There are many nuances to a short sale transaction and every short sale is unique. Therefore the short sale agent you choose can make or break the deal, so choose wisely. When researching for a short sale agent, experience is very important. Research your local market and see who has the other local short sale […]
Posts Tagged: Foreclosures
Who Owns My Mortgage and Why Do I Need To Know?
Don’t be afraid to ask the customer service representative for your mortgage servicer who owns your mortgage. The owner, who is often referred to as the investor, might be different from the servicing company or bank that collects and processes your payments. Lenders often sell off the servicing rights, too. So it is very common […]
Are Banks Dumping Short Sales For Less Lucrative Foreclosures?
Are banks purposely rejecting short sales in favor of less profitable foreclosures? Maybe so, but why? Some say it may be for reasons such as avoiding fraud or favorable accounting rules allowing banks to foreclose on a home without having to write down a loss until that home is sold as opposed marking the loss […]
Stockton short sales coming together!
We specialize in pre-foreclosure short sales in Stockton in San Joaquin County and are finally finding that the banks willing to cooperate. We have established relationships with banks and mortgage servicers to process short sales. They cooperate with us because we save them money and get the done. Sellers list with us because short sales […]
California Shadow Inventory Impacting Foreclosure Process
HousingWire reported in Shadow inventory rocked by foreclosure snafu that California has about 228,000 homes in shadow inventory. The NAR estimates it would take 11 months to move this much inventory. Further stating that this inventory has caused the foreclosure process to take 157% longer in the last three years.
Over a Quarter of All 2010 Home Sales Were Foreclosures
According to RealtyTrac 26% of all home sales last year were foreclosures. In the Stockton area 72% of sales were bank or government held and 50% were REOs. Short sales accounted for 22% of all Stockton homes sold last year. Leaving 28% that were not bank or government related sales. For more information on the […]
Stockton Renters to Receive Landlord Foreclosure Notice
Over a thousand Stockton renters will receive notice this week that their landlord may be facing foreclosure. Almost half of Stockton’s foreclosures are rental properties. All renters should know their rights and not let banks and real estate agents push them into moving out until they have exercised those rights. According to Federal law a […]
Man Sentenced for Stockton Flipping Scheme
Iftikhar Ahmad received a 21-month prison sentence and was ordered by U.S. District Judge William B. Schubb to pay restitution of $382,750 and spend three years under supervision upon his release from prison. Ahmad bought up Stockton foreclosures often paying cash, then sold those same homes to fake buyers using false identities. The subprime loans […]
Stockton 2nd in California for January Foreclosure Filings
RealtyTrac’s list of metro markets with the highest foreclosure rates from December to January, was full of California cities holding 7 of the top 10 spots. The cities included Modesto (2), Stockton (3), Riverside-San Bernardino-Ontario (4), Vallejo-Fairfield (6), Bakersfield (7), Merced (9) and Sacramento-Arden-Arcade-Roseville (10). The monthly increase in California was only 2% however the […]
What Are Foreclosure Consultants?
California borrowers need to be careful of fraudulent foreclosure consultants.
Stockton Foreclosure Data Shows Potential Optimistic Trend
Central Valley real estate could show optimistic trends based on Stockton November 2010 foreclosure data.
