default: When will I get my first REO listing? - 05/15/08 05:55 PM
I just got my first BPO order from Goodman Dean. They claim to be a full service company and not just a BPO mill. I am hoping that's true and they will send me a REO listing soon. Does anyone out there work with them? Can you give me some feedback?
… (8 comments)
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default: Behind in your mortgage payment? Try HomeSaver Advance!! - 05/14/08 06:16 PM
Need to get out of a hole? This can do it for you, and it makes sense, both for you and for your mortgage servicer. Fannie Mae will lend you up to $15,000 of its own money to bring you current and stave off the specter of foreclosure. Unsecured. At an interest … (5 comments)
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default: Massachusetts Foreclosure Law Update - May 1, 2008 - 05/05/08 09:35 AM
The new law went into effect on May 1, 2008. Section 11 of Chapter 206 of the Acts of 2007 now requires that all complaints to foreclose mortgage under the federal Servicemembers Civil Relief Act must be accompanied by an affidavit showing compliance with the Act. If required by Section 11, … (0 comments)
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default: GLOSSARY ''D" - 04/30/08 03:31 PM
… (0 comments)
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default: REALTORS BEWARE!!! - 04/28/08 03:00 PM
With the new climate in the real estate world come the self proclaimed gurus and experts on Short sales and REO's. There are seminars popping up all over the country run by people that claim to the top authority on the subject. How is that only a year or two ago … (5 comments)
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default: Drama Drama Go Away, Come Again Another Day - 04/28/08 10:14 AM
For those of you who keep up with my blogs, you know I've been waiting and waiting for a Drama-free transaction... I'm almost there, but don't want to jinx it. In the meantime, here's some more drama for you...
I have a deal that should have closed March 27. I represent the … (16 comments)
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default: Co Signing for a Mortgage, The Possible Implications - 04/22/08 01:13 PM
As mortgage lenders limit how much money they will lend and to whom, co-signing home loans is growing in popularity. "Co-signing" a home loan is when a third-party -- usually a parent or relative -- promises to make repayments to the bank in the event that the borrower falls behind on his … (0 comments)
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default: Homeowners in Foreclosure have another option. Look at the short sale to sell your home. - 04/21/08 06:58 PM
If you have found yourself in desperate times and possibly upside down in your mortgage, your best option might be the short sale to sale your home.
A short sale is when the lender agrees to discount a loan balance due to an economic hardship on the part of the mortgagor. The … (2 comments)
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default: When the Rent is Unpaid, Act Immediately! - 04/16/08 10:14 PM
The legal process of evicting a tenant in California for non-payment of rent is among the most streamlined of legal proceedings however, starting that process is often delayed by the hesitancy of the landlord in serving a "Three Day Notice to Pay Rent or Quit" upon the tenant.
When a … (0 comments)
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default: Ventura County Fights Back...Stopping Real Estate Scammers-Part II - 04/13/08 04:13 PM
Homeowners in default receive so many phone calls, people knocking on their doors and letters that it can reach the point of harassment. Some of these offers for help are legitimate but many (most) are not. For the average homeowner it is next to impossible to tell who is on the level … (2 comments)
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default: Ventura County Fights Back…Stopping Real Estate Scammers-Part I - 04/11/08 09:37 PM
Scam artists do not look or act dastardly. In fact, they are nice friendly people who seem trustworthy. They are well dressed, look nice and are genuinely likable. This was the message that Stella Ling, senior council with the California Association of Realtors (C.A.R.) had for the audience of the REFAT Industry Outreach Foreclosure Scams … (1 comments)
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default: 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)
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default: SHORT SALE APPROVED IN FREMONT CALIFORNIA - 03/25/08 01:11 PM
Gorgeous 3 bedroom home with a loft has approximatley 1980 living square feet. All appliances will stay in the home. Kitchen was updated in 2006, and this is in move in ready condition. Located within walking distance to schools and shopping. This sale has been approved as of 3/25/2008. Two Identical … (2 comments)
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default: BPO companies I got a lot of work from - 03/19/08 08:33 PM
Recently I have been getting many bpo orders from Mark to Market and Mainstreetval. Can't say the same for the paid subcription companies. I am wondering if it has anything to do with where you are located? I have since posting that said they are doing well with some of these paid … (34 comments)
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default: 16817 Shady Mill Way Lathrop , CA 95330 - 03/17/08 07:54 PM
MLS # 40330125
Asking Price $249,900
Gorgeous 3 bedroom 2 and a half bathroom home plus a loft upstairs and an office room downstairs in a newer development. This spacious home has approximatley 2304 living square feet and has two stories. Within walking distance to the elementary school, city hall, and the fire station.This is … (9 comments)
