atlanta foreclosures: Fannie Mae and Freddie Mac Pressured to Write Down Mortgages
- 12/14/10 05:14 AM
Key members of the White House and numerous federal housing officials are now applying more pressure to Fannie Mae and Freddie Mac to reduce loan balances for underwater borrowers. The number of such borrowers is growing, with nearly a quarter of the nation’s homeowners owing more on their homes than they are worth. The problem with this is, the farther a borrower dips into negative equity, the more likely he/she will be to walk away and allow the property to go into foreclosure. Stemming the foreclosure flow is the goal and where better to start than these two agencies who, … (2 comments)
atlanta foreclosures: Simply Simplify
- 12/09/10 12:17 PM
In today’s world, can you really afford anything to be more complicated? Doesn’t life seem to get shorter and shorter? Believe it or not, simple can be the way to go. Let’s discuss how that relates to marketing, at least from a digital standpoint. We know you’ve got a lot to say, especially about a topic you’re passionate about. What could you possibly be more passionate about then your own business and the industry where you work each and every day to put ends meat on the table. Trust us, we get you. However, when you’re trying to convey your … (1 comments)
atlanta foreclosures: Backward Progress…Not an Oxymoron, Moron!
- 12/07/10 10:15 AM
Are you generating enough leads to support your business? If you are not closing the number of transactions you need to stay afloat, then you are most certainly NOT. It may be time to take a step (or maybe a few leaps and a jump) backwards in order to EVER move forward as a business. If I am speaking to you, don’t cry in your chardonnay. If you think your lead generation efforts are on track, GREAT. But even if you deem yourself a lead generation superstar, more leads are still the merrier, right? So what do you do to … (1 comments)
atlanta foreclosures: Stripped & Unprotected?!?
- 12/06/10 03:10 AM
The Federal Reserve has issued a proposal to amend a 42-year-old provision of the federal Truth in Lending Act. The change would make it far more difficult for homeowners to stop foreclosures and get out of predatory home loans with extremely unfavorable terms. In response, numerous foreclosure defense attorneys, civil rights, labor and consumer advocacy groups have formally written the Reserve’s Board of Governors to ask for the withdrawals of the proposal. In addition, they have suggested any future changes or updates to the Truth in Lending Act be handled by the newly-formed Consumer Financial Protection Bureau. This new bureau … (1 comments)
That’s according to the latest data released by Lender Processing Services for October 2010. And that number is just the average. In some states, particularly those with judicial foreclosures, that number is over 500. Consider this. In January of this year, the average days in default before foreclosure was 410. That’s about a 20% increase and we’re not even all the way through 2010. Even more depressing? The average days in default in January 2008 was 251—which means that time-frame has essentially … (7 comments)
atlanta foreclosures: Do YOU Have An Ugly Website?
- 11/29/10 01:00 PM
All too often we run into a new agent or investor and the first thing they do, though we have other methods we would recommend for marketing yourself, is hand us their card. Fantastic, right?! Now we've got your info and we'll go right to the office and check out your information. What a great opportunity this could be in the making. We sit down at the computer and punch in the web address on the card and voila! Nothing!
If I even find the site, it's the most boring, drab thing I have ever seen in my life. I … (12 comments)
atlanta foreclosures: Roast or Fry the Short Sale Turkey?
- 11/24/10 08:37 AM
Alas, the Butterball help line is not available to assist you through the short sale process. Yes, they did open their lines earlier this week, and yes, they probably hire reps based on the same criteria as loss mitigation departments. But, unless you can break-down your short sale into cooking time per pound you will end up with an uncooked bird. If you have ever fried a turkey then you know that it cooks a lot faster than roasting. I prefer a fried turkey. I also prefer a faster short sale. Here are some short sale cooking tips from the … (4 comments)
Backstory first…. We had a short sale bust up two days prior to close due a seller’s refusal to cooperate with the short sale approval terms. Despite a binding contract and likely suit for non-performance, the seller filed bankruptcy and bailed on closing. [Even teams as great as ours, have our share of war stories] The buyers of the property were from Vietnam. This was their first home in the United States. They had spent money to turn on the utilities for inspections, … (52 comments)
atlanta foreclosures: October REO Sales See Steep Decline
- 11/18/10 02:42 AM
Bank-owned (REO) properties experienced a sharp decline in sales in October, says real estate data provide ForeclosureRadar. The decreases were felt the most in those states already hardest hit by the foreclosure crisis.
In Nevada, REO sales to third parties were down 41.5% in October from the previous month. Rounding out the top spots, Oregon experienced a 36.5% drop and Arizona and California each had a 26% decline. Not coincidentally, October was also the month the robo-signing scandal came to light and when the largest banks, including Bank of America, Ally Financial (formerly GMAC Mortgage) and JPMorgan Chase all imposed … (0 comments)
Properties Prices Are at All-Time Lows! A “bad” economy does not mean a bad time to invest. In fact, if you study the investment models of some of America’s wealthiest you will note their patterns to buy when the economy tanks. Remember: A good investment is anything that means a gain over a term. Right now properties are sitting at 20-50% … (3 comments)
The lenders are tired of getting a ton of offers that are not fully ratified. Too many offers confuses the ‘overwhelmed’ negotiators. Not to beat a dead horse here. But, the main reason that you don’t send in multiple offers is that the lender does not own the property until they foreclose. Yeah, that’s right. In a short sale, the property owner is the distressed seller. The seller reviews offers. The one they accept is the one that is sent to the lender for … (1 comments)
atlanta foreclosures: Generate Motivated Seller Leads The SOCIAL 14
- 11/10/10 08:54 AM
In today’s market you simply MUST be harnessing the power of the social web. Did you know that the average person spends over 20 minutes a day on facebook? Using social media you can reach out to hundreds, even thousands, niche specific consumers with a targeted message for FREE in just a few minute. No other platform provides this kind of power.
Old school real estate like politics had always been ‘shaking hands and kissing babies.’ But, the issue with shaking hands is that it takes a long time to shake a lot of hands (not to mention the germs.) … (2 comments)
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