foreclosure: New Independent Foreclosure Review Process Available for Struggling Homeowners!!! - 12/20/11 05:49 PM
Independent Foreclosure Review Process Available for Struggling Homeowners Great news for homeowners to have had foreclosures filed between Jan 1, 2009 and December 31, 2010 is that on [November 1, 2011 from the Office of the Comptroller of the Currency (banks regulator)] the 14 mortgage servicers covered by the enforcement actions began mailing letters to eligible borrowers that explain how to request a review of their case if they believe they suffered financial injury as a result of errors, misrepresentations, or other deficiencies in foreclosure proceedings related to their primary residence between January 1, 2009 and December 31, 2010. Borrowers may … (4 comments)

foreclosure: NAR providing grand money for Foreclosure Prevention and Response - 01/24/10 07:52 PM
Foreclosure Prevention and Response Program
As a part of its Right Tools, Right Now program, on March 1, 2009, NAR introduces the Foreclosure Prevention and Response (FPR) Program to aid REALTORS®, their clients, and the nation's communities in facing the challenges of the current market. Through this program NAR is providing grants to help state and local REALTOR® associations develop coordinated plans of action to prevent foreclosures and respond to their adverse affects. 
In addition to these grants, the program will also provide an online toolkit, filled with information about: educational opportunities and resources, government and private grant programs, community outreach programs, … (3 comments)

foreclosure: Loan Modification Consumer Alert for Realtors as well - 02/10/09 04:31 PM
I heard today at my local Housing Committee Board meeting that many realtors are claiming to be Loan Modification specialists.  Just thought I would share some things I have learned recently on the issue.
1.  Only licensed real estate brokers who have had their advanced fee agreement approved by the CA Dept of Real Estate may charge an advanced fee.
2.  Without an approved advanced fee agreement, brokers can only accept payment for services after the modification has been complete.
3.  Brokers can assist in loan modifications only if there has not been a notice of default filed.
Please see the Consumer … (0 comments)

foreclosure: Top 5 Myths of Bank Owned Properties (REO's) - 10/21/08 05:13 AM
Top 5 Myths of Bank Owned Properties (REO's)
The bank is very motivated to sell these properties.  Usually they are not that motivated, typically leaving the properties on the marked for several months at a high listing price. Bank owned properties are cheaper than regular properties.  The bank owned properties are usually cheaper because the condition is worse. I can easily buy a bank owned property with a low money down loan.  Not really in this market.  Banks are usually not willing to accept any offer unless there is a down payment of 20%. I need to talk to my local … (11 comments)

foreclosure: How to get short sale approval from the lender. - 10/07/08 06:46 AM
What is a complete short sale package??
When I speak with the people working in the short sale departments, the most common problem with the packages they receive from agents is an incomplete package.  What makes a complete package?
1.  The financials from the borrower including tax return, W2 or paystub, recent bank statements, list of their expenses, list of assets if any.
2.  Hardship letter from the borrower.  The "reason for default" letter should draw tears from the lender if possible.  Be careful, however not to exagerate or lie on this letter.  Any supporting documentation including proof of job loss, proof … (10 comments)

foreclosure: How do short sale negotiators usually get paid and how much??? - 09/30/08 07:32 PM
I am working with a short sale negotiator on a purchase transaction and they are charging a 25% referral fee for the entire commission.  It doesn't seem right to me.  Isn't the short sale negotiator working for the seller only?  Wow, experience does have it's price.
On the positive side, the negotiator already had approval from both lenders.  The first and second are with different lenders.  Looks like he has been working on this transaction for several months.  I'm not doubting that it is a well deserved referral fee, just curious about other peoples experiences.  Your feedback is greatly appreciated.
(3 comments)

foreclosure: Buyer's are coming into the market now--San Fernando Valley, CA - 08/27/08 07:06 AM
Multiple Offers on Bank Owned and Foreclosures It seems like the people who were on the sidelines are now coming out and buying. A recent foreclosure was listed at $230K a little below market value and received 18 offers within a week. The accepted price, however, was $290K. This goes to show how this strategy of pricing low works well for generating activity and ultimately a higher price for the seller.
For the buyers, it seems like those who continue to wait and expect a further worsening of the housing market may be left behind. The fact that multiple offers are … (4 comments)

foreclosure: Short Pay Tips (San Fernando Valley, CA Short Sale Broker) - 03/03/08 05:08 PM
1. Always have the seller contact the asset manager to discuss a short payoff of their loan.
2. Most lenders require a signed listing agreement before they will speak with an agent.
3. Most lenders have specific requirements and may fax them to you upon request.
4. Be aware that there will be time constraint to close the escrow because the lender must approve the reduced payoff.
5. Always get everything in writing from the sellers payoff lender.
6. Some of the requirements of the asset manager may include, verification of employment, tax returns, W2's, hardship letter, financial statement, and bank … (8 comments)

foreclosure: Are short sales getting approved? - 02/20/08 08:23 AM
There are many short sale listings on the MLS.  However, many of escrows are not closing for several reasons.  What are some of the situations which lenders are approving the transaction?  Are some lenders quicker to respond?  Are some lenders approving more short sales than others?
This Blog is a place where agents and brokers can share their experiences so that we can get more transactions approved.
(2 comments)

 
Jason Ian Hector, Real Estate Broker in California and Hawaii (Action Investments and Hawaii Pacific Realty)

Jason Ian Hector

Real Estate Broker in California and Hawaii

Porter Ranch, CA

More about me…

Action Investments and Hawaii Pacific Realty

Address: 11630 Seminole Circle, Northridge, CA, 91326

Office: 818-357-9658

Fax: 866-791-3290

Email Me

San Fernando Valley Realtor Specializing in Foreclosure and Short Sales in the Los Angeles and Ventura Counties.


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