Real estate blog entries tagged with foreclosures by Richie Alan Naggar, agent & author (people first...then business Ran Right Realty )

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foreclosures: BANK OF AMERICA FORECLOSES ON THE MILITARY...MONEY OWED COMES FIRST - 05/27/11 03:00 AM

The Bank of America has agreed to pay military members who were improperly foreclosed upon over 22 million dollars to make charges go away about improper foreclosure conduct. Over 150 military personnel were mistreated because B of A did not get permission from the courts before they proceeded
WE WANT YOUR LIFE, YOUR HOME, AND YOUR HOUSE TOO
It appears to me that we got a moral mess on our hands. We send people into harms way and then while they are committing their lives to carrying out various mission objectives, we attack them here at home. Mind you, we attack … (7 comments)

foreclosures: SHORT SALES....THE STORIES JUST KEEP ON COMING - 05/21/11 04:04 AM

I was made aware of the following Short Sale story regarding a condo unit. It appears that the owner of the condo stopped paying the bank and the home owners association and then went into bankruptcy before the association could put a lien on the unit
The owner never successfully was able to deal with their bank and consequently all short sale offers were rejected and the unit remained unsold. But the bank did an interesting thing...
It put off foreclosing as long as it could and instead was trying to auction the unit off before triggering and then finalizing the … (9 comments)

foreclosures: U.S. ECONOMY....UNEMPLOYMENT AND... RISING GAS PRICES...? WHOA! - 05/12/11 02:56 AM

If there was ever a time where we need our government to govern, this is it. What is anyone waiting for? People in public office are well paid, motivated and taken care of. Now, I have to see some results from all that and I want to see them now!
$5.00 A GALLON?
Whoever is behind raising gas prices during a recession-depression has one wondering to say the least. Money is tight, uncertainty abounds and why would people try to profit from others during these especially hard times? Despicable comes to mind
NO ONE IS MINDING THE STORE
I remind everyone … (5 comments)

foreclosures: TWO SIDES TO THE HOUSING DISASTER....someone loses and someone gains - 05/10/11 04:00 AM

It is a well known fact that millions of people have been displaced from the housing debacle that is still plaguing our nation. The foreclosure figures are staggering approaching 8-10 million foreclosed homes since starting around 2007 with more to come. On the flip side, prices are being rolled back to affordability welcoming first time buyers back in the game
$ SOME STABLE AND SOME DROPPING $
Currently, prices are not stable as a whole and there are some pockets of Real Estate that are still in a state of decline... my neck of the woods being included. If resale inventory … (6 comments)

foreclosures: PROVIDENT BANK.....THE REAL ESTATE AGENTS & BORROWERS FRIEND - 05/04/11 12:49 PM

All banks are bad. That was my mantra for 2 years and it was a pretty accurate statement. Bank of America, Chase, US Bank, Citibank and all the rest of them where all part of an ongoing problem with their customers, borrowers, federal government and especially Real Estate agents
NOT SO WITH PROVIDENT
I am very glad to announce that Provident Bank which is a smaller personal type bank is meeting the expectations of the Real Estate agent, the defaulted borrower, the borrower and the customer. They are in the positive flow and part of the economic solution
SHORT SALES GET … (2 comments)

foreclosures: 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)

foreclosures: MY ELDERLY SHORT SELLER IS WORRIED ABOUT HER FUTURE - 05/02/11 04:00 AM

People who sell short for the most part do so out of having used up all their resources to not do so. Let's leave strategic defaulters out of this. I am talking about the ordinary person who got caught up in it all. That would be my client who came to me very embarrassed but knew I would not judge her but help her instead
I EXPLAIN...
First off I told them that we need to take advantage of debt relief being offered by state and federal programs so that she doesn't incur the future wrath of the IRS via liens … (4 comments)

foreclosures: RENTALS...A LOT OF WORK UNTIL THE RIGHT PEOPLE MEET UP - 04/28/11 03:56 AM

It is not easy to rent property out now a days and to seek out properties for rent either. Both landlords and tenants have their hands full. Landlords want the rent paid on time and the common sense rules obeyed. Prospective tenants want a safe and affordable place to stay...so what is the problem?
Landlord Risk
Well here in Riverside County in California, evictions are given low priority in the courts. Consequently that means that if there is a dispute and the tenant doesn't pay rent for some reason, the Landlord will have to sustain the mortgage for months even up … (4 comments)

foreclosures: I MADE IT TO THIS MOMENT.....THANK YOU - 04/21/11 03:46 AM

Are you a in the moment person? Do you have a heart of gratitude or are you always chasing down your happiness believing it is around the corner hidden in some tangible item or place. By now, you have lived enough to know this answer and what to do about it
ONE DAY AT A TIME
If you take stock of your self right now, I'd say you are doing well. You have lived through things that you thought you would never get through. Remember? When the challenges come, our worst fears presents themselves. If you are reading this post, well … (6 comments)

foreclosures: WHAT DO YOU THINK THE HOUSE IS WORTH? here we go...... - 04/18/11 06:09 AM

