Archive for the ‘Short Sales’ Category

I really don’t like posting negative and yet the same old broken record story over and over again.  I just reviewed my posts and it is the constant same old updates.  The Truth is that this will not change until we get through the correction in the real estate housing market.  Obviously, this is stemmed by unemployment and the continual glut of housing inventory, with a slow buyers market.

The results are what they are with the HAMP and HAFA programs, and unfortunately for many homeowners it is a FALSE SENSE OF SECURITY, until their lender just pulls the rug from underneath them and says WE CAN’T HELP YOU, and by the way, we’re foreclosing on your house next month!!!  This is happening more and more because these bleak attempts in the Government programs.  Basically, it is far easier to set your plan to settle now, and to move on, then to deal with the games that are being played.  I would say the homeowners that we have recently spoken with an handled short sales are and have been a result of the issues I have just eluded to.  If you or someone you know is on this roller coaster, have them contact us and we can identify where and what they can do.  We have seen this carnival ride going on for a quite a while….just read the history of my posts.

http://www.latimes.com/news/nationworld/nation/la-fi-obama-foreclosures-20100821,0,2000640.story

Keep it Short,

Mike Knows

I am not the critic here.  I am just a guy whom has seen the real deal of results and what we have been saying all along that this is WHAT WE KNEW ALREADY!!!

http://www.huffingtonpost.com/2010/08/04/extend-and-pretend-the-ob_n_668609.html#

So they call for a need to connect and to expect clear direction is what we have been doing over the last 2+ years. Action is greater than reaction.  So if you are or know someone who has been led along the HAMP (Loan Modification) game and nothing seems to be taking place….show them this article and the reach to to us.  It is about time you got some results!!!

Keep it short,

Mike Knows

…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

I am sharing an article (or actually a report) on the 1st Quarter results from the FHFA (Federal Housing Finance Agency) on the  Government programs HAMP and other methods of moving through this CORRECTION.   The headline states: 1.7 Million GSE Loans at Least 60 Days Past Due

and goes further to say how that is down 1.3% which is the the 1st time it is down in 2 years! This is like saying the damage is showing improvement!!!  Nonetheless it is progress.  Furthermore (which is really why I wrote this blog) is that SHORT SALES (and deed lieu..yuck) were up 23% from Q1.  YAY!!!!  SO their programs are not helping as much as the short sale position by the real estate professionals (you and I) but it is contributing.  Short sales aren’t pretty and they are not easy, but they will make and handle the entire aspect of a defaulting market (seller, property, lender, agents, buyer, attorney, new loan, improved community etc.) than any other strategy, program that involves liquidating an over-leveraged asset (the house) and getting the process to move.  That is why slow and steady finishes the race….please read on.

http://www.dsnews.com/articles/report-17-million-gse-loans-at-least-60-days-past-due-2010-06-23

Remember…

Keep it short,

Mike Knows

Yup you heard it right.  Nothing set in stone, but they are pushing for it.  Great news and if it goes through there is tons of sales going to be made this summer!!!  We are seeing a HUGE SPIKE in people looking for great deals in short sales.  So now is the time….when?  NOW!  (Read On)

First-time homebuyers looking to land an $8,000 federal income tax credit may have a little more time to close on their purchases if a Senate amendment unveiled Thursday makes it into law. As it stands now, homebuyers must have signed contracts by April 30 and must close the deal by June 30. They could be eligible for an $8,000 tax credit if they are first-time buyers or a $6,500 credit if they owned and lived in their previous home for five of the last eight years. The closing deadline, however, could be pushed back to Sept. 30 under an amendment offered by Senate Majority Leader Harry Reid, D-Nev., Sen. Johnny Isakson, R-Ga., and Sen. Chris Dodd, D-Conn. The senators said they want to make sure banks have time to process the transactions — especially short-sales, which is a more involved process.  It remains to be seen, however, whether the amendment will go anywhere. It is part of a controversial jobs and tax bill that may be radically changed before the Senate approves it. Lawmakers are not scheduled to vote on the bill until next week at the earliest.

Reform Panel Members Got Millions From Wall Street

The 43 U.S. lawmakers charged with shepherding a massive government overhaul of the financial industry over its final hurdles in Congress have collected at least $67 million combined in campaign contributions from financial sources. The conference committee’s Senate members have received more than $40 million from political action committees and individuals connected with Wall Street securities and investment firms, commercial banks, insurance companies, mortgage bankers, and finance and credit companies. House members, including panel chairman Barney Frank, have collected at least $27 million for their election campaigns over the same period. Democrats, who make up nearly two-thirds of the panel, are the financial industry’s greatest beneficiaries, drawing an average of $1.7 million per lawmaker. In fact, about one-third of industry contributions, or $21.7 million, went to only two Senate Democrats—Banking Committee Chairman Christopher Dodd of Connecticut and Charles Schu
mer of New York. Contributions have been received from securities, investment, banking, insurance, mortgage banking and finance companies since 1989 and during the 2010 election cycle, which began January 1, 2009. This data was compiled from public disclosure documents by the nonpartisan Center for Responsive Politics.

