newport beach real estate: Bank of America FRAUD ALERT
- 07/20/12 05:44 AM
Fraudulent Bank of America Short Sale Letters Bank of America has notified the national underwriters that a short sale scam is being perpetrated involving properties on which Bank of America is the holder of a note secured by a mortgage or deed of trust. In its letter Bank of America has indicated that the perpetrators of the scam send approval letters to title companies that mimic legitimate approval letters from Bank of America, including the bank’s logo, formatting and language.
In response to this issue, Bank of America states that it has updated its existing short sale approval procedures. On … (1 comments)
newport beach real estate: It’s Up, It’s Down …
- 06/21/12 04:16 AM
Where is the housing market headed? Ask three experts and you’ll get at least four opinions. The pessimists at Fannie Mae don’t see prices hitting bottom till 2013, based on the weak economy. Over at the National Association of Realtors (NAR), Chief Economist Lawrence Yun says that as of April, “Home contract activity has been above year-ago levels now for 12 consecutive months. The housing recovery momentum continues.” Sales have been going up for awhile now, but now prices are starting to catch up too. Some of yesterday’s basket cases are now seeing “double-digit” price gains (e.g., Florida, Phoenix). NAR expects … (1 comments)
newport beach real estate: Short Sales Win Again
- 05/31/12 02:37 AM
The latest report from the National Association of Realtors® (NAR) highlights what many observers have been emphasizing for years: Short sales are better than foreclosures for many reasons, not least because they help shore up neighborhood home values. In its April, 2012 Confidence Index Report, NAR shows again the stark difference in discounts between short sales and REO sales: Foreclosures sold for an average 21% below market value, while short sales were only 14% under market. Not surprisingly, that disparity grows as property condition declines: Short sales in “above average” condition were discounted 13.7%, as opposed to 14.9% for REO’s—not much … (3 comments)
newport beach real estate: DeMarco Talks Short Sales
- 05/17/12 03:08 AM
On Tuesday, FHFA Acting Director Edward DeMarco spoke before a symposium of the National Association of Realtors. He used the opportunity to tout the successes of the Enterprises he oversees (Fannie Mae and Freddie Mac) in helping 2.2 million distressed homeowners avoid foreclosure. And he summarized the changes to servicing protocols emerging from the recent Servicing Alignment Initiative (SAI). Since he was addressing a room full of people who make their living selling homes, DeMarco also touched on their main topic of interest: short sales. He reiterated the new short sale timelines, announced in April, to go into effect by June: … (1 comments)
newport beach real estate: Want Principal Forgiveness?
- 04/12/12 03:31 AM
Edward Demarco has been under a lot of pressure lately. To hear some people tell it, the acting head of the Federal Housing Finance Agency is the only person standing in the way of a full housing recovery. A consensus has been emerging among some observers that principal write-downs must be part of any effective solution to the housing crisis, but DeMarco has steadfastly opposed them for the agencies he oversees. Given that those two enterprises—Fannie Mae and Freddie Mac—account for most of the mortgages in the country, his judgments carry enormous weight. He made his case one more time at … (2 comments)
newport beach real estate: What the New HAFA Short Sale Guidelines Mean
- 03/29/12 03:33 AM
If you’ve been following the evolution of the federal government’s HAFA program, you’ve noticed a steady widening of the eligibility guidelines. That’s not an accident. In its original form the program failed to meet the lofty expectations placed on it by lawmakers, pundits and industry professionals. So, to its credit, the Treasury Department has worked hard to make it more effective—and more inclusive. Here are a few of the areas where HAFA has evolved: Income requirements. Servicers are no longer required to verify a borrower’s financial information or determine if the borrower’s monthly mortgage payment exceeds 31 percent of monthly gross … (1 comments)
newport beach real estate: Treasury: Serious About Short Sales!
