Short Sales In California

22% of Florida Home Loans Reported as Non-Current

Kris & Kim Darney (Platinum Real Estate) — Tue, 10 Nov 2009 18:20:12 -0600

According to HousingWire.com reporting...the US forelcosure rate rose to 3.12% in September...a 2.6% increase over August.

Also. 12.49% of active home loans are "non-current".

Folks...we are in this for the long haul.By these numbers, we'll have inventory coming out the wazoo for the next ten years. More inventory...lower prices.

************

US Foreclosure Rate Swells to 3.12% in September: LPS

By JON PRIOR
November 10, 2009 11:23 AM CST

The rate of non-current loans, a combination of foreclosures and delinquencies as a percent of active loans, reached 12.49%, a record high in the US, according to a report from Lender Processing Services (LPS: 42.81 +1.28%).

LPS manages loan-level residential mortgage data and performance information from more than 40m loans.

LPS’ Mortgage Monitor report also showed the nation’s September foreclosure rate jumping to 3.12%, a 2.6% increase from the previous month and an 88.9% hike from last year. Florida led the way with 10.4% of loans in foreclosure, and more than 22% of loans reported as non-current.

The total US delinquency rate stands at 9.37%, according to the report, and the number of loans sinking further into delinquent status more than doubled the amount of foreclosure starts. Nearly 33% of foreclosures remain in pre-sale status after 12 months, double the amount from last year. The six-month deterioration ratio rose in the past two months to 300%, meaning that for every loan that improves in status, three more deteriorate further, according to the report.

This large “shadow” inventory of foreclosures and real estate-owned (REO) inventory indicates another onslaught of troubled loans in an already backed-up pipeline, according to the report.

Florida, Nevada and Mississippi lead all states with the most non-current loans. North Dakota, South Dakota and Wyoming have the fewest non-current loans.

First Time and Move-Up Home Buyers Tax Credit

Kris & Kim Darney (Platinum Real Estate) — Sun, 08 Nov 2009 14:15:59 -0600

As promised….here are the details for the home buyer tax credit.

It’s official. President Obama has signed a bill that extends the tax credit for first-time homebuyers (FTHBs) into the first half of 2010. This program had been scheduled to expire on November 30, 2009.

In addition to extending the tax credit of up to $8,000 through June 30, 2010, the extension measure also opens up opportunities for others who are not buying a home for the first time.

So Who Gets What?
The program that has existed for FTHBs remains intact with the one exception that more people are now eligible based on an increase in the amount of income someone may now earn.

Additionally, the program now gives those who already own a residence some additional reasons to move to a new home. This incentive comes in the form of a tax credit of up to $6,500 for qualified purchasers who have owned and occupied a primary residence for a period of five consecutive years during the last eight years.

Deadlines
In order to qualify for the credit, all contracts need to be in effect no later than April 30, 2010 and close no later than June 30, 2010.

Higher Income Caps in Effect
The amount of income someone can earn and qualify for the full amount of the credit has been increased.

Single tax filers who earn up to $125,000 are eligible for the total credit amount. Those who earn more than this cap can receive a partial credit. However, single filers who earn $145,000 and above are ineligible.

Joint filers who earn up to $225,000 are eligible for the total credit amount. Those who earn more than this cap can receive a partial credit. However, joint filers who earn $245,000 and above are ineligible.

Maximum Purchase Price
Qualifying buyers may purchase a property with a maximum sales price of $800,000.

First-Time Homebuyer Tax Credit – Frequently Asked Questions
Here are answers to some commonly asked questions about the tax credit.

What is a tax credit?
A tax credit is a direct reduction in tax liability owed by an individual to the Internal Revenue Service (IRS). In the event no taxes are owed, the IRS will issue a check for the amount of the tax credit an individual is owed. Unlike the tax credit that existed in 2008, this credit does not require repayment unless the home, at any time in the first 36 months of ownership, is no longer an individual’s primary residence.

What is the tax credit for first-time homebuyers (FTHBs)?
An eligible homebuyer may request from the IRS a tax credit of up to $8,000 or 10% of the purchase price for a home. If the amount of the home purchased is $75,000, the maximum amount the credit can be is $7,500. If the amount of the home purchased is $100,000, the amount of the credit may not exceed $8,000.

Who is eligible for the FTHB tax credit?
Anyone who has not owned a primary residence in the previous 36 months, prior to closing and the transfer of title, is eligible. This applies both to single taxpayers and married couples. In the case where there is a married couple, if either spouse has owned a primary residence in the last 36 months, neither would qualify. In the case where an individual has owned property that has not been a primary residence, such as a second home or investment property, that individual would be eligible.

As mentioned above, the tax credit has been expanded so that existing homeowners who have owned and occupied a primary residence for a period of five consecutive years during the last eight years are now eligible for a tax credit of up to $6,500.

How do I claim the credit?
For those taking advantage of the tax credit in 2009, you may choose to either apply for the credit with your 2009 tax return or you may apply for the credit sooner by filing an amended 2008 tax return with Form 5405 (http://www.irs.gov/pub/irs-pdf/f5405.pdf).

Can you claim the tax credit in advance of purchasing a property?
No. The IRS has recently begun prosecuting people who have claimed credits where a purchase had not taken place.

Can a taxpayer claim a credit if the property is purchased from a seller with seller financing and the seller retains title to the property?
Yes. In situations where the buyer purchases the property, even though the seller retains legal title, the taxpayer may file for the credit. Examples of this would include a land contract, contract for deed, etc. According to the IRS, factors that would demonstrate the ownership of the property would include: 1. the right of possession, 2. the right to obtain legal title upon full payment of the purchase price, 3. the right to construct improvements, 4. the obligation to pay property taxes, 5. the risk of loss, 6. the responsibility to insure the property and 7. the duty to maintain the property.

Are there other restrictions to taking the credit?
Yes. According to the IRS, if any of the following describe your situation, a credit would not be due.

You buy your home from a close relative. This includes your spouse, parent, grandparent, child or grandchild.
You do not use the home as your principal residence.
You sell your home before the end of the year.
You are a nonresident alien.
You are, or were, eligible to claim the District of Columbia first-time homebuyer credit for any taxable year. (This does not apply for a home purchased in 2009.)
Your home financing comes from tax-exempt mortgage revenue bonds. (This does not apply for a home purchased in 2009.)
You owned a principal residence at any time during the three years prior to the date of purchase of your new home. For example, if you bought a home on July 1, 2009, you cannot take the credit for that home if you owned, or had an ownership interest in, another principal residence at any time from July 2, 2006, through July 1, 2009.

