banks: Let’s Make a (Foreclosure) Deal - 04/16/08 09:44 PM
Imagine this. An investor goes into a new high rise in 2003 and buys about a dozen luxury condominiums. He never sells any of them or even moves into one. He just lets them go to foreclosure. Or this: A new luxury condo never once lived in valued at $1,000,000 sells … (1 comments)
|
banks: Prevent MN Foreclosures, Negoatiate with Mortgage Lender - 04/15/08 11:44 AM
Prevent Foreclosures, Negoatiate with Mortgage Lender
Prevent MN Foreclosures, write a simple letter to your lender/bank.
The other day, an article from CNNMoney.com featuring a success story about preventing foreclosures caught my eye and inspired me to comment on it. A single mother wrote a simple letter to the bank explaining that … (0 comments)
|
banks: Because knowing more about mortgages can save you thousands of dollars - 04/14/08 08:00 PM
www.FreeMortgageReports.ca offers the Canadian Consumer access to all the information they need to you know about mortgages, because knowing more about mortgages can save you thousands of dollars.
Unlike some mortgage websites where they provide similar reports, only to harvest your name, phone number and email address, I am pleased to provide these mortgage reports free of charge … (0 comments)
|
banks: Financing Today - 04/14/08 11:34 AM
I realize we are in a market that is changing daily. Today I was on the phone with a lender here locally who told me that she was having a very difficult time right now getting customers Conventional financing. She said most of her customers were going FHA or other alternative … (6 comments)
|
banks: Although the feds cut rates, why are mortgage rates creeping up? - 04/13/08 01:16 PM
Bouncing Mortgage Rates
What happened is that mortgage rates jumped by three-quarters of a percentage point in a matter of weeks - reversing a sharp drop that began in the middle of last year.
Here's Mr. Bernanke's answer to Congressman Guiterrez from the Congressional hearing:
"Even as the Fed has lowered interest rates, and … (1 comments)
|
banks: Money Smarts and Mortgages... - 04/10/08 07:02 PM
Money Smarts and Mortgages...
April 7th, 2008
"You've got to ask your self one question: 'Do I feel lucky?' Well, do ya punk?" Dirty Harry, 1971
Jim and Janet have no children and they still struggle at age 40-something to save and invest enough to secure their financial future. They were presented with the opportunity … (1 comments)
|
banks: Appraisals....Becoming More of an Issue in a Buyer's Market - 04/10/08 11:53 AM
Recently, in the past 12 months or so the Raleigh area has had many sellers scratching their heads when they are not getting asking price and they are parting with their refrigerator, TV and other personal items written into the contract by the buyers. It is called a buyer's market and an issue associated with this, which is … (2 comments)
|
banks: Lenders Let Homeowners Stay - 04/08/08 11:38 PM
According to Lenders Swamped by Foreclosures Let Homeowners Stay, banks and lenders have been hit so hard they let the homeowners stay in the house. They are doing this in particularly hard hit areas and areas where vandalism is greater. Once a home becomes vacant, it is subject to many perils. … (4 comments)
|
banks: How the State of Ohio is Attempting to Stop Pending Foreclosures! - 04/08/08 09:24 AM
Breaking news- an agreement with six lenders and State of Ohio which will give relief to homeowners who are facing foreclosure. The agreement is to stop the foreclosure process and renegotiate better loan terms. But this agreement only applies to the six lenders who have signed the agreement. I think for … (0 comments)
|
banks: Rip-off Alert: Your Bank May Be Lying to You - 04/08/08 06:38 AM
Banks are not disclosing fees and rules!
The U.S. Government Accountability Office undercover agents to 185 banks across the country. Their job was to determine if proper disclosure and rules and fees was being made to customers. So, did the banks lie? Yes, they did! They did not provide a disclosure … (17 comments)
|
banks: Why it might be better for investors to purchase during the short sale phase of foreclosure - 04/05/08 10:57 PM
Well I must say that I am a little shocked to find out that it costs the lender SOOO much to foreclose on a property.What am I talking about? Well when a lender starts the foreclosure process on a homeowner that has failed to make their payments the costs start accumulating … (0 comments)
|
banks: Interactive Map of the US Showing Where Subprime Loans, Foreclosures, and Arms are by State,County, and Zip Code. - 04/04/08 07:25 PM
I posted an interactive map of the US showing where subprime loans, foreclosures, and arms are based on State, County and Zip Code. Its one of the cooler things I have put up in awhile. Unfortunately I cant post in the format used on my blog here :(.
