Why would mortgage servicers rather foreclose than modify?

Posted by & filed under Stockton Real Estate.

Because it is more profitable! The companies servicing loans typically will make more money foreclosing on a loan versus modifying it; giving the servicers very little incentive to help out owners. An article to a CNBC artile outlining the details follows: Why Banks Are Reluctant To Redo Ailing Mortgages More than one million homes are […]

Hold on folks it may be a bumpy ride!

Posted by & filed under Stockton Real Estate.

I am attending REOMAC – a conference for lenders, mortgage servicers, title and real estate professionals involved in selling bank owned properties. Very enlightening. General consensus is that we are 1/3 of the way through the cycle and a turnaround is not expected until 2012 – 22013. Keynote economist suggests prices in California are still […]

New wave of foreclosed properties set to hit market in October

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The housing bill did away with Buyer’s Assistance Programs effective 10/1/08. As a result, the bank asset managers were focusing on closing pending transactions in September and let the processing of new foreclosure properties slide. We’re seeing a flurry of activity now as the asset managers play catch-up. Look for a new wave of foreclosures […]

Green Lawns for Everyone…

Posted by & filed under Stockton Real Estate.

Check out this story on how the city of Stockton is paying Nick Terlouw to paint abandoned homes… well, not the homes but the lawns of the homes….Green. It adds curb appeal, and makes the house look more lived in, for $200, per lawn… and I still fertilize, and weed, and garden? I am so […]