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mortgage mess: VA Home Loans and the Bank of America Principal Reduction Program - 05/10/12 06:50 AM
SORRY HOME OWNER.
You do not qualify for a reduction in principal because you do not meet the requirements as set forth in
Paragraph 87,
Subparagraph 582,
Item 211,
Section 83.
~~~~~~~~~~~~~~~~~~~~~~~~~
The $25,000,000,000 the banks paid to settle the law suit is about 1/600th of the money they received in stimulus.
Of course, the settlement looks good on the resume's of a few Attorneys General.
Yes, I'm a cynic.
Courtesy, Lenn Harley, Homefinders.com, serving home buyers in MD and Northern VA.
~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~
Via Bruce Reichstein - Expert VA Loan Officer for 23 years: www.VALoans.com (VALoans.com - Expert VA Loan Officer - Agent Trusted … (5 comments)

mortgage mess: I May Not Be Yoda, but I'm Darn Close! The Consumer Isn't Yoda Either. - 05/08/12 12:54 PM
Why the Low Interest Rates Don't Excite Consumers as they do Realtors and Loan Officers.
1.  Because they don't live with these facts and numbers on a daily basis as do we.
2.  Because they can't compute PITI for loan amounts to know what their payment would be.
3.  Because their eyes often glaze over when the thought of Principle and Interest arise.
4.  Because they are used to the fixed leased rent that they can see in a 2-3 page lease agreement.
And much, much more.  It's the same old story.  We give the consumer credit for far more market knowledge than they … (6 comments)

mortgage mess: Get the economy going again?? Did the tax credit do that?? Or, did it give some false hope??? - 05/05/12 04:24 AM
DID THE TAX CREDIT HELP THE U.S. ECONOMY?? 
I don't believe so.  In hind-sight, what the tax credit appeared to do was- -
1.  Favored home buyers who were qualified for this limited benefit over those not qualifying.  How do you believe the buyer who missed the "first time home buyer" criteria by 3 months felt when he did his tax return??
2.  Distorted the housing market statistics by PUSHING home sales forward by 1-2 fiscal quarters, followed by lower than expected sales for the next 1-2 fiscal quarters. 
Home sales DO fuel the U.S. economy.  Always have, do now and … (5 comments)

mortgage mess: Real Estate Agents Must Remain Positive. After all, the new Short Sale regs are better than a sharp stick in the eye!! - 04/24/12 05:29 AM
HOW AGENTS CAN SUCCEED IN THE NEW SHORT SALE ENVIRONMENT.
1.  Attend as much CE for Short Sales and Foreclosures as you can.2.  Qualify those buyers before writing offers.  The market favors cash, high down payments, etc., more than at any time in the past 50 years.3.  Brokers should monitor agents' listings and sales more closely to avoid non-viable contracts.4.  BE CAREFUL and do NOT become engaged in illegal activities involving "MORTGAGE MODIFICATION". 
THE SHORT SALES ARE GOING TO BE AROUND FOR QUITE A WHILE.  As more home owners with negative equity MUST sell, expedited Short Sale regulations will move … (29 comments)

mortgage mess: Is there an End in Sight? : Foreclosure and Shadow Inventory Update - 04/16/12 03:08 PM
WHAT ABOUT THE SHORT SALE INVENTORY AND SHADOW INVENTORY???
Sorry, Mr. BofA Analysts, while it's true that foreclosures are not good for the owner, the neighborhood and the real estate market, foreclosures are NOT THE PRIMARY PROBLEM.
SHORT SALES ARE.
When we show and write on a bank owned property for sale, once there is a contract, the processing for that transaction is quite predictable.  In my area 30-60 days is expected and usually met.
SHORT SALES ARE NEITHER PREDICTABLE NOR DO THEY OFFER any assurance that they will even settle.