Can you buy a home from a step-relative and be eligible for the credit?
Yes. Provided the person you are buying a home from is not a direct blood relative, the purchase would be allowed.

Can parent(s) who will not live in the property cosign for a mortgage for their child and the child that is a qualifying FTHB still be eligible for the credit?
Yes.

Can a separated spouse who has not owned a home for four years qualify for the FTHB tax credit if the spouse has owned a property anytime in the last three years?
No. However, the spouse may be eligible for the repeat buyer credit. The best path to take in any situation regarding income taxes is to speak with a professional tax preparer or CPA.

http://timandjulieharris.com/2009/11/06/home-buyer-tax-credit-bill-passed-home-buyer-tax-credit-faq/

Senate Hit a Homer for New Buyers and Move Ups

Kris & Kim Darney (Platinum Real Estate) — Thu, 05 Nov 2009 01:28:54 -0600

As predicted, the Senate approved the extension of the Home Buyers Tax Credit until April 2010.

The approval is as follows:

$8,000.00 for 1st time buyers
added $6,500.00 for "Move-up" buyers
An increase in qualified incomes were doubled from $75,000.00 to $125,000.00 for a Single purchaser and from $150,000.00 to $225,000.00 for Couples.

The extension passed the Senate 98 to 0...a true bipartisan message.

The extension is expected to pass through the House with haste and be "rubber stamped" by President Obama by this weekend.

Bravo to the Dems and Elephants for getting on the same page.

Take Action on this opportunity.

Kris Darney

Short Sale and Buy At The Same Time?...It's Here

Kris & Kim Darney (Platinum Real Estate) — Tue, 03 Nov 2009 18:01:21 -0600

The proceeding story is copy write protected:

Breaking News*********If you are a Real Estate Agent: Kim and I will be talking about this program this week on our coaching calls with Harris Real Estate University Sign up and Log in to the Thursday Call 10:00AM PST

To our clients...you'll be receiving an email soon.

As our subscribers know...Kim and I are always looking for the latest and greatest news on Short Sales.

I liken this news to "Mans First Steps on The Moon"...Sounds extreme, I know, but this is just the beginning.

A lender from California is offering an FHA 3.5% purchase program for current homeowners that are selling their property on short sale.

The program works like this...

The short sale of the current home and timing the purchase of the next home run simultaneous.
The day after the "short sale" home sells, the closing of the "new" home takes place.

Yes...this can be a bit tricky with the unpredictable length of the short sale approval and placing an offer on a property on today's market...however a huge win and step in the right direction for our Short Sale sellers.

(Real Estate Agents) This part is for you.....!

Imagine...you could actually "quadruple end" a sale.

How does that work?

You list short sale #1.
You find the buyer for short sale #1.
You List short sale #2.
You Sell property #2 to the seller of the property #1.
Everyone Wins!

And, the program is currently available in 45 states... (program not currently available in Alaska, Michigan, Missouri, Ohio and Wisconsin).

Scenario:

The Smiths bought their home in 2005 for $400,000 with 5% down. It's now worth $200,000+, but they still owe $390,000. You negotiated to short sell it for $225,000. During the short sale process you got them approved for a new maximum loan of $376,000. Upon closing the short sell of their home, they closed on their new nicer, bigger home for $375,000 and didn't have to move into a rental apartment for 2 to 3 years.

It doesn't stop there... Past Short Sale Clients...

If you have sold a home on a short sale and want to buy another home, as long as you meet some additional criteria...paying your rent on time for a year...you may also qualify for this program.

Your asking...what is the criteria?

Here it is:

(1) Purchase price of new home cannot exceed original (short sell) home loan(s).

(2) Minimum 640 FICO Credit Score throughout the Short Sell and New Home purchase process

(3) Adhere to HUD County Limits on New Loans

(4) No Mortgage "lates" last 12 months, nor through the new home purchase

(5) There are no income limits

(6) Non owner-occupant, co-borrowers are allowed

(7) Competitive FHA lending rates available for this program

(8) Must qualify with normal income ratios

(9) 3.5% minimum down payment on new home ~ Gifts are OK

Houston....we have lift off!

Sellers...this is huge!

Agents...this is huge!

Best,

Kris

Loan Modification Experts...Beware...You May Be A Target...Beaten and Tortured

Kris & Kim Darney (Platinum Real Estate) — Fri, 30 Oct 2009 16:48:04 -0500

This story only gets better...

It appears that ywo Loan Modification Scam victims took their anger out on the perpertraitors...now they are facing Life in Prison!

It appears that these two Sothern California homeowners who had hired "Loan Mod Experts" felt that since nothing was happening with their modification that they would simply get their money back or beat it out of them.

Well that back fired and the 2 home owners along with 3 assailants are facing:

False imprisonment
Robbery
Extortion
Yada,Yada, Yada

Lesson Learned...

"Vengence is Mine...Sayeth the Lord"

As seen in Mortgage Ledger:

"One California couple facing foreclosure decided to violently take their desperation and frustration out on the very people they hired to help them save their home.

Daniel Weston and Mary Ann Parmelee, both 52, and three other people are charged with torturing two loan-modification agents they hired to help them try to save their home, authorities said.

The two are accused of luring their two victims, who they suspected of fraud, to an office where they tied the men up, held them against their wills for hours and beat them, according to a spokeswoman for the Los Angeles County district attorney.

According to court documents, the five assailants, who have all since been arrested, set out to “cause cruel and extreme pain and suffering for the purpose of revenge, extortion, persuasion and for a sadistic purpose, inflict great bodily injury.”
Both victims were treated at a local hospital and have now been released.

Weston and Parmelee own a home in La Canada-Flintridge, a suburb outside of Los Angeles, that fell into foreclosure.

The pair then allegedly sought loan modification assistance from the victims but eventually came to believe that nothing was being done in their favor and then requested their money back, as was written in a statement from the Los Angeles County district attorney’s office.

Weston, Parmelee and the three other defendants were each charged with two counts of torture, two counts of false imprisonment by violence and two counts of second-degree robbery, according to a criminal complaint filed against them.

Weston and another defendant are accused of carrying out the beatings while their three co-defendants watched, prosecutors said.

Each count of felony torture, defined as inflicting "great bodily injury" for the purpose of "revenge, extortion, persuasion and for a sadistic purpose," carries a maximum penalty of life in prison.

