foreclosure: The Luxury Home Opportunity
- 07/16/12 05:08 AM
Since the beginning of the housing market crisis, the most common image in Americans' heads of a foreclosed property exhibited a house that was owned by a middle-class family struggling to make ends meet. However, there is a rapidly growing segment of homes that are struggling as well... luxury homes. In the latest CDPE Member Broadcast, Alex Charfen discussed the growing number of homes worth over $1 million that are going into the foreclosure process. According to RealtyTrac, In 2007 there were 5,632 homes in foreclosure—just 0.5% of all foreclosure activity. That number jumped 17% higher to just over 33,000 in … (3 comments)
foreclosure: Review Deadline Extended for Wrongful Foreclosures
- 07/12/12 07:23 AM
The Board of Governors of the Federal Reserve System have extended the deadline for Independent Foreclosure Review to September 30th. If you were affected by a mishandled foreclosure between January 2009 and December 2010, there is hope. The Office of the Comptroller of the Currency (OCC) and the Federal Reserve Board have now extended the Independent Foreclosure Review deadline from its previous date of July 31, 2012. If you are eligible, remediation may included lump sump payments, suspension or rescission of a foreclosure, a loan modification or other loss mitigation assistance of up to $500-$125,000. If you haven't taken advantage of … (1 comments)
foreclosure: Short Sale vs. Foreclosure: Who Wins?
- 07/06/12 05:21 AM
One of the most frequent questions we're asked is if short sales are essentially the same thing as a foreclosure, when it comes to the future of the consumer. The answer is...ABSOLUTELY NOT! When it comes to credit reporting, a short sale will have a much less catastrophic effect than a foreclosure. As of right now, short sales are not listed as "short sale" on your credit report, but as paid as agreed, paid as negotiated, or paid for less than the original amount. Also, If you are considered current with a short sale, you still have the ability to apply … (0 comments)
foreclosure: Bank of America Listens, Updates Form
- 05/31/12 06:58 AM
In April, Bank of America introduced some major changes to the way short sales are initiated. One of the most talked about changes is the new Third Party Authorization form. On the form, Bank of America stated that only a licensed real estate professional would be allowed to do any work on their client's behalf. This caused quite a bit of concern for high-volume agents who have assistants who help with processing a file, and Bank of America got a lot of feedback about the new policy. Last week, Bank of America amended the form. The updated version includes an area … (3 comments)
foreclosure: Be Prepared: Crucial Updates to Bank of America's Short Sale Process Coming April 13
- 04/06/12 07:04 AM
On April 2, Bank of America announced the latest round of changes to their short sale process. The changes, aimed at streamlining and expediting the process, include new requirements for initiating a short sale and changes to Equator. Beginning April 13, 2012, Bank of America will require the following five forms to be submitted to initiate a short sale: Bank of America Third-Party Authorization Form IRS Form 4506-T - Request for Transcript of Tax Return 60-day Estimated HUD-1 (or HUD-1 with closing date if shorter than 60 days) Signed Purchase Contract including Buyers Acknowledgement and Disclosure Bank of America Short Sale … (2 comments)
foreclosure: Bank of America Announces New Pilot Program
- 04/04/12 03:21 AM
Last month, Bank of America announced a pilot program that will provide some distressed property homeowners with a new foreclosure alternative. This new "Mortgage to Lease" program will allow homeowners facing foreclosure to remain in their homes by converting from home ownership to rental. In this program, participating homeowners will transfer their home titles to Bank of America for forgiveness of all outstanding mortgage debt. Then Bank of America will lease the home to the former homeowner for up to three years at a rental price less than their mortgage payments, making payments affordable. After the three-year rental period, Bank of … (1 comments)
foreclosure: Lenders Providing Large Cash Incentives to Homeowners for Short Sales
- 02/27/12 03:46 AM
For awhile now, we’ve instructed agents on government incentives available to distressed homeowners who opt to do short sales. Such programs include the Home Affordable Foreclosure Alternatives (HAFA) program, which provides up to $3,000 to assist the borrower with relocation fees. In recent news, major publications including USA TODAY and CNNMoney have spotlighted the incentives provided by banks. These incentive programs, which offer anywhere from around $2,000 to upwards of $35,000, are intended to provide homeowners with the resources and motivation to pursue a short sale. As banks look to ramp up short sales, such incentives are becoming more frequent. JPMorgan … (2 comments)
foreclosure: U.S. Government Settles with Banks on Robo-Signing Scandal
- 02/10/12 10:38 AM
Yesterday, the Justice Department and 49 out of 50 state Attorneys General announced a settlement agreement with 5 of the nation's largest banks in the Robo-signing and Mortgage Service Fraud scandal that first came to light in late 2010. The settlement, worth $25 billion dollars, was the largest government negotiated industry settlement since the Tobacco Industry settled in 1998. In the Settlement, $5 billion is earmarked for $2000 payments to be distributed to borrowers who were illegally foreclosed on between January 1, 2008 and December 31, 2011. The remaining $20 billion will be used to help homeowners who are currently in … (2 comments)
foreclosure: Freddie Mac Announces Up to 12-Month Forbearance for Unemployed
- 01/17/12 03:32 AM
Effective Feb. 1, Freddie Mac is giving mortgage servicers expanded authority to provide six months of forbearance to unemployed mortgage holders without prior approval, and an additional six months (12 months total) with prior approval. This new policy essentially doubles the previously offered forbearance period. It's important to note: This applies to Freddie Mac-owned or guaranteed loans only. There is ACTION required. The homeowner must contact the servicer to request the forbearance. Delinquent borrowers in an existing short-term forbearance plan can be evaluated for an extended forbearance term under the new policy. Again, homeowners will need to contact their servicer to … (0 comments)