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default: Five Topics to Discuss With Your Real Estate Agent When Buying - 03/17/08 01:03 PM
Five Topics to Discuss With Your Real Estate Agent When Preparing To Buying a HomeWhether you're ready to settle into your first home or looking to buy your fifth; are moving cross-country or cross-town, it's smart to identify which attributes of a new home are most important to you. Be sure … (0 comments)
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default: Please, will someone explain to me what the H-ll the banks or lenders are thinking? - 03/17/08 12:06 AM
Catherine Myers and I have teamed up to do short sales in Contra Costa County. We are getting calls even from out of state from our blog http://www.ccshortsales.com
We had a meeting with a possible short sale this past week. Where this womans home is located the prices have halved in the … (9 comments)
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default: Just walk away from your home? - 03/13/08 10:24 PM
The statistics are all over the place, but it is clear that not only are mortgage delinquencies and foreclosures skyrocketing, but millions of homeowners are "upside-down" in their mortgages; that is they owe more to the bank than their houses are worth and a report this week predicted that number would … (2 comments)
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default: What will become of Suncrest? - The Death of a Development - 03/08/08 09:14 PM
The Deseret News has reported that "Owners of the SunCrest development have defaulted on $58 million in development loans, and residents there are worried the developer could try to sell its remaining assets and leave the state."Owners fear that amenities that the developers promised would be built (clubhouse, etc.) will never … (4 comments)
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default: This is a cool article: - 03/04/08 07:56 PM
Hi Everyone,
Ron Anderson check me out on CBS news, saving homes and changing lives...
http://www.cbs2.com/video/?id=60004@kcbs.dayport.com
Check this LA Times story out this ran as the cover story for Sunday's feb 17, 2008 RE section & prompted the above news feature...
http://www.latimes.com/classified/realestate/la-re-empty17feb17,0,7275945.story
… (2 comments)
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default: You Walk Away - 03/04/08 11:30 AM
A new San Diego based company, called You Walk Away, helps people walk away from their homes, for a $995 dollar fee. Companies like this are a sign of the changes in the way Americans will look at their housing.Median down payment on a house purchase was 9 percent last year, … (0 comments)
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default: Options for Sellers In Default - 02/29/08 09:35 AM
No one is prepared to loose his or her home. That is why I made this article so you as a homeowner know what you can do to bring your house current or provide a way out so you don't have a foreclosure on your credit.
1. Offer to Sell- You could … (2 comments)
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default: 529 Montana St. Brentwood, CA 94513 - 02/27/08 07:39 PM
MLS # 40303751
Price $289,995
Virtual Tour Link http://client.rw.imprev.net/390/5123
Gorgeous 3 bedroom single family home that shows well. Open floor plan with the kitchen and family room. Conveniently located close to Highway 4, and in a quiet neighborhood. Priced to sell and subject to citibank approval short sale, the short sale is in process … (0 comments)
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default: Are You Being Forced to Sell Your Home? - 02/25/08 04:52 PM
Are you being forced to sell your house? There is nothing more stressful than knowing that you are losing control of you home. I have had family members fall into the same financial state and I understand the pressure you are under. I also know that when you are behind on your … (0 comments)
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default: Financing 101 - 02/25/08 09:43 AM
If you're not a homeowner, you might be confused by the brouhaha surrounding loan defaults and foreclosures. Learn more by understanding the basic terms used to describe a mortgage.
A mortgage is a loan to finance your purchase, and uses the home as your collateral, which the lender can take back if … (0 comments)
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default: Banks Delaying Foreclosures - another financial market adjustment looming? - 02/24/08 10:34 AM
Is anyone nervous about banking industry plans to delay foreclosures? Here in Sonoma County, California the number of REO homes for sale is increasing at a rate of 20-30% per month. In some areas there are so many foreclosures that prices have rolled back to 2002 levels and the banks still can't sell them. Foreclosure … (2 comments)
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default: "Project Lifeline" To help Homeowners - 02/14/08 01:11 PM
Assist-2-Sell, the leading full-service discount real estate company, is encouraged by this week's announcement that six of the nation's largest mortgage lenders will reach out to homeowners most at risk of losing their homes through a new plan known as "Project Lifeline." The Company is also pleased to see such strong … (0 comments)
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default: Project Lifeline: Fed's plan to delay foreclosures - 02/12/08 12:07 PM
This morning, the Fed announced a plan to help homeowners delay foreclosure.
