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loan modification: HAMP - Preventing Froeclosures, Or Causing Them? - 08/24/10 06:43 PM
As I once heard brilliant financial guru Steve Forbes say (paraphrase) “. . . we had a chance to fix the mortgage crisis back in ’07; if we had just let it crash, it would have been painful, but we would have recovered in 6 months.” A free economy tends to correct itself, but it’s just not the nature of government(s) to leave things alone. That’s why we have to endure this mess for years instead of months, and why we have new government programs every time another one fails. Whatever it takes to prevent economy from it’s natural course: stretch … (0 comments)
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loan modification: Beware The Craigslist Rent Scam - 03/13/10 01:21 PM
Regretfully, all is not what it seems on Craigslist. On a recent REO listing we received numerous calls inquiring whether the property was for rent or for sale. Shortly after we posted the home on the multiple listing service someone posted a Craigslist ad offering the property for rent at a ridiculously low price. The ad actually copied our MLS headline and verbiage word-for-word. This was an upscale property in remarkably good condition for an REO. We expected a lot of inquiries, but not from renters.
Some of the callers had driven by the property, noticed our lawn sign, figured the … (12 comments)
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loan modification: The Ethical Dilemma of Strategic Walk-Aways - 02/03/10 08:54 PM
Owners that can actually make their loan payments, but choose to walk away, accounted for 1 in 4, or 25% of all foreclosures as of June 2009. That was over six months ago, and the numbers have probably gone up since the initial studies (these data can be easily verified via a quick Google search). Strategic default is an ethical dilemma, and the discussion is burning up cyberspace.
On one hand, there is a moral obligation to honor your contract. If you owe more than your house is worth, one way or other you gambled on your equity and came … (164 comments)
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loan modification: What Is The FED?, Part Two, or The Wolf Is In The Henhouse - 10/06/09 09:13 PM
The Federal Reserve Board controls the Federal Reserve system: an elaborate depository chain which guarantees the value of money, determines the cost of money, and controls the flow of money. Natural economy is based on supply and demand of goods and services. Contrarily, the American economy is based on the supply and demand of money, controlled entirely by the FED. Basically, the FED, a private organization; autonomous and accountable to no one, controls and manipulates the American economy.
Why? Profit. Private profit. As long as money is moving, or changing hands, bankers make a profit. When the money stops moving, they … (1 comments)
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loan modification: Where Have All The Good Appraisers Gone? - 07/15/09 10:06 PM
Seems like they're dropping out of site. It's almost epidemic, as if there is some new infection that's wiping them all out. This is a trend that we've noticed for some time, as early as 2005, long before the HVCC, the collapse of WAMU, or the current default crisis. Maybe the best appraisers started intuiting the current mess while it was brewing and just decided to pack it up.
Appraisers have, by far, the most stringent licensing and continuing education requirements in the real estate industry. If real estate or loan agents had to obtain half of the experience and education … (0 comments)
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Mike Bell
Santa Clara,
CA
More about me…
Mike Bell, REO Broker - Realty World MBA
Address: 1125 Saratoga Avenue, Suite 3, San Jose, CA, 95129
Office Phone: (408) 984-7420
Email Me
Insightful and timely information about foreclosures and bank owned properties in San Jose, Santa Clara County and Silicon Valley
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