But you … (0 comments)
|
banks: Members can we share good/bad experiences with short sales and REO's? - 04/04/08 04:07 PM
Is anyone else open to having a posting format to report good/bad experiences with short sale/REO transactions?
From what I've experienced, I would fight to get listings from certain banks for REO's and run away from others knowing that the price will be off.
I would never list a short sale from a … (10 comments)
|
banks: Treasury Reorganization: Recession Response or Red Herring? - 04/04/08 02:35 AM
On March 31st, the Treasury Department announced a new plan to help the troubled financial sector weather the sub-prime mortgage storm. This new system replaces some agencies while redrawing the jurisdictions of existing authorities like the Securities and Exchange Commission and the Federal Reserve. In particular, the Fed's role in averting … (0 comments)
|
banks: Frustration with inflated Broker Price Opinions (BPO's) - 04/03/08 01:34 PM
Short sales and REO's
The lifeblood for some agents and offices. Dreaded words for others.
Yesterday, I heard of a bank that rejected an offer that was $13,000 above market value and almost $60,000 above a reasonable buyer's value.
Why? The BPO was inflated. What causes the problem and how can we avoid it? Here's … (12 comments)
|
banks: How to Post widgets in your sidebar in Active Rain - 04/01/08 09:41 PM
So every so often in Active Rain you see a blog with widget in the left side bar. For example in this blog
post http://activerain.com/blogsview/447602/-College-Park-Homes there are several little widgets in the sidebar. So for this example we are going to post a mortgage rates widget. Here is what it looks … (10 comments)
|
banks: Why in Today's Market a 30 Year Loan is King - 04/01/08 08:33 PM
In the past I used to tell people to look at different mortgage rates for different loan products and determine what was best for them. If they were planning on moving soon a 5 Year ARM might work. If they planned on staying on the house longer they might consider a … (5 comments)
|
banks: Minorities and Low Income Families Affected by Strict Lending Rules - 04/01/08 04:16 PM
Today in an article from Realtor Magazine I read that the National Association of Hispanic Real Estate Professionals (NAHREP), the Asian Real Estate Association of America (AREAA), and the National Association of Real Estate Brokers (NAREB) believe that tougher/stricter lending standards are having an effect on Minorities and low income families.
The new rules … (3 comments)
|
banks: Does Anyone Need a Free Widget That Keeps Your Web Visitors Up To Date On Mortgage Rates - Or How I Wasted My Last Several Weekends Part 2 - 03/31/08 07:55 PM
A while ago I set out with a mission. Kind of like when james bond has a mission and climbs on a plane in midflight to stop someone from blowing up the world. Anyway my mission was a little more boring. Basically I wanted to automatically post updated mortgage rates on … (31 comments)
|
banks: Bank Owned Addenda - 03/31/08 11:55 AM
Ok, I just wanted to see if you are all in the same boat. Here in AZ we have a lot of bank owned houses on the market. Because they're agressively priced and so abundant they are the only houses my current clients are viewing and buying. I'm okay with that … (6 comments)
|
banks: Foreclosed Owners Paid to Leave - 03/31/08 09:50 AM
Foreclosed Owners Paid to Leave, an article from Realtor.org, reports that according to a recent survey of real estate professionals by Campbell Communications, a marketing and research firm, nearly half of foreclosed properties are trashed by homeowners on their way out. The banks find it's not worth the cost and trouble to pursue … (4 comments)
|
banks: Beat them or join them: The coming price wars between the banks and the people - 03/30/08 02:06 PM
You've probably heard the old saying " if you can't beat them join them." Well if you are planning on selling your home than this timeless saying will be of special interest to you again. The days of competing against other home owners to sell your home are rapidly becoming the glory days … (1 comments)
|
banks: The banks are changing their tune! - 03/29/08 11:27 AM
Daily Real Estate News | March 25, 2008More Banks Consider Short SalesAfter about a year of dealing slowly and reluctantly with short sale offers, many banks are reconsidering, looking for solutions that will allow them to recoup debt in foreclosure situations.Observers say that if the trend continues, it will reduce or eliminate the … (0 comments)
|
banks: Does Anyone Need a Free Widget That Keeps Your Web Visitors Up To Date On Mortgage Rates - Or How I Wasted My Last Several Weekends - 03/29/08 08:07 AM
It started off simply enough. I had been updating site by hand to keep mortgage rates up to date. So I wanted to create a widget that would automatically update my website with current mortgage rates. Sounds easy enough right? But once I got started I just kept going. As long … (13 comments)
|
banks: Cumberland County Local Lenders - 03/29/08 12:45 AM
A list of local lenders in this area with links or phone numbers.