For qualified homeowners, Project Lifeline will put the foreclosure process
on hold for 30 days while their lender will try to work out a way to make mortgage
payments more affordable. Mortgages that were taken out for an investment … (2 comments)
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default: Reno Real Estate and Homes with Notice of Default Filings - 02/11/08 09:58 PM
Tracking foreclosure activity?
The first public notification of any Reno home going into foreclosure is when the homeowner's lender files a Notice of Default with Washoe County. About 90% of the pre-foreclosure activity in the Reno-Tahoe region is in Reno and Sparks (Washoe County). I track and post all Reno notice of … (1 comments)
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default: Reno Home Foreclosures, Bank Owned Properties - February 2008 - 02/10/08 03:56 PM
The Reno Gazette Journal featured the Reno foreclosure market on the front page this morning. I thought they did a nice job with information for people who are heading to foreclosure as well as potential Reno foreclosure home buyers.
I am seeing about 10 new Reno/Sparks foreclosure home listings a day (including … (0 comments)
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default: Open House Today - A beautiful day but no people in Southern California - 02/09/08 02:47 PM
As I sit today at my open house on a day with 81 degree weather, blue skies in Southern California I wonder why no one is visiting my open house.
Last weekend on Saturday I had over 65 people through.
Could the weather be too nice? I didn't think that was possible. … (5 comments)
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default: Short Sale approved in Santa Cruz California - 02/05/08 01:19 PM
I have a short sale in Santa Cruz that was approved by the second lender in December, and they are willing to accept $1000 and eat the rest of the lost. The first lender which is saxon mortgage would not approve the same purchase price because they feel the first bpo … (3 comments)
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default: Default properties... what kind of buyer is an agent looking to represent? - 02/02/08 11:46 PM
What kind of buyer is an agent looking to represent ... if the property is in default?Disclaimer: All buyers are welcome to purchase what they can afford. However, the purpose of this post is to say... An agent should NOT represent a buyer if these four points are true:1. The buyer will … (8 comments)
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default: Subprime delinquency rates are 10X as high as prime loans - 01/31/08 06:45 PM
The news media keeps lumping prime loans and subprime loans when it reports on the housing crunch. I wish they would do a little bit of research. Prime loans are not defaulting like subprime loans. Yes, underwrwiting guidelines have tightened up (as they should have), but the default rate on prime loans … (0 comments)
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default: Knowledge is Power!!! - 01/28/08 08:52 AM
You know that real estate agents help you to move. Did you know that agents can also help you stay where you are? This has become quite an issue in light of the recent rise in loan defaults. Real estate agents provide critical information and a link between lenders and buyers.Subprime … (0 comments)
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default: I live in Stockton, CA (San Joaquin County) -- My property needs work, can I still do a short sale? Part II - 01/26/08 09:39 PM
This is Part II. See I live in Stockton, CA (San Joaquin County)- Is a Short Sale right for me? Part I
The answer to this question is YES! You can still do a short sale even if your property is in rough shape and needs work done to it. The lenders … (2 comments)
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default: Short Sale: Do you have to be in default to get a short sale approved? - 01/26/08 09:27 PM
If you are current on your mortgage, will your lender consider a Short Sale?
The answer is maybe. Some lenders will accept a Short Sale file for approval on loans that are not delinquent. Not that many are documented. Other lenders will not accept the file until the loan is delinquent. The … (11 comments)
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default: Reno and Sparks NV Notice of Default and Sale Properties - January 2008 - 01/24/08 08:33 PM
Tracking and monitoring the foreclosure market requires quite a lot of keeping up. In the Northern Nevada region, there is a lot more foreclosure activity in the Reno and Sparks markets relative to others.
