-
Quick Tour
Connect. Share. Learn.Welcome to ActiveRain, the #1 social community for real estate professionals.- Explore the world's largest storehouse of real estate knowledge
- Access free training on ActiveRain University
- Share the experience of life in the real estate industry
- Grow your business through real estate blogging
- Blogs
-
Resources
Product Reviews Curious as to what others in your profession think about a certain product or tool? AR's community takes the time to leave honest and transparent reviews of their experiences so you can be a bit wiser about your purchase.
- Broken down by categories and subcategories for easy finds
- Get an unfiltered look at what real users are saying
- Leave a review yourself for others to benefit from
- Add new products as you use them and gain points for doing so
|
Posted by 
;)
;)
;)
Find IL real estate agents and Chicago real estate on ActiveRain.
Disclaimer: ActiveRain Corp. does not necessarily endorse the real estate agents, loan officers and brokers listed on this site. These real estate profiles, blogs and blog entries are provided here as a courtesy to our visitors to help them make an informed decision when buying or selling a house. ActiveRain Corp. takes no responsibility for the content in these profiles, that are written by the members of this community.
© 2013 ActiveRain Corp. All Rights Reserved
86 Comments on Here Comes The (foreclosure) Rain Again....Falling On Our Heads
The really sad thing is that BOA could have done many more loan modifications and reduced the foreclosure inventory. It benefited them them to do foreclosures instead of loan modifications. The foreclosures now are not on subprime or interest only mortgages. They are primarily on homeowners who lost their jobs and may have found work again, but couldn't get a loan modification.
Michael, good sign that agents should be gearing up to help save the homeowners from foreclosure that want to save their credit.
I find # 53 Bob Millers comment about deficiencies interesting since most states do not have anti deficiency laws to protect sellers in the event of a foreclosure. Arizona has an anti deficiency statute but some properties are excluded. Home on over 2 1/2 acres are in that group. I just had a representative of a lender tell me that they would consider a short sale but it was unlikely that the seller would accept a short sale when they saw they would liable for the loss incurred. This is a home on 36 acres and not protected in the event of foreclosure or short sale. They have problems with a short sale or a foreclosure. Most states don't have any anti deficiency statutes so we will probably start seeing more collection efforts by the lenders.
Jacqueline Drake CRS
Cochise County AZ
Hey guy, your in my area & I personally don't see it that way. BofA finally got re-setup after the robo signing fiasco & is actually still waiting to see if it will be sued. They are also going to lay off employees which of course will be in these departments. I really don't see a huge influx of anything coming down the pike for the Northwest Suburbs.
I have definitely seen BofA more cooperative in pushing short sales through which is a plus. It would be great to get rid of all the foreclosures and get back to a more traditional market!
I have one question. With all these defaults and REOs, why aren't we busier as professional, licensed Real Estate Agents? The big banks need to hire agents, train them and put them to work. It's all commission based, so they get what they want and we get work!
Well, this just proves that B of A is not doing a very efficient job of helping home owners. Foreclosures do not help any market and this move by B of A demonstrates why they have such a negative image right now. Short sales are better long term for both the seller, the market, the buyer and the bank.
Wonderful reading all these insightful comments. I agree with the FL Realtors. We are in recovery mode. Many luxury condos are getting close to asking price, and foreclosures have significantly diminished.
How do you perceive the future of the South Florida market? Dade, Broward and Palm Beach counties? Many thanks.
Gloria, yes indeed.
Judi, I completely agree....markets do not move in harmony....the country is made up of many local markets.
Joseph, well, the rumors were true.
Gail...the healing is much needed, but not likely arriving soon.
Gail, yes loan modifications would make a HUGE difference...but they choose for foreclosures. Definitely not good for our country.
Kay - I completely agree. One man's misery is another man's money moment.
Jacqueline, in our market (Chicago-land area) it is part of the protocol that seller's negotiate to remove the deficiency judgement in a short sale.
Hello neighbor! Lyn...if you have some time this week...give me a call I will share some non-public information that may change your outlook (or maybe not). Feel free also to look into the data from cherry picker investments (they cover the 7 northeast counties of Illinois)
Elisa...yes, indeed more short sales by BofA is much better than foreclosures.