Give them a call or drop them an email and ask about current rates and different loan programs, and determine what loan fits your needs...or give me a call and I will assist you in helping you find a lender.
Cumberland … (2 comments)
|
banks: Dirty Secrets of the Banks - 03/27/08 11:10 AM
In recent years, banks have adopted some practices that impose high fees and other penalties on some of their most vulnerable customers. We'll take a look at two of the most dangerous pitfalls, and show you how to avoid them.
THE UNIVERSAL DEFAULT CLAUSE
Banks have been promoting low "teaser" rates … (0 comments)
|
banks: Mortgage Interest Rates Fall This Week - 03/22/08 03:15 PM
autoupdating mortgage rates widget
Mortgage rates fell this week. 30 Year mortgages fell from 6.13 to 5.87. 15 Year rates fell from 5.6 to 5.27. It looks like lenders are trying to stay away from ARMS due to the heavy losses they are taking from ARM's from foreclosures. … (2 comments)
|
banks: Are You in Need of CREDIT REPAIR? - 03/22/08 10:06 AM
Are you in need of CREDIT REPAIR?
We all know how important credit is these days and how difficult it is to receive information on what you need to do to effectively raise your credit. Well now is your opportunity to discover step by step what you need to do to … (0 comments)
|
banks: How to make yourself identity proof in 60 minutes or less - 03/21/08 02:52 PM
How to Make Yourself Virtually Identity Theft PROOF in 60 Minutes or Less
Copyright 2007 Jay Peters
The FBI has called it "The fastest growing crime in America." Close to 10 million Americans every year are victimized by it and the costs are estimated at 50 billion dollars annually. Many … (0 comments)
|
banks: heloc sting - 03/21/08 01:15 AM
So the stinger is this. A lady refinanced 4 times. She didn't know or care if it was recorded. She didn't even use but one of them
Then it was time to sell her house. Title did the search and it came up clean as a whistle.
The 15 days passed, so did … (0 comments)
|
banks: Whose Fault is it Anyway? - 03/19/08 03:41 PM
I was recently sent this part of a discussion and started to ponder it. Is it really the mortgage brokers fault or is it the banks?
----Well, didn't brokers cause this mess? I mean they created all these 540 programs, right? Then they set the interest rates, pitched the programs to … (2 comments)
|
banks: Crossville Banks - 03/18/08 09:26 AM
When it comes to banking in Crossville, Tennessee., You have several choices. Here is a list of banks and financial institutions in Crossville to make your searching a little easier. Click on Company icon for each Banks website.
Highland Federal Bank of Crossville.
The Bank of Crossville.
Regions Bank.
Cumberland County … (0 comments)
|
banks: Fed Cuts Discount Rate - 03/17/08 04:29 AM
From Blooomberg.com. For the first time in thirty years the Federal Reserve had an emergency meeting lowering the discount rate by a quarter of a percentage point to 3.25%. Mortgage rates will lower but now finding the money to back the mortgages is becoming an issue. Bernanke says this should cure the … (3 comments)
|
banks: Broker Fees In Question... - 03/16/08 07:03 PM
It appears our government is at it again! This time they are going after Mortgage Brokers???
In an attempt to restore our expiring economy the Bush Administration is pressing for Mortgage Brokers to have full disclosure to fees charged for originating loans. Lender and Broker trade groups in the past have resisted … (2 comments)
|
banks: Look on the court house steps! Where is everybody? - 03/15/08 10:18 AM
Remember when the foreclosures first started hitting the market and investors clamored on the court house steps? Where did everybody go? You know what that means? I think it means hey... now is the REAL time to buy! The only folks you see today on the court house steps are the … (2 comments)
|
banks: I Don't Want To Work Short Sales! - 03/15/08 12:58 AM
I've heard my colleagues complain about and flat out decline listing a short sale. The question I always have is...WHY? What's the big deal? The major complaints - They take too long, The bank cuts your commission, I get ridiculous offers, etc. Before you turn down a nice commission check, here … (1 comments)
|
banks: Comments from FNMA on Mortgage Rates 03/12/08 - 03/12/08 03:25 PM
These are FNMA's comments from an executive in Capital Markets on the selloff in MBS.
