Archive for July, 2010

…Ok, so you would think that I am some type of conspirator by now….I mean for a guy who lost some of his own houses to this market down turn (implosion to be more accurate) and to witness over the last 2+ (to the tune of 130 short sale files), would question how the banks and the government could be OFF!!!   Nah, really?  The Spin Doctors of the Monetary and Societal Control would present numbers to make ya feel good???

In a nut shell, in my opinion (and it is just my opinion) is that HAMP has shown such poor results (less than 20% success rate), that the immediate indication tells me it slows inventory from hitting the streets because of the trial periods and the retrial periods and the the retrial periods (you get my drift)….until they DROP YOU OUT of the program and continue the foreclosure process (sometimes that is only weeks away) to a foreclosure.

I am getting plenty of frantic calls from homeowners that want to sell me their home in a short sale, but IT IS BECOMING MORE CHALLENGING due to the time constraints and the misleading that has occurred due the “lead me on game” that happens with this programs.  The spin doctors would say that they gave the homeowner every possible chance to save their home and stay in it….but something tells me the story has already been written by the lack of results in the market.

http://www.dsnews.com/articles/barclays-argues-treasury-report-on-hamp-redefaults-is-misleading-2010-07-21

Keep it Short,

Mike Knows

Quote from Fox News:

There are more than 7.3 million home loans in some stage of delinquency, according to Lender Processing Services. Lenders are offering to help some homeowners modify their loans. But many borrowers can’t qualify or they are falling back into default. The Obama administration’s $75 billion foreclosure prevention effort has made only a small dent in the problem. More than a third of the 1.2 million borrowers who have enrolled in the mortgage modification program have dropped out. That compares with about 27 percent who have received permanent loan modifications and are making payments on time.

Need I say anymore?…don’t caught and Keep it Short….

If you are or know of someone who needs to have a short sale done…please email me at mikeo@lmsgnow.com

Keep it Short,

Mike Knows