reo: Ohio's "Save the Dream" campaign
- 04/02/08 08:57 AM
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"! an appropriate name (if i may say so myself). One of the newest initiatives is to get volunteer, Not for profit Attorneys to give their time and consul to Home owners. Their goal is to give the best advise (case by case) on what their options may be. There are some … (5 comments)
reo: Bear Stearns, Do we realize how close we came to 1929'?
- 03/29/08 05:40 PM
Is it me or did we come terribly close to being in 1929' on March 16, 2008. For those who are not aware (and many are not) Bear Stearns is an investment Bank a securities trading and brokerage Bank! Bears Stearns recently agreed to a merger with JP Morgan Chase in part to save their butts, but in another way it was to save the US economy! In an unprecedented act, our government gave BS a non recourse $30 Billion loan. A non recourse loan simply means a loan for a certain collateral. If the loan goes belly up only the collateral … (6 comments)
reo: Buying Property....."Now is the Time"
- 03/22/08 06:45 AM
I love the way the media is portraying that Real Estate is falling off the Earth and we should all run for the hills. What are we supposed to do....start building tents (again) or living in caves? In life and especially in Investing, you can not follow the crowds. In the stock market, the smart investors know when to buy stock. (Believe me it's not when the stock is at its height) yet the masses buy popular stock because they have heard of it. Clue #1: If you've heard of it, it's probably too late! (again going with the crowd) The real shrewd … (13 comments)
reo: R.E.O Market Growing ever Bigger!
- 03/19/08 08:23 AM
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 Keystone to their list of service providers. They are based out of Texas, but services extend Nationwide.
Well, I've read they are moving from a 23,000 sq.ft. building to a 40,000 sq.ft. building and they are expected to hire another 100 members to their staff! If this doesn't make us … (27 comments)
reo: Broker Fees In Question...
- 03/16/08 12:03 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)
reo: The reality is.....If we don't who will?
- 03/09/08 06:14 PM
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)
reo: Loss Mitigation....Continued!
- 03/08/08 07:29 AM
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)
reo: What is Loss Mitigation Really Doing!?
- 03/06/08 10:42 AM
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.
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)
reo: There "Absolutely" no End in Sight!
- 02/27/08 12:01 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)
reo: BPO: If I had my Druthers!
- 02/18/08 08:00 AM
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)
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 … (11 comments)
reo: Can Women cut it as R.E.I.?
- 01/30/08 12:28 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)
reo: We Need Your Voices!!!!!!!!!!
- 01/18/08 12:36 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)
Here's a great story and tribute to the great state of Ohio!;)
;)
