One would think that desperate homeowners would be jumping for joy in Florida with the opportunity of making up to $20,000 as an incentive for selling an under water house through a Short Sale or deeding it back to the bank with a Deed-In-Lieu for foreclosure. The results of Bank of America’s test program have [...]
Posted on January 12, 2012 in
REO,
foreclosures,
short sales with
no comments
A popular session at the mortgage industry Five Star MPact Conference in Dallas, Dec. 4-6 focused on the use of bulk short sales to help stabilize neighborhoods quickly in the highest impacted areas. The idea seems to be gaining favor among lenders, housing non-profits and investor groups. Participants commented that the one-up method of selling [...]
Posted on November 28, 2011 in
housing news with
no comments
CNBC commentator, Diana Olick, notes in a recent Realty Check column that, although October existing home sales were higher by 1.4% than the previous month, the numbers belie what is really happening. First, home values continue to go down. One might reasonably expect that if sales are going up, prices will soon follow. That appears [...]
Freddie Mac’s latest guide contains some changes to how Short Sales are handled effective January 1. Servicers are encouraged to begin using the new Freddie Mac Short Sale guidelines before that date. An affidavit will be required of all parties in a Short Sale attesting that to the knowledge of the parties involved—buyer, seller, agent, [...]
According to a report by Moody’s four servicers, CitiMortgage, GMAC, Wells Fargo and Ocwen, outperform major competitors in loss mitigation with distressed homeowners. In particular they beat out Bank of America and JP Morgan Chase in many loss mitigation areas that were examined during the period June 2010 through June 2011. Bank of America and [...]
Posted on October 28, 2011 in
advice,
investor tips,
videos with
no comments
If you’re trying to flip short sales, a lot of realtors will try to shoot you down by telling you that flipping short sales is illegal. IT’S NOT. They are dead wrong. Here is what you can say to them to explain that double closings and flipping short sales is a completely legitimate, ethical, and [...]
Most Investors get started in Short Sale investing by culling through foreclosure listings and contacting the owners with letters, postcards and phone calls. Probably 50% come back with no forwarding address. Maybe one or two in 100 will give you a call and maybe one in every 200 will decide to work with you. This [...]
I’ve been telling people to get into the luxury home market for years, but a new study has just come out that sheds a light on just how big of an opportunity luxury home investment is. A study by Deloitte Center for Financial Services shows that the number of millionaire households in the U.S. will [...]
Posted on October 12, 2011 in
foreclosures,
short sales with
no comments
Short sale investing is a huge opportunity! The banks have loosened up and foreclosures are skyrocketing. If you’re buying investment properties, you need to watch this video! Check out this video and subscribe to my blog for all the latest real estate investing news and tips. For more training get my 5 day investing mini-course [...]
Excellent news for people who specialize in short sale investing. The second quarter Office of the Comptroller of the Currency Mortgage Metrics Report covers mortgage performance on loans reported by a selection of national banks and federal savings and loans representing 63% of all outstanding loans in the United States. Performance of HAMP modifications, foreclosure [...]