I think prices may still decrease by 10 – 15% as REO and short sale inventory increases and the number of first time home buyer transactions decrease. The higher end could see even higher adjustments as the result of increasing distressed sales. 5 & 7 year ARMs are resetting in bulk this year and next. […]
Posts Categorized: Short Sales
Is the California Housing Market Different from the Rest of the Country?
Interesting article on housewire.com regarding California’s “innovative” mortgage products. Click here to read the full story. Posted via email from www.Homes-In-Stockton.com Posterous
Check with an attorney before pursuing a short sale prior to filing bankruptcy
We always recommend speaking with an attorney prior to pursing a short sale. This is especially true if you are considering filing for bankruptcy. Bankrate.com recently answered a reader’s questions regarding the subject. Visit http://www.bankrate.com/finance/debt/a-short-sale-followed-by-bankruptcy.aspx to see the full article. Call us at 209-471-6516 if you are interested in discussing buying or selling a short […]
$1000 to the 1st, $1000 to the 2nd and $1500 to the home owner walking away………
The Obama administration’s latest attempt to address the housing crisis will fall SHORT in my humble opinion. $1000 to the 2nds will not make a difference. Many 2nds are placed for collection. The collection companies are generally unresponsive and very demanding. An extra $1000 is not going to satisfy them. Read the full story at […]
Automated Short Sales – The Answer To Slow Approval Times?
This last month, Equator started an agent initiated short sale platform. So far, Bank of America is the first lender encouraging use of this automated program. The initial response is positive although it is cumbersome to input the file data on the front end, once the data is entered the process starts rolling. Eliminating the […]
February 2010 Stockton Area Housing Market Update
Foreclosure Activity In California Is Up As reported at DSNews.com, ForeclosureRadar, a locally based company that tracks every California foreclosure on a daily average basis, reports foreclosure activity here increased last month. The number of foreclosures that went back to the bank rose 29.4 percent, those sold to a third party rose by 62.7 percent, […]
Banks Plan to Clear Books By Turning To Short Sales
Now short sales are growing at a faster rate than foreclosures and most economists expect the distressed home market to have a 5% increase in the number of short sales this coming year. That expectation combined with the fact that banks generally lose 20% more on a foreclosure than a short sale make it no […]
Housing Market Turnaround Up To Banks
People are buying up short sales and foreclosures at the expense of conventional sales and if the housing market is ever going to recover, the banks need to get short sales closed at a much quicker pace. The average short sale length in some communities has increased to 298 days and even up to a […]
Banks Have No Control Over Collections Process
Having wored on numerous short sales, I have often wondered about the banks’ apparent lack of control over collection policies. This is especially true if the loan is a subordinate lien. The demands made of the sellers by these second liens are far beyond reasonable, even more so if the subordinate lien has already been […]
Foreclosure Numbers Down, But For How Long?
According to the February 15th story in Property Wire US property foreclosure figures easing, defaults are down 12% from December but stayed 4% above levels in January 2009. Foreclosures are down 11% from December and remained 15% above levels in January 2009. However if the market does what we expect and stays consistent with the […]
Making Home Affordable Program Fails – Long-term Problem, Short-term fix
Housing advocates and politicians are pressuring the administration to make changes to the Making Home Affordable program as the housing crisis continues to grow. The suggestions to retool the program are justified. A few facts follow: · Less than 200,000 homes owners have received permanent loan modifications even though it is estimated 3 to 4 […]
TransUnion Reports Mortgage Delinquencies Increase 50% Compared to Last Year!
The percentage of borrowers at least 60 days past due on their mortgage increased for the 12th straight quarter, hitting 6.89 percent by the end of 2009, according to new data released by TransUnion Tuesday. That%u2019s an all-time high in the credit bureau%u2019s study, dating back to 1992. This statistic, which is traditionally seen as […]
CA Foreclosure Law – Civil Code 2924
Download now or preview on posterous CA Foreclosure Law – Civil Code 2924.pdf (104 KB) We process more Stockton short sales than any other short sale agent in the Central Valley. We receive numerous requests for information on the California foreclosure process. A copy of CA Foreclosure Law – Civil Code 2924 follows. Please call […]
10 steps to ‘short sale’ buying
Bobbi Dempsey one of the authors of “The Complete Idiot’s Guide to Buying Foreclosures” blogs on the following list: 10 steps to short-sale homebuying 1. Identify potential short sales. 2. View the property. 3. Do your research. 4. Find all liens and mortgages. 5. Figure out the financing. 6. Contact the lender. 7. Complete the […]
Short Sale Fraud
In the recent article posted by Karl Denninger entitled New Short Sale Fraud Allegations: Second Liens, The subject of fraud with short sale subordinate lien holders is discussed. Unfortunately since second lien holders frequently, get 10% or less, they often request funds off the HUD to be brought in by real estate agents or the […]
Short Sales are Risky for Homebuyer Tax Credit
In the article titled Homebuyer-Tax-Credit-Deadline-Freezes-Out-Short-Sales By Steve Cook at Real Estate Economy Watch, Mr. Cook discusses the unpredictable and lengthy nature of short sale transactions. In particular, he focuses on the inability to rely on a short sale timeframe to guarantee qualifying for the Homebuyer Tax Credit which requires that a buyer be under contract […]
2nd position lenders knowingly commit fraud
The Short Sales and Bank Fraud story continues to gain traction. After CNBC aired the story we brought them, dozens of other media outlets, bloggers and authorities have contacted me to discuss this topic. Here is the story of how this fraud initially came to our attention, along with the evidence to back it up. […]
HAMP Has Hit The Hump
HAMP – is barely able to handle even the current volume of modifications and now here is the hump; the impending exponential increase in mortgage delinquencies coming this summer. The popular Alt-A and Option ARMs from the height of the real estate bubble begin to reset this summer. These loans walked the tightrope between prime […]
How will a Stockton short sale or loan mod affect your FICO score?
I receive many questions from potential Stockton short sale sellers regarding the impact of short sales, loan modifications and late pays on their FICO scores. The San Francisco Examiner published an article regarding the subject. Worth checking out. View article… Posted via email from www.Homes-In-Stockton.com Posterous
Wall Street Journal interview with Sr. VP of RealtyTrac
Does not appear the real estate market will be out of the woods anytime soon. Click here to watch the video! We continue to see a large number of Lathrop short sale, Manteca short sales and Stockton short sales being listed. We expect to see the number of Stockton homes for sale to increase dramatically […]
The Second Mortgage Challenge
In order to do a short sale the second lien holder must also agree to the terms of the sale. This is even more challenging than with the first lien holder, since there usually isn’t much left to gain for the second in line. Obama’s administration has tried to encourage second lien holders into the incentive […]
Four Common Mistakes Made by Short Sale Buyers
So often buyers say they don’t want to get involved in a short sale because they believe short sales always fall apart. However when one explores why short sales so often fall apart they are likely to find the buyer frequently plays a significant role. Sure, one can argue that there are difficult lenders who […]
Build Your Ark, the Short Sale Flood is Coming
The Home Affordable Foreclosure Alternatives Program or HAFA will not only effect how lenders manage short sales as I have previously mentioned in the December 17, 2009 post, it will demand that all lenders who operate under HAMP offer short sales to any failed loan modification attempts who are eligible. With the current numbers at […]