banks: STRATEGIC DEFAULTERS COMING FORWARD
- 10/19/11 08:31 AM
More and more people who can afford to keep underwater homes are finally making the decision to walk away. Banks unwillingness to negotiate together with financial advisers reporting that it is near folly to continue paying on something that will never make sense has borrowers taking action
MAJORITY THINK IT IS A.... NO NO TO DO
A survey held recently polling people at random reported that over 90% dis-approved defaulting and walking away for moral and ethical reasons. However, what should be considered in the same breath is the remedy that all agreed to up front when contracting.
CONTRACT LAW GOVERNS...NOT … (3 comments)
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banks: THINGS THAT SOLD FOR UP TO $550 GOING FOR $220K NOW
- 10/10/11 12:06 PM
Remember the famous saying."what goes up...must come down'? Well, we artificially tampered with the up part throwing a monkey wrench into a system that was working well. Real Estate adjusts itself just like your body does do your daily activities. You get active, you rest and the body rises and lowers to the occasions. Someone added a dynamic that changed the game
REAL ESTATE CYCLES TELL STORIES
Real Estate runs in cycles. We have had 17 past cycles that we can study and all prove interesting. BTW, the projection for this cycle to peak was originally 2017 making people who wanted … (4 comments)
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banks: Housing Can’t Recover Unless the Banks are Honest
- 08/31/11 12:14 PM
If you want the facts, you know truth based information that really makes sense of Real Estate reality, then you have to read my good friend John Mulkey's post. It is a reminder of how too big can become really bad and people can drop like flies when they corporate entities do not answer to anyone including our own government.
While many have blamed irresponsible actions by homeowners for the recession and the collapse of housing, much of the problem lies with the big banks; and housing can’t recover unless the banks are honest. Just yesterday an article on ProPublica … (2 comments)
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banks: PRICING TO SELL.... PRICING TO TELL.... OR PRICING FOR ICING...?
- 06/17/11 10:26 AM
In this Real Estate cycle, pricing is the star subject in any transaction. Real Estate agents are the producers and directors of the deal to be. Short and other sales drag on because BPO's, appraisers, banks, lender, investors, sellers, and buyers all cannot agree rapidly on a fair price.
IT STARTS WITH THE LISTING AGENT
The listing agent has to back up their position with some concrete stats or comps...How will anything get up on its hind legs and walk toward escrow if it is not priced to start the procedure. Appraisers are always asking me for my contract price and … (0 comments)
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banks: SOME INVESTORS TAINT THE MARKET....AND WILL TAKE YOU WITH THEM
- 06/06/11 06:30 AM
I have a short sale that keeps attracting investors who want to make everyone rich. The plan is a simple one. We low ball the banks, supply them with supporting data and then buy/sell the property for a steal. Then, these same investors flip the property and can make anywhere from 30-60k in two months time...
LICENSE FIRST...MONEY SECOND
Of the making of money in this country, there is no end. It is how we make the money that determines just who and what you are at the end of the day or your life for that matter. When an agent … (5 comments)
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banks: HAVING A REAL ESTATE AGENT and an ATTORNEY....makes sense
- 05/03/11 02:41 AM
In America, we sue when we are wronged, disagree with each other or want to make a point. When people fail to reason or dialog and then cure, then we have to resort to litigation. It is not my first choice or preference. However, some of the banks I am dealing with whose conduct is highly questionable make using an attorney the prudent thing to do
ATTORNEY AT LAW
I have noticed a distinct difference when attorneys are involved in any transactions. Parties that know that they will be held accountable for their actions act more responsible. I find … (4 comments)
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banks: REO...BANK OWNED...SHORT SALE...WHAT HAPPENED TO FOR SALE BY OWNER?
- 03/24/11 07:07 AM
All I see now a days is places that are for sale that are in or going into or coming out of foreclosure. It is an epidemic sweeping the Nation like never before. I have come to accept the words foreclosure as normal and time consuming especially if I have buyers looking for a home.
I actually saw a sign the other day that said...NOT A SHORT SALE. I mean it literally sobered me up and here I am blogging about it. You mean you actually are not in distress? Does that mean I wont get a good deal or a … (0 comments)
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banks: DIVORCE, SHORT SALES AND FRIENDS....oh my!