Before these Reno and Sparks homes go into foreclosure, they enter what we know as a "pre foreclosure" … (0 comments)
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default: Incline Village (Lake Tahoe), NV - Notice of Sale & Default Homes - 01/22/08 08:04 PM
For those of you familiar with the Lake Tahoe real estate market, you probably already know that Incline Village is among the priciest areas and has great community amenities, beaches, etc.
What's surprising is the subprime fallout is even hitting such a high end and exclusive community. I just posted a recent … (0 comments)
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default: Reno Nevada Notice of Default and Notice of Sale List Update - 01/08/08 04:57 PM
Attention Reno Nevada investors:
Between December 19-26, 2007, banks filed 36 Reno Notices of Default and 17 Notices of Sale on all types of properties with Washoe County.
I update this list about once a week and you can find this list of Reno Notice of Default homes and summary information (address, lender, … (0 comments)
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default: Sparks Nevada Notice of Default and Notice of Sale List Update - 01/08/08 04:52 PM
List updated for Washoe County filings : December 19-26, 2007
For those investors looking for properties before they are in foreclosure, I have just updated a list of all Sparks Nevada properties that have had a Notice of Default of a Notice of Sale filed with Washoe County.
Check out the complete … (0 comments)
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default: Is GMAC trying to take the "short" out of Short Sales? - 01/05/08 02:51 PM
Here are some of GMAC guidelines for approving a Short Sale.
There are so many owners that have GMAC loans that live in the San Joaquin County CA area (especially Stockton, Modesto and other surrounding areas). GMAC is a household name from homes to automobiles, but yet they are getting known as … (19 comments)
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default: What a Short Sale is ...N O T! - 01/04/08 10:03 PM
A short sale is when you owe more than your home is worth AND you list and receive a formal offer that is approved by the lender BUT it is for less than what you owe on the mortgage. And BEWARE of verbal agreements. Get it in writing... the only way … (30 comments)
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default: Sparks NV, Nevada - Notice of Default, Notice of Sale Property Listings - 01/02/08 08:08 PM
Greetings -
In an effort to help Sparks home buyers who are trying to gain access to information on foreclosure and other distressed properties, I post a list (updated about once a week for Sparks properties) of Sparks Nevada Notice of Default and Notice of Sale properties.
This information comes from Washoe County and … (0 comments)
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default: Reno NV, Nevada - Notice of Default, Notice of Sale Property Listings - 01/02/08 07:45 PM
Greetings -
With the continued interest among Reno real estate buyers in foreclosure homes, I am putting regular posts on my blog site with all properties with a notice of sale (notice of trustee's sale) and notice of defaults that have been filed with Washoe county.
Due to the large volume of … (0 comments)
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default: Sample letter: Requesting Short Sale Approval from Second Lien holder - 01/01/08 05:49 PM
OK here's the situation: You have 2 loans - for the purpose of this example lets give them names: (Mort =First Loan) and Gage = Second Loan): This example is for those of you that have Two different both lenders. Mort(1) tells you that they will not be able to approval a short … (6 comments)
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default: Listen up! California passed new laws! That may affect you.... - 01/01/08 01:35 AM
2008 California Laws
1. DUI and kill someone, you will be facing murder charges.
2. Smoke in the car with a minor child (under 18) and you will be fined. California's ban would prohibit smoking in a vehicle containing anyone under 18, but the traffic stop would have to be made for another … (10 comments)
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default: Are you Short on Equity and Low on Cash? - 12/31/07 11:27 PM
This is a very important question. Here are some more important questions:Are you in trouble with your mortgage because you have had or are in a hardship? Are you in default with your mortgage? How is your credit? Have you contacted your lender to try to work out a plan to … (0 comments)
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default: The Raw Facts on Default, Pre-Foreclosure, Short Sale and Foreclosure - 12/30/07 12:42 AM
Below is a list of power-packed posts filled with informational facts about being in Default, finding yourself in the pre-foreclosure process and having to do a Short Sale and some helpful tips on how to avoid Foreclosure. By reading this information you will know the timelines, procedures, advantages and disadvantages of … (13 comments)
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default: Can't afford your ARM Adjustment? Ask your lender for help. See sample letter. - 12/28/07 02:57 PM
Here is possibly a pro-active way to help prevent getting into foreclosure and also will help the HUGH ongoing Foreclosure problems in California's ~ San Joaquin, Stanislaus, Alameda Counties and the surrounding areas. Having the #1 Foreclosure rate coming right out of Stockton and with Modesto following with the #2 spot, contact … (8 comments)
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default: Freddie Mac has launched an anti-fraud video on YouTubeTM - 12/27/07 07:04 PM
This was a no-brainer when I thought "should I send this video out to my clients, friends and family?" Freddie Mac has launched an anti-fraud video on YouTubeTM in an effort to warn troubled borrowers about the dangers of falling victim to con artists promising to help them avoid foreclosure through various … (6 comments)
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default: Reno Pre Foreclosure Homes List Update - 12/27/07 03:22 PM
Greetings -
During 12.10-12.13, 2007 in Reno, Nevada, there were 33 new Notice of Default filings and 20 new Notice of Sale filings with Washoe County. With this amount of activity, it is understandable why the banks are bogged down and, in many cases, unresponsive to offers and other activity.