There is nothing predictable or reasonable for a Short Sale … (6 comments)

mortgage mess: YOUR SHORT SALE REQUEST IS DENIED BECAUSE WE DIDN'T SEE THE HOUSE ADVERTISED ON THE GOODYEAR BLIMP!!!! - 04/01/12 05:10 AM
A SHORT SALE SAGA - WHO ARE YOU GOING TO BELIEVE, WHAT I SAY OR YOUR LYING EYES???
Read the posts below and you may be as confused as am I.  Thanks to Broker Bryant for posting this short sale thread about a short sale denial by BOA.
BOA declines Short Sale because of lack of marketing???? http://shortsalesuperstars.com/forum/topics/boa-declines-short-sale-because-of-lack-of-marketing?page=2&commentId=3468065%3AComment%3A222890&x=1#3468065Comment222890
Granted there are no rules, regulations, guidelines, structure or Generally Accepted Practices for Short Sales.  That doesn't make them hard enough for the avarage agent to navigate, so, if what I'm reading in this post on Bryan Tutas's ActiveRain blog, it appears that … (8 comments)

mortgage mess: Here are the settlement breakdown for the Federal Mortgage Fraud Settlement - 03/24/12 01:31 PM
THE FIX IS IN!!
The settlement of the federal mortgage fraud cases may seem like a lot of money, but is it really?
With 1.400,000 home owners in the foreclosure process, that's 4,000,000 consumers who are out of the real estate market for some years to come.  When the home owner is in foreclosure, the entire household suffers a lack of buying power.
Further, with about 75,000,000 households who own their homes and 25% of them under water by about 30%, how long will it be before real estate will reach a market value to a point where home owners can sell without … (9 comments)

mortgage mess: One Down, A Few More To Go. What About The Enablers?? Will We See A "Perp Walk"?? - 03/12/12 04:35 AM
One Down, A Few More To Go.  What About The Enablers??  Will We See A "Perp Walk"??
Former CEO of Brookstreet Securities Corp. was ordered by a federal judge to pay a maximum $10 million for securities fraud, the Securities and Exchange Commission (SEC) announced Friday in a statement.  Read the full article HERE. . . .
Now the question becomes, are the ENABLERS going to be prosecuted?? 
What about the rating agencies that would have given those investment securities an investment grade AAA, AA rating, certifying that the risk of loss to the investors was low??? 
Moody's, Standard & Poor's … (14 comments)

mortgage mess: More on the Congressionally mandated increase in Fannie Mae and Freddie Mac fees. - 12/29/11 05:30 PM
More on the Congressionally mandated increase in Fannie Mae and Freddie Mac fees to be generated to pay for the reduction in the employee F.I.C.A contribution.
I received the below from one of the loan officers to whom I refer business.  He's been keeping me up to date on aspects of the fee that are above my pay grade and I appreciate it very much. 
For more background, see:  http://activerain.com/blogsview/2655006/mortgage-fees-would-rise-under-payroll-tax-cut-deal
MAIL RECEIVED TODAY: 
10 basis point increase on all Mortgage loans government andconventional timeline Special Update:  G-fee IncreaseFHFA has answered a couple of the questions we raised on Tuesday regarding the … (10 comments)

mortgage mess: HAS SOCIAL MEDIA REPLACED "BIG BROTHER"?? WHERE IS THE FIRST and NINTH AMENDMENT TO THE CONSTITUTION?? - 12/22/11 05:55 AM
HAS SOCIAL MEDIA REPLACED "BIG BROTHER"??  WHERE IS THE FIRST and NINTH AMENDMENT TO THE CONSTITUTION??
Are lenders actually looking to Facebook, Twitter, etc.,  to see who your (rich/deadbeat) friends are ...Read more HERE
Is your social media provile going to replace a standard mortgage or credit card application??  If that sounds improbable to you, think again.......