- 03/24/12 04:09 AM
The HAFA short sale program was sensibly crafted to reach a specific segment of borrowers. But, along with the rest of HAMP, it has failed to achieve the numbers expected. So, Treasury has thrown the doors open wide with Supplemental Directive 12-02, removing obstacles and expanding the pool of potential candidates. Among the changes to HAFA: No more occupancy requirements! Payouts to junior mortgage lien holders increased to $8,500 These are game-changers, and will surely raise as many questions as they answer. For instance: What untapped segment of the market was Treasury targeting with these changes? How will the elimination of … (0 comments)
Previously, Bank of America accepted Third-Party Authorization forms in differing formats and from a variety of sources when transacting a short sale. Recognizing a need for greater compliance and consistency with this important document, Bank of America has now developed its own form to standardize the third-party authorization process. This two page document requires signed acknowledgments from all borrowers and designated representatives in a short sale.
Action Required For the next few weeks, Bank of America will continue to accept other third-party authorization documents. But beginning April 14, we will accept only … (1 comments)
Where are Swizz Beatz and Alicia Keys headed now that their SoHo stunner has hit the market? SOURCE: Vibe Forget about moving on up. Singer and New York native Alicia Keys did that a long time ago, trading her childhood residence at the artist-friendly Manhattan Plaza apartment complex in Hell’s Kitchen for a slick SoHo real estate market triplex. Now Keys and her producer husband Swizz Beatz have listed their Crosby Street penthouse for $17.950 million … (0 comments)
newport beach real estate: Short Sales in the Headlines
- 03/03/12 01:38 AM
For years industry insiders have been touting short sales as a way out of the mortgage mess. Now the mainstream press is picking up the theme. In this CNN article that was picked up by Yahoo, the latest statistics from RealtyTrac tell the story: Short sales rose 15 percent in the last quarter of 2011 over the previous year. Short sales comprised 10 percent of all homes sold in Q4. REO sales dropped 12 percent over the same period. The article itemized several things that make short sales preferable to foreclosure for everyone: They’re consensual. “Short sales have become a more … (0 comments)
newport beach real estate: The Short Sale Payout Lottery
- 03/02/12 01:23 AM
Banks are giving away money! The buzz started in the mortgage and real estate industries, now it’s reached the general public: Big mortgage servicers are paying big bucks to homeowners who will agree to short sales. $20,000 to $30,000 in some cases. The catch: These cash bonanzas aren’t available for everyone, and you can’t just request them. You have to wait for your lender to “tap you on the shoulder” as one observer put it. That creates an air of mystery and excitement, which can only help the servicers’ efforts. It’s the same psychological tactic behind lottery promotions: Who will be … (2 comments)
newport beach real estate: Lawmakers target short sale timeframes
- 02/22/12 06:46 AM
Have you heard of the Prompt Notification of Short Sale Act? No, it’s not law yet, but if passed it would require lenders to respond to short sale requests within 75 days. It seems even Congress has figured out that short sale approvals take too long. And, the proposed law calls for a real response, not just “Thanks, we got your request …”. Lenders would be required to respond in one of four ways: Acceptance Rejection Counteroffer Need for extension The extension option could only be used for an additional 21 days, and would need to be accompanied by an estimated … (1 comments)
newport beach real estate: Good News for Anyone Considering a Short Sale
- 02/16/12 05:27 AM
Buried in President Obama’s $3.8 trillion budget for fiscal year 2013 is an important item for anyone connected to the real estate industry (which includes everyone, unless you live in a van): The President wants to extend the Mortgage Forgiveness Debt Relief Act of 2007, which is set to expire at the end of this year, through 2015. This is sensible, and probably inevitable. Ending the Act now would be devastating for a housing industry still trying to regain its legs. But it’s especially significant for homeowners considering short sales. Let’s face it: If someone is thinking about a short sale … (2 comments)
newport beach real estate: Financial Questions to Ask Before You Get Married by Vera Gibbons
- 02/15/12 08:26 AM
Some 4 million Americans expect to propose — or be proposed to — over Valentine’s Day, according to the recent American Express Spending & Saving Tracker survey. But how many of them will talk finances before they walk down the aisle? Probably just a handful, even though it’s far more important than the cake, flowers, and invitations! Save yourself some arguments later by talk about your money now. Here are a few of the questions you need to ask your soon-to-be spouse: What would you like to be in 5 or 10 years? Do you both want children right away? Would … (0 comments)
newport beach real estate: Refi—Or Short Sale?