The Capital Markets Sales Desk has fielded a large number of calls from customers simply asking, what's going on? Why is the mortgage market trading lower every day? The following are reasons that could help explain why mortgages … (5 comments)
|
banks: History was Made with The DOW With a 416 Point Jump - 03/12/08 12:25 PM
Los Angeles Times Article
You might have seen on the news that the DOW made record breaking 416 point increase. The reason for it was that Uncle Sam decided to get off of the sidelines and invested 200 Billion Dollars in Treasury Securites to bail-out and help the mortgage industry for the credit crunch. The other fact is … (1 comments)
|
banks: HELP FOR NJ SUBPRIME BORROWERS? - 03/12/08 07:03 AM
Several New Jersey Legislators have proposed a plan to assist homeowners with subprime loans, those loans typically written for those will bad credit and low incomes. State Senator Ronald Rice wants a 6 month moratorium on subprime loan defaults, a new loan fund to help people stay in their homes and … (3 comments)
|
banks: Sure...The Banks Aren't Being Bailed Out. - 03/11/08 03:16 PM
It may not be official, but the banks are being bailed out. Let me prove it.
The federal funds rate is the rate that banks can charge each other for overnight or short term loans. They can also borrow money from the government at this rate, which is currently at 3%. The … (1 comments)
|
banks: The reality is.....If we don't who will? - 03/10/08 01:14 AM
Last week Treasury Sec. and other members of the Bush Administration visited Oakland, CA. They were there due to the fact that CA has an abnormally high foreclosure rate. (who doesn't!)
The Administration's current attempt to battle the foreclosure epidemic is to educate home owners who are loosing their homes to … (16 comments)
|
banks: Loss Mitigation....Continued! - 03/08/08 03:29 PM
Earlier this week i wrote a blog about how HomEq was giving me the run around in regards to getting a short sale payoff letter! Well, here's how it ended!
I managed to find out the email address for the CEO of HomEq and the phone number to the CFO! I called … (8 comments)
|
banks: Your offer is not accepted until the bank accepts the short sale - 03/07/08 11:50 AM
This is just a word of advice to consumers out there regarding short sales. Many people are encountering the following situation. You make an offer and the agent issues a counter-offer, which generally means that your offer has been accepted and that the escrow process has started. However, don't be quick … (1 comments)
|
banks: Relocating to Raleigh? All About Local Banks - Raleigh/Clayton/Wendell Areas - 03/07/08 05:04 AM
RELOCATING TO THE TRIANGLE? Have you thought about where you'll be banking?
When we first moved to the area, my husband and I didn't even think about needing to switch banks. But, once we realized that our current bank wasn't located in Raleigh, we started looking for a new bank. We … (0 comments)
|
banks: What is Loss Mitigation Really Doing!? - 03/06/08 06:42 PM
I can't believe these Loss Mitigation departments! I would love to see who is managing these departments. Surely it's a 12 year old!
Correct me if i'm wrong, but the purpose of these departments are to "Mitigate Losses" isn't it? Then what are they doing!? The bank told me exactly what they … (15 comments)
|
banks: Are Short Sales The Answer To Our Glut Of Housing Inventory? - 03/04/08 11:29 AM
Short Sales are the latest rage with the mortgage industry and while it is definitely preferable over foreclosure, the end result is very similar... you take another homeowner out of the pool of owners for at least 1-2 years and place another home into the current inventory. What's wrong with that? … (1 comments)
|
banks: Who is controlling this rediculous market...I say lender's (banks), what say you. - 03/03/08 08:23 PM
It IS REDICULOUS, the amount of SHORT SALES, the amount of FORECLOSURES which resulted in foreclosure only DUE TO THE FACT THAT THE OWNER COULDN'T GET A RESPONSE FROM THEIR LENDER!
This is so rediculous. I mean, we as REALTORS(R) are shoving money at bank's trying (with the approval of the owner's) … (8 comments)
|
banks: Woodland Hills California Real Estate - Short Sale is a Hot Buzz Phrase - 03/03/08 06:52 PM
Woodland Hills California Real Estate - Short Sale is a Hot Buzz Phrase
Short sale is a hot buzz phrase – it is also an opportunity to invest in real estate if you do it right. Banks hate to take over homes, especially in a declining market, so you should not … (1 comments)
|
banks: Banks are Ruining the Market - 03/01/08 07:07 PM
I don't know about you, but have you been waiting to hear about an offer you put on the market a month ago. (Maybe even a full price offer) If the answer is yes, you understand what I am going through, everyone wants a short sale or a bank owned property … (14 comments)
|
banks: Federal Law can't help, but State law WILL!!! - 03/01/08 12:37 PM
In an unprecedented move, Massachusetts state court ruled to stop all foreclosures preceding against Fremont Mortgage based out of California.
