banks: Those Who Have Chosen to Walk Away from Home Mortgages - 09/25/09 02:27 AM
 
A new study looks are those who have chosen to walk away from home mortgages, and it has a few surprises.
For example: Who is more likely to walk away from a house and a mortgage -- a person with super-prime credit scores or someone with lower scores?Research reported in the LA Times, drawn from 24 million individual credit files, has found that homeowners with high scores when they apply for a loan are 50% more likely to "strategically default" -- abruptly and intentionally pull the plug and abandon the mortgage -- compared with lower-scoring borrowers.National credit bureau Experian teamed … (4 comments)

banks: 5 Things Agents Need to Think About with Short Sales - 07/07/09 11:21 AM
I know I am in the minority here when I say agents should not be negotiating short sales.  (which I have written about ad nauseam) I am fully aware that in some markets, 90% of the housing inventory is a short sale or REO.  Every time I turn around, I see some other "agent expert" hawking their short sale how-to book or "qualifying" designation.  Unfortunately, short sales are part of the real estate business in 2009; however, we are in unchartered waters as agents and I hope that in 10 years, the real estate industry doesn't look back on this and … (86 comments)

banks: 10 Ways to Get Your Short Sale Rejected - 07/15/08 10:53 AM
Will "Short sale" become the "it" phrase for 2008?  Only time will tell.......
Here are some surefire ways to get your short sale rejected:
1.  Have your agent or attorney write your hardship letter.
2.  Don't fully complete your short sale package.
3.  Don't be willing to relinquish assets.
4.  Show unwillingness to work with the bank prior to asking for a short sale.
5.  Have an inexperienced agent negotiating for you with the bank.
6.  Threaten the bank (i.e. "I'll just leave the house with the door open").
7.  Don't answer all of the questions the bank asks.
8.  Decide to request … (5 comments)