- 03/24/11 04:16 AM
I hate these. That's why they keep coming to me I suppose. I have a friend who I helped get a refinance 2 years ago and then counsel about not divorcing at that time. Don't do it says I, and give many reasons not too. All the reasons made sense at the time. Now, I get a call asking if I will help sell the home.
BATTLE STATIONS..not
The parties are on talking terms but some venom has been spotted if the subject is pushed. Having friends go through this is bad enough. At least they know that I will watch … (9 comments)
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banks: WELLS FARGO CEO...only made...17.56 MILLION IN 2010 Recession SPARES NO ONE
- 03/22/11 03:50 AM
The figure quoted above is 6% less than what he made in 2009. So the recession has not spared this man and he too lost money. Now the corporation credits CEO John Stumpf with helping to bring in income in excess of 12 billion dollars last year. He must be rewarded for doing his job.
THE BANKS MAKE MONEY
The gross revenue for Wells Fargo is roughly about 85 billion a year down from 88 billion a year because of the recession, regulatory reforms, and the banking financial crisis. So you see even the banks are not immune from the economy … (0 comments)
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banks: BORDERS TRYING TO COMEBACK.....ALL SHIPS NEED CAPTAINS
- 03/15/11 09:52 AM
I am one of the many vendors whose Publishers are owed money by Borders. A struggling starving lowly Real Estate agent (lol) who humbly writes books in between escrows whose publisher got caught up in Borders mis-management practices. Life teaches us by using sweets and sours to make a point. I am okay with it all.
HAVING SOMEONE AT THE HELM
You don't need a ships Captain when the ship is in a safe harbor or puts into dock. But out there in the vast seas where decisions have to be made, courses corrected and re-plotted with confidence is where … (2 comments)
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banks: BANKS DON'T HELP PEOPLE...THEY HELP THEMSELVES TO PEOPLE
- 03/11/11 09:12 AM
The banks have always played an anti-people role when people needed them the most in the form of unexpected problems. The banks have always had a history of them first and everything else second while at the same time having a public relations campaign that said the opposite
THIS IS WELL PORTRAYED
If you watch the movie the Grapes of Wrath based on the book by John Steinbeck, they are correctly portrayed as they really are. Steinbeck caught hell from writing the book and then having a movie exposing that truth. Of course he also revealed how many people who lost … (2 comments)
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banks: ONE WAY TO CURE THE ECONOMY.....TAKE THE LOSS AND MOVE ON....
- 11/20/10 01:22 AM
People who have lost something suffer for the experience. Have you ever had a car stolen, a home burglarized....your purse or wallet taken? How about people who gamble. They play and lose and hide that failing with a vow to WIN IT ALL BACK...when in reality they may need to just stop gambling
It is not a good feeling to lose anything, at anytime for any reason.....but it does happen.....
HOMEOWNERS:
I feel your pain deeply. You bought a home and had every reason to believe that it would go well. You borrowed against it and bought things thinking that you … (106 comments)
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banks: THIS COUNTRY IS BEING LOOTED....from the top.....
- 10/19/10 02:18 AM
I am thinking of the time when all the bankers were summoned to Washington to help avert problems in the Real Estate and Finance Industry...what do they do..? All fly down in corporate jets. Remember that one..? We knew there and then that the whole banking industry was a sham and the people running it not far behind either.....
But wait, it really takes a funny turn...these same people who were outed successfully qualified for billions of dollars of BAIL-OUT money. They had the last laugh on us all and he who laughs last, laughs best. The insult to all this, … (8 comments)
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banks: BANKS...LET ACTIVERAINER's...SOLVE YOUR FORECLOSURE PROBLEMS...NOW
- 10/16/10 02:51 AM
Some of ActiveRain's posters and commenter's should be on special commissions to problem solve and eliminate myriads of problems in today's Real Estate world. I have even suggested that ActiveRain participants should take over all banks for a period of 6 months.