View this … (0 comments)
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default: Short Sale and Foreclosure Trauma... - 12/16/07 11:19 AM
One thing that has become very evident that is not being addressed is the emotional and mental trauma many homeowners are facing due to short sale and foreclosures. Not to be taken lightly. The look of devastation and failure has led to major depression and in some cases suicide.
We are not … (6 comments)
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default: Know the Difference--"Short Sale," "REO" & "Default" - 12/11/07 02:35 PM
Most buyers and many real estate agents are unaware of the enormous difference between a listing that is a "short sale" and one that is an "REO." Also, many people are not aware what it means when a home is in default/foreclosure.
Short Sale Listings
The homeowners of these properties owe more in loans … (2 comments)
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default: When Is it a good Idea to Consider a Deed-In-Lieu of Foreclosure - 12/10/07 01:13 PM
Decisions. Decisions. Decisions. If you are late on your payments and are trying to think of some options as to what you can do to avoid foreclosure, here are some options:
Repayment Plan Reinstatement Forebearance or Loan Modification Agreement Refinance Bankruptcy Short Sale Deed-in-lieu of Foreclosure What is a deed-in-lieu (DIL) … (11 comments)
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default: Contra Costa Short Sales... - 12/07/07 12:21 AM
Due to the overwhelming need to assist homeowners in presenting their homes as short sales to their lenders, Catherine Myers( http://www.DiabloValley.net )and I are working together to hopefully assist homeowners in distress to minimize the damage to their credit.
Our blog http://contracostashortsales.wordpress.com/ has some valuable information and links for those seeking some guidance.
We … (1 comments)
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default: News Flash: White House Reaches Mortgage Deal - 12/05/07 02:09 PM
Dec 5 02:53 PM US/Eastern WASHINGTON (AP) - Congressional aides say the Bush administration has hammered out an agreement with industry to freeze interest rates for certain subprime mortgages for five years in an effort to combat a soaring tide of foreclosures. These aides, who spoke on condition of anonymity because ...FULL … (2 comments)
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default: Owners have rights, Tenants have rights too-- all God's children got rights! - 12/04/07 02:48 AM
OK! I will admit that I am guilty of bashing the "tenants from hell" and I still stand on that. Tenants can ruin an owner's property in no time flat. I have seen and experience with several of my owners the aftermath of tenants gone bad.
HOWEVER, in defense of the tenants that … (4 comments)
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default: Foreclosures on the Rise: A Deal in the Making - 12/02/07 04:25 PM
The Wall Street Journal reports that are up 94% since last year and now may be leveling off. Whats interesting according to the article is that the default rate is down 9% from last year. Its pure speculation as to why, but realtytrak CEO james Saccacio thinks that some of the … (2 comments)
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default: Short sale approval is not AUTOMATIC! - 12/01/07 10:08 AM
The last number I hear for Subprime loans that are in foreclosure: 161,540 for US.
There is nothing AUTOMATIC about short sales - the can STICK you and the STANDARDS can different with each lender!
