foreclosures: Lenders & Appraisers : No More Silent Treatment!
- 07/11/10 03:09 AM
Via Facebook and the Realtor Action Center, I just read this article by Kenneth R. Harney in The Washington Post regarding Fannie Mae and appraisals. Fannie Mae, beginning in September, must contact an appraiser where there is a discrepancy between the value they give a property and that of the electronic, non-onsite valuation process. Wow! That's a welcome change from what HVCC has been allowing! Lenders can talk to the appraisers? Awesome! Feet-on-the-ground appraisers can use their experience and better judgement to uphold a sales price? What a novel idea! For the most part, I think we've been pretty fortunate in this area. … (12 comments)
foreclosures: Can We Please Just Close This Deal???
- 07/17/09 08:38 AM
As if short sales (that name being as ridiculous as "jumbo shrimp"), poorly executed appraisals, appraisal reviews and tighter credit restrictions weren't enough to slow down our market, now I'm seeing major problems with deeds holding up closings! Just this week I found out that one of my closings will have to be postponed for a week due to an unrecorded deed from a foreclosure attorney. Now I'm a little fuzzy on the logistics, but this is the gist of it: The original owners of the foreclosed property filed a quitclaim deed. The house was then foreclosed. The attorney for the … (14 comments)
foreclosures: The Nightmare of the Short Sale Saga
- 12/05/08 08:47 PM
This morning I read with great interest the following blog post by Todd Clarke: http://activerain.com/blogsview/823171/Putting-our-experiences-together-to-make-the-banking-experience-better-for-all His most wonderful idea is to gather together all our nightmare short sale/foreclosre stories in one group which could then be forwarded to all our congressmen and representatives. This idea was touched upon in several comments on Kent Simpson's awesome blog post: http://activerain.com/blogsview/819692/Paralysis-By-Analysis-An-Open-Letter-To-Lender-Loss-Mitigation-Departments There are probably other blogs that have talked about these issues. I confess, I haven't ready every post on every blog. But these two have been posted just in the last couple of days, and I happened to find them. ActiveRain, over 123,000 members … (5 comments)
foreclosures: Housing Relief or Government Bail Out?
- 06/25/08 02:09 AM
Hello and good morning! Reading my local paper this morning, found an article about the bill in the Senate addressing housing relief for beleagered borrowers. As I understand it, the bill would allow FHA to back $300 million in newer, cheaper loans for approximately 400,000 distressed borrowers. All I gleaned from the article was that a borrower would be eligible if their lenders were willing to take a loss on the original loan and that the borrower could show ability to make payments on a new loan. That's a little sketchy and leaves me wondering how borrowers will "qualify" for this program. … (4 comments)
Via Facebook and the Realtor Action Center, I just read this article by Kenneth R. Harney in The Washington Post regarding Fannie Mae and appraisals. Fannie Mae, beginning in September, must contact an appraiser where there is a discrepancy between the value they give a property and that of the electronic, non-onsite valuation process.
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