Great information:
http://www.marketwatch.com/news/story/Modified-IndyMac-mortgages-delinquent-again/story.aspx?guid=%7BD8172601%2DFCE0%2D4F1B%2DA67E%2D1F5820FE5721%7D
Sunday, December 28, 2008
Thursday, December 18, 2008
MORE Bull ______ From Lenders
Working on a short sale in Manssas, VA with WAMU. BPO came in at $125k, an OBSCENE number for the property (bank ignored our request to be contacted for an INTERIOR BPO). We re-submitted the SAME offer a few weeks later, new BPO came in at $92,000, still at least $30,000 MORE than the home is worth in its present condition. We are planning on re-submitting the SAME offer again in January....stay posted. WAMU has their head BURIED in their backside....great number if you have an issue with WAMU -- executive office for WAMU is - 800/225-5497
More BS for homeowners....Life In Limbo
Check out this article:
http://www.msnbc.msn.com/id/28265498 about more REALITIES of what goes on "in the trenches" during short sales and loan modifications.....
http://www.msnbc.msn.com/id/28265498 about more REALITIES of what goes on "in the trenches" during short sales and loan modifications.....
Wednesday, December 17, 2008
My Thoughts On Renting YOUR Property.
RE: -- http://seekingalpha.com/article/111113-why-would-we-want-to-bail-out-this-homeowner?source=email
Being in the short sale biz and dealing day in and day out with lenders that care ONLY ABOUT THEIR BOTTOM LINE AND NOT AT ALL ABOUT HELPING HOMEOWNERS (call ANY HONEST asset manager, they will confirm this and that their ONLY job is to get back as much money as possible for the bank, and yes I can give you the contact info. for several myself).....a BIG part of me says GOOD FOR THE OWNER!!!!
I also agree, like most articles, in order to spark "interest", remember "If It Bleeds it Leads", the author here makes NO distinction between investors looking to scam banks, and, between homeowners who put money down and simply got in over their heads. There was an investor here locally in Manassas, VA that actually would break into vacant bank owned properties (he checked the Washington Post for foreclosure auction dates and times) would change the locks after the auction, THEN PLACE SIMILAR ADS ON Craigs List, low rent and month to month pocketing any cash he received.......I think we can all agree that is fraud. On the other hand, I do however, feel for those homeowners who are "getting even" and watching out for themselves.....
Keep in mind, these loan servicers get paid MORE MONEY to service delinquent loans, and currently, about 80% of ALL mortgages are handled by servicers.....translation, they have NO incentive to assist or foreclose and cut off a paycheck to themselves. Most of these loans got securitized and things are simply a train wreck b/c of current foreclsoure and securitization policies.....did you know that in some of these securitied mortgages, ONLY 4% - 6% OF THEM ARE LEGALLY ALLOWED TO BE MODIFIED......how is that statistic for those of us trying to also get loan modifications done TO HELP HONEST HOMEOWNERS DO THE RIGHT THING!!!!!! Homeowners have no control over securitization rules......yet, many fall victim thereto.
Being as blatant as this owner appears to be, I ASSUME of course the owner in the article HAS tried to do the right thing, and the bank, like MANY MANY MANY do, told him to "go screw himself" in so many words, and he is fighting back the only way he can.....he still owns the property, so, why not do what is in HIS best interest if the bank is effectively forcing him to live with the stress and non-sense for another 12 months!!!!
A GREAT reason why I HATE MOST NEWSPAPERS -- as noted above, the person who wrote the article did NOT speak at all with the owner who wrote the ad. Would it or should if matter if the owner put down 20% on the property, did EVERYTHING HE COULD to do the right thing, i.e., loan modification, deed in lieu, short sale, all without a pro like us :-), and the bank denied him on EVERYTHING! Would or should that make a difference?
I do not see this as fraud if all parties are aware of what is happening. If he owns the property and the bank is not willing to assist his efforts to do what is "right", why not then do what is in his best interest?The owner clearly does not write the foreclosure policies the servicer and investor must follow. I have tried deed in lieu's myself, just GIVING THE BANK BACK THE PROPERTY WITHOUT THE DRAWN OUT WAIT AND PROCESS, and we were denied!!!!! WHHHAAAAATTTTT? They do not want the house back today, but, prefer and are mandated to go through a long process taking months and months!!!!! Again, just dumb policy!
If the tenant is aware of the situation, it could be argued it is not too bad for the bank as they have someone living in and taking care of what would otherwise be a vacant property, subject to vandalism, transients, mold, busted piping, etc. At least when they finally take it back it will (or at least should) be relatively livable (easy there landlords, we have all had rough tenants)
As I seem to say in ALL of my messages about the current housing situation: UNTIL LENDERS GET THEIR HEADS OUT OF THEIR _______, THIS SITUATION IS ONLY GOING TO CONTINUE TO GET WORSE AS MORE AND MORE PERSONS FALL ON HARD TIMES.....AND POLICIES REMAIN THE SAME. Uncle Sam throwing cash at the problem will not make things better. Only a change in the actual "process" or "system" will make a difference.