foreclosure: Three Surefire Strategies to Multiply Your Short Sale Listings in 2012
- 01/03/12 05:19 AM
With 1 in 10 homeowners not paying their mortgage—and Major Lenders predicting huge increases in short sale closings in 2012—savvy agents are finding new and creative ways to find and attract distressed property listings. A great place to start your outreach campaign is a list of NODs. Notices of Default, or NODs, are legal notices sent by a mortgage servicer to a homeowner who is 90 days late on their mortgage. With a few simple modifications, you can use many of the same marketing techniques with NODs that have yielded you results when prospecting for traditional listings. For maximum impact, utilize … (1 comments)
foreclosure: Rising Tide of Foreclosures Coming in 2012
- 12/27/11 04:36 AM
On Dec. 21, the Office of the Comptroller of the Currency released its latest report, which shows delinquencies remained elevated during the third quarter of 2011. The number of new foreclosures increased by 21 percent during the quarter, partly due to servicers lifting the voluntary "foreclosure freeze" implemented in late 2010 as a result of the robo-signing scandal. The overall increase has resulted in the number of foreclosures in process increasing to 4.1 percent of the overall portfolio, or 1,327,077 loans, at the end of the third quarter of 2011. This supports RealtyTrac's latest data, which also predicts increased foreclosure activity … (2 comments)
foreclosure: Fannie Mae & Freddie Mac Announce an "Eviction Moratorium" for the Holidays
- 12/19/11 10:20 AM
The holiday season should be a magical time of year. However, for a growing number of families, the usual holiday celebrations are trumped by financial troubles, foreclosure and the looming threat of eviction. Fannie Mae and Freddie Mac offered some relief to such families by announcing an “Eviction Moratorium” through January 2, 2012. During this time, families living in foreclosed homes will not be forced to leave, though legal proceedings may continue as scheduled. Undoubtedly, Fannie and Freddie’s efforts will prove comforting to homeowners who find themselves in this situation. However, the relief is short lived. Remember, the “eviction moratorium” is … (4 comments)
foreclosure: Why are CDPE’s founders so passionate about saving families from foreclosure? Because they’ve been there.
- 11/28/11 09:43 AM
Sometimes the suffering of one can lead to the salvation of many. In a revealing profile, the Westlake Picayune’s Dale Anderson takes an in-depth look at Alex and Cadey Charfen’s humbling fall into bankruptcy and triumphant rise to success. After riding high on the South Florida housing boom, the Charfens came crashing down as the market turned, losing their Boca Raton home and 23 investment properties to foreclosure in 2007. Sadly, it’s a familiar story. But it takes an unfamiliar twist when the young couple—left bankrupt and desolate—decide to turn their misfortune into a vehicle to help others. Since launching the … (2 comments)
foreclosure: Presidential Candidates Blasted for Views on Housing
- 11/16/11 08:46 AM
In a recent blog post, CNBC’s Diana Olick slams the Republican presidential candidates’ plans for solving the nation’s housing crisis. Political beliefs aside, Olick makes some astute observations regarding the bank’s preferences for short sales over foreclosures and the important role that Fannie Mae and Freddie Mac play in keeping the market liquid. Given the major impact housing has on the overall U.S. economy, it’s vital that our political leaders have a thorough understanding of these issues. The biggest mistake we see politicians make, however, is to claim they have a new plan or program to fix the housing crisis. The … (2 comments)
foreclosure: CDPE - Charfen's Blog: Q2 Mortgage Delinquency Numbers
- 09/08/09 07:44 AM
Here I present my opinions about the recently released numbers in the National Delinquency Survey, produced by the Mortgage Bankers Association. Learn how delinquencies have increased, their future trends and potential, and what this means for the ongoing U.S. foreclosure crisis. www.CDPE.com … (0 comments)
foreclosure: CDPE - Charfen's Blog: 10,000 Members!
- 08/25/09 09:13 AM
On the strength and integrity of its foreclosure avoidance education, with a concentration on short sales, the CDPE membership organization has grown to more than 10,000 members nationwide. Here I explain what reaching this milestone means to me, our organization, our members, and the nationwide movement for change in the U.S. … (0 comments)
foreclosure: Is the CDPE Endorsed by NAR?
- 07/16/09 06:08 AM
Listen as I address the issue of NAR endorsement of the CDPE designation, and the Institute's strategic marketing relationship with the organization. Additionally, in today's market, it's important to remain educated on issues affecting homeowners and the solutions real estate professionals can provide. Visit CDPE for more information on short sales and foreclosure prevention. … (0 comments)
foreclosure: CDPE - Charfen's Blog: What is the CDPE Designation?
- 07/14/09 02:17 AM
As Co-founder and CEO of the Distressed Property Institute, let me explain the CDPE designation and membership organization. CDPE-designated agents are helping homeowners nationwide avoid foreclosure. . … (2 comments)
foreclosure: CDPE - Charfen's Blog: Market Update 7/9/09
- 07/10/09 01:48 AM
Here I elaborate on the situation of today’s housing market and how I feel homeowners and agents should view the headlines and realities. With all that's going on in the industry, it's important to remain educated on issues affecting homeowners and the solutions real estate professionals can provide, including short sales and other methods of foreclosure prevention. … (0 comments)
foreclosure: CDPE - Charfen's Blog: Am I Anti-Investor?
- 07/06/09 04:50 AM
There has been some recent controversy regarding my previous blog postings on Short Sale Flips, leading some to believe that I am "anti-investor" when it comes to short sales. Nothing could be further from the truth!! Allow me to explain ... As always, it's important to remain current on the issues affecting agents, homeowners and the solutions you can provide, including real estate investment, short sales and foreclosure prevention. … (1 comments)
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