- 02/14/12 05:28 AM
Refi madness is sweeping the nation. With the recent expansion of the federal government’s Home Affordable Refinance Program (HARP), banks have been deluged with phone calls requesting information. Call volume at Bank of America has been so high that they’ve had to refer requests to a “reservation system”, basically letting applicants know that they’ll get to them when they can. With the new emphasis on refinancing, it may seem that short sales are out of vogue, but there are still plenty of homeowners that won’t fall into either the refi or mod basket. And as with any government program, many people … (0 comments)
newport beach real estate: Freddie: Seeing the light on short sales?
- 02/09/12 04:11 AM
According to a HousingWire article by Jon Prior, Freddie Mac intends to increase short sale incentives soon—though it doesn’t specify by how much, or to whom. That’s still good news, and may indicate that the GSE giant is seeing the effectiveness of short sale incentive programs initiated by servicers on their portfolio loans. As the article notes, both Freddie and Fannie Mae have been ambivalent about the Treasury Department’s HAFA program to date: They both offer $2,200 incentives to servicers who complete HAFA transactions—as contrasted with $1,500 in the original Treasury version. But both GSE’s have failed to increase the aggregate … (0 comments)
newport beach real estate: Short Sales Help Home Values!
- 02/07/12 05:01 AM
Yes, home prices are still going down, but not in the areas we’ve come to associate with the housing bust. Now, it’s the Midwest that’s experiencing the worst of the slump, while places like Phoenix and Orlando are actually seeing price increases. That’s the surprising news imbedded in Clear Capital’s latest Home Data Index. In Orlando, prices increased by 1.8 percent over the previous quarter, and a whopping 6.7 percent over the year before, making it the fifth-best performing market in the nation. Most people remember Florida as a real estate disaster zone not long ago. What caused the turnaround? As … (1 comments)
newport beach real estate: Memo to sellers: What are you waiting for?
- 02/06/12 03:03 AM
Many homeowners know they need to sell, but they’re hoping to regain some equity first. If home prices just picked up a little, the reasoning goes, they could exit with some cash in their pockets—like in the good old days of ’04 and ‘05. It’s an empty dream, according to figures from the industry’s most credible sources. In November 2011, prices in ten major cities dropped by 3.6 percent from the year before, according to the S&P/Case-Shiller home price index. Expanding the composite to 20 cities, the dip was 3.7 percent . But it’s going to get better, right? Not for … (2 comments)
newport beach real estate: Five Reasons Why a Short Sale is Better Than Strategic Default
- 01/31/12 04:47 AM
Strategic default is a tempting option for distressed homeowners. But it has downsides that many don’t consider. Remember these points if you’re a real estate agent trying to guide a homeowner to the right choice. And if you’re that homeowner, read and consider: You can leave on your own terms. Being evicted is no fun. That’s what can eventually happen if you’re foreclosed on. In any case, the timing of your departure will be out of your hands. By entering a short sale, you can plan the time frame and conditions of your exit—and maintain your dignity. You can negotiate your … (1 comments)
newport beach real estate: State of the Union: Changes in Store for Housing Sector?
- 01/26/12 04:41 AM
If you tuned in the President’s State of the Union Address Tuesday night, you heard him mention the housing crisis. How could he not? It remains a top concern in voters’ minds—right after jobs. One newsworthy item was the President’s intention to expand the Home Affordable Refinance Program (HARP) to include non-GSE loans. That would make refinancing a potential option for millions more underwater homeowners. How many will take advantage of it? We’ll see. Meanwhile, it still doesn’t address the equity loss at the root of paralysis in the housing market. Ho-hum. He touted his newly-appointed head of the Consumer Financial … (1 comments)
Fraudulent Bank of America Short Sale Letters
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