“I’m Not Doing Another One of These Short Sales!!!!” I hear as one of my negotiators at The Short Sale Service slams the phone down yelling.
I walk down the hall and ask what’s up. He continues: “I’m not doing another one of these short sales unless there is an investor in the middle to make [...]
**** An Open Letter to Freddie Mac ***
Dear Freddie Mac:
Last week you published an article on your website “Emerging Fraud Trends: Short Payoff Fraud.” Absent further clarification, your letter could cause serious damage to the already struggling housing market, compromise the Administration’s goals of reducing foreclosures, and increase losses to lenders and investors such as [...]
(Syd’s baseball team – currently undefeated 4-0 and in 1st place. My Gators – nope, didn’t make it past their first game in NCAA March Madness.)
But Short Sales are #1! According to Thomas Popik, research director for Campbell Surveys, “Short sales now account for the No. 1 category of distressed property.”
Confirming what I’ve been saying [...]
Following yesterday’s post – I don’t call lenders dumb . . . but sometimes they’re good for solid laugh. Check this one out. These are actual emails from lenders.
From the lender in 1st position:
Being in first lien position, our investor gets to make the decision as to how much the 2nd can receive on a [...]
I don’t engage in lender bashing. Facebook and the blogosphere are full of people talking about how dumb lenders are. You’ll never find me saying that.
My party line is “lenders are simply under intense pressure from many different places – investors, insurance companies, government regulators, and their own PR agenda – that often the end [...]
Regular readers of this Blog will recognize a theme: government announces new rules or program . . . the blogosphere goes nuts with headlines and posts that the new policy is “bad for short sales” or “bad for real estate agents” . . . I write something ultimately concludes . . . “the government program [...]
Posted in HAMP | Tagged HAMP, modification |
A recently released study from LPS Applied Analytics shows the foreclosure crisis keeps getting worse. Here are some quick statistics from the report:
Delinquency rates have surpassed the 10% level; factoring in foreclosures, the total non-current rate sits at 13.3%.
Industry extrapolations indicate that over 7.2 million loans are currently behind on payments with an estimated nearly [...]
The Federal Trade Commission proposed a new rule that would prohibit loan modification specialists and loss mitigation attorneys from collecting advanced payment for foreclosure prevention services until after they obtain results.
“Homeowners facing foreclosure or struggling to make mortgage payments shouldn’t have to contend with fraudulent ‘companies’ that don’t provide what they promise,” FTC Chairman Jon [...]
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From “Lead” to “Check” Ben [...]
Wow, I never thought my blog post on “Good Flippers” would have such an impact. I posted it Friday morning and then that day FHA waives the 90 day flipping rule! Ah, the power of the pen!
Okay, so maybe that’s just a coincidence, but the both the article and the FHA waiver make the same [...]
