the interest rate. Many homeowners are not interested in fighting to keep their homes due to negative or low equity positions they have in their homes.
Simply put there's no incentive to fight the good fight. They don't feel like they are giving up … (4 comments)
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preforeclosure: 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 a possible solution to their obvious plight.
I for one Salute the Great State of Massachusetts for taking a stand. And for at least having the nerve to go against these BIG Business!
It appears if Americans are going to get out of this New crisis it will have to be … (8 comments)
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preforeclosure: 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 had over 57,000 filing in January ( an all time record)! With all this happening to our economy month in month out, Industry says there is a slow down coming around the corner. All due to last years growth of filings were at 19% and here we are with a measly … (10 comments)
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preforeclosure: 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 as to who you'd prefer. Allow me to play devil's advocate? Please!!! :)
On one side (B) The appraiser offers a more professional (I'm sure BPO agents would argue) systematic approach to what the "TRUE" value of the property really is! They measure the property, take more photos, do more homework, … (9 comments)
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preforeclosure: 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. We had a little over 500 short sales that came through our office in the year 2007. Our success rate on actually closing a short sale file was around 43%. This means close to 60% were not accepted by the lenders. If we look at a number this equates to … (12 comments)
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preforeclosure: Why would any Realtor want to do Short Sales? - 02/02/08 10:09 PM
I am perplexed why a Realtor of a sound mind would get into the business of Short Sales!? When did they start teaching this in Real Estate Agent Schools? It was my belief and the belief of many that Realtors were graduating from a long classroom experience or online boredom to get listings! What kind of listing is an over leveraged, seriously behind on mortgage payment and in many cases in severe need of upgrades or repairs client? When did that description become the main menu of choice? I know Realtors in Manhattan or L.A. aren’t looking for that…..or are they? … (5 comments)
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preforeclosure: Can Women cut it as R.E.I.? - 01/30/08 08:28 PM
The question has come up time and time again. Why are there so few "Women" R.E.I.? Before you comment I'm not talking about agents, brokers or consultants. I'm speaking about those valiant women who title themselves fulltime Real Estate Investors. There no denying there are more men Investors than women. But, what is not so clear is why? I'd like to open this forum up to your opinions. Try to contain yourselves and speak with honesty not emotional vibrato. Here are some facts. Surveys have found there are fewer than 30% women to men investors nationwide. Women have only in the … (1 comments)
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preforeclosure: We Need Your Voices!!!!!!!!!! - 01/18/08 08:36 PM
You are invited to join Short Sales Institutes's NEW "Pre-Foreclosure" yahoo Group (Sponsored by Taylor One Inc.) Our aim is to hear voices and gain knowledge and a new insight to a reality that is at our Nation's front door. Please feel free to Network, give your opinions and learn as much about the Industry. First, we will look at how as investors we can assist the community and lenders in the tremendous flux of Non-Performing assets. Second, discover how your business can grow and prosper while in the heart of a Crisis! Just follow the link below and "join" the … (1 comments)
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