Let me tell you a couple of things about short sales/foreclosures
1. You decide you're going to sell your home at … (7 comments)
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default: Know if you use Deeds of Trusts or Mortgages - 11/30/07 03:36 PM
I live in a state that is very unique. Half of the state has deeds of trusts, the others have mortgages. There are only a handful of states that use mortgages and the majority use the deed of trust. The major difference lies after a person defaults. With a mortgage, the … (1 comments)
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default: What short sale buyers and sellers need to know - 11/26/07 05:24 PM
This is a disclosure I have all my buyers of short sales sign. Short Sale DisclosureProperty Address: In a short sale the seller’s lender agrees to accept less than what is owed on the loan for a property. As such, it requires the lender’s approval. Please note that the property … (4 comments)
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default: Facing Foreclosure - 11/19/07 09:42 PM
The worst thing to do is to do nothing to save your home. Depending on how long you have owned your home, you may have some equity which will allow you to get some cash. The bank DOES NOT want your home. The bank looses on average of $50k per foreclosure. … (0 comments)
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default: Advice From The Sunday Real Estate Section - 11/19/07 01:53 AM
Steven Leitman, wrote a short little blog: Short Sale Tip I commented on it because, I'm concerned about real estate advice coming newspapers. One of the comments was addressed directly to me, here is my response.Mr. Ross,I'd like to answer your question, but I don't think we have a common language. … (4 comments)
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default: Short sales & foreclosures: As Nevada goes, so goes the nation? - 11/16/07 04:48 PM
I've already confessed that I'm a news junkie (Is there a 12-step program for that?) and that I listen to a lot of National Public Radio, so I won't get into that again. What I will mention is that I love that our local public radio station (KERA 90.1 FM) broadcasts … (6 comments)
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default: A Default Lesson - 11/16/07 06:25 AM
Good morning folks. When I am not ranting and blowing off steam with silly posts, I try to make a point that will be helpful to someone.
Today it is a quick reminder about what the dates outlined in the contract really mean. A lot of people in my world have forgotten … (11 comments)
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default: Avoid foreclosure in Oregon and turn your home into a monthly profit center instead - 11/15/07 05:12 PM
Are you on the verge of going in to default and have no equity in your home? What if there was a way you could sell your home and walk away with a check at closing, and get a check every month?
Find out why my sellers who were about to go … (6 comments)
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default: Debt Relief is *Not* Tax Relief! - 11/05/07 09:33 AM
You've certainly heard and read many reports about defaults on mortgage loans. There are many reasons homeowners face such situations, some of which are completely beyond their control. There are also several solutions, but each carries a consequence.In one example, a family had to relocate for an attractive job offer. The … (0 comments)
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default: Foreclosure-Relief-for-our-Military-Men-and-Women - 10/15/07 12:19 AM
Mortgage lenders may not foreclose while you are on active duty or within 90 days after military service without court approval., A lender would be required to show in court that your ability to repay the debt was not affected by your military service. If you ar having problems and need … (4 comments)
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default: Short Sales - 10/11/07 08:55 PM
We have been getting a lot of question about Short Sales. So here is a brief overview/ Have you ever wondered about Short Sales? A short sale occurs when a lender agrees to accept less money than is actually owed on a mortgage in connection with the sale of a property. For example, … (1 comments)
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default: What Happens When You Buy Too High, And/Or You Do Not Read Your Loan Carefully - 10/08/07 10:38 PM
I read another article today talking about foreclosure and people who are losing or can not afford to keep their homes because of the rising interest rates. This article mainly focused on the Queen Creek area just southeast of Phoenix, and south of Gilbert, and Chandler.