The case became publicly known as Los Angeles officials and community groups began a national public-awareness effort urging homeowners to beware of bogus loan-modification programs and to report suspicious activity to authorities."

Foreclosures Hitting New Markets

Kris & Kim Darney (Platinum Real Estate) — Thu, 29 Oct 2009 01:57:40 -0500

Today's article in The Truth About Mortgage.com it was reported that new, previously unaffected metro cities around the US are being bitten by the Foreclosure bug:

Chico, CA 98% increase over last year
Reno-Sparks, NV up 80%
Prescott, AZ up 77%
Jacksonville, FL & Rockford, Il up 64%
Boise City-Nampa, Idaho & Salt Lake City, Ut also made the charts

"While cities in California, Florida, and Nevada continued to account for the 10 highest foreclosure rates among metro areas in the third quarter, five reported decreased year-over-year activity, according to RealtyTrac.

Meanwhile, new foreclosure hot spots emerged, including the Chico, CA metro, where foreclosure activity was up 98 percent year-over-year, and the Reno-Sparks metro, where activity was up 80 percent from a year ago, per RealtyTrac’s Q3 2009 Metropolitan Foreclosure Market Report.

The Prescott, Arizona metro saw a 77 percent increase in foreclosure filings, foreclosure activity in Jacksonville, Florida and Rockford, Illinois jumped 64 percent, and the Lansing-East Lansing, Michigan area saw a 41 percent increase.

“Rising unemployment and a new variety of mortgage resets continued to gradually shift the nation’s foreclosure epicenters in the third quarter away from the hot spots of the last two years and toward some metro areas that had avoided the brunt of the first foreclosure wave,” said James J. Saccacio, chief executive officer of RealtyTrac.

“While toxic subprime mortgages drove much of that first wave of foreclosures, high unemployment and exotic Alt-A Option ARMs are spreading the foreclosure flood to more metro areas in 2009.”

Among the top 50 metro foreclosure rates, the biggest movers year-over-year included Boise City-Nampa, Idaho, and Provo-Orem and Salt Lake City, Utah.

The Las Vegas metro continues to post the nation’s highest foreclosure rate, with one in 20 housing units receiving a foreclosure notice during the quarter, up nine percent from the previous quarter and 54 percent from a year ago."

Senators agree...Home Buyers Incentive To Be Extended

Kris & Kim Darney (Platinum Real Estate) — Wed, 28 Oct 2009 15:11:22 -0500

This is great news and it's with bi-partisan agreement. It appears that the first time home buyer credit will be extended...but no specifics.

Talks have it so that the plan may be:

in place through the end of 2010.
May be a "step-down" plan that will reduce the benefit every quarter.
A credit of 10% of sale price with a Max cap of $7,290.
Also may benefit "step-up" buyers...buyers who have lived in their home for more than 5 years and buying "up."

However it shakes...this is great news.

Below is the supporting article from DSNews.com release today:

"The U.S. Senate’s chief Democrat, Majority Leader Harry Reid (Nevada), said Wednesday that his party has reached a consensus to extend the first-time homebuyer tax credit, which is set to expire November 30.

Senate Banking Committee Chairman Christopher Dodd (D-Connecticut) has voiced the same sentiment to the media today, as well.

But the party support isn’t one-sided. Reuters reported that the chamber’s foremost Republican, Sen. Mitch McConnell (Kentucky), acknowledged that most senators support the measure, quoted by the news agency as saying he shares Reid’s view.

Reid summed it up on the Senate floor when he said, “There has been general agreement by a significant number of senators, Democrats and Republicans, to get this done.”

As DSNews.com reported Tuesday, the proposal gaining the most favor among Senators was an amendment offered up by Reid and Senate Finance Committee Chairman Max

Baucus (D-Montana), which would extend the tax incentive until the end of 2010, but reduce the credit amount with each quarter.

Take two: The tax break measure has gotten yet another makeover. The latest version reduces the credit to 10 percent of the sale price, with a cap of $7,290 – as opposed to the $8,000 maximum currently in place. The benefit could be applied to home sales signed – not closed – by April 30, 2010, allowing 60 days beyond that date for closing.

It would also be opened up to buyers who have lived in their current residence for at least five years, so-called step-up buyers. The income limits for first-time homebuyers would stay the same – $75,000 for individuals, $150,000 for couples – but increase for step-up buyers to $125,000 for individuals and $250,000 for couples.

Andrew Parmentier, a managing partner at Height Analytics, a research firm in Washington, told Bloomberg News that the demand for new homes and condominiums may more than double with step-up buyers as part of the equation. “You just opened up a whole new pool of people who can buy into those empty homes and empty condos that were built out,” Parmentier said – a move that would aid the existing-home market as well, as overall inventory levels are reduced.

A Senate vote on the credit extension was expected to come last night, but reportedly got entangled in legislative procedural issues. The tax credit amendment did not get attached to an insurance benefit bill, which did pass Tuesday night, as intended. Despite the red-tape roadblock, senators say a decision will be made sometime this week"

Mr. Obama...Don't Sign That Treaty

Kris & Kim Darney (Platinum Real Estate) — Tue, 20 Oct 2009 22:46:14 -0500

On October 14, Lord Christopher Monckton, a noted climate change skeptic, gave a presentation in St. Paul, MN. In this 4-minute excerpt from his speech, he issues a dire warning to all Americans regarding the United Nations Climate Change Treaty, scheduled to be signed in Copenhagen in December 2009.

Lord Monckton served as a policy adviser to Margaret Thatcher. He has repeatedly challenged Al Gore to a debate to which Gore has refused. Monckton sued to stop Gore’s film “An Inconvenient Truth” from being shown in British schools due to its inaccuracies. The judge found in-favor of Monckton, ordering 9 serious errors in the film to be corrected. Lord Monckton travels internationally in an attempt to educating the public about the myth of global warming.

There has been considerable debate raised about Monckton’s conclusion that the Copenhagen Treaty would cede US sovereignty. His comments appear to be based upon his interpretation of the The Supremacy Clause in the US Constitution (Article VI, paragraph 2). This clause establishes the Constitution, Federal Statutes, and U.S. TREATIES as the supreme law of the land. Concerns have been raised in the past that a particularly ambitious treaty may supersede the US Constitution. In the 1950s, a constitutional amendment, known as the Bricker Amendment, was proposed in response to such fears, but it failed to pass. You can read more about the Bricker Amendment in a 1953 Time Magazine article.