Again, I obviously get FIRED UP about all this non-sense, but, I am in the trenches with homeowners in trouble each and every day....I know how the process works, and, I know what 99% of lenders are putting homeowners through.
PS. As always, for those offended by my lack of "political correctness", I make no apologies in the above. What these lenders are doing to homeowners is just plain WRONG!!!!!! There is NO EXCUSE for doing what they do, forcing homeowners into certain situations, lying to those of us trying to help.....yes, that is right, lenders have NO LEGAL responsibility to be honest to ANYONE but the homeowner. Again, my feeling, let those that keep their head in their ________ go under and get what they have coming to them!!!!!
PPS. Pretty nice tirade and YES I do have better things to do.....just a part of me that enjoys educating everyone I can about the REALITIES of what is going on!!!!!
Being in the short sale biz and dealing day in and day out with lenders that care ONLY ABOUT THEIR BOTTOM LINE AND NOT AT ALL ABOUT HELPING HOMEOWNERS (call ANY HONEST asset manager, they will confirm this and that their ONLY job is to get back as much money as possible for the bank, and yes I can give you the contact info. for several myself).....a BIG part of me says GOOD FOR THE OWNER!!!!
I also agree, like most articles, in order to spark "interest", remember "If It Bleeds it Leads", the author here makes NO distinction between investors looking to scam banks, and, between homeowners who put money down and simply got in over their heads. There was an investor here locally in Manassas, VA that actually would break into vacant bank owned properties (he checked the Washington Post for foreclosure auction dates and times) would change the locks after the auction, THEN PLACE SIMILAR ADS ON Craigs List, low rent and month to month pocketing any cash he received.......I think we can all agree that is fraud. On the other hand, I do however, feel for those homeowners who are "getting even" and watching out for themselves.....
Keep in mind, these loan servicers get paid MORE MONEY to service delinquent loans, and currently, about 80% of ALL mortgages are handled by servicers.....translation, they have NO incentive to assist or foreclose and cut off a paycheck to themselves. Most of these loans got securitized and things are simply a train wreck b/c of current foreclsoure and securitization policies.....did you know that in some of these securitied mortgages, ONLY 4% - 6% OF THEM ARE LEGALLY ALLOWED TO BE MODIFIED......how is that statistic for those of us trying to also get loan modifications done TO HELP HONEST HOMEOWNERS DO THE RIGHT THING!!!!!! Homeowners have no control over securitization rules......yet, many fall victim thereto.
Being as blatant as this owner appears to be, I ASSUME of course the owner in the article HAS tried to do the right thing, and the bank, like MANY MANY MANY do, told him to "go screw himself" in so many words, and he is fighting back the only way he can.....he still owns the property, so, why not do what is in HIS best interest if the bank is effectively forcing him to live with the stress and non-sense for another 12 months!!!!
A GREAT reason why I HATE MOST NEWSPAPERS -- as noted above, the person who wrote the article did NOT speak at all with the owner who wrote the ad. Would it or should if matter if the owner put down 20% on the property, did EVERYTHING HE COULD to do the right thing, i.e., loan modification, deed in lieu, short sale, all without a pro like us :-), and the bank denied him on EVERYTHING! Would or should that make a difference?
I do not see this as fraud if all parties are aware of what is happening. If he owns the property and the bank is not willing to assist his efforts to do what is "right", why not then do what is in his best interest?The owner clearly does not write the foreclosure policies the servicer and investor must follow. I have tried deed in lieu's myself, just GIVING THE BANK BACK THE PROPERTY WITHOUT THE DRAWN OUT WAIT AND PROCESS, and we were denied!!!!! WHHHAAAAATTTTT? They do not want the house back today, but, prefer and are mandated to go through a long process taking months and months!!!!! Again, just dumb policy!
If the tenant is aware of the situation, it could be argued it is not too bad for the bank as they have someone living in and taking care of what would otherwise be a vacant property, subject to vandalism, transients, mold, busted piping, etc. At least when they finally take it back it will (or at least should) be relatively livable (easy there landlords, we have all had rough tenants)
As I seem to say in ALL of my messages about the current housing situation: UNTIL LENDERS GET THEIR HEADS OUT OF THEIR _______, THIS SITUATION IS ONLY GOING TO CONTINUE TO GET WORSE AS MORE AND MORE PERSONS FALL ON HARD TIMES.....AND POLICIES REMAIN THE SAME. Uncle Sam throwing cash at the problem will not make things better. Only a change in the actual "process" or "system" will make a difference.
Again, I obviously get FIRED UP about all this non-sense, but, I am in the trenches with homeowners in trouble each and every day....I know how the process works, and, I know what 99% of lenders are putting homeowners through.