The court ruled that Fremont had approved many loans that were designed to make the loan holder fail. Also known as Preditorial Lending!
The objective is to allow the homeowners time to develop … (6 comments)
|
banks: Project Lifeline - 02/29/08 05:06 PM
Recently there has been much talk about government doing something to reduce the number of foreclosures in the market. "Project Lifeline" was launched with the cooperation of some lenders. What has happened? Are real people being helped? Do Realtors have information to share with their clients who purchased homes through them? If so, … (3 comments)
|
banks: There "Absolutely" no End in Sight! - 02/27/08 08:01 PM
foreclosures are gaining Speed! In the month of January filings were up 57%! ???? Unbelievable That is an 8% increase from the month of December Ok Active Rainers! Which state is the winner of the highest rate of Foreclosure .......... Nevada! with California and Florida a Very close Second and Third Respectively Never fret Californians you … (10 comments)
|
banks: Michigan Foreclosure - Don't burn down the house! - 02/25/08 08:19 PM
Grand Rapids, Michigan foreclosures are hopeless and helpless!
Check out our news: http://webmail.grar.com/parse.pl?redirect=http%3A%2F%2Fwww.wzzm13.com%2Fnews%2Fnews_article.aspx%3Fstoryid%3D88259
Can you just imagine what she must have been thinking in order to do this?
How many more of families like these will it take to get it the attention of the banks to work with people? Thank goodness no … (5 comments)
|
banks: Relocating and Banking in the Triangle - Overview of Banks in Chapel Hill/Carrboro/Pittsboro - 02/25/08 06:01 PM
Relocating to the Triangle? Have you thought about where you'll be banking?
One of the first things my husband and I had to do when we moved to the Raleigh area was find a new bank. We had no idea what banks were available or how many branches each of the banks had … (0 comments)
|
banks: Fishing = Good, but PHISHING = BAD. Protect your bank accounts and others! - 02/23/08 05:34 PM
A couple of weeks ago one of our new participants on a local online bulletin board I run called me and was concerned when the computer sent him an authentication e-mail with his password in it. He was afraid that his security may have been somehow impaired. I assured him … (2 comments)
|
banks: Conforming Rate to Rise Helping Owners Lower Costs - 02/23/08 08:16 AM
Last week President Bush signed into law a stimulus package that will lower the monthly payments for borrowers on more expensive homes.
The limit on conforming loans will be raised from $417,000 to $729,750 temporarily, beginning of March through the end of the year. Individuals with existing JUMBO loans will be able … (0 comments)
|
banks: Refinancing is a little harder now - 02/22/08 03:49 PM
… (5 comments)
|
banks: Shady Bank Reps.... - 02/20/08 11:42 PM
Drive me insane!!
I had a client that was approved at 6.875% for an apartment Re-Fi and we got everything in on time and had a file that was rock solid and in the end.....
the bank gave me Docs that had 7.375% and expected me not to notice, Seriously!!
Come to find out … (5 comments)
|
banks: Present all offers...do you? - 02/20/08 09:16 PM
This is a seriously truthful post, meaning I want truthful answers. It is ficticious in that this is just a fictious scenario. Customer's are out there, they aren't buying expensive properties, they are finding low end nice properties and they are "low balling" those prices.
The customer's are looking for homes and condo's … (27 comments)
|
banks: Not everything falls on deaf ears - 02/20/08 03:29 PM
First of all, I would like to say that I know not everyone in the banking industry is the same, and I also know I have been pretty harsh with how I've treated some mortgage brokers in the past. But, I've always done it with my client's best interest in mind. … (5 comments)
|
banks: Does A Pre-Approval Take you Off the Hook? - 02/20/08 12:16 PM
While recently negotiating a deal something new came up. Something new always comes up but this I thought was timely. So I am negotiating on a house. We have agreed on price, closing, etc. This is my listing. The selling agent sends along a letter, a pre-qualification from a mortgage company. … (5 comments)
|
banks: BPO: If I had my Druthers! - 02/18/08 04:00 PM
I Think most of us agree that the most important (at least one of them) piece of a successful Short Sale is the
BPO!