Obama Administration Inconsistent On Mortgage Servicers
Homes in Stockton – Obama administration contradicts itself regarding mortgage servicers
National Mortgage Standards are Encouraged
A group of investors together with academics has proposed a national standards system be created for Mortgages. The goal would be for such standards to be implemented as early as this spring.The group believes such standards could diminish conflict between servicers and investors, help avoid investor favoritism by servicers and set a standard for securities […]
San Joaquin County 8th in AP Economic Stress Index
Download now or preview on posterous 12 14 10.pdf (22 KB) Ten of the twenty most economically stressed counties in the nation are in California according to the Associated Press. San Joaquin ranks eighth followed by Stanislaus and Merced respectively. High foreclosure rates and continued unemployment contributed to the San Joaquin ranking. The ranking is […]
Bank of America Restarting Foreclosures
Download now or preview on posterous 12 09 10.pdf (85 KB) Bank of America has restarted 16,000 foreclosures but it is still unknown if judges will be satisfied with their assessment of the pending files. Other banks such as Wells Fargo and Chase have also attempted to restart their foreclosures. The approach focuses primarily on […]
Fannie Mae Announces New Loan Requirements
Download now or preview on posterous 12 02 10.pdf (24 KB) As of December 13th, Fannie Mae will allow buyers to use gifts and grants from nonprofit groups for their minimum 5% down payment. However since most lenders require a down payment of 10% or more, borrowers will still need to come up with the […]
California October Foreclosures are Down
RealtyTrac, has reported that 66,475 properties foreclosed in California this October. That is down nearly 12% from September and 22% from last October. However even with the drop in overall reported foreclosures, Modesto and Stockton still remain in the top 5 cities nationwide for foreclosures. Although this downward trend has been consistent over the past […]
Oakdale Vandals and Squatters – Examples of Central Valley Problem
Download now or preview on posterous http___www.oakdaleleader.pdf (16 KB) Over the last year, the city of Oakdale’s police department has received 164 calls related to disturbances at vacant properties. Many of those calls were to report vandals or squatters but other common violations include trespassing, theft and drug dealing. This problem is not unique to […]
Central Valley Foreclosure Rates Down From Last August
Download now or preview on posterous 11 02 10.pdf (26 KB) CoreLogic reported that Stockton foreclosures rate was 4.41% this August, down from last year’s rate of 5.41%. Stockton’s mortgage delinquency rate also decreased with 14.87% at 90 days or more delinquent down from 15.72% a year ago. This is all good news, but Stockton […]
Home Sales Up in US but Down in CA – Lenders Partially to Blame
National home sales were up 10% this September according to the National Association of Realtors. Some factors contributing to this growth are low mortgage rates and high affordability, home prices are averaging 22% less of where they were five years ago. Affordability has been influenced by the weakness in home buying activity. September’s home sales […]
HUD Secretary – Foreclosure Problems Aren’t Systemic
In the Federal Task Force meeting on Wednesday, the Secretary of Housing and Urban Development, Shaun Donovan said they have been aware of violations with certain servicers for some time and they will “take actions”. However, he stopped shy of identifying any systemic problems instead citing isolated non specific problems. More details could become available […]
Federal Task Force Investigation into Foreclosure Fraud Could Lead to Criminal Charges
According to CNN, White House Press Secretary Robert Gibbs the Federal Housing Administration and Financial Fraud Enforcement Task Force are in the process of an investigation into foreclosure regulations and they will expect any bank that violated the law to be fully accountable for those actions. The Task Force is meeting on October 20, 2010 […]
Foreclosures – Suspended or Expedited? Depends on Who You Ask
On October 7, 2010, Barack Obama rejected the Interstate Recognition of Notarizations Act, which would require courts to accept documents that have been notarized in another state. Many are calling for a moratorium on foreclosures, stating banks have reclaimed homes on fraudulent documentation. Just last week, Bank of America, JPMorgan Chase and GMAC announced they […]
Stockton Foreclosure Rates Decrease
Download now or preview on posterous 09 30 10.pdf (27 KB) According to the Central Valley Business Times, CoreLogic reports foreclosure rates in Stockton decreased in July compared to a year earlier. Foreclosures among outstanding mortgage loans were 4.38 percent down from last year’s 5.42 percent. However foreclosures are still higher than the national average […]
The Good News and the Bad News for San Joaquin
Real estate market analysts have been hard at work crunching the latest round of numbers but what does it all mean? Wednesday the news looked optimistic for San Joaquin when it was reported that the area experienced a second quarter decline in foreclosures despite the fact that Stockton still remained 96th in the nation for […]