Wells Fargo Will Pay 2 Lucky Winners Mortgage Payments for 1 year...

Kris & Kim Darney (Platinum Real Estate) — Mon, 19 Oct 2009 13:41:50 -0500

If you're a current Wells Fargo Mortgage customer you can win up to $60,000 in mortgage payments for 1 year. All you have to do is:

if you sign up for Wells Fargo Online and simply click through to your mortgage account
if you sign on and view your mortgage account online
by sending in a postcard with your details...ya...how many of those are they gonna receive?

Anyways...make it yours.

As reported in Truth About Mortgage.com

"Another “we’ll pay your mortgage contest” has been announced, the latest from Wells Fargo.

The nation’s top mortgage lender is offering to pay for 12 consecutive monthly mortgage payments

for two lucky customers, up to a maximum of $60,000 each.

Of course, if your mortgage is interest-only, you’ll only receive 12 months of interest-only payments.

The prize also doesn’t include taxes and insurance; you’re on your own there.

And if you’re not current on your mortgage, don’t expect the prize to be honored.

The winners will receive a one-time payment at some point in the first quarter of 2010, with drawings taking place on or about October 26 and December 11.

There are three ways to win; you’ll be automatically entered in the contest if you sign up for Wells Fargo Online and simply click through to your mortgage account, or if you sign on and view your mortgage account online.

You can also enter the contest by sending in a postcard with your details via snail mail (see rules for important dates and terms).

It looks like Wells Fargo is attempting to get customers to manage their mortgages online, perhaps in the hopes that some will set up automatic payments.

Since Countrywide collapsed, Wells Fargo has been the top mortgage lender in the United States, accounting for 24.77 percent of the total market share in the first-half of this year.

Loan fundings at the company were up 63 percent compared to the same period a year ago; unfortunately, they’ve also got a stable of bad loans, many acquired via their merger with Wachovia."

A client needs a "Gap Loan" to close on a purchase...$20000...any takers?

Kris & Kim Darney (Platinum Real Estate) — Sun, 18 Oct 2009 12:42:51 -0500

A client searching or a Gap loan to cover some Down payment and closing costs on an 80/20 loan needs $20000 or a period up to 90 days.

Buyer will pay up to but not over 25% ($5000) or the loan...No More.
Need the $20000 this week to close by October 26
Client has means to repay in 90 days or sooner
Property located in Southern California
Agents or brokers associated with transaction are unable to contribute...

Call me...714-615-7605

Kris Darney

714-615-7605

BofA and Citi on the brink of Failing?

Kris & Kim Darney (Platinum Real Estate) — Fri, 16 Oct 2009 13:20:58 -0500

On the heals of Citi's announcement of $1Billion + losses this quarter...Bank Of America announces $2.24 Billion in losses.

I think we all know the truth...these banks are insolvent. CEO's just can't admit it when they have failed. It would be a punishing blow to the US, however, the truth is becoming more apparent to all that have some sense of economic understanding. Banks are failing due to thier greed.

The banks are already punishing the folks that do payback loan by raising interest rates and cutting off thier lines of credit. These "good" clients are going elsewhere to get there credit fix.

I'm gonna throw this out and say that Citi, B of A and Wells will all fail or be taken over in the next year...

The writing is on the wall.

Below is more ammunition:

BofA Loses $1bn as Net Loss on Home Loans Widens

By AUSTIN KILGORE
October 16, 2009 8:59 AM CST

Bank of America (BAC: 17.35 -4.14%) lost $1bn or $0.26 per share during Q309, compared to a profit of $1.2bn during Q308.

But company year-to-date income through Q309 was $6.5bn, compared with $5.8bn during the same period of 2008. BofA paid $1.2bn in preferred dividends for the quarter, including $893m in dividends to the US government.

The company’s net loss on the home loans and insurance segment widened to $1.6bn from a $54m net loss in the year-ago quarter.

BofA funded $95.7bn in first mortgages, selling purchase or refinance loans to nearly 450,000 borrowers, including $23.3bn in mortgages to 154,000 low- and moderate-income borrowers during the quarter. About 39% of all the first mortgages were for purchases.

Year-to-date at the end of Q309, BofA modified the mortgages of approximately 215,000 customers, and an additional 98,000 BofA mortgage customers are in the trial stage of a Making Home Affordable Modification Program (HAMP) workout.

BofA increased its provision for credit losses to $2.9bn “driven by continued economic weakness and lower home prices,” and due to further deterioration in the purchased impaired portfolio BofA holds from its acquisition of Countrywide. The company added $2.1bn to the reserve for credit losses — less than Q209, BofA said, as delinquencies improve in the unsecured consumer portfolios.

All told, BofA reported $9.6bn in net charge-offs in the quarter, $923m higher than in Q209.

“The company’s core performance was impacted by a number of non-core items,” said president and CEO Kenneth Lewis. “The market’s improved view of Bank of America’s credit cost the company due to non-cash marks on liabilities.”

Earnings were also affected by $2.6bn in pretax mark-to-market and credit valuation adjustments on certain liabilities including Merrill Lynch structured notes. BofA reported a $402m pretax charge to pay the US government to terminate its asset-guarantee term sheet.

New Foreclosure Activity Sets Record in Third Quarter...California at Top

Kris & Kim Darney (Platinum Real Estate) — Fri, 16 Oct 2009 12:07:03 -0500

According to a recent report release by RealtyTrac, in the last quarter (July, August, September 2009) the US has experienced the highest foreclosure activity since RealtyTrac began reporting on the foreclosure market.

Activity rose 5% over last quarter or 937,840 properties.

States with the highest activity

"California, Florida, Arizona, Nevada, Illinois and Michigan accounted for 62 percent of the nation’s total foreclosure activity in the third quarter, with 579,541 properties receiving foreclosure filings in the six states combined.

With 250,054 properties receiving foreclosure filings during the quarter, California accounted for nearly 27 percent of the nation’s total. The state’s foreclosure activity decreased nearly 2 percent from the previous quarter thanks to a 10 percent drop in default notices, but scheduled auctions increased 4 percent from the previous quarter and REOs increased 12 percent from the previous quarter.

Florida foreclosure activity decreased less than 1 percent from the previous quarter, but the state still posted the second highest foreclosure activity total for the third quarter. Foreclosure filings were reported on 156,924 Florida properties, a 23 percent increase from Q3 2008. Default notices in Florida decreased 6 percent from the previous quarter while scheduled auctions increased 5 percent from the previous quarter and REOs increased 16 percent from the previous quarter.