The question is whether or not you are going to get:
A. BPO Agent?
B. Appraiser?
Now, is there a toss up … (9 comments)
|
banks: Mortgage Market Moving Goalposts - f.k.a. Real Estate Appraisals - 02/15/08 11:57 AM
By Dustin R Burke, Adonai Financial
As a mortgage professional I am often asked by homeowners or potential homebuyers, “What this home worth?” My answer is always an oversimplified, “Its worth what someone is willing to pay for it.” Even though in conventional wisdom this answer is true, I am considering a … (0 comments)
|
banks: Soft Markets -- the new way to redline. - 02/15/08 08:25 AM
By Dustin R Burke, Adonai Financial
If you haven’t already heard the term “soft market” – you will. As most of us know certain areas of the real estate market have been in decline for around a year now. The correction has appeared to have been mild, until recently where more and … (3 comments)
|
banks: As Housing Goes, So Goes the U.S. Economy - 02/13/08 05:51 PM
For many who didn't know, recent developments have brought home the fact that a robust housing market is key to the overall health of the United States economy. Soft sales activity, falling home prices and rising foreclosures are creating a challenging situation for real estate professionals and local governments, and scary … (1 comments)
|
banks: REO vs Short Sale - 02/12/08 01:35 PM
REO vs. Short Sale (Sales)
I recently got the statistics back from a question I posed our company. Do banks make more on the sale price for REO than for our short sale offers? So, I had our staff go back and do a little homework using last years records. … (11 comments)
|
banks: Okay, This Short Sale world we have been experiencing has inspired me to ask you - 02/12/08 12:10 AM
if you have had any experience with short sales....when you finally had a successful closing, what was the final result in sales price?
A. Was the final price at the market..?
B. Just under the market..?
C. Way under the market..?
I have seen some incredible deals on national news that we are not seeing in … (3 comments)
|
banks: Mortgage walkers: JUST a penny for your thoughts? - 02/11/08 11:28 AM
(Sign from mdforeclosurelaw.com)
....Monday all over the world!
and so are the foreclosures.
What can you do?
This began a long time ago.
There was a lot of really flexible money laying around.
And it was pretty much there for the taking-by mortgage brokers, buyers and sellers.
(...there may have been some greed involved in there somewhere, too...)
But this … (4 comments)
|
banks: Where's you seat belt, our economy is ready to blast off!! - 02/11/08 07:25 AM
Well it's Monday morning and for some reason I wasn't able to sleep past 5:30 this morning. Normally you can't pry me out of bed until 7:00. Part of the problem is that as soon as my eyes opened my brain began telling me how messed up everything is right now … (8 comments)
|
banks: Continuing education class was today....with break-outs...UGH - 02/09/08 05:54 PM
My state of Arkansas requires 6 hours of continuing education each year. We are also required to have a class on ethics every 4 years so I "killed two birds with one stone" today and attended a class that was sponsored by one of our banks in town. The bank provided … (27 comments)
|
banks: Lenders Still Embrace Sensible Small Loans - 02/09/08 03:18 AM
In comparison to their large-balance counterparts, small commercial real estate loans may outwardly seem too inefficient to make their case for inclusion in most lenders’ repertoires - particularly in today’s climate of capital markets unrest and an emphasis on cutting costs while maximizing profits. However, the demand for this type … (0 comments)
|
banks: Thanks Jeff Belonger for scratching this itch!! - 02/08/08 12:09 AM
Actually I'm not angry at Jeff, I appreciate his newest post in regards to closing costs with mortgage loans. I totally agree that the current system is flawed! The biggest problem with closing cost's is everyone has an excuse why it can't be fixed. The big problem that most mortgage professionals … (3 comments)
|
banks: Home Value Information - 02/06/08 03:26 PM
Recently a client of mine posed a very good question and I wanted to share it and my response to it with you.
"...why is there such a big discrepancy between the figures you gave me and Zillow's website? I thought that was where the banks got their info."
Home Finder Search Engines … (0 comments)
|
banks: Woodland Hills California Real Estate - Short Sale Process - 02/05/08 06:10 PM
In woodland Hills Ca. like in other parts of the country there are short sales, this is the first blog in a series of blogs which will explain what you can expect when you make an offer on a property that is selling in a short sale.
The short sale process can … (1 comments)
|
banks: $100 of billions available - 02/04/08 07:51 PM
We need REO's everywhere!
