As much as I have been talking Matt Vernon up with B of A because I think he is really trying what is really going on with why the banks are so foreclosure happy? I have heard of two horror stories where there is an approved short sale via equator and the home was auctioned out underneath the new Buyer's feet after being in escrow for 9 months! I have a lot of ya'll e-mailing me for help (2 today) and believe me I want to help you for sure. But I am just as mystified why a bank would foreclose on a property getting 30% on the dollar than do a short sale for 60%? Does anyone have a clue what is really going on with our banks and the government?
Savvy Home Pix - Allegan, MI
Western Michigan Real Estate Photographer
It usually has something to do with PMI. They appear to be getting less but mortgage insurance is paying them more?
Jun 21, 2010 11:40 AM
E3 Green HOMES - Boulder, CO
EcoBroker, MSEE, MBA
It sounds like a bit of chaos where the left hand simply has no idea what the right hand is doing.
Jun 21, 2010 11:52 AM
Hawaii Life Real Estate Brokers - Wailea, HI
R(S)GRI ABR, Maui Real Estate Hawaii
Harcourts Prestige Properties of La Jolla - La Jolla, CA
Featured on HGTV's New Show! How Close Can I Beach
Hi Renee, it might be the PMI....um that is interesting!
Yes, guys we totally know that one! They don't know what the different departments are doing and there is no communication!
Jun 21, 2010 12:23 PM
Russel Ray - San Diego State University, CA
I have to always question horror stories like this, mainly because the process in California to get from a notice of default to an auction is not a short process. Whenever I've been able to dig deeper, I've always found that the person telling the horror story was doing a little embellishment to suit his own needs.
Jun 27, 2010 12:41 AM
Rainer
208,265
208,265
Tiffany Torgan
Featured on HGTV's New Show! How Close Can I Beach
Service Areas
Real Estate Resources
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about 1 month ago
La Jolla, California Resident for 18 years comments about happenings in and around the La Jolla Community and the San Diego Real Estate Market. She has been a Featured Agent on HGTV's Show "What you get for the Money" and will be on the up and coming new show "How Close Can You Beach?", and she specializes in San Diego and the various unique coastal San Diego Communities. Tiffany opened Harcourts Prestige Properties in La Jolla, CA. Harcourts is the fastest growning real estate company in the world and is based out of Australia.
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