short sales: Loan Modifications and short sales are so frustrating but what choice do you have?
- 01/05/11 05:35 AM
I just came back from Australia and New Zeland. I stupidly believed this was a quite time and the banks would be instituting no new foreclosures during my absence. I now know there is nothing to be surprised about during this crazy period in our history. I was there one night and got my first call about a homeowner house being foreclosed on the minute I come back. Of course, I ran across the street to the internet cafe and started working on delaying the process until my return. I figured that was a fluke and my vacation would be continued without … (0 comments)
short sales: Modification , Short Sales, or Foreclosures, Do They End Up the Same
- 11/19/10 07:10 AM
Modification , Short Sales, or Foreclosures, do they end up the same? I know so many homeowners confident that they are in the midst of a modification and therefore don't have to worry about their homes. These poor people are misguided in their thinking. Many of these people have been foreclosed during a trial modification or in the middle of getting one. A perfect example of this is a family in Long Beach who owned their home for over 17 years and were current on their modification and were foreclosed on anyway. They signed up for and got the modification because … (0 comments)
short sales: Don't be Short-Sighted on Short Sales
- 05/31/10 06:36 AM
Don't be Short Sighted on Short Sales The short sale process will change radically as we proceed into 2010. The change will create a surge in short sales. Let me give you evidence from which I draw that conclusion. 1) Short Sales are already increasing rapidly. Though, according to the Office of the Controller of Currency, there were only 35,428 short sales completed in the first half of 2009, there were 30,766 completed in the third quarter alone which represents a 22.4% increase over the previous quarter. The fourth quarter numbers are not yet in, but they will show another major … (0 comments)
short sales: Stop Foreclosures - Los Angeles
- 05/04/10 06:47 AM
Stop Foreclosures - Los Angeles. Homeowners need to address their problems post haste!!! I agree that the banks put us into this mess, but the lack of people addressing their problems is resulting in more and more properties being foreclosed on. Property auctions and foreclosures are ruining the market, lowering property values, and hurting neighborhoods across the nation. Short sale is the only answer but only if we can get the bank to agree on handling the second loan. Money should have been spent on second loans instead of throwing money off the train by giving it to the banks for nothing. … (1 comments)
short sales: The Forensic Audit Scam; Don't Be a Victim
- 04/28/10 06:23 AM
The Forensic Audit scam; don't be a victim. Scams just don't seem to end. Now we have another scam, called the Forensic Audit, that milks money out of those in the process of foreclosure. It makes homeowners believe that they can sue the lender, so that they will be able to save a fortune on principal reduction. I listened to a webinar about this, and they said that, of course, the homeowner has money, because they haven't been paying their mortgage. So, they will be able to pay this company thousands of dollars for their case to be handled. Therefore, I … (0 comments)
short sales: More Foreclosures, Short Sales, and Economic Woes to Come
- 04/19/10 05:03 AM
More foreclosures, short sales, and economic woes to come. Yet people like the CEO of Goldman Sachs, Lloyd Blanfein, were able to procure bonuses of 9 million dollars. They are now under investigation for investor fraud. The company's goals, which they always stated, were to protect their investor's money. Unfortunately, this was not the case. Knowingly, they managed to broker a deal to investors that would lead to them losing billions of dollars of their money, but Goldman Sachs made enormous financial gains from the transaction and kept quiet about the financial loses to come. As an investment pool, Goldman Sachs recommended that their … (0 comments)
short sales: Strategic Default; I Thought That I Had Heard Everything
- 03/30/10 07:52 AM
Strategic default; I thought that I had heard everything. Another term has popped up, just as I thought that I had heard everything happening with defaulting mortgages and short sales; strategic default. A strategic default is walking away from a mortgage because the borrower believes that it’s in their best interests and not out of necessity. There are companies that provide you with information on your defaulting status, and they know how many days you can stay in your house for free. They provide you with a letter to prevent harassment by the lender (this rarely prevents them from stopping). They … (2 comments)
short sales: Where Are the Short Sales With So Many Defaults?
- 03/22/10 03:57 AM
Where are the short sales with so many defaults? I'm sure that you have heard the term short sale, but did you know that in 2009 only 40,000 were approved, according to the Office of the Controller of the Currency. You might ask yourself why and there is an answer. The government took extreme measures to try to modify the existing bad loans. The mortgage servicers also didn't want to see their losses appear on the books. Living in dream land, they expected prices to go back up before they had to sell. All this did was delay short sales. … (0 comments)
short sales: Short Sales Sound Simple but They Take Time
- 03/19/10 05:20 PM
Short sales sound simple but they take time. I realized that I was assuming that all people understood that a lot of time is involved in the completion of a short sale until this week when I got an offer with a deadline. I looked at the April 8th deadline, got over my shock, and then realized that I never really explained it. I just took it for granted that everyone knew about short sales. True, it is taking less time, but you definitely don't get an answer over night. If you are lucky, you get an answer in three to … (2 comments)
I just came back from Australia and New Zeland. I stupidly believed this was a quite time and the banks would be instituting no new foreclosures during my absence. I now know there is nothing to be surprised about during this crazy period in our history. I was there one night and got my first call about a homeowner house being foreclosed on the minute I come back. Of course, I ran across the street to the internet cafe and started working on delaying the process until my return. I figured that was a fluke and my vacation would be continued without … (0 comments)
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