We have cash buyers able to act VERY fast.
You must be the seller or one away. No chains!
Contact me as soon as possible!
We are looking at a lot of 0's here!!
Contact me direct Paul@DoynoRealty.com
Tell me who you are in the mail. How close to the seller you are. … (0 comments)
|
banks: So what are the differences in mortgage sources? - 02/04/08 03:01 PM
Types of Mortgage Lenders Mortgage Bankers Mortgage Bankers are lenders that are large enough to originate loans and create pools of loans which they sell directly to Fannie Mae, Freddie Mac, Ginnie Mae, jumbo loan investors, and others. Any company that does this is considered to be a mortgage banker. Some … (1 comments)
|
banks: What will YOU do different? - 01/30/08 09:57 PM
What will you do Different?
Well let's see. Along with record weather we have record interest rate cuts. Defaults, short sales and foreclosures are on the rise. Home prices have dropped from their lofty and wishful altitudes. In some parts of the country banks are unloading properties en masse. Investors are awakening from … (2 comments)
|
banks: Can Women cut it as R.E.I.? - 01/30/08 08:28 PM
The question has come up time and time again. Why are there so few "Women" R.E.I.? Before you comment I'm not talking about agents, brokers or consultants. I'm speaking about those valiant women who title themselves fulltime Real Estate Investors. There no denying there are more men Investors than women. But, … (1 comments)
|
banks: Big Girls Don't Cry Over the Interest Rates Rising this Afternoon! - 01/23/08 04:07 PM
Now, now, don't cry. Yes, the interest rates seemed to have darted upward this afternoon. Some lenders sent e-mails notifying of price changes not once, not twice, but four times!! However, although the interest rates took a swing upward, let's ride this wave out. It's normal to have a ripple effect, especially right … (7 comments)
|
banks: The Fed lending rate reduction only helps the Banks. - 01/23/08 12:29 PM
Please wait while I set my soap box down. I am about to give my opinion on this disgusting turn of events by our government.
The Fed lending rate cut, for the most part, bails out the Banks.
The short term Fed rate is the rate Banks can barrow from the Fed resulting in them … (0 comments)
|
banks: Example from my latest phishing letter - 01/23/08 07:23 AM
I blogged the other day about how the phishers are out and we should beware.
Evidently they are also getting worse in some instances...worse in the wording, punctuation, etc. I taught English way back in my early career and nothing turns me off more than an unprofessional letter. When I read this … (3 comments)
|
banks: The phishers are out....don't let them get you. - 01/21/08 08:01 PM
Probably the most convincing junk email that we get is from the phishers. They are much more convincing that the Nigerian letter that tells you to share in their money.
Just today I got two emails from my bank ( or so it appears ) telling me that I need to go … (10 comments)
|
banks: The New Mortgage Crisis – S&L Revisited - 01/21/08 07:04 AM
When things go wrong we sometimes look to blame someone else. When things go wrong for a company, it sometimes blames the government. But it's often the government that has to bale us out - take the mortgage meltdown we experienced last year. Perhaps this was the trigger that started the … (1 comments)
|
banks: Are listing agents doing justice to bank owned listings? Do the banks know what is going on? - 01/20/08 02:51 PM
What up with the agents listing Bank owned properties? Do they think since they are representing the banks that they don't have to do their due diligence and sell the property? I see so many bank owned listings on the market I am lucky if there is 1 picture. How about the … (1 comments)
|
banks: Some Florida Banks Now Have A Dress Code - 01/19/08 08:28 AM
"The Florida Bankers Association rolled out the "No Hats, No Hoods, No Sunglasses" program this week, noting that bank robberies in Florida soared 36 percent last year."
"Signs will ask customers entering bank lobbies to remove those items before doing their business."
The article states that not all banks will participate in this … (14 comments)
|
banks: We Need Your Voices!!!!!!!!!! - 01/18/08 08:36 PM
You are invited to join Short Sales Institutes's NEW "Pre-Foreclosure" yahoo Group (Sponsored by Taylor One Inc.) Our aim is to hear voices and gain knowledge and a new insight to a reality that is at our Nation's front door. Please feel free to Network, give your opinions and learn as … (1 comments)
|
banks: The lenders got us into this mess, now the lenders gotta get us out. - 01/16/08 02:39 PM
I post this entry after once again having a full priced offer on a short sale for one of my clients rejected. So I may be a bit perterbed.