Arizona posted the nation’s third highest foreclosure activity total in the third quarter, with 50,342 properties receiving a foreclosure filing during the quarter — a 5 percent increase from the previous quarter and a 25 percent increase from Q3 2008.

Nevada posted the nation’s fourth highest foreclosure activity total, with 47,925 properties receiving a foreclosure filing in the third quarter, followed by Illinois, with 37,270 properties receiving a foreclosure filing, and Michigan, with 37,026 properties receiving a foreclosure filing. All three states reported increasing foreclosure activity from the previous quarter and from Q3 2008.

Other states with foreclosure activity totals among the nation’s 10 highest were Georgia (33,385), Texas (29,838), Ohio (29,645), and New Jersey (18,108)."

These #'s are huge. If we keep on this track, we're adding almost 4Million foreclosures to our inventory this year alone...how will the media spin this?

Making Homes Affordable Short Sale Program ...Harris Real Estate University UPDATE

Kris & Kim Darney (Platinum Real Estate) — Tue, 13 Oct 2009 14:56:56 -0500

Tim Harris is always on top Short Sale Breaking News

How does the proposed MHA Short Sale and Deed In Lieu program guidelines effect my Short Sale business?

Recently, on another blog there was an article published that was misleading and (frankly) a little deceptive regarding the effects of MHA on the existing Short Sale process. I don’t often call attention to this sort of thing. But, today…I am making an exception. Why? Simple, our country…our industry doesn’t need anyone passing along incorrect information.

So, starting today….whenever we come across misleading…incorrect information we will let you…our students and fellow real estate professionals know. If this offends the offender then so be it.

The fact is HREU has been coaching our Agent Short Sale Secrets students to the new MHA proposed guidelines for nearly 12 months now. These proposed guidelines are certainly nothing new…and nothing to worry about.

As you will note…these guidelines are merely proposals and lenders/ servicers can participate if they choose. There has been a lot of chatter in the real estate community that the proposed MHA guidelines will radically alter the Short Sale process. Matter of fact, its been brought to my attention that a few folks have popped up who are trying to convince agents that the MHA proposed changes are something to worry about….they are not. As any HREU Agent Short Sale Secrets student will tell you…when a lender is following the MHA guidelines the Short Sale actually goes smoother and faster.

So, I am going to clear the air.

Before I do..a couple important points you need to clearly understand:

1) HREU is the nations largest online real estate university. As you know, we often report relevant real estate news to you days and often weeks before you read elsewhere. Agents, if there are changes that will effect your business you can rest assured that we will tell you.

2) We have been talking about MHA on this blog since it was proposed months ago. This is nothing new.

3) Lenders are NOT REQUIRED to participate in this proposed program.

4) In case you missed it…this is a proposed program….lenders are NOT REQUIRED TO PARTICIPATE. In preparing this blog post I emailed a few of the folks we are in contract with at the major lenders (Wells Fargo, BOA, Citi) and they confirmed that the guidelines are merely proposals. In other words, Not an actual law/ rule etc. If you are dealing with a FHA owned loan then you probably will be working with a servicer who is using the MHA guidelines.

Wealthy...Truly Unaffected

Kris & Kim Darney (Platinum Real Estate) — Sun, 11 Oct 2009 14:06:28 -0500

It's always a curious thing wondering how others are affected by today's economy.

Zillow always has little tools or widgets and charts that i'm always scanning...kinda geeky, but that's what interests me.

in a recent "widget add-on" it compares Cities within and MSA (Metropolitan Statistical Area)...What?

I reside in the MSA of Los Angeles...this "widget" compares home valoes over the last few years for the cities that surround the MSA of Los Angeles:

Interesting findings: The rich seem to be unnafected by our current economy...that's if your looking at home values:

Los Angeles Metro Home Prices and Home Values

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	Los Angeles Metro	0.2 %	0.2 %	-11.4 %	$ 401,700
	Avalon	-0.4 %	-0.8 %	19.0 %	$ 710,900
	Malibu	1.5 %	4.5 %	17.8 %	$ 2,549,300
	Marina del Rey	-1.2 %	-2.1 %	10.3 %	$ 857,600
	Laguna Beach	0.4 %	0.7 %	6.2 %	$ 1,476,000
	Beverly Hills	0.3 %	0.9 %	2.0 %	$ 2,283,200

The areas that show growth in comparison to Metro LA which shows a year of year (Y-o-Y) of -11.4% decline.

Malibu...which as most of the world knows is a bastion of the rich shows an increase of 17.8%...Laguna Beach...is 6,3% increase...Beverly Hills 90210 and increase of 2%...or $46,000.00

Avalon is a located on he Island of Catalina...26 miles off the coast of LA...difficult to include as most folks there are well....blue hairs and recluses...LOL:)

Are the rich affected...if you use this as and indicator...I would say very little.

Bank of America/Countrywide Streamlining Their Short Sale Process

Kris & Kim Darney (Platinum Real Estate) — Thu, 08 Oct 2009 14:29:40 -0500

Say it ain’t so…

Bank of America/Countrywide are coordinating with an outside company REOTRANS to manage and streamline the Short Sale process.

After months and months of crys and moans over the BofA short sale…we’re getting news that there has been a grouping of these to entities to assist in the processing of open short sale files.

Kim and I heard rumors of this at 5 Star Convention in Fort worth. Low and behold, Kim was on a call with a BofA agent yesterday and it was confirmed. It will be select files at first…the agent could not speak specifically about the process or what fiels would qualify.

A few things we do understand is that it will be an online process…taking the endless calling to BofA negotiators out of the loop will undoubtedly allow for considerable time savings alone.

This news is on the heels of a report or remider that BofA has bout $23Billion (from Countrywide) in Pay Option Arms at risk.

Not many times I have praised Bank of America, however, this is fantastic news and we hope that other banks will fall in line.

God Bless the short sale.

Now go sell…

Kris

"Liar, Liar Pant's on Fire!" Shame on you California Association of Realtors (CAR)

Kris & Kim Darney (Platinum Real Estate) — Wed, 07 Oct 2009 16:09:58 -0500

"California's rollercoaster ride to end?"

Let me preface...This is the title to the artlicle just released by INMAN News...I'm not bashing Inman...it's just reporting a story.

"Liar, Liar Pant's on Fire!"...Shame On You CAR!!!

