foreclosure prevention: Conflicts of interest? Loan servicer pulls one on the investors too. - 11/03/09 05:47 PM
I just attended a Foreclosure rescue seminar this past weekend. One of the things that I learned is their is another victim besides the homeowner, the INVESTOR. These "mortgage backed securities" were supposed to be safe investments. Triple AAA rated, SAFE, reasonable returns. The kind of investments that were sold as low risk. They too are being burned in this real estate bubble.
The people in the middle: servicer(s), and the firms that sold these mortgages to the investors got their profits and no consequence.
The homeowner loses their home and credit, and the INVESTOR that actually put up real money, takes the loss. No one … (2 comments)
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foreclosure prevention: A-B-C Foreclosure rescue companies- Are they legit? - 10/29/09 01:34 AM
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I had one experience a little over a year ago where a representative, for a buyer wanted to looking for good deals for his "client", but only my listings. I showed that person a few short sales that fit his requirements. A few weeks later his client came in to town with him wanting to see 2 homes in particular. My seller was home at one for this showing. This potential buyer went into a pretty aggressive pitch on me and my customer to hire his firm. Wait.. I thought he was a buyer, actually he is really attempting to take control … (0 comments)
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foreclosure prevention: 7 things I learned doing short sales for past 3 years - 09/09/09 07:50 AM
I have now have closed a lot of short sales in the past three years. My words of wisdom for buyers, and sellers who are considering a short sale. Short sales can be a great deal typically selling for 10-20% below current market value. BUT, they have a tendency to frustrate buyers, and sellers in the process.
Patience, involvement and realistic goals are helpful to get a short sale closed. Either everyone wins, or everyone loses. The buyer gets a great home, for a fair price. The seller gets rid of a home that is under water, and can potentially wipe … (18 comments)
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