Everyday in the news we are hearing of banks and lenders having to write down 10's of billions of dollars in loan debt, of … (4 comments)
|
banks: BALTIMORE CITY SUES WELLS FARGO - 01/11/08 03:51 PM
Baltimore City has hired a Washington, DC Law Firm to sue Wells Fargo Mortgage because it says that Wells Fargo gave sub-prime mortgages and too many fixed rate mortgages, at a high interest rates, to a large number of Minority home buyers that live in Baltimore City. Although a lot of … (0 comments)
|
banks: The Disappearing Mortgage Broker - 01/11/08 02:03 PM
What will happen to our industry if we can only refer our clients to banks and we lose our mortgage brokers due to the loss of their investors? Will this eventually hurt us as realtors? The investors are pulling out because of this subprime debacle. Without the investors our mortgage brokers … (12 comments)
|
banks: Explains it best - 01/11/08 11:23 AM
I have seen the arguements, read the posts and even tried myself to explain how yield spread premuim works, the difference between banks and brokers and why working with a broker is usually in a customer's best interest. Try as hard as I may, it seems as though I can not … (0 comments)
|
banks: New Mortgage Companies - 01/11/08 10:07 AM
Its interesting nature doesn't like a vacuum apparently the supply and demand theory doesn't like them either. There are so many mortgage companies both retail and wholesale going out of business that there is now a number of new startup companies moving in to take their places. Hopefully the new companies … (1 comments)
|
banks: I need help with Short Sales & Relatives - 01/11/08 08:54 AM
I have a past client who has fallen onto some hard times and is now behind on his mortgage payments. Of course he purchased his home in '05 when the market was hot and now his home iw worth about $25,000 less than what he owes on it (which really isn't … (8 comments)
|
banks: Why oh why Countrywide? - 01/07/08 08:42 AM
The perils of a Realtor in 2008 have already gotten off to a great start. In one of the many hats I wear as a Realtor is the hat of foreclosure specialist for Countrywide Home Loans. I do not fully understand why the bank does some of the things … (8 comments)
|
banks: Good Deals! - 01/05/08 11:59 AM
How do you get good deals? anywhere? This one I know about is in the Crenshaw District below Baldwin Hills
Why might someone sell for less than they bought
transferred?
do they have 2 loans?
Or worse =-does one have a interest only ending and going up to an unreasonable rate?
The homes and neighborhoods are great....
and … (0 comments)
|
banks: The media's uneducated opinion of the RE market... - 01/03/08 11:23 PM
I love Rush Limbaugh's comments tonight on FOX...he is right...people are paying their mortgage payments...the situation is not as bad as the pathetic market is projecting.
I have been posting...STAY POSITIVE for several months...after all, how many new's reporters have a clue about the REAL, YES I SAY REAL, REAL ESTATE MARKET???
I … (10 comments)
|
banks: Looking for short sale checklist - 12/26/07 09:27 AM
I have done several short sales lately and as you know every bank is different. I feel like I am constantly changing my checklist. I was wondering if anyone has a checklist that seems to work the majority of the time. If so could you please post it in the comments … (10 comments)
|
banks: Good Will Time Of Year | No Foreclosures in December! - 12/26/07 12:28 AM
There were a few articles I came across last week that indicated a drop in new foreclosures recently nationwide. They seemed almost relieved the numbers have dropped, but there is more to the scenario than meets the eye. To the uninformed that is true every year in real estate, foreclosure inventory … (2 comments)
|
banks: Hawaii 44th in the Foreclosure Competition among the States - 12/19/07 08:15 PM
While things are tough on the Mainland, Hawaii is doing a lot better. We had only 113 foreclosures during November. This represents an increase of 53% over november of 06, but by comparison, things are not so bad here. This puts us 44th in the country for forclosures. This said, the … (4 comments)
|
banks: Dealing with Banks. - 12/17/07 04:02 PM
I am extremely frustrated with the process that I am going through with banks and getting approval. Does anyone have any suggestions to do to help make this process smoother and easier. I understand that banks are overwhelmed with the amount of foreclosures that are out on the market and many … (5 comments)
|
banks: Government Plan to Bail Out Delinquent Loans is a Loser! - 12/16/07 11:43 PM
There is a lot of talk about the US government conducting a massive bailout at tax payer expense. Freeze interest rates, stop foreclosures! At first it sounds like a good idea, but when you think about it is really a public relations ploy for all politicians. It should be thrown out … (9 comments)
|
