short sales: Who will this help?
- 11/03/08 09:16 AM
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 new jobs for the company. Chase appears to be the front runner to what appears to be a long road to recovery. They also have announced that they are going to place a freeze on foreclosures during this 90 day period. It is not known whether that will include those … (10 comments)
short sales: Freddie Mac and Fannie Mae thrown a "LIFELINE"....Finally!
- 07/30/08 10:11 AM
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 give "carte blanche" under Sec. Paulson to assist financially strapped Freddie Mac and Fannie Mae (The largest holders of bad mortgages were in dire need of being rescued). Although many recommended letting the market correct itself, it appears a bipartisan effort with some give and take made this bill possible. … (6 comments)
short sales: Somebody's got the case of the "Sundays"!!!
- 07/06/08 12:57 PM
Well, It looks like somebody has the case of the Sundays! I'm curious, what do you do on Sundays to prepare for your week? I like to use Sundays as an ultimate combo day. I spend time rejuvenating my faith. I spend time with my family and I rest my mind and body. However, at some point towards the end of the day I start to get reved up! By Monday morning I'm so fired up I can't wait to begin my day. I've been doing this for some time now and it keeps me from looking at Monday as a … (6 comments)
short sales: Short Sales...The Ostrich Syndrome
- 06/26/08 07:06 AM
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 mad! What they need to do is act early and ask questions. Taylor One has had a rash of short sale clients in June, the most in any other month. 60% of them were weeks away from foreclosure! I have no idea why they would wait so long for help. … (11 comments)
short sales: Control a client! It's a must! Short sale 101
- 05/26/08 07:53 AM
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)
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)
short sales: 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)
short sales: Penny MAC?..... who are they and what do they want?
- 03/24/08 07:54 AM
Have you heard of the New Mortgage company Penny Mac? Penny Mac, a newly created mortgage company by Ex-CEO of Countrywide (Stanford Kurland). The aim of this company is to buy back bad loans and restructure them! He's being backed by investment firms Black Rock inc. and Highfields Capital Management. Penny Mac will also be looking to raise private monies to help buy these loans and restructure them at lower risk rates seeking to reduce their mortgage exposures. This bank is believed to be well positioned to handle many loans and help the overage that are forthcoming. I recently did a blog … (35 comments)
short sales: Taylor One.....Introduction!
- 03/23/08 08:41 AM
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)
short sales: 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)
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 loans". These loans were deemed with a higher risk and typically higher rates. Now, the majority of these loans will be covered with "NORMAL" standards. This measure is hopeful to inspire Americans to purchase more, thus stimulating our economy. I will say, if you were ever going to purchase a new … (4 comments)
short sales: 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)
short sales: 30310... will it ever be the same!?
- 03/12/08 04:54 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)
short sales: 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)
short sales: 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)
short sales: 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)
short sales: 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)
short sales: 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)
short sales: Is this Really Relief!?
- 02/16/08 03:15 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 on Foreclosure. The aim is to give the lenders and clients more time to come up with a viable solution. You know the same options re-fi, forbearance, short sale or SLOW DEATH !
It is not clear who qualifies for the 30 day "Pause". It just says lenders will contact individuals … (10 comments)
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 new jobs for the company. Chase appears to be the front runner to what appears to be a long road to recovery. They also have announced that they are going to place a freeze on foreclosures during this 90 day period. It is not known whether that will include those … (10 comments)
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