It mentions families and their plight. One family … (4 comments)
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default: In Foreclosure? We are here to help. Save your home and equity! - 10/08/07 01:24 AM
STOPPING FORECLOSURES ACROSS AMERICA! WE WORK FOR YOU, NOT YOUR LENDER. We have been Saving Homes Across America and have over 15 years of combined experience saving homes for people like you. We are experienced Foreclosure Prevention Consultants working together to help you stop the foreclosure process and save your home. … (0 comments)
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default: I am in Foreclosure. Now what? Tips for homeowners in trouble. - 10/07/07 11:40 PM
Q: What Happens When I Miss My Mortgage Payments? Foreclosure may occur. This is the legal means that your lender can use to repossess (take over) your home. When this happens, you must move out of your house. If your property is worth less than the total amount you owe on … (4 comments)
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default: Foreclosure or Bankruptcy? - 10/02/07 01:44 PM
People facing foreclosure are dealing with very difficult situations and the wordbankructcy may come into the picture.Filing either Chapter 13 bankruptcy reorganization or Chapter 7 "straight" bankruptcy will delay the foreclosure sale of your house. But the auction will eventually occur unless you reinstate the mortgage, refinance it or sell the … (1 comments)
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default: How can your community weather the storm of foreclosures? - 09/27/07 08:32 AM
Century 21 Mike Bowman, Inchttp://www.teamhodnett.com/ joshua@teamhodnett.com Community Awareness How can your community weather the storm of foreclosures? Thank you for taking a proactive position regarding the well being of your community. Your decision to be here demonstrates your interest in becoming more aware and informed about a very common foreclosure situation that … (3 comments)
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default: Foreclosure "Last Minute" tips: Did you know? - 09/24/07 08:04 PM
This is about options right up to the last day/hour of a foreclosure. Up to 5 business days prior to Trustee Sale, you can reinstateyour mortgage. It is your responsibility to get in touch with the lender and make those arrangements. Get everything in writing and make sure you understand what you … (2 comments)
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default: Idaho Foreclosures Double - 09/18/07 02:54 PM
News just posted at the Idaho Statesman website shows that foreclosures in Idaho have doubled in the last year. RealtyTrac shows 543 foreclosures in Idaho for August...and that's 28% higher than last month and 125% higher than last year. The full story: http://www.idahostatesman.com/newsupdates/story/161600.html
It's unfortunate to see these numbers. Mortgage professionals … (2 comments)
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default: Foreclosures are UP (does that surprise anyone?) - 09/18/07 10:50 AM
According to CNNMoney.com, foreclosure rates jumped 36% August over last year's August data, and delinquencies and defaults more than doubled this year over last. And...it could get worse: "October is expected to be a peak month for hybrid adjustable rate mortgages (ARMs) to reset, with the interest rates on some $50 … (1 comments)
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default: I Am Facing Foreclosure - Now What? Part I - 09/16/07 08:18 PM
You are facing foreclosure because you are behind on your mortgage payments by two months, soon to be three. You do not know how or when you will bring your mortgage current. Who can you trust? Who can you turn to? You are trying to hold it together for your family … (3 comments)
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default: I Am Facing Foreclosure - Now What? Part I - 09/16/07 08:16 PM
You are facing foreclosure because you are behind on your mortgage payments by two months, soon to be three. You do not know how or when you will bring your mortgage current. Who can you trust? Who can you turn to? You are trying to hold it together for your family … (2 comments)
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default: To Cure a Default - 09/15/07 11:55 PM
Many foreclosure proceeding are reinstated during the 3 month default period. Some are either sold and this is called a short sale if the property is upside down and lender agrees to take less that what is owed on the property. But you can cure a default with selling it.The borrower … (0 comments)
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default: Will they post on my door? - 09/15/07 11:47 PM
Publication Period and Trustee's Sale - information you should know and understand. During this time a notice may be posted on your door! I was asked the other day, do they post papers on my door? The answer is - YES!A: County Records Research will prepare, record and arrange to post … (4 comments)
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default: Initial steps of Short Sale - Default Period - 09/15/07 11:32 PM
What is Foreclosure? By now, the words is pretty common but do you really understand what is it and how it works? The next few posts will try to lay it out as simply as possible.Best defined: "Foreclosure is the procedure for enforcing a lender rights once the obligation secured by … (14 comments)
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default: Let's Manage the Damage - 09/08/07 09:36 PM
… (1 comments)
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default: Avoiding Foreclosure - 08/31/07 11:27 PM
This is the legal means a mortgage company may use to repossess their collateral, your home should you default on making timely payments. If the property is sold for less than the total amount owed on the mortgage loan, the mortgage company or HUD could seek a deficiency judgment against you. … (1 comments)
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default: Short Sales - 08/30/07 09:52 PM
Today at the office we had a class on how to list a house for sale when the owners cannot afford the payments any longer, or they will no longer be able to make payments after their interest rates reset. Also it could be said that they are upside down on … (10 comments)
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default: The Ripple Effect - 08/28/07 08:13 PM
I think even the Fed now agrees that we're in a bit of a jam regarding credit issues. The subprime meltdown is no longer "contained" (was it ever...except in the Fed's fantasy world?). This latest report shows evidence of more spillover as bankruptcy rates climb and credit card defaults grow.
