foreclosure: 2009: A nation in foreclosure - 12/05/09 03:51 AM
Yesterday on Twitter Pam Crouch posed, "Raise your hand if you think that the year 2009 was not one of your greatest, or some stronger version of that statment."
Collectively, as a nation, I believe well over 50% would raise their hand - at least partially. It will be remembered as a year where old failures were repeated, more mistakes were made than correct actions, temperatures got cooler (again), a greater divide was created between political parties and peoples, and more foreclosures than at any other time in history were consummated.
Millions of foreclosures
There were over 1 million foreclosures in … (3 comments)

foreclosure: What Does FHA Say About Foreclosures in Credit History? - 10/18/09 10:27 AM
Here are the facts about FHA and foreclosures on credit:
If there is a foreclosure on the borrower's credit (any of the borrowers) it must be at least 36 months previous in most cases. There are a very limited number of instances which would allow a foreclosure to have been within less than 36 months (from application date) and the lender may continue to underwrite the application even though it may have not been approved by the Automated Underwriting System (AUS).
Those events are pretty much limited to:
Death or serious illness of a wage earner.
Yes, that's it. HUD 4155.1 … (3 comments)

foreclosure: Two Years Ago Few Knew What A Short Sale Was - Now Everyone Is An EXPERT? NOT! - 03/03/08 03:57 AM
Listen, this is a vent. If you don't want to hear my rant don't read this because it may hurt when I step on your toes. You can NOT take an online class and become a "Certified Loss Mitigator". There is NO SUCH CREATURE recognized by lenders. Period. Got that? Furthermore, just because you read one of my articles or attended one of my classes (that I've been teaching since 2001 by the way) does not make you a Short Sale Expert worthy of commenting on a process of which you have only a cursory understanding.
People continuously gripe and complain about … (7 comments)

foreclosure: Beware of "Loss Mitigators" Who Aren't - 01/18/08 09:18 AM
The ads are popping up all over craigslist. Next you'll hear them on satellite radio and see them advertised in your local real estate rag: "Become A Loss Mitigator" "Enter The Exciting Field of Loss Mitigation" "Become a Certified Loss Mitigator" (that one always tickles me). Most of those people will be fly-by-nights looking for an easy mark who is severely down and easy to fool.
Technically speaking a Loss Mitigator works for a lender and has years of experience in the high finance world. They are charged with making sure the lender doesn't suffer any loss. To say they don't care … (8 comments)

foreclosure: Project: KNEEJERK - Short Sales Elimination of 1099 Creates Promissory Note Dilemna - 01/16/08 06:41 AM
What did I say on December 18th? Lender's can't afford just to completely write off all the losses from short sales and not giving 1099's to the bailing home owners. So what's the new trend in short sales? Promissory notes the homeowner is to sign to indemnify the lender against the loss. No thanks, I'll take my 1099 and take my chances with the IRS.
It's not coming - it's happening. 
AGENTS: When you are making an offer on a short sale you will need to be aware of this. It's nothing new but it's "the trend" among lenders because of the change … (17 comments)

foreclosure: Game of the Day Recap - Stats for The Blame Game - 11/22/07 03:48 PM
I enjoyed football today - not as much as Brenda's greens or Aunt Janice's cranberry stuff or Myra's sweet potato casserole - YUM!
First we watched Green Bay serve up Deteriorate at home. Doesn't Detroit have enough problems?
Then we watched Dallas strip New York. Who'd have guessed?
To put it all to an end we watched Indy dress and stuff the Falcons. Argh - why would you invite them into your house on T-day?
But there is a bigger game that has been going on for months. You are a participant, willing or not. You, my friend, are playing in a Bowl Game - … (4 comments)

foreclosure: Facing Foreclosure? Here's What You MUST Know ... - 11/07/07 04:43 AM
Nationwide it is a huge problem right now. If you are affected personally you probably do not concern yourself much with what others are or are not going through. Danger is everywhere, or so it may seem to you. Threatening phone calls and letters from the collector, strange post cards and phone calls from "concerned individuals" who want to help you "save your credit and your good name" by purchasing your home. Perhaps your lender has even offered some solutions directly.
Here are some things you must know about the process you are involved in and some pointers on when to assume … (3 comments)

foreclosure: The Ultimate Short Sales Secrets Workshop ONLINE and LIVE!!! October 20th 2007 - 10/19/07 07:00 AM

foreclosure: What *Exactly* Is A Short Sale? - 10/12/07 09:47 AM
Okay, the classes I teach on Short Sale methods range in price from $50 to $200 - do you know how many people come to the class and don't even know what a short sale is? Bunches! That's how many.
First you must know that in most states it is the lender who actually owns the home. I know, stinks doesn't it? Read your mortgage note. Now that you know you don't actually own your home you also need to know that you do get the privilege of occupying it according to the terms of the mortgage. If, however, you violate … (0 comments)

