foreclosure: Buy Then Bail... Go Straight to Jail (Do Not Pass Go) - 09/12/09 10:34 AM
As a mortgage person in the current wild and wacky real estate market, I sometimes get clients who want to buy and bail. So what's a buy and bail?
The call goes something like this:
"Hello, lovely mortgage person? This is Babs ( Buy and Bail Soon). My house is … (81 comments)
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foreclosure: Taking Buyers Hostage: The Somalian Pirates Who Have Hijacked the Real Estate Industry - 04/21/09 02:59 PM
"We need to make sure the buyer is qualified before we take the house off the market". Do you think that is real reason banks insist they need to approve your buyer ALL OVER AGAIN?
That would be like the Somalian pirates telling the ship captain they are coming aboard his ship to "inspect his cargo".
"But", … (45 comments)
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foreclosure: How Aggressive and Questionable Tactics of Lender Sellers Torture Buyers & Cost Our Industry - 03/25/09 10:48 AM
When a bank sells a foreclosed property do they try to replace one bad loan with one good loan?
If the main agenda is to dump the house, is the hidden agenda to seize a golden opportunity to gain a new loan customer (far less risky because the "dumped" price was … (11 comments)
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foreclosure: 2009: I'm Bullish! I'm Bearish! My Advice? To Cherish ( Some Amazing Opportunites) - 12/19/08 10:39 AM
These sad and shocking statistics came out today about Bay Area home prices, further tarnishing what was once some of the most coveted (and most expensive) real estate in the country: The median price for a home in the Bay Area has plunged an astounding 44.4% from November 2007 … (39 comments)
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foreclosure: Are Some "Victims" of the Foreclosure Crisis Really Just Opportunists? - 11/22/08 09:43 AM
Today, I am going to ask those politically incorrect questions that no one else has dared to ask. I'm going to ask because these questions are at the very core of what is wrong with our economy.
Someone has to ask if we ever hope to have a prayer of getting … (30 comments)
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foreclosure: What is TOXIC is Not the Loan - 10/20/08 10:05 PM
Whenever circumstances line up in a way that you have intense and intimate conversations with homeowners in distress, something interesting happens.
You start to feel the pain. You start to understand. You know what keeps them up at night.
It is, a broader understanding. You are a soldier in the trenches, … (9 comments)
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foreclosure: You Can Sleep in Your Car, But You Can't Drive Your House: Should We Bailout The Car Companies, Too? - 10/02/08 09:27 AM
The mortgage crisis has finally hit the car business. Yep. dealerships are closing and car sales have plunged by about 35%. And while the temptation may be to think of "gas prices" as the reason, the real reason is "mortgage crisis".
Fast becoming known as CREDIT CATASTROPHE.
Did you … (17 comments)
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foreclosure: Is Freddie and Fannie Bailout a Magic Pill? Or a Bitter Pill? (Gulp, Swallow....) - 09/09/08 10:22 AM
As mortgage madness dawned yesterday, it became apparent that our lenders had swallowed 2 giant aspirins over the weekend: The Freddie aspirin and the Fannie aspirin.
They woke up feeling much better.
Now, some might argue any government bailout is a bitter pill to swallow. So please excuse my short term … (7 comments)
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foreclosure: Freshly Killed Mortgages and Jungle Economics - 06/29/08 11:44 PM
Here in California, its a jungle out there. Buyers have stopped waiting for houses to "GO LOWER". They are not wondering if buying real estate is a "good idea". And they sure aren't thinking about the potential for appreciation.
They have only one thing on their mind: Get in while you can. … (46 comments)
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foreclosure: Another Loan Bites the Dust: What Causes A Property to be "UNACCEPTABLE COLLATERAL?" - 05/24/08 05:28 PM
Here are 2 nasty words that spell disaster for a loan: UNACCEPTABLE COLLATERAL. Do you know what this means? It means the borrower qualified for the mortgage, but the property did not. To our clients, however, a turn down is a turn down. They still take it very personally, even though they shouldn't.
Those … (14 comments)
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foreclosure: Has The American Dream Been Poisoned? - 05/16/08 11:40 PM
The FORECLOSURE EPIDEMIC and the MORTGAGE CRISIS that has rocked our economy to its very core, will be discussed and debated for years to come. Historically, it will forever define this decade, and, along with 9-11, leave an imprint on an entire generation.
Will we remember this as the decade when the American Dream became poisoned? Maybe … (39 comments)
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foreclosure: Ben Bernanke and The Rotten Eggs - 05/06/08 11:28 AM
Earlier this year, as Mr. Bernanke continued to drop rates, I came out with the following statement: It isn't about rates. Its about guidelines. Rates could go to 2% and real estate can be cheap, but it doesn't matter if no one can qualify for a mortgage.
Those of us in the mortgage business could easily … (8 comments)
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foreclosure: One Dead Goose and Another Loan Goes Belly Up: How Declining Value Restrictions Hurt Property Values - 05/01/08 12:52 AM
She leaned against the doorway of my office, this messenger of bad news, like so many before her had done. My consolation prize? A large Butterfinger, which had been placed on my desk before she retreated quickly back to the doorway. She didn't dare to sit in the chair (and consider herself a guest in … (66 comments)
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