"Part … (3 comments)
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default: Alleged Fraud Ring in Columbus Busted - 08/23/07 07:32 AM
I knew it was coming and only a matter of time, but real estate investor Don Green has finally been indicted for fraud, money laundering and tax evasion. Going down with him are loan officers and appraisers that helped him in the alleged scam.In a nutshell, the allegations are that these guys … (12 comments)
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default: If you send a newsletter to clients, try this. - 08/21/07 07:26 AM
Intelligence Report
By Lyric Wallwork WinikPublished: August 19, 2007 [In the News]Foreclosure Crisis
Experts fear that a million homes will face foreclosure this year-30% more than in 2006-and scams are making the crisis worse. Some tips:1. Contact your lender as soon as you have a problem paying. Most want to help you … (3 comments)
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default: Wall Street Perspective - 08/17/07 06:04 PM
I thought this well written article from the AP contained some very good perspective about current market conditions and the Dow's rather eratic performance. While there has been some hope (something I see as an exceptionally fragile silver lining), this quote seemed rather appropriate: "What the Fed did was about consistent … (2 comments)
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default: The rankings are in from the top 20 - 08/14/07 09:27 PM
Stockton, CA is the the #1 city with the highest number of foreclosures with Sacramento coming in 4th in the US! There are alot of people in trouble and from the look of the numbers it is not getting any better. Stockton, CA is ranked 1st and has 8,619 active foreclosures, which is … (14 comments)
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default: More Genius From the Press Corps! - 08/14/07 05:13 PM
I love this intro paragraph: "Stocks slumped for the fourth straight session Tuesday on fresh worries about the mortgage and credit markets..." (emphasis added).Is there really anything "fresh" about the mortgage and credit markets? I'll bet as soon as the Dow goes up again, some savvy reporter will be telling us … (2 comments)
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default: Tightening Standards! - 08/13/07 04:56 PM
OK, so I'm prone to sarcasm at times. Here's the latest article to elicit a sarcastic response. The news article proclaims that "a majority of the nation's banks have tightened lending standards on subprime mortgages". No way! Are you serious? Was a special study commissioned for this report? Were experts called … (1 comments)
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default: Market Fears - 08/13/07 04:36 PM
I'm so tired of news reporters and "experts" saying that stock market gains are "due to easing credit concerns"...only to be followed by a crash "due to subprime meltdown spillover". Some of these reporters must be on medication...and not the legal kind. If anything, we should know now that the market … (4 comments)
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default: Fullerton California Short Sales - Active Listings - Pre Foreclosure - 08/09/07 06:02 PM
There are currently 15 Active Short Sale listings in the City of Fullerton. These are excellent opportunities for buyers who have some time and flexibility to get a great deal on a home.
For those of you who do not know what a Short Sale is: the quick version - The seller … (1 comments)
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default: Fullerton California Bank Repos - REO - Foreclosures - As of August 9, 2007 - 08/09/07 05:40 PM
The talk of the town is about Bank Repo's - REO's.
I would like to dispel some myths. The media relentlessly points out the number of homes going into foreclosure. This makes business more difficult as the consumer now thinks there are a ton of bank owned property that they will … (10 comments)
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default: Bear Stearns Executives and the Crystal Ball - 08/08/07 12:47 PM
BSC is up today on Wall Street but its 52 week high was $172 and it is trading today around $123. I just read today that four BS executives cashed out at the top of the market for about $57million, which means they would have taken a $16million bath if they'd held their stocks a … (4 comments)
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default: Cramer's Meltdown (if you haven't seen it yet...it's a MUST SEE!) - 08/08/07 12:14 PM
I was traveling at the time, so my apologies for not posting this sooner, but if you haven't see Jim Cramer's meltdown while talking about the Fed and Bear Stearns, it's worth a watch. This guy must have had some serious money (or clients' money) wrapped up with Bear Stearns or … (2 comments)
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default: REOMAC and REOWORLD - Which is Better - Any Success Stories? - 08/07/07 10:20 PM
I am rapidly becoming involved in the REO business with BPOs and actual sales of REO listings. I have my first in escrow and am trying to integrate myself into the REO network. I know this is typically and 'Old Boys' network, however I am sure there is a place for … (8 comments)
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default: Notes In Default Wanted - 08/07/07 11:09 AM
One of my investors called me today and said that he was looking to buy notes in default (which he then must renegotiate the payments on, or forclose). He's interested in commercial and residential property.
Anyone have a lead on some notes I can broker here?
Alternatively, is anyone else willing to … (5 comments)
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