You would see visible results in 90 days guaranteed. Short Sales would move at record pace. Loan mods would fly or die. BPO's done. Inspections done. Every assistance would be given to help the homeowner either stay in or move out. Calls would be answered and returned promptly. Putting people who care about the subject matter in position's of … (8 comments)
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banks: SHAME ON ELECTED OFFICIALS...What are you doing...?
- 10/12/10 02:24 AM
We all know by now that there is a stop order on all foreclosures...but not for the right reasons....it is because the bank may have done something wrong which injures the procedure....Now here is the part that gets my goat.....For months and months...even years, ActiveRain professionals have been blogging about this subject and what to do about it
WHY SHOULD WE DEAL WITH THIS ISSUE.......WE ARE DOING JUST FINE......
It appears that everyone in office has been put to sleep. The dream inducers are $150,000 a year salaries whether you perform or not, perks and insurance benefits as well as benefits … (8 comments)
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banks: BANKS HALTING FORECLOSURES........? IT TOOK LITIGATION TO DO SO.......
- 10/05/10 10:02 AM
In several articles that just came out, the banks are halting the foreclosure processes because they found errors in their procedures....These errors are being brought to the surface via lawsuits filed by foreclosed upon homeowners who fought back
Let's not debate weather someone should be in foreclosure or not. Instead, I just wanted to mention how the 3 foot hole that the banks found themselves in has just turned into a 6 foot hole...of their own doing.
Why would the banks not heed the advice of trying to work things out with homeowners....? Because the government offered them a cushion or … (10 comments)
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banks: REAL ESTATE & THE POWER OF PENT-UP DEMAND..........relax it works.......
- 08/28/10 02:28 AM
I know we are going through some interesting times that try people and their circumstances right to the limits. The uncertainties about the future abound creating fear, panic, despair, and loss of hope. This is not the way to go and.... is far from being accurate. Why is it that after having 17 previous Real Estate cycles, we have not come to respect them or understand them.
Each cycle has its own dynamic. But here is the point of this post that connects them all. The one thing that drives, dominates and finally prevails in the end is.............
THE POWER OF … (8 comments)
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banks: BANK OF AMERICA...SNEAKY, INCOMPETENT AND... NOW PUNITIVE to people
- 08/08/10 02:07 AM
About 2-3 months ago, I wrote a post about HOW SNEAKY BANK OF AMERICA is and received an overwhelming response. Bring yourself up to date by clicking on the link below and then come back to hear how they went from SNEAKY to INCOMPETENT and PUNITIVE
SNEAKY.....BANK OF AMERICA.......LOAN MODS.......... TAKES THE CAKE...........
Well, you just read how during a loan modification process and full compliance by my clients, Bank of America foreclosed right in the middle of negotiations...which is the insult. The injury is that they not only did not give any warning, but put my clients to sleep assuring … (17 comments)
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banks: FHA..........FORGIVE & FORGET PROGRAM........President Obama please.....
- 07/23/10 09:34 AM
We all know that the loan modification programs aren't working. They cannot work and were never designed to work....but that is another post. Consequently, foreclosures are here to stay, and will run their unnatural course leaving much destruction in their wake. How can you have a borrower who owes $400k on a home that is worth only $175k ever hope to catch-up or make sense out of the current investment they are in?
Real Estate has to correct itself and cannot be regulated. It runs on the principals of a ready willing and able buyer and seller to set values together … (35 comments)
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banks: TRUSTEE SALE AUCTIONS................HAPPINESS & SADNESS.......? part 1
- 06/18/10 01:46 AM
Almost every day in my neck of the woods, on the county courthouse steps, you will find a group of people. They have phones, laptops, special chairs with built-in umbrellas and remain.....very aloof. They are in constant contact with others as they sit and wait for the trustee sale to begin....put on your poker face....
COME AND GET IT.......THE NEW WAY TO PURCHASE A HOME
They will eyeball you when you pass by them or join near them. You are being sized up as a potential bidder against them....a threat to their mission.......which is to steal a piece of … (4 comments)
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More and more people who can afford to keep underwater homes are finally making the decision to walk away. Banks unwillingness to negotiate together with financial advisers reporting that it is near folly to continue paying on something that will never make sense has borrowers taking action
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