PS. As always, for those offended by my lack of "political correctness", I make no apologies in the above. What these lenders are doing to homeowners is just plain WRONG!!!!!! There is NO EXCUSE for doing what they do, forcing homeowners into certain situations, lying to those of us trying to help.....yes, that is right, lenders have NO LEGAL responsibility to be honest to ANYONE but the homeowner. Again, my feeling, let those that keep their head in their ________ go under and get what they have coming to them!!!!!
PPS. Pretty nice tirade and YES I do have better things to do.....just a part of me that enjoys educating everyone I can about the REALITIES of what is going on!!!!!
Tuesday, December 16, 2008
LENDERS LIE TO YOU ABOUT SHORT SALES!!! ACCEPT IT!!!
I was ASSURED 2 weeks ago the investor Ocwen (second lien holder) would not take less than $9500 as a payoff, I was told by THE SUPERVISOR at Ocwen this "fact" (I have not yet decided on whether or not to post names on here, likely I will as I get more and more disgusted).....Today I told them we were forced to miss closing b/c of the $9500 versus $8500 requirement (A COMPLETE LIE ON MY PART, BUT IF THEY CAN DO IT SO CAN WE, we missed closing b/c of buyer financing)....
However, the result:
Some How, Some Way via the "short sale fairy", she was able to get $8500 accepted today and we will close next week with a new buyer.....
POIONT -- Lenders ONLY have an obligation to be honest with the homeowner NOT YOU NOT EVER TO ANYONE ELSE!!!!
Know this for short sale success!!!!
However, the result:
Some How, Some Way via the "short sale fairy", she was able to get $8500 accepted today and we will close next week with a new buyer.....
POIONT -- Lenders ONLY have an obligation to be honest with the homeowner NOT YOU NOT EVER TO ANYONE ELSE!!!!
Know this for short sale success!!!!
The HOPE Program.... a free service, you get what you pay for
Today we signed up our 4th client/victim of the free government sponsored "H.O.P.E" program....a free service for homeowners who need help with short sales and loan modifications......
Each client, disgusted after WASTING several months with HOPE, literally just HOPING THEY WOULD DO SOMETHING TO HELP, have all made the right decision, to let us help them get things done.
Guess it is true....you get what you pay for!
Each client, disgusted after WASTING several months with HOPE, literally just HOPING THEY WOULD DO SOMETHING TO HELP, have all made the right decision, to let us help them get things done.
Guess it is true....you get what you pay for!
Monday, December 15, 2008
REAL reason lenders delay things - Will Not Find This In Any "Guru" Course
About 80% of loans are covered by mortgage servicers, they get paid to deal with you and I, collect payments, service escrows, etc. On average, when payments are being made on time, they earn .025%. Once payments are late, on average they earn .050%.....that's right , THEY EARN TWICE AS MUCH "SERVICING" the loan while you are behind on payments and even you do not make payments, THEY STILL GET PAID!!!! Drag your short sale or loan modification out for 12 months, and they earn twice as much as they would otherwise.....ever wonder why some homeowners are 12 or more payments behind and still have not gone to foreclsoure, BECAUSE YOUR SERVICER IS GETTING PAID!!!!!!!! Mroe good stuff to come!!!!
Jingle Mail
There was a GREAT article in The Washington Post (rare, but it happens) about a local couple who owed roughly $800,000 on their home purchased in 2005. During this past summer, the builder was offering the EXACT same model home, with a finished basement and on a better lot, BRAND NEW, for only $499,000.......While continuing to make payments on the home purchased in 2005, they put a contract on one of the new homes at $499k, closed, then mailed their keys back to their lender stating the obvious:
"For $300,000, you can have the house and my good credit!!!"
I say good for them......this was also the first time I heard the phrase "jingle mail", when homeowners simply mail back their keys.....
"For $300,000, you can have the house and my good credit!!!"
I say good for them......this was also the first time I heard the phrase "jingle mail", when homeowners simply mail back their keys.....
FUN FUN FUN
This is EXACTLY why I started this......I am now on hold with Citi Mortgage, after calling the number provided - 866-713-4784. My first call today, I was hung up on/disconnected, called back, was told it was the wrong department and some "genius" named Dustin said I needed to call - 800-713-1373, called them at it was customer service, guess what they said, to call told to call 866-713-4784, called AGAIN and this time loss mitigation answered. I gave them the account number for my client, was told there was no record of that account number. DEMANDED to speak with a supervisor, supervisor told me that account number was now COMPLETELY DIFFERENT WITH NO EXPLANATION AS TO WHY!!!!! Anyway, fun fun fun.....life in the trenches
Loan Modification Reality
I am new to "blogging", but have been in the "trenches" with short sales and loan modifications for the past 4 years....check out this recent article regarding how "helpful" lenders are:
http://www.msnbc.msn.com/id/28143127
I will be posting here on occaision with thoughts, troubles and successes. Feel free to add any additional input on the short sale and loan modification process.
http://www.msnbc.msn.com/id/28143127
I will be posting here on occaision with thoughts, troubles and successes. Feel free to add any additional input on the short sale and loan modification process.
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