short sale: Wells Fargo Announces They Will Now Use Equator for Short Sales
- 07/18/11 09:18 AM
I know Equator is efficient but sometimes it's nice to have someone else on the phone rather than a program where you never really speak to a human on the other hand. Equator organizes the tasks and process of a short sale. Isn't organized in managing loss mitigation but it misses a more human component when negotiating short sales. Today I received a message below that Wells Fargo is going live with Equator. Love it? Hate it? July 15, 2011 Dear MONIQUE CARRABBA: We're following up to see if you've had the opportunity to simplify the short sale process for your … (1 comments)
short sale: Default and Short Sale News - November 2010
- 11/18/10 12:51 PM
It was a pretty active week in the default space. We will shot gun a few of the larger stories and then I'll add my closing commentary. Now more than ever, it is important to keep your finger on the pulse with what is happening at the government level, as well as at the street level in our space. Depression Era Decline The first major story we'll cover is the fact that some daunting statistics came out this week. During the Great Depression era (5 year span from 1929-1933) home values plummeted by a record breaking 25.9%. This was during a … (0 comments)
short sale: National Wells Fargo Short Sale Update
- 10/06/10 01:55 PM
My notes:Wells Fargo short sale meeting 9/23/10Wells Fargo services 9 million loan customers (2nd to BofA)22% are portfolio assets including Wachovia loans (or owned by Wells Fargo)Therefore, 78% are serviced for loan investors (where Wells is the servicer)Wachovia assets have already been written down (default management term, means losses have been realized)With Wells, the loss hasn't been realized yet (therefore, not as loose as Wachovia program, more at stake to lose for the investor)"2010 is the year of liquidation, 2009 was the year of retention" (good quote)"The pig in the python" ( default management term ) - backlog inventory clogging up … (3 comments)
short sale: Foreclosure, Short Sale, REO? What they are explained.
- 09/21/10 09:55 AM
In Los Angeles, I have had many people ask me: "So I would like to buy a foreclosure." No one really wants to buy a short sale but usually when someone says they want to buy a foreclosure that's what they mean. Here is a quick cheat sheet for all of you foreclosure buyers. The first thing that usually happens to a homeowner is they can't pay their mortgage. This triggers a Notice of Default. The lender notifies the homeowner that they need to become current in their loan or risk the sale of their property at a foreclosure auction. If … (0 comments)
short sale: Looking to purchase a short sale? Patience Pays Off
- 06/17/10 08:22 AM
Many homes on the market right now are short sales. What that means is the seller is likely in default (they are behind on their mortgage payment) and are asking the bank(s) that hold the loans on the property to take less than what the loan balance is. The listing agent typically prices the home for less than what is owned to the bank (this is where the term "short sale" comes from). Many people laugh when I tell them it's a short sale as the process can take many months to close. Once you write an offer on a short … (0 comments)
I know Equator is efficient but sometimes it's nice to have someone else on the phone rather than a program where you never really speak to a human on the other hand. Equator organizes the tasks and process of a short sale.
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