Anyone in real estate brokerage or mortgage lending has experienced buyers/applicants who have had to "clean up their credit report" because of erroneous information that reduced their credit score and caused a loan denial.  Cleaning up a credit report is an arduous process.  Now, if … (28 comments)

mortgage mess: Mortgage Fees Would Rise Under Payroll Tax Cut Deal - 12/19/11 05:53 AM
Mortgage Fees Would Rise Under Payroll Tax Cut Deal SMOKE AND MIRRORS AGAIN ON CAPITOL HILL.  Read more HERE.
If you're a real estate agent, a real estate broker, a loan officer, a home buyer or a home owner,
YOU HAVE A TARGET ON YOUR BACK.
Congress has done it again.  The government has targeted one group of Americans to benefit another.  This is what Congress calls "paid for" when they design legislation to benefit one group of voters and sticks their hands in the pockets of another group to "pay for it".  In most cases of course, the group to … (107 comments)

mortgage mess: REALTOR CODE OF ETHICS - Installment 3 - Article 1, Standard of Practice 13. HOW THE COE IS SUBVERTED BY LENDERS' SHORT SALE PRACTICES~ - 12/14/11 08:15 AM
 
REALTOR CODE OF ETHICS - Installment 3 - Article 1, Standard of Practice 13. (edit/delete)  
Standard of Practice 1-13
 
When entering into buyer/tenant agreements, REALTORS must advise potential clients of:
the REALTOR’s company policies regarding cooperation; the amount of compensation to be paid by the client;
the potential for additional or offsetting compensation from other brokers, from the seller or landlord, or from other parties;
HOW THE COE IS SUBVERTED BY LENDERS' SHORT SALE PRACTICES -
LENDERS DO NOT WANT TO APPROVE SHORT SALES!  BEGIN WITH THAT PREMISE AND IT'S ALL VERY CLEAR.
Inspired by two thoughtful posts … (16 comments)

mortgage mess: AMERICANS FIRST. . . . The question is and has been since 2008, WHICH AMERICANS?? - 12/03/11 06:37 AM
"As real estate goes so goes the economy."
CONRAD IS SO RIGHT!!
THAT is a truism that has been forgotten by the President, the Congress, the banking industry and Wall Street. 
The decision was made in 2008, 2009 to save the financial industry and Wall Street.  Sadly, that required that they collectively KICKED THE AMERICAN HOME OWNER UNDER THE BUS!!
Neither the President, the Congress, the financial industry nor Wall Street understand that, without the consumer, there is no HOUSING INDUSTRY, FINANCIAL INDUSTRY, WALL STREET or any other entity or industry near and dear to the hearts of those who benefit … (21 comments)

mortgage mess: NEWS FLASH FROM FREDDIE MAC - Evictions (some) suspended from December 19, 2011 to January 2, 2012. - 12/01/11 08:57 AM
The announcement came from Freddie Mac by e-mail this a.m.  Subscribing to Fannie Mae and Freddie Mac announcements can provide some interesting and timely information.
"Freddie Mac to Suspend Evictions From December 19 to January 2, 2012" The announcement appears to cover ALL evictions involving foreclosed occupied SF and 2-4 unit properties with Freddie Mac mortgages.
The purpose states is to "provide families a greater measure of certainty during the holidays,"
 
 
The procedure applies only to lockouts related to Freddie Mac owned REOs and not pre or post foreclosure processes. 
It appears that this eviction suspension applies only to REOs occupied … (6 comments)

mortgage mess: Banks Disfunctional??? We should all be so "dysfunctional" in our business. - 11/22/11 08:18 AM
WHO OR WHAT IS DYSFUNCTIONAL?? 
It's difficult to call banks "dysfunctional" when they"
Call the shots
Are showing massive profits
Banks have figured out how to do little to nothing but book massive profits by taking money from the Federal Reserve @ 0% and lending it overnight to each other @ 1/2%.  Doesn't sound like much, but when the % is in the $Millions, it's a tidy little sum, FOR DOING NOTHING.
What is dysfunctional is the U.S. government, which dances to the bankers' tune.