I am not a member of CAR for this very reason. CAR has been touting this resurgence of home prices every chance they get. Their lockstep with NAR that is currently running a television ad boasting increased home values. This may be true for Indiana, but what about CA, NY, AZ, FL...where most of the US population resides?

What CAR is failing to do is act ethically. Their predictions are poor attempts to spin reality. What CAR needs to do is tell the truth.

Shadow inventory of homes held by dishonest banks is enough to lay this CAR spin to rest. Expectations of Shadow inventory top 7,000,000 nationwide. Approximately 1/3 of these are in California. If they hit the market tomorrow, today's $450,000 homes would be selling for $50,000 or less.

In San Bernardino County alone there are approximately 150 notices of defaults (nod's) hitting the market every day or 39,000+ this year alone.

These numbers are staggering. CAR's "mumbo jumbo" card tricks can't hide that reality.

I predict that home prices will drop another 15 to 20% over the next year. This is real based on the amount of inventory available on the MLS today. In most cases, the lower priced homes are selling...but the homes $450,000+ are sitting. The inventory is growing for these homes...daily. In many areas of California, their are 2 years...24 months of housing inventory in MLS listed as ACTIVE...no offers.

CAR. step up and do the right thing and be honest.

Kris Darney
DRE#01464957

Today is LIVESTRONG Day...Please Sign This Petition

Kris & Kim Darney (Platinum Real Estate) — Fri, 02 Oct 2009 17:13:17 -0500

I am an active Cycling enthusiasts and have followed Lance Armstrong since my early days in racing...I'm about 13 years older than Armstrong...but his early trials with cancer have always been a concern for my family, friends and myself.

As a Real Estate Agent , I am asking all of you to assist LIVESTRONG foundation in signing this petition. It is clearly spelled out below...

Thanks so much for your support.

Best,

Kris

Dear Kris,

Lance was denied insurance when he needed it most. Sign the petition and tell Congress that no one else should be.

Today is LIVESTRONG Day. Thirteen years ago today, my doctor told me I had advanced testicular cancer. What most people don’t know is that at the time, I didn’t have health insurance. In the following weeks, I received letter after letter from the insurance company refusing to pay for my treatment. I was fighting for my life—but also for the coverage that I desperately needed.

The legislation currently being debated in Congress is not just words on a page—for many cancer survivors, it’s a matter of life and death. Now, as this debate enters crunch time, I need your help to ensure that what happened to me doesn't happen to any other American:

http://www.livestrongaction.org/campaigns/healthcare

No matter what side of the healthcare debate you're on, I believe we can all agree on two things:

No American should be denied health insurance coverage because of pre-existing conditions.

No American should lose their insurance due to changes in health or employment.

Will you sign the LIVESTRONG Action petition to make sure any legislation includes these two critically important reforms? We’ll deliver these to Capitol Hill this month as the debate reaches its climax and make sure our voices are heard in the debate:

http://www.livestrongaction.org/campaigns/healthcare

When I received my diagnosis, I was between cycling contracts. My new insurer used the diagnosis as a reason to deny coverage after the new contract was signed. Fortunately, one of my sponsors intervened. At their insistence, I was added to their insurance company and was able to continue my life-saving treatment. If my sponsor, a powerful company, had not gone to bat for me, I may not have made it.

I was lucky. We can't rely on luck to ensure coverage and treatment for the millions of Americans affected by cancer. Some cannot get coverage because they've already been diagnosed. Others get calls from their insurance companies saying they have been dropped. It happens all the time—and it's unacceptable.

Every year on LIVESTRONG Day, we come together to take action for a world without cancer. In the U.S., a critical step is to make sure cancer survivors can get and keep their health insurance.

It has been 13 years since my diagnosis, but in some ways, not much has changed. No person should have to worry about health insurance while battling cancer. That so many do is an outrage, and we must speak out.

Please sign the petition and forward it along to your friends and family:

http://www.livestrongaction.org/campaigns/healthcare

LIVESTRONG,

Lance and the LIVESTRONG Action Team

P.S. Don’t forget today is LIVESTRONG Day. There are more than 1,100 events taking place to raise awareness about cancer all over the world. View our interactive map to see events in your area:

http://www.livestrongaction.org/map

Banks Promoting Short Sales As Alternative To Foreclosure

Kris & Kim Darney (Platinum Real Estate) — Tue, 29 Sep 2009 17:03:20 -0500

Finally, we're hearing the lenders/banks tell their clients there are alternatives to foreclosure! At a recent conference for real estate agents handling foreclosures the buzz word was Short Sales.....

According to high ranking officials at Fanni Mae, Freddi Mac and our Major Lenders, Short Sales add up to 40% more to the their bottom line than proceeding with a foreclosure.

One of the presenters, Gabrielle Harrison, VP for REO sales at Fannie Mae addressed the topic of Short Sales....I was very impressed with her take on how important Short Sales are and the willingness for lending institutions to accommodate sellers that are working with them to stop foreclosures.

Ms. Harrison pointed out that Short Sales not only benefits the neighborhood and helps to bring up home values, it also allows the seller of the property to keep their dignity in an unfortunate situation. As well as the fact a Short Sale costs less to facilitate than a foreclosure.

January brings California State Bill 306 that will demand all lenders doing business in California to streamline the short sale process. Our sources also tell us that BofA is working on a streamlined Short Sale Process that will utilize online communication. No doubt, things are changing.....

California State Bar Releases Names of Attorneys Under Investigation for Loan Modification Scam

Kris & Kim Darney (Platinum Real Estate) — Tue, 29 Sep 2009 16:13:07 -0500

Wish I could say I'm Shocked....!

Imagine that, more people preying on homeowners desperation to keep a roof over their families head. This time it's attorney's that are taking all they can from these unfortunate people.

Hot off the press: The state bar of California just released the names of 16 attorneys who are under investigation for misconduct related to loan modifications. Interim Chief Trial Council, Russell Weiner stated “In my 21 years in attorney discipline, I have not seen a crisis of this magnitude. It is truly unprecedented". Wiener is waiving investigation confidentiality based on law. I'm impressed, it's about time that attorneys stop being shielded by the veil of the State Bar.

You guessed it, these attorneys are being investigated for taking fees and promising services....loan mods....and not delivering. Basically, take the money and stop taking the clients calls and of course, no refunds!

I myself have heard the commercials of one of the attorneys on the list..."We fight for you" ya...uh ha...

“The number of attorneys using their law licenses to essentially take money from unwary but trusting consumers is astounding,” Weiner added. “There are literally thousands of victims who have lost money they could not afford to lose. Under the circumstances, the need for public information and protection is paramount.”

