Open House…Please Don’t Ask!
Posted by Craig Proctor I'm reposting this blog from Craig Procter. Makes sense to me. Open houses have always been such an epic waste of time. Homeowners that want open houses, I simply tell them no. If they demand them...I say sure...it will cost you $1,200 for...
Merriam-Webster adds “Underwater” to the Dictionary…How about Short Sales?
It may not be as sexy a term as “earworm,” “mash-up,” “man cave” or, well, “sexting,”but one of the words just added to the newest edition of the Merriam-Webster Collegiate Dictionary speaks volumes about the impact of the financial crisis, especially when it comes to...
Changes Just Announced for Fannie Mae and Freddie Mac Short Sales
Over the course of the past year and a half, C.A.R. has been working vigorously to address your concerns related to short sale transactions. As a direct result of our efforts, we have made significant improvements through discussions with legislators, housing...
Fannie Mae Says Housing Sales are up in June 2012…More Short Sales to Come
Housing Sales are up as expected for the traditional summer months. With Foreclosures down, Short sales are helping this rise in sales. The national economic outlook looks less robust going into the second half although modest growth is still expected, Fannie Mae said...
California Senate Bill (SB) 1275 Passed This Week More Protections for Homeowners
This new bill will protect home owners facing foreclosure on their Single Family residence by: Making it mandatory for mortgage servicers, mortgage companies and banks to file a "declaration of compliance" stating that they have followed the CA state foreclosure laws....
Shadow Inventory Up 9.1% in 1st Quarter 2010 from Last Quarter 2009
This information is hot off the press...Thanks to the fine folks at Housing Wire... According to SNL Financial and Morgan Stanley Foreclosed Properties...Increased to $41.5 in Q1 '10 up 12.4% from previous quarter. Shadow inventory up 9.1% in Q1 '10 to $78.6 BILLION...
Bank of America's Principal Reduction Program Underway
My very skeptical thoughts on this... Short Sales are successful, however, BofA does not want to pay the commissions, pay toward the 2nd and 3rd lien holders, past due taxes, etc...that is required in a Short Sale and in the HAFA program. Bank of America is going to...
Bank Of America Negotiating With Sellers Who Opt For Strategic Short Sale
This is fantastic news from Jack Schakett, Bank of America Senior Vice President for credit loss and mitigation strategies. A huge stumbling block for a homeowner doing a Short Sale is the fact that their lender may pursue a deficiency judgement. The government has...
Ontario, CA Council to Add 'In God We Trust' to the city seal at City Hall
This was such an uplifting and unexpected turn of events in our city. It makes us proud to be Residents of this city. Here is the story from our local newspaper. What is sad is that the newpapers editor had to find some "athiest" clown from another state...some place...
Rent A Home Or Buy A Home…What's Better In This Economy?
Obviously as prices come down, which obviously they have, renters who never thought they could afford a home now can. Add in a couple of government subsidies, like a tax credit and artificially low mortgage interest rates, and a touch of desperate un- or...
What's Your Opinion on Strategic Short Sales?
First an explanation of what a Strategic Short Sale really is..... You own a home that is upside down in equity. You can afford to make the monthly payments. You have made a decision to Short Sale the property and cut your losses-thinking non emotional about an...
31% Of Foreclosures In March Strategic Defaults….Strategic Short Sale Defaults on the Rise
This morning executives at Bank of America[BAC 15.81 0.37 (+2.4%) ] rolled out their new "Principal Reduction Enhancement" program, which is an earned principal forgiveness plan for borrowers behind on their mortgages and whose loans are at least 20 percent...
Home Buyer Tax Incentive Lost To Many Due To Lengthy Short Sales And Lenders Timelines!
By: Diana Olick CNBC Real Estate Report Everybody take a nice long look at today'sPending Home Sales Index from the National Association of Realtors, because it's just about the last positive picture we're going to see for a while. Yes, the index rose even more than...
FREDDIE HAFA: Freddie Mac Rolls Out HAFA Initiatives For Homeowners Facing Foreclosure
BREAKING NEWS! FREDDIE MAC is stepping up with the FREDDIE HAFA like program...on the footsteps of It's "sister" Fannie Mae who released it's guidelines last night. The highlights: Sellers get $3,000.00 for Moving Expenses Servicers get $2,200.00 for "playing along"...