All the U.S. consumer does is pay for all of it.
The U.S. Government and the housing industry should be so … (11 comments)

mortgage mess: Is It Really Less Expensive To "Walk Away" from Your Upside-Down Home? - 11/10/11 06:11 PM
JUST MOVIN' ON DOWN!!
CONTRARY TO JEAN HANLEY'S EXPERIENCE, I have not seen any evidence that a large percentage of owners who opt for the "strategic default" do so unless they are faced with the choice of
short sale
deed in lieu
bankruptcy
When an owner decides to rent and walk away, they are reducing their monthly housing costs dramatically.
Those who are waiting it out have already been doing so for 3 years and faced with many more years, perhaps a decade of paying for a property that will have no equity for perhaps 10 years. 
The folks I know … (18 comments)

mortgage mess: HEY, National Association of Realtors... ARE YOU LISTENING TO US? - 11/07/11 01:53 PM
The NAR can help home buyers and real estate agent and broker members if it focuses on the real causes of the problems in the HOUSING INDUSTRY and get's the FACTS to Congress.  THAT would be a wise expenditure of the PAC money
NEGATIVE EQUITY?  LOSS OF CREDIT?  LOSS OF JOB? LOSS OF OPPORTUNITY?  Or A Simple Loss of Confidence?? 
A REALITY CHECK!!!
Inspired by a brilliant article by Norm Werner, "Entering the slow season off a lull..." a title that doesn't give one much "confidence" for the coming months.  Norm quotes Dr. Lawrence Yun, Chief Economist for the National Association of Realtors, who, … (47 comments)

mortgage mess: HARP. THE BEST POINT BY POINT DESCRIPTION OF HARP THAT I'VE SEEN.....In Plain English. - 10/27/11 04:39 PM
The Best Point By Point Description of HARP that I've Seen.  In Plain English.
October 2011 : The Complete, Revamped HARP / Making Home Affordable Eligibility Requirements There have been several posts about HARP by ActiveRain members.   Some more comprehensive than others.  Some with some pretty serious mistakes, such as the home owner seeking relief through HARP doesn't have to be employed.  I don't know where anyone got that information.  That's not even logical.
CLICK HERE FOR THE BEST ANALYSIS OF HARP I'VE SEEN.
O.K. Lenn, why all the interest in HARP.  You're a buyer's agent.  Easy.  I do get a lot of phone … (14 comments)

mortgage mess: My plan for addressing the current housing crisis. It won’t make me popular but please consider my very humble opinion! - 10/27/11 08:51 AM
A CASE OF MISPLACED BLAME and GIVING A PASS TO PROFITEERS in the MORTGAGE MESS.
I reject the premise of Richard's post that upside down borrowers are in that position as a result of their own bad decisions and actions when they purchased.
Not so.  The percentage of conscious mortgage fraud on the part of borrowers would require that the consumer control the mortgage and underwriting process.  The consumer controls nothing.  They are customers and often the MARK in financing schemes by entities far smarter than the average consumer. 
WHAT ABOUT THE ONES WHO FOLLOW RICHARD'S PLAN FOR HOME OWNERSHIP??  There are many home owners who … (35 comments)

mortgage mess: Are the HARP Bureaucrats Smoking HEMP? - 10/26/11 02:05 PM
BINGO!
Renee identified one of the features of the "new and improved" HARP program.
Renee wrote,   "HELLO – it appears they are now encouraging homeowners to shorten the term of their mortgages through this program"
What few of ActiveRain members have noticed is that, shortening the TERM of the mortgage will drive the monthly mortgage payment UP, UP AND AWAY.
Common sense should tell anyone that, if the 10, 15 or even 20 year mortgage is so wonderful,
why don't more home buyers opt for that mortgage TERM???? 
BECAUSE THE MONTHLY MORTGAGE PAYMENT makes it impossible, either for the home owner's comfort level, … (15 comments)

 


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