The following attorneys have received a significant number of complaints related to the loan modification services they were hired to perform. They are entitled to a full and fair hearing on any charges that may be filed in the future. No discipline may be imposed unless and until the State Bar proves allegations of misconduct by clear and convincing evidence.

▪ David Arase, Bar No. 233705, Arase Law Firm and National Housing Assistance

▪ Stephen Burns, Bar No. 113371, Legal Group Network

▪ Robert Buscho, Bar No. 122556, United Law Group

▪ Nicholas Chavarela, Bar No. 251632, Rodis Law Group and America’s Law Group

▪ Steven Feldman, Bar No. 103676, Feldman Law Center

▪ Eric Johnson, Bar No. 224065, Avantgarde Group

▪ Paul Lucas, Bar No. 163076, Lucas Law Center

▪ Brandon Moreno, Bar No. 233750, U. S. Foreclosure

▪ Jeffrey Nemerofsky, Bar No. 213014, U.S. Advocacy Law Group and U.S. Financial Products

▪ Gregory Paiva, Bar No. 207218, Law Offices of Gregory Paiva

▪ Adrian Pomery, Bar No. 249664, U.S. Foreclosure

▪ Ronald Rodis, Bar No. 181873, Rodis Law Group and America’s Law Group

▪ Mark Shoemaker, Bar No. 134828, Advocates for Fair Lending

▪ Marc Tow, Bar No. 78429, Marc Tow and Associates

▪ Michael Yellin, Bar No. 255050, A Fresh Start Loan Modification

▪ Sean Rutledge, Bar No. 255938, United Law Group

Go sick'em Weiner!

That just sounds funny!

Analysts Say...New Housing Crash Will Send Shadow Inventory Above 7 Million.

Kris & Kim Darney (Platinum Real Estate) — Sat, 26 Sep 2009 13:18:39 -0500

In a recent article in the Wall Street Journal, Analysts from Amherst Securities projected a come back of over 7 million new foreclosures.

Which is 5.5 x's the amount as in 2005.

The causes range from failed Loan Modifications, Legal wrangling, re-defaults of loan mods, bank practices and moratoriums. What this means:

National home prices drop another 6 - 13 %
Higher in the hard hit states of California, Florida, Nevada and Arizona

Why is there a "Shadow Inventory"?

Banks are unwilling to take on the added expense of additional foreclosures. The cost of repairing, marketing and upkeep is too great. It is cheaper to keep "non- performing borrowers" in the properties.
Banks are offering "Loan Modifications" in lieu of foreclosures however, as most of us are aware, they often fail as a result of the property being upside down in equity and the higher payments associated with the initial loan modification. A modest change in a mortgage rate is not enough to impact the monthly payment. And as in most cases, lenders are not offering reductions in mortgage principles.

Another interesting fact is due to this "swell" in inventory, banks, which will traditionally bid on these properties at the "courthouse steps" are no longer bidding, allowing for deep discounts to able investors.

According to ForeclosureRadar.com, 19%of all homes sold in California trustee sales in August were to investors and not lenders...a 500% increase in the past year.

So, what this all means...we're faced with a "tsunami" of foreclosed homes that will undoubtedly affect the price of your and your neighbors home.

No matter how the televisions pundits spin this mess...we're facing a continued catastrophic upheaval in the housing industry.

As a real estate agent, don't be panicked...get to know your "short sale" process...it's the banks most favorable alternative. Short sales bring an additional 25 to 40% more to the banks bottom line than a foreclosure or "deed in lieu.

This is not a buyers market, it's definitely not a sellers market...it is an Agents market...and you can make the difference in your future in this tide of a changing market.

California Governor Signs Important Short Sale Bill

Kris & Kim Darney (Platinum Real Estate) — Thu, 17 Sep 2009 09:53:17 -0500

However, does not Address the lengthy Short Sale process.

After a lengthy conversation with Senator Calderon's Representative's, California Senate Bill 306 was explained to be of use for Escrow and Escrow Officers to be able to have direct access to lenders to obtain timely Short Sale Pay Offs.

Unfortunately, it is a complicated bill that has been misunderstood by politicians, attorneys and real estate brokers alike....maybe it's wishful thinking as well as "legal jargon".

After further discussion with author of the bill, there is momentum currently underway to expedite a bill that addresses the length of response time in securing a short sale pay off approval.

As we all know, a short sale can not be demanded of a lender. This is a decision that must come from the investor. Short Sales are obviously becoming the preferred choice over a Foreclosure. As lenders and legislation work together the short sale "process" will began to streamline. As we have already seen with B of A/Countrywide's online up and coming Short Sale processing.

Many other lenders, Wachovia leading the pack in short sale processing can actually approve a sale in less than 7 days!

In the meantime, we will continue to update the Short Sale community about the political movements to streamline the short sale process.

Regards,

Kris & Kim

Short Sales According To Countrywide…Really?

Kris & Kim Darney (Platinum Real Estate) — Wed, 16 Sep 2009 12:54:14 -0500

Countrywide can spell “NIGHTMARE” for a listing agent working a Short Sale with them. It’s also a lesson in Patents for the Seller of the property.

Yesterday while going through the dozen or so short sale files I have with them one thing was consistent with every file. A new negotiator was being assigned to these files almost daily….sometimes 3 in one day. Can you say “Pass the Hot Potato” !

If your a seller and have a Short Sale in process with Countrywide/BofA this may help you on what to expect. Also, your agent will be working with your lender to do everything possible to expedite that approval…believe me! You may be asked for updated income information on what seems to be a weekly basis…Just remember, the Short Sale is going to help you get a fresh start.

Countrywide has a 3 Phase Approval Process.

Phase 1 – Getting A Negotiator Assigned: This “Phase” according to Countrywide should take 10 Business Days

Phase 2 – Negotiator works the file and prepares it for the Investor: This “Phase” according to Countrywide should take 30 Business Days

Phase 3 – Investor Reviews Offer: This “Phase” according to Countrywide should take 10 Business Days.

The Real Story:

Phase 1-Assigning a Negotiator can take up to 60 Days

Phase 2- Negotiator Prepares Short Sale Package for Investor: Here is where it gets very convoluted…Countrywide swaps out negotiators on files like new moms change diapers! We have had 3 negotiators in ONE DAY! This is a huge problem because Countrywide allows “each negotiator” 30 Days to work the file…before they are accountable to “note” the file. This can make Phase 2 seem endless!

