short sale: Conspiracy Theory #17 - 04/17/08 09:19 AM
We've all heard of PMI. It's Mortgage Insurance. It reduces the risk of loss to the lender in the case of default. In the case of default instead of the lender taking the entire loss, the purchased Mortgage Insurance steps in and covers a portion of the loss. … (34 comments)
short sale: BAAAAAAA! - 04/16/08 09:33 AM
Feel like a Piece of Livestock yet? Cattle, Sheep. Goats, go ahead and pick your favorite. You are a now a piece of livestock in the eyes of Fannie Mae and Freddie Mac. And you thought you were just another number? As the pressure mounts for more and more … (5 comments)
short sale: The Dreaded 1099-C - 04/14/08 09:00 AM
Here's what a blank form looks like. In a Short Sale or Foreclosure this is what the Lender might chose to file (a foreclosure might send you a 1099-A too). Like any other 1099, one copy goes to the taxpayer (you) and another copy goes to the IRS. … (8 comments)
I just got off the phone with Loss Mitigation at Ocwen. Correction, make that what used to be Loss Mitigation. As of noon-ish today, Ocwen has left the Short Sale playing field. According to my … (13 comments)
short sale: You Can't Fix LTV - 02/21/08 10:01 AM
There's a comedian on TV who's gig is "YOU CAN'T FIX STUPID". Is it Ron White? I think so. I've never seen him. Not for any other reason than I don't get a chance to watch much TV. This has nothing about stupid. It's about LTV. … (5 comments)
short sale: Why Your Favorite Agent Won't List Your Short Sale - 02/11/08 09:59 AM
Why Your Favorite Agent Won't List Your Short Sale So you've bought and sold ten houses in the last couple of decades. Every buy, every sale they were always there for you. They knew exactly what you liked and what you didn't like. They always returned your phone calls. … (2 comments)
short sale: Will Agents Replace Mortgage Brokers? - 12/05/07 09:30 AM
Will the Lenders soon change their business model, dumping Mortgage Brokers for Real Estate Agents in the name of profitability? I posted the question over at Lenderama earlier this week. In simple terms, a company's bottom line (profitability) is determined by how much they brought in minus what they spent to do … (9 comments)
short sale: Clouds - 09/21/07 09:09 AM
For my 200th Post, I thought it would be nice to discuss clouds. "Partly Cloudy", said my local weather person this morning. Partly Cloudy is good thing if you are laying back after a picnic with your sweetheart on a summer day. Partly cloudy is almost always a good thing. Almost. … (4 comments)
short sale: The next Big Bargain - 09/07/07 08:59 AM
The San Jose Mercury News sent me a snippet via email entitled... The Next Big Bargain A record number of homeowners are in foreclosure, according to data compiled from April to June by the Mortgage Bankers Association. The problem is caused by subprime mortgages in California, Florida, Nevada and Arizona. According to … (9 comments)
short sale: Buying a Short Sale - 08/30/07 05:38 PM
Buying an short sale for either an investment property or a residence can try the patience of all parties involved. We know that here in the Bay Area we are presented with plenty of opportunities. How do you buy a Short Sale? Here's a quick run down of a typical purchase. … (7 comments)
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