foreclosure: When Foreclosure Doesn't Mean Foreclosed - 10/07/07 03:33 AM
The media hype has already begun to fade - they are looking for something else to jab and fortunately right now it is Ahmadinejad's hate for Israel and not your industry. However, there has long needed to be a correction in how the term "foreclosure" is used because foreclosure does not mean foreclosed.
When you read the report that 14,000 homes entered foreclosure it doesn't mean those 14,000 homes have been foreclosed upon. To help you understand what this means let's look at the 4 stages of foreclosure in short terms:
Level One - Defaulted on the loan repayment conditions. Generally speaking the … (2 comments)

foreclosure: Here Come The Gurus! Those Who Can, DO - 09/07/07 09:04 AM
A Cautionary Tail of Tomorrow ... 
There are going to be a TON of short sales gurus over the next few months. Some are going to mislead you. This cautionary tale is to encourage you to be diligent, respectful, of high moral character, and aware of the laws in the state in which you intend to operate. 
Perhaps that title is a bit inflammatory. Not everyone who is a teacher is a "can't do". I myself have been teaching for many years and I don't teach much because I do not have much time. Let this serve as a prediction for the coming … (7 comments)

foreclosure: Nuggets of Gold: #1 The Short Sale BPO - 06/11/07 04:27 AM
I have been teaching and doing short sales for several years. Recently they have become the "hot topic" in the real estate investor market and suddenly everyone is an expert. Another edge I have over the "guru" world is that I am not only an investor and a trainer but my "day job" is as Director of Operations for Novation Mortgage and part of my job is as Quality Control and Loss Prevention Manager. That's right, I get to approve or deny short sale offers.
When we receive an offer on a property that is in the Default period the offer comes … (0 comments)

foreclosure: More On Lender Failure (S&L - Take Two) - 03/06/07 01:19 AM
They say history repeats itself about once every 20 years. By gosh I've lived long enough to experience how, at least in some areas, this is true. Had there been blogs 20 years ago we would have been blogging about the Savings & Loan Debacle and using essentially some of the same positions for discussion we're using today. So why are we in this position yet again? Is it because Alan Greenspan did not remember the S&L implosion which cost you and I (at least those of you who actually pay taxes) roughly $125,000,000,000? Now as I wax political I will … (2 comments)

foreclosure: Fannie Mae Reminder: May Affect You? - 03/05/07 05:40 AM
For many years investment "gurus" have been teaching investors to "acquire properties" without a mortgage, without down payments and without needing to qualify. For many years I have been teaching that this method, while perhaps not a violation of law, is definitely a violation of the mortgage agreement which, by law, puts the mortgage in full default.
Most real estate agents are taught that this is called the "acceleration clause".  The real name for this is the "Due on Sale Clause" and it's in virtually every mortgage agreement with the exception of some commercial loans.
I don't really want to get too deep … (1 comments)

foreclosure: What Causes Foreclosures? You May Not Like The Answer ... - 02/14/07 05:40 AM
Lack of knowledge, discipline, preparedness or any combination of the three.
This may sting a little but don't shoot the speaker for delivering the data. This is long but I encourage you to read it, share it, pass it along, invite others to read it. After all, we're either working to fix the problems or we are a part of the problems. Silence is only golden when I'm watching TV.
RealtyTrac reported approximately 1,260,000 foreclosures in 2006. Here is a look at 5 select states and their relative percentage of foreclosures to housing units.
What this chart does not show is: number of units … (35 comments)

foreclosure: The Coming Wave: Short Sale Tsunami - 12/18/06 05:38 AM
Over the past three to four years the housing boom and the refinance boom saw hundreds of thousands of American homeowners and investors jumping into homes they could ill afford at the time and now that two year ARM and three year ARM loans are starting to adjust upwards these homeowners are feeling more than a little pinch. One time aspiring homeowners and investors who jumped in with ARM or IO (Adjustable Rate Mortgages or Interest Only mortgages) are now completely upside down in properties that are negative cash flowing and in many areas of the country in a price correction … (3 comments)

foreclosure: Anatomy of the Short Sale - 08/04/06 06:36 AM
New investors, it seems, are intrigued by words and phrases to which they have recently been introduced. Often I will speak with a prospect on the telephone and just by listening to what they are saying tell you about where they are in the investment process. Newbies (that's not an offensive term, by the way) and well studied but lightly experienced investors generally have one thing in common: a great use of words they don't (fully) understand.
Today's term is Short Sale. 
This is a big one and it's used quite often around investor's clubs and seminars across the nation. But … (4 comments)

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