I have a client who is dire need of a Short Sale to get out from under her mortgages.

She's upside down primarily due to the reasons I explained in my post, "You Can't Fix LTV".

In simplest terms, her homes value has dropped dramatically because the homes around her have drastically dropped in value.

Yes, she has no income

Yes, she has no chance to loan modify

Yes, she bought at the market high with the wrong loans and little to nothing  down

But as I started looking at the "other" reasons why the neighborhood is in such decline and found a horrid tale that can only be described as Ugly, Ugly, Ugly! 

How Ugly is UGLY?

There are currently 82 REOs in the neighborhood.

RealtyTrakREO

There are 139 NODs (soon to be REOs)

RealtyTrakNOD

How about the record high HOMICIDES last year?

What about the other nicer crimes? 

How does 631 separate incidents in the last 90 days sound?

crime90days

My package includes over 300 recent news stories about this neighborhood.

I don't know about you, but if I was a Loss Mitigation Specialist and had an offer presented that would keep my company from owning this potential soon to be REO, I'd take pretty much anything that came my way.

We shall see.  The Listing Agent has a couple of real offers and I'm putting the Short Sale Package together today.

 


 

8 Comments on You can't fix UGLY

Hi Mike - yikes! I hope for that lady's sake that bank really gives serious thought to those offers. And with your packaging of that short sale packaging, no doubt you'll get that message across to them. I wish all of you involved in this the best of luck! Ann

02/28/2008 09:20 AM by Portsmouth NH Real Estate ~ Ann Cummings (RE/MAX Coast to Coast - Portsmouth New Hampshire)


Wow Mike!  That is unbelievable.  I can't even imagine all of those in one place. It really is saddest for the homeowners involved.  I hope you can get it all worked out quickly!

02/28/2008 09:25 AM by Owensboro KY Real Estate Specialist Vickie McCartney Broker,ASP,ABR (Home Realty GMAC Real Estate Owensboro Kentucky)


Ann -   Only time will tell.

Vickie - Me too.

Janet - You guessed it.  I purposely tried to keep the city or area out of the post, but those of us who know the areas can easily guess.  I have great Altos charts that paint stronger pictures - but didn't show them here because I they prominently label the city.   All the white space (lavender) in the map is industrial. 

Sign Rider you'll probably not see...  "Honey, stop the car!"    

 

 

02/28/2008 09:56 AM by Mike Mueller (Patagonia Finance)


Mike, Wow.. You are right U-G-L-Y Now that really is very ugly.  I think we are going to see more and more of this.

02/28/2008 12:10 PM by My Favorite Mortgage.net - Matthew J Blum


Wow, I thought for a minute I was looking at our area.  We have these problems too.  Very badly.

02/28/2008 12:35 PM by Stella Barbour - Real Estate Agent - Serving Northern Virginia (Jobin Realty - Real Estate Agent)


Yes, that is definitely an ugly scenerio.  Unfortunately she may just have to walk-away and attempt to start over.

02/29/2008 06:54 AM by Sandra Workman ABR, CNHS, QSC, RCC (Speckman Realty Inc., GMAC)


Mike,

Those statistics are SAD !  Looks like you've uncovered a whole new income stream for yourself.  My heart goes out to the folks in those neighborhoods. 

02/29/2008 07:00 AM by Diane Bell, Hilton Head Real Estate, Bluffton (Charter 1 Real Estate, Hilton Head, Bluffton, SC)


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Loan Officer: Mike Mueller (Patagonia Finance)
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