loan modification

Anecdotal evidence suggests that there is a dramatic increase in the number of homes that are being sold while still in pre-foreclosure.

For example, Ocwen Financial noted in a recent New York Times article that they modified half of their delinquent loans last year, foreclosed on one third, and most of the rest were sold pre-foreclosure for less than the amount owed.[1]

Typically, according to the National Association of Realtors, distressed homes sell for 20 percent below normal market price, although discounts of 40 percent or more are not unusual if the home is not in good condition.

[1] New York Times. “Modifying mortgages can be tricky.” February 19, 2009.

How many of you are seeing these kinds of discounts?

Then check out www.shortsalequeen.com/?coaching

PreForeclosures and The Government. Help or Hinder?
or
Is the Bail-Out Really going to Bail Us Out?

We certainly hope it will make a difference. There are lots of doubts. And whose to say that with the same people overseeing the new money that was overseeing the money before (which is why we got into this problem) the same thing won’t happen.

Money would go to congressional, legislative and presidential candidates for their campaign fund. Bad governmental policy is what got us here.

• allowing anybody to get a loan whether their credit qualified or not
• allowing the banks to give their reserves to congress in the form of campaign contributions (Obama was #3on the list for receiving the most in money from Fannie Mae)

http://www.opensecrets.org/news/2008/09/update-fannie-mae-and-freddie.html
http://www.opensecrets.org/news/2008/07/top-senate-recipients-of-fanni.html
More Buyers, More Lending

It could give banks the money they need, clear off the bad debt and let there be buyers. People who can get a loan and buy our houses after we get “shorter” short sale. (I have to say I didn’t create that phrase. Nathan Embry did. But I really like it and I’m using it. I think it describes exactly what we can do in this market. And it will only get better or shorter )

And we should be able to get a shorter short sale. The banks want these houses off their books. The government will feel the same when they get them. They will be overwhelmed.

I believe the same banks will service them. They can’t afford to train thousands of new loss mitigators to re-work loans and short sales. There will just be new guidelines. And, like always, and the way business is in Corporate America, if the new guidelines don’t provide the desired results, they will change the guidelines.

How do I know this? What I do know is Fannie Mae called Countrywide on Friday September 26th. They said and I repeat “if a rebuttal BPO comes in, split the difference and accept the price” Is that something good to know?

Did you hear what they said? Submit a rebuttal BPO!!!!!!Usually submitting a lower bpo that the realtor isn’t difficult. I’m not saying lie. I’m saying don’t lie! The property values today are decreasing (depreciating) just about everywhere. You will 99% of the time be able to find lower value properties.
Easy! Think outside of the box!

Use houses that are distressed…have already gone to foreclosure sale. Let the bank know. The bank is looking for something in writing to confirm their sale price. They don’t want to be seen as only giving friends good prices. (The loss mitigators don’t want to make the news headlines like the CEO’s etc. are) They must have data. And now they will accept it. Stay tuned right here. The www.shortsalequeen.com to get monthly coaching and all the updates you’ll need to get your deals closed in these new “shorter” short sale times!

Deb McMillan
Believe in Your Own Success!

Well here we are 3 months later.  We’ve been promised money to bail people out of foreclosure.  We’ve been promised more people won’t go to foreclosure.  We’ve been promised to buy stocks at the failing banks not the properties that are in default.  And we are still waiting for something. 

A few counties are reporting a decrease in foreclosure filings but I’ve not seen it in my county yet.  Get the government involved and you guessed it, wait.