foreclosure: Are Illegals to Blame for the Foreclosure Problem?
- 11/18/07 06:04 PM
I held back from posting this previously, but at the end of the day, fair is fair. Regrettably, everyone is looking for an excuse as to why the real estate market is performing the way that it is. I had the pleasure of speaking with MSNBC about this topic while on my recent trip to New York City. Before clicking on the video can you guess how little (or how MUCH) this statement is true? http://www.findingforeclosureexperts.com/radio-television-18.html Please share your thoughts after you've seen the video. How will you judge the interview? I very much look forward to speaking with you. … (42 comments)
foreclosure: Conforming Loan Limits Scheduled to Decrease
- 10/16/07 04:17 PM
While this is schedule to occur in 2009, you should be made aware it is coming. The Office of Federal Housing Enterprise & Oversight is responsible for the amount of conforming loan limits based on the cost of homes from October to October each year. OFHEO Director James Lockhart announced that, based on provisions in the proposed guidance, the current conforming loan limit will not be reduced for 2008. If the index used to calculate the maximum loan level should increase, the amount of the increase in 2008 would be reduced by the decline calculated in 2006 of 0.16%. Under no … (11 comments)
foreclosure: Land Trusts are the Answer to our Woes.....or are they a Crock of ****?
- 09/30/07 07:30 PM
OK....I've always been asked to tell it like it is..... Fellow mortgage professionals, were you aware of the latest and greatest thing since sliced bread to hit the airwaves that will help you cure all of your ills, stimulate your sales, move that stagnant inventory, AND do it all with none of your own money.....all that and its perfectly legal? (Well you see, that is the opening pitch at some of the latest 'experts' to show up on the scene promoting the solution to the current real estate market that is fraught with foreclosures). So, let me show you what some of … (11 comments)
foreclosure: Modern Day Robin Hood Strikes--Mortgage Forgiveness Debt Relief Act of 2007
- 09/27/07 09:15 PM
I'm here to save you fair Marian, for you knew not what you were doing when you signed those poorly written loan documents that committed you my lady to a mortgage for the next 30 years...... I know that while you have been responsible in making sure that your castle in the Sherwood Forest is well kept, that the common folk have overextended themselves, and my lady, I MUST act against your wishes. Forgive me in advance, but I know that you will thank me someday.....I know it is not proper for me to slap a lady, so please understand that is not … (17 comments)
foreclosure: Builder Community Short Term Gain Causes Long Term Loss for Homeowners
- 09/14/07 07:57 AM
It hasn't happened in my community yet, but given that EVERY major builder is in my back yard, I can expect this issue to hit my area in the near future. In recent days, Pulte, McMillin, Hovnanian, and several others have been aggressively promoting price reductions of as little as $10K up to $150K dollars, and sometimes more right off the TOP of the price that a home was sold for just one week ago. Now this could be great news for their stock price in the short term because less inventory means less liability, and it presents a great opportunity … (7 comments)
foreclosure: Batten Down the Hatches: FHASecure is like a jacket in a Category 5 Hurricane!
- 09/03/07 11:28 AM
I really wanted to beleive that both sides of the political spectrum would've come up with a more plausible solution than FHASecure. I hope I'm wrong, but what bothers me even more is how as an industry we're embracing the program as if it were really designed to make a difference. I've taken some time to read the policy guidelines as they are currently written, and have found several policy matters that will not translate to the real world. Saying this is a step in the right direction is like taking the first 2 steps on your hike up Mount Everest … (26 comments)
foreclosure: Active Rain Members Fuel the Media Fire...Countrywide is failing!
- 08/16/07 06:43 PM
Well, I can say that the tone has certainly changed in the last 24-48 hours in our industry. I don't know if fear is driving all of the doom and gloom comments by Active Rainers, but many of you are really scaring me......... Have you lost your minds? The company is not failing, though it is making some noticeable changes which I haven't seen anyone pick up on. Let me also say that as I've been an originator for many years, I'm not a fan of the company for some of its subprime practices. I also do not like that they not only allow, … (27 comments)
foreclosure: Catastrophe on Camile Street in Santa Ana
- 08/12/07 05:53 PM
OK, I'm usually pretty even keeled, but after reading an article in the Sunday Orange County Register, I'm pretty disturbed. Street of Broken Dreams is the name of the article. Long story short: 14 of the homes on 2 blocks are in some state of foreclosure. 75.6 percent of the purchase loans for 2005 (last full year reported as of now) were issued by subprime lenders. For Orange county, the Center for Responsible Lending estimates that 23 percent of the subprime mortgages made will end in foreclosure. That is 2500 of the 11000 homes bought with subprime money in 2006 in … (31 comments)
foreclosure: Major Lender ELIMINATES Subordinate financing......!
- 07/24/07 07:11 PM
Wow, now here is a change that I did NOT see coming with all of the changes that are occuring in the marketplace as it relates to the constant change in the mortgage market. I've copied the text from a release that I received today. Regardless of CLTV, First Franklin no longer offers subordinate financing. This includes both First Franklin and non-First Franklin 2nd liens with either our Core or Alt-A products. Now granted that First Franklin is primarily a sub prime lender, as well as an Alt-A lender, but the greater concern should be that Merrill Lynch owns this company, and you … (4 comments)
All Real Estate....all the time....how Real Estate can help you achieve your goals, as well as what is wrong with the industry. Pure, unabashed honesty. Critical to my mission is to help underserved families and communities improve their position to create a legacy for their children.
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