California NOD Filings Down to 2007 Levels First Half of 2012
California may have some rough patches in it, but overall, with the worst part of the housing crises appearing to be over, the state is seeing fewer delinquencies and losing a smaller number of homes to foreclosure, according to a San Diego-based real estate data provider. A total of 56,258 Notices of Default (NODs) were recorded at county recorders offices in California during the first quarter of 2012, the lowest level since the second quarter of 2007 when 53,943 NODs were recorded, according to DataQuick. NOD filings peaked in the first...
read moreJP Morgan Chase Leading with Successful Short Sale Processing
JPMorgan Chase completed short sales on 61% of its delinquent mortgage liquidations in 2011, the most of any servicer, according to data compiled by the bank’s securities research group. JPMorgan Chase completed short sales on 61% of its delinquent mortgage liquidations in 2011, the most of any servicer, according to data compiled by the bank’s securities research group. As the robo-signing freeze put a hold on the foreclosure process, the largest servicers turned to short sales over REO. By the end of last year, servicers...
read moreWhy We Don’t Want the Sellers Present When Showing A Short Sale Home
It’s the dreaded question real estate agents fear when speaking to the seller. “May I be present at the open house or showing?” At this point, most agents will pause, take a deep breath and think of all the reasons why this is the worst idea possible. Having the seller present during an open house or showing of their property is almost always a bad idea. Here are three reasons why. 1. The seller’s presence will make buyers feel awkward. The presence of a seller can be off-putting. Home buyers need to feel as comfortable as...
read moreFannie and Freddie Accelerating Short Sale Approvals
We appreciate that the US Government now owns over 50% of our homes in the US through Freddie and Fannie and the fact that they are getting on board with their own initiatives of accelerating short sales or get fined! Any how you slice it…this is good news! Thanks INMAN! Fannie Mae and Freddie Mac will require loan servicers who need more than 30 days to make a decision on a short-sale offer to provide weekly status updates and give a thumbs-up or thumbs-down no later than 60 days after receiving an offer. The new short-sale...
read moreDeMarco leaning towards NO Principal Forgiveness on Fannie or Freddie Loan Modifications…Strategic Modifiers?
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read moreThe Numbers are out. Short Sales up 12% in 2011…
Well…That’s lack luster! We anticipated Huge Short Sale #’s. However, who could have anticipated the story of “robo signing” and the massive amounts of fraud being committed by the banks? No one…except the bank executives that committed the fraud. So…here are the numbers: Short sale volumes may not have experienced the boom many predicted, but they’re certainly moving up. Late last week, the Office of the Comptroller of the Currency issued a report on year-end loss mitigation activity for...
read moreCalifornia Short Sales Down…Equity Sales Up!
Sale of Distressed Properties Down in California, Equity Sales Up By: Esther Cho 03/27/2012 In California, the sale of distressed properties slowed down as equity sales picked up in February after two months of decline, the CALIFORNIA ASSOCIATION OF REALTORS (C.A.R.) reported Monday. “A lack of inventory in the bank-owned (REO) and short sale market was a contributing factor to the decline in share of distressed sales in February,” said C.A.R. President LeFrancis Arnold. “In fact, REO inventory declined 24 percent in February from...
read moreHARP 2.0 is Here! Do you Qualify? Or is a Short Sale the Answer? Or is SHARP the Answer?
The HARP 2.0 refinance program will become widely available to underwater homeowners on Monday March 19, 2012 and is expected to bring mortgage relief to those who are current on their home loan, but have been unable to refinance into today’s historically low mortgage rates because of their negative equity status. The full implementation of the revamped HARP 2.0 program, which was initially announced by President Obama in late October of 2011, has taken several months to come to fruition. And while in recent months it has been...
read moreNevada Staging a Foreclosure Comeback…More Short Sales
As if Nevada hasn’t been plagued enough with massive property declines. A new law that impacted the foreclosure filings procedure placed a virtual stop on all filings. The new law requires much additional paper work from entities that are filing. Including full disclosure of investors. Mortgage servicers are slowly easing into the Nevada foreclosure process again. Notices of default, the first step in the foreclosure process, plunged in October after a new law passed requiring servicers to file a copy of the deed of trust, the...
read morePrompt Notification of Short Sale Act… A Response from Senators
Senators are taking note and are taking charge with this Short Sale Bill to expedite the short sale process for homeowners that are upside down on their home values… This will bill will help to expedite the Short Sale process…this bill is very important! By: Esther Cho 02/20/2012 To avoid losing homes to foreclosure due to long response times for short sale transactions, three senators introduced legislation to speed up the short sale process. Senators Lisa Murkowski (R-Alaska), Scott Brown (R-Massachusetts), and Sherrod...
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Attention Agents: Learn how to Short Sell, Rent and Buy Back for your Listings.
