Local Stories Of Loan Modifications
Loan modifications are tough, be prepared in case you can’t qualify.
“I Begged For Foreclosure”
From the Washington Post, “I have even begged them for a foreclosure,” delinquent mortgage-holder Charlotte Jensen said. When she realized she couldn’t save her Glen Allen home last year, she filed for bankruptcy, packed up her family and moved out. Nearly a year later, Bank of America has yet to take back the home. I […]
Foreclosures May Surge
Banks Likely to Ramp Up Foreclosures More borrowers are expected to lose their homes to foreclosure as the nation’s largest mortgage companies lift their internal moratoriums on home repossessions and start to determine which troubled borrowers cannot be helped. The mortgage companies say the Obama administration’s housing plan has given them a better idea of […]
Avoiding Foreclosure Strategy
The stratedy is called Prove-The-Note. I wrote about this last March and it may be even more common now. Banks sell loans to other banks, plus in the last two years 300+ banks have either closed or been bought, and those original notes were lost in the transfer process leaving them on shaky legal ground. If the […]
Map Based Foreclosure Search Of The MLS And Other Goodies
After opening up the search page you can toggle to search for short sales and foreclosure homes. It uses keywords and an algorithm to pick them out of the RMLS. Another fun search that should yield a list of motivated sellers is this one. You can search by days listed and, this one surprises me, […]
Should I Prolong A Short Sale To Live For Free In My House?
I have come upon this question a lot from people facing a short sale. Though I have seen it take longer, usually the bank will set a foreclosure date within 90 days after your first missed payment. They usually have the right to do that after 30 days but it is industry standard to wait […]
My Short Sale Summary
I finally closed one of my listings that was a short sale. It took 2 and half months to get approval. There were two banks involved. One, the first position, had 80% of the loan and the other, second position, had 20%. The second ended up receiving only $1000. They made it difficult to get […]
Foreclosure News
Foreclosures slow down in Denver. It may be due to new rules lengthening time for seller to repay. This article claims declining values are the main reason for foreclosures now, not subprime loans. New laws have slown down foreclosures. Hawaii is comparatively low in foreclosures.
9 Options When Facing Foreclosure
So you are behind in your payments. Banks are calling; telling you some odd scenarios- basically trying to scare you. Foreclosures and short sales are the number one thing people ask me about. So here are 9 options when facing foreclosure. 1. Do Nothing – If a homeowner does nothing, they will most likely loose […]
Six Evictions A Week
The Sheriff is the one to evict people when a foreclosure has been completed. I don’t think they imagine this is part of their job but still they have to do. And this guy has to do it almost every day right now.
Foreclosures Prices Aren’t Low Enough
This is what I overheard yesterday. Two gentlemen were talking and one asked what the other did. “A little commercial real estate, some foreclosure stuff, you know.” The other guy said, “I am waiting for the prices to come down further before I get back to buying foreclosures.” They walked away and I missed out […]
Wrong House Put Under Foreclosure Process
In Florida a bank made a mistake changing the locks and draining the pool on the wrong house. Well heck, won’t they all be in foreclosure eventually. Seems possible based on the news. Here is a link to the video.