When discussing a listing, this has got to come up. There is what I think the place is worth, what you think the place is worth, what the bank thinks it s worth, what the buyer thinks it worth, what the buyers agent thinks and whoever else gets invited to the party depending....
SHORT SALES AND FORECLOSURE VALUES
In today's market where short sales and foreclosures abound, more often than not, the BPO's, the banks and the investors along with the mortgage insurance people call the ball. My opinion is the least important in that arena. Of course I have … (4 comments)

foreclosures: HELOC....the loan from hell - 04/17/11 12:40 PM

Whoa is what I said then and thereafter when I first had my experience with HELOC's. I had an equity rich home with Countrywide and a second becoming due. I am talking with them and they tell me about this program that I qualify for where you just write a check up to $150,000 no questions asked. I said..any charge if I don't use it?
LINE OF CREDIT NO PROBLEM
There is no charge for setting it up. So I figured I had nothing to lose. I had a second becoming due and it was another option besides using my cash … (2 comments)

foreclosures: HARD CHOICES FOR RENTERS, BORROWERS, AND DEBTORS...woe unto them - 04/13/11 04:38 AM

Please be advised that this post subject matter is a depressing reality and may be shocking to some. It may also not be suitable for many. It is my hope that those that are moved by it, may perhaps become more aware of those that are in it over their heads, and be moved to act.
THE SILENT MINORITY?
The consumer, the driving mandatory force of our country, is at risk now more than ever. If you are renting a property and failed to make payment, an eviction hangs over your head. If you owned a home and stopped paying the … (9 comments)

foreclosures: LISTING TOOK TWO HOURS... 10 MINUTES REAL ESTATE, 110 MINUTES DIVORCE DYNAMICS - 03/30/11 06:12 AM

Well... we all know listings are what keeps the Real Estate business going and flowing. I can do the paperwork and the presentation in my sleep. However, this last listing took one hour and fifty minutes longer than usual because I have a divorce to contend with
WE AGREE TO ADAMANTLY DISAGREE
This one is civil but comes with a degree of strangeness to it. Two people living in the same house for years and who have been married for years too. The woman wanted a divorce for years now, but for the sake of the only child put it off … (9 comments)

foreclosures: 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)

foreclosures: WE NEED TO DISCUSS AND SOLVE...UNEMPLOYMENT, HOUSING, AND THE RECESSION - 03/16/11 07:04 AM

I notice that newspapers are reluctant to talk too much about unemployment being high and not responding to stimulus. They will also approach the subject of housing tip toeing as they do. Even the economy and what we call the recession is approached gingerly all so that they do not make things worse when discussed.
OUR FEARS COME OUT
You see that's what most humans do when they hear something not to their liking. They take it to heart via their fears and make matters worse than they are. This appears to be the problem at large in regards to when … (4 comments)

foreclosures: 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)

foreclosures: HOUSING, THE ECONOMY AND WHAT OBAMA SAID - 03/11/11 06:33 AM

I just finished watching president Obama at a press conference. He talked about Libya, the budget, politics, and the Japanese earthquake. The part that got my fullest attention was when he commented on housing. He stated something that was true, but not thorough
HOUSING PRODUCT VALUE
We have 5 trillion dollars worth of product that comprises the housing market. Anything that affects that moves slow. The problems of homes not being worth what is owed on them is recognized and rampant across the nation. He claims it was spurred on from new construction all over the United States meeting up with … (4 comments)

foreclosures: MY NECK OF THE WOODS HAS A WAYS TO GO IN THIS ECONOMY - 03/09/11 08:38 AM

The Riverside and San Bernardino areas of California have the hardest hit by the current and latest downturn in the economy and Real Estate devaluations. We continue to be bogged down with foreclosure activities and high unemployment hovering at about 15%
I remember when I came into this area seven years ago. It was rich with so many possibilities and potentials just waiting to be put to good use. It was and it did. I remember reading about the surplus in funds that the county tax assessor had come into from all the new construction and climbing Real Estate values.
They … (2 comments)

foreclosures: BANK DOES LOAN MODIFICATIONS ....farms out to INDIA ? - 03/06/11 02:19 AM

I have an associate who is handling a very complicated loan mod with the bank. It involves a living trust where the beneficiary has died and the trustees now occupy the home but are not on the loan. It is complex and not easy to sort out and address. $250,00 is owed and the property is worth closer to $100,000. The payments are way higher than the cheapest rental in the area
FORECLOSURE PLUS COMMUNICATION PROBLEM?
So, what does the bank do? Farms all their inquiries out to INDIA where every question you ask is met with a script answer accompanied … (6 comments)

foreclosures: OWNER HASN'T PAID MORTGAGE IN 3 YEARS......B of A OUT TO LUNCH - 02/15/11 01:50 AM

I was talking with my fellow Real Estate agent the other day. You know how you share and bring each other up to speed on what is going on. She tells me that she has a client who hasn't paid on their mortgage for 3 years and counting.
Of course I start asking all these questions. The Bank is yes, you guessed it Bank of America. I actually hate saying their name because America deserves better than this bank. Anyway, I find out that the bank hasn't even sent them a delinquency notice. You know the one that says we haven't … (9 comments)

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