Lina, they are not busy at the moment but 2012 could be a watershed year for Realtors.
Hopefully in your local market of Angel Realty, there is more attention on short sales than foreclosures!
Rita, indeed south Florida is definitely on a different trajectory...much akin to the strength of Washington DC. From the conversations I have with a couple people regarding south FL, the market appears to have bottomed out and continues on recovery as evidenced by pricing power.
Hmmm... we had a 45% increase in NOD's for August compared to July... Not sure if it was just Bank of America that has stepped it up but something that should be brought up is how bogged up filings are all over the U.S.
From what I understand... it takes over 2 1/2 years in New York to foreclose on a home... I heard over 18 months to foreclose on a property in Chicagoland because of how backed up everything is.
How many homeowners do you know that have not made a mortgage payment in over 2 years? I certainly know more then a couple... Ironically... I can think of two that are Bank of America loans.
Personally... I think Bank of America has really stepped up their short sale game and have gotten FAR better then many other servicers.
Regardless.... There will be no recovery until all of the overpriced loans are flushed out of the system...all of the "programs" did nothing but delay the inevitable so here we all still are...
Hi Michael,
Get it over with.
The last REO conference I attended stated 2015 as the turn around year.
Phil
I'm sorry, I really tried to read your post and pay attention to it but I kept getting distracted by that ADORABLE kid in your profile pic! -Kasey
Paul, I agree...BofA has shown a willingness to deal with their issues...which ultimately should be a very good step towards 'passing the stone' which has caused so much pain.
Phil..I'm with you on this one. the sooner this passes, the sooner bright skies for typical homeowners can return. In the meantime, those clients of ours which focus on distressed real estate are thrilled.
John and Kasey...Thank you!
the bad news is not limited to BofA. Several of the otehr major lenders have begun filing foreclosures after several states (such as NJ) lifted the moratoria on filings....there will be a rash of filings in the near future
Mike Cooper, (comment #2) WTF? I say again...... WTF!?!?!?
......"a real estate insider" told you 7 million REOs are going to be put on the market in 2012? and that "doesnt include the new 2012 foreclosures"
WHAT!!!!???????
And then all you have to say is "Oy". Thats it? "Oy"?
If that statement were POSSIBLY true, (which it isnt) do you have any idea what that would do to our housing market?
How many properties do you think are on the market now in the entire USA?
According to RealtyTrac there are about 3.5million TOTAL homes for sale in the entire U.S. as of Oct 1st 2011.
According to NAR, we are on track to close about 5m homes this year.
The current "shadow inventory" which (depending on how you define it) is the number of bank owned homes that are not yet on the market is projected at 1.6m-1.8m properties, and the number of properties in the USA currently in some stage of the foreclosure process is 2.2m homes. Another 2.5m borrowers are 30-60 days behind.
The total number of actual foreclosures in 2010 was approx 1 million homes, so where are your 7 million REO properties going to come from?
I'm not picking on you personally, but if you are going to put something out there where hundreds (or thousands) of people can read it, you better be able to back it up. Or was it just a typo?
PS> Since I asked you for your sources, here are mine:
http://www.usatoday.com/money/economy/housing/story/2011-10-01/housing-shadow-inventory-foreclosed-repossessed/50618678/1
http://www.realtor.org/press_room/news_releases/2011/09/ehs_aug
http://www.realtytrac.com/trendcenter/
http://www.realestateabc.com/outlook.htm
I've heard so much about these robo-signing controversy, It's been a disgrace for the banks engage with this kind of scandal for the housing crisis. We sholud at least help the families in need, modifications of loans may be considered by the bank to atleast lessen famiklies in the streets..
Thank you Paddy.
Indeed, transparency would go a long way towards resolving the mysteries of foreclosure data.
I hadn't seen a big increase in foreclosure activity in our area until the big settlement between the attorneys general and the banks, and since then it seems to have picked up big time. And clients are now responding to our direct mail like never before...9 new short sale leads just last week alone.
Matt,
that is definitely the experience many others have had as well.