5 Hot Burmingham Alabama Wholesale Properties
June 19th, 2010
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I just got these properties in today. Watch the video below:
BofA Faster Short Sales?
April 28th, 2010
Bank of America Executives admitted to a terrible 2009 in which only 30% of their short sales were approved.
True Fact: BofA had one intake center that consisted of 125 fax machines for all short sales documents to be faxed to. In that room 5,000,000 documents came through per month. I think this explains a lot!
True Fact: They currently only have 200 people in the call center to field short sale calls from agents and clients. So your wait time will be… “Two Hours… Fifteen Minutes”
Things are improving and I can vouch for that. Submissions from 2009 are still being lost in the shuffle, but deals in 2010 are moving quicker with the addition of Equator. This is a web-based program in which all files are uploaded… no more faxing. Make sure your Realtor is registered and familiar with Equator.
True Fact: By approving a short sale the bank will recover 12-20% more of the loss than they would if it went to foreclosure.
True Fact: You do not have to be late on your mortgage to get the short sale submitted and approved. You do however need a valid financial hardship.
True Fact: Bank of America is only delegated to make a decision on 30% of the loans they service. The other 70% require an approval from an outside investment group.
The new goal for Bank of America is to approve short sales in 45-90 days. Lets hope this goal is achieved!
New Freddie Mac Newsletter Released
April 19th, 2010
On Friday, Freddie Mac released a newsletter that has resulted in serious concerns for short sale investors. In the newsletter, they raise the question of the viability and legality of back-to-back short sale flips.
There is tons of misinformation out there. There is information that is factually wrong. Horrible assumptions are being made. Their statements in this newsletter (this is not law, just a newsletter) show ignorance of fundamental contractual law and are contradictory to Freddie Mac’s already stated position of short sales and flips.
If this announced change does become the new policy and position of Freddie Mac, it will:
- Drive investors out of the market.
- Result in more foreclosures.
- Result in more REOs.
- Further depress the market.
It is imperative that you attend this Webinar. It is vital to short sale investors to be informed and know how this information impacts your business, and what you can do today to calm worries, fears and myths that result from their announcement. This is important enough that I felt it necessary to post on my blog.
HAFA has also created a bunch of confusion. Surprise Surprise. Our Government is good at creating confusion. In the future, you will you’ll need the HAFA addendum to add to your hardship letters to make sure your files stay out of the HAFA program.
Here are two basic reasons to avoid HAFA.
#1- The government HAFA program requires the homeowner to sign off on a deed-in-lieu in advance which is almost never disclosed.
#2- The HAFA program requires the seller to make payments at about 1/3 of their income during the short sale process which is also almost never disclosed. How many sellers do you know actually have that kind of money?
It’s almost comical this HAFA program. Currently, several loss mitigators have no idea that the HAFA requires the deed-in-lieu and payments. These loss mitigators have no clue what they are pushing people into!
I will have more information about this soon as thre is not much information out on this yet.
Leave your comments below…
Freddie to Auction REO Homes to First-Time Homebuyers
April 5th, 2010
A pair of auctions later this month in Las Vegas and Southern California will put the keys to hundreds of REO properties in the hands of first-time homeowners and homebuyers who plan to occupy the property they purchase, Freddie Mac and New Vista Asset Management recently announced.
The auctions will be conducted through HomeSteps, Freddie Mac’s real estate sales unit, in partnership with the federal government’s Neighborhood Stabilization Program (NSP). The events are scheduled for April 24 (Las Vegas) and April 25 (California’s Inland Empire). New Vista provides disposition services for REO properties and is helping to facilitate the auctions…
“Freddie Mac’s first-time homebuyer auctions in Las Vegas and in California’s Inland Empire builds on our long-standing effort to use our REO inventory to foster new opportunities for new homeowners and shows another way Freddie Mac is working to achieve the Obama Administration’s goals of stabilizing and reviving impacted communities,” said Ingrid Beckles, senior vice president of default asset management at Freddie Mac.
Don’t foreclose! Do a short sale!
April 2nd, 2010
NEW YORK (CNNMoney.com) — Short sales are the hottest thing going in the distressed-property market, and the trend is expected to get even hotter in coming weeks, when the government starts handing out cash to encourage lenders to close these deals.
“Banks have ramped up short sale approvals,” said Duane Legate of House Buyer Network, which connects short sellers with buyers. “They’re hiring a lot of the people who once worked in the mortgage-lending industry and moved them over to short sales.”
EzineArticles.Com Expert Author – Mark Coble
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