Phase 3- Investor Review/Approval: Real time is about 30 Days.

I do have to give kudos to “Bill” a supervisor in the Short Sale Department at Countrywide. I emailed him and explained my confusion and frustration of “swapping” negotiators and in fact giving his employees a free pass on any accountability! “Bill” responded to me to my surprise, he actually took charge and has been working with “the same” negotiator to get that file off to the investor for approval. Thanks Bill!

A short Sale is your best alternative in this economy if you can’t afford to keep your home. Just be mindful of the time it may take if your lender is Bank Of America/Countrywide.

There is talk that President Obama is going to mandate a Streamlined Short Sale in the near future.

Vegas Agents...LaToya Jacksons Condo Went to Foreclsoure Auction...

Kris & Kim Darney (Platinum Real Estate) — Mon, 14 Sep 2009 20:14:20 -0500

Word has it that LaToya Jacksons condo in Las Vegas was auctioned at forelcosure August 31...

The 1,856 Square foot condo located the the exclusve Regencly Towers located at the Las Vegas Country Club, had $750000 in notes. It appears that she went into default in March 2006.

Ms. Jackson had a number of liens placed on the property including but not limited to a Homeowners Association debt...

It amazes me that these type of people..."the high and mighty of the entertainment world" would not consult an educated broker or agent that could walk them through a short sale.

These people have handlers don't they. Ya know, people that manage their image and the likes?

A foreclosure could have been avoided by Ms. Jackson....she is know going to be wrangled by the media about her skipping out on her mortgage...man it's got to be tough to be in the limelight.

A Candid Conversation with a bank negotiator….Short Sale Style!

Kris & Kim Darney (Platinum Real Estate) — Mon, 14 Sep 2009 19:45:47 -0500

It’s not often that I get a Short Sale Negotiator on the phone that has the willingness, skill and desire to do their job. I had spent the entire morning on calls to multiple lenders, my last call was to Washington Mutual.

While on hold trying to find out why it had been nearly 3 weeks and we still had not recieved approval to sell after meeting their counter offer….? We started talking about Wamu’s internal process…wow, it’s no wonder they are taking up to 90 days to process a Short Sale!

“Wamu” expressed true concern for her co-workers. The fact is, this lender is not equiped to manage through the volume of Short Sales that are coming in. From our conversation, it sounds like what they have done to handle the volume is “Add additional Steps” to process the Short Sale…in other words…DELAY.

It’s no wonder that these Short Sales are taking so long to complete. Think about it, these lenders don’t want to approve too much loss…too quickly. Prior to the Short Sale utilizing “Mark to Market” economics the property is looked at as an asset… Can you say…SHADOW INVENTORY!

I’m not an economist, far from it. But in my humble observasion….

Short Sales ensure a buyer, the home then generates city taxes. The community gains a homewoner that will most likely have pride in ownership and utilize local business to maintain the home. Values in neighborhoods start to stabalize with each home sold…contrary to declining with each foreclosure.

Wells Fargo Vice President Gets the Boot for being a Glutenous Pig!

Kris & Kim Darney (Platinum Real Estate) — Mon, 14 Sep 2009 19:33:44 -0500

It appears that Wells Fargo plays no games with it's execs that take advantage of the system. Cheronda Guyton, a VP in Wells Fargo Foreclosure Assets division (and USC Graduate) was giving the "boot" after word spread that she was living in a recently "foreclosed" $12Million Dollar shack in the posh Malibu Colonies enclave.

It appears that the previous owners (Madoff Victims) who surrendered the property in lieu of a large amount of monies owed to Wells Fargo for outstanding debt, had a few friends in the enclave that were concerned about the activities and goings on at the exclusive address...ya know...parties and lots of guests. We'll, after some neighbors did some snooping, Ms. Guyton was identified as the primary living at the property.

Identified as a WF executive...the news broke and like "stuff hittin' the fan", Ms Guyton was the searchin for cover like a Mallard Duck on Opening Day.

We'll it appears that Ms. Guyton was living in this WF held property "gratis" and unbeknownst of the companies knowledge...a property seized and held by the foreclosure division she managed.

We'll needles to say, Wells Fargo finally made a good decision after the many bad decisions over the last few years (ya' know...bad sub-prime loans and all).

WF execs canned Ms. Guyton...not only was it bad judgment and showed a lack of empathy for the prior owners & victims to one of the largest scams played on the American public, it was just plain stupid!

Short Sales In California

22% of Florida Home Loans Reported as Non-Current

US Foreclosure Rate Swells to 3.12% in September: LPS

By JON PRIOR November 10, 2009 11:23 AM CST

First Time and Move-Up Home Buyers Tax Credit

Senate Hit a Homer for New Buyers and Move Ups

Short Sale and Buy At The Same Time?...It's Here

Loan Modification Experts...Beware...You May Be A Target...Beaten and Tortured

Foreclosures Hitting New Markets

Senators agree...Home Buyers Incentive To Be Extended

Mr. Obama...Don't Sign That Treaty

Wells Fargo Will Pay 2 Lucky Winners Mortgage Payments for 1 year...

A client needs a "Gap Loan" to close on a purchase...$20000...any takers?

BofA and Citi on the brink of Failing?

BofA Loses $1bn as Net Loss on Home Loans Widens

By AUSTIN KILGORE October 16, 2009 8:59 AM CST

New Foreclosure Activity Sets Record in Third Quarter...California at Top

Making Homes Affordable Short Sale Program ...Harris Real Estate University UPDATE

Wealthy...Truly Unaffected

Bank of America/Countrywide Streamlining Their Short Sale Process

"Liar, Liar Pant's on Fire!" Shame on you California Association of Realtors (CAR)

"California's rollercoaster ride to end?"

Today is LIVESTRONG Day...Please Sign This Petition

Banks Promoting Short Sales As Alternative To Foreclosure

California State Bar Releases Names of Attorneys Under Investigation for Loan Modification Scam

Analysts Say...New Housing Crash Will Send Shadow Inventory Above 7 Million.

California Governor Signs Important Short Sale Bill

Short Sales According To Countrywide…Really?

Vegas Agents...LaToya Jacksons Condo Went to Foreclsoure Auction...

A Candid Conversation with a bank negotiator….Short Sale Style!

Wells Fargo Vice President Gets the Boot for being a Glutenous Pig!

By JON PRIOR
November 10, 2009 11:23 AM CST

By AUSTIN KILGORE
October 16, 2009 8:59 AM CST