Diana Olick – Extend Home Closing Deadline For Tax Credit: Senator Reid

“You may recall on Tuesday we all discussed the home buyer tax credit, and specifically how many potential buyers rushed in to sign contracts by the April 30th deadline but wouldn’t make it to the June 30th closing deadline. Now Senate Majority leader Harry Reid (D-Nev.) is offering an amendment to the American Jobs and Closing Tax Loopholes Act of 2010, to extend the closing deadline to September 30th. Again, no new buying opportunities here, just a longer period to close. I spoke with Senator Reid’s office after the announcement, and spokesman Jim Manley said their chief concern, especially in their home state of foreclosure-ridden Nevada, is timing to complete short sales. That’s where the bank allows the troubled borrower to sell for less than the value of the mortgage. Here’s Manley’s full explanation: “The Realtors believe there will be a lot of homebuyers who will not be able to meet the June 30 deadline through no fault of their own.

There are a lot of transactions that need to be closed which is overwhelming the system. And many of the homes that are being bought are short sales which require the sellers lending institution to agree to take accept less than full payment on the outstanding mortgage. The financial institutions are taking a very long time to come to that decision and the home buyer is helpless to move the process along. This amendment gives those homebuyers an additional three months to close the transaction.”

Keep it Short,

Mike Knows

Sorry for the long delay of posting….but most of my time is in the trenches of the short sale market.  It has really picked up in the last 3 months, but significantly looking like this is what and why I have spent the last 2+ years in short sales.  SHORT SALES ARE HOT!! It looks like the market says so too.  The recent report shows more short sales are being sold, and the REO sales are down. Well that makes complete sense to me.  It means that short sale sales….are easier to deal with….(yes you read that correct) than REO’s….IF YOU DEAL WITH THE RIGHT PROFESSIONALS.   We have a full service business in Massachusetts that buys, negotiates, and sells short sales, at various stages with various situations.  This is really a thing that means KNOW who to work with for information to make a sound decision on what you need to know…..and who to know.  Mike Knows Short Sales….

http://www.dsnews.com/articles/reo-sales-drop-with-increase-in-short-report-2010-05-25

Keep it short,

Mike Knows

Here is a short blog of Truth.  You can hold this statement to many things all of us have attempted in our lives.  But since I am specifically addressing the issues of this housing market (Short Sales and a choice thereof), I wanted to identify what I am seeing with this in 2 main areas.

1. The homeowner trying to save their home.

2. The Realtor/Agents that need to know how to handle them.

We have all been aware of some of the programs the government has offered to help homeowners (HAMP, HAFA, DIL etc..) and how they may fare …..or not…for the homeowner.  We also know that the results of these programs have been widely criticized as being a failed attempt to work (mostly).  So here is my view of what I am seeing specifically in the two areas I mentioned.

Now there is obvious finger pointing with the lack of direction, the lack information, and how the past decisions and positions (with offering and writing these loans) have shaped the crisis we are in.  But, basically being informed about the correct steps and making a true attempt to know what those are is the area I see most lacking.  The homeowner and the agent need to understand what the options are and stick with following through with a plan.  The stuff we are seeing is not just a failed system, but the attempt of trying a system they may not have known much about.  And therefore a poor follow through and result.

Keep it short,

Mike Knows

wwww.Help-ME-ShortSales.com

www.MyRealtorRescuePlan.com

New results with better number for the bail out program.  But, the admittance of a delayed conversion and trial being extended has me wondering.  That is good news….if this is truly the answer and the reason of the HAMP program.  So I am not trying to be a critic, but and my observation is that looking like a way to string along (a good percentage mind you) the inevitable…. fail loan mod’s and people out of there home.  In some ways (being the critic) it would appear that the BIG BANKS would have their numbers and plan on them for this benefit.  Of course the other benefit is to see them succeed, but somewhere in the middle therein lies the truth.

My specific solution would be to become clear on if this is really a benefit for each homeowner based on the own financial future.  I know leaving a home and the security has a lot of weight, but the challenge is if it is a misled solution in the first place?  Know your numbers and plan for the future. The banks are requesting it, and we as homeowner’s should expect it.

I have a good math class to share if you want to use it or share it.  Please email me for more details.  Mikeo@lmsgnow.com

http://www.dsnews.com/articles/treasury-report-shows-230000-homeowners-in-permanent-hamp-mods-2010-04-14

Please feel free to leave your comments below!

Keep it short,

Mike Knows

So here is where I CHALLENGE all of you whom raise their nose in the air, or let out a “but they are so difficult to deal with” to read this.  STOP THE CHATTER in your head for 2 minutes.  Ok, that was better then getting a hysterical slap off the cheek or cold water poured on you when you are having a nightmare (ask my buddy Gino about that one LOL)!

The article that I am sharing is simply the January 2010 statistics on the type of sales in our real estate world.  I am one to recoginze change after I have fought it and usually been effected by not adapting to it, but I am also one that once I catch on….LOOK OUT.    So this article basically states the obvious with what is out there in the market.  In my own experience it has been in the Massachusetts market for the last 3 years.  I personally have been effected and in it for the last 2 1/2 years.  So, basically the reason for my bantering is because there are many RE Professionals (you know who you are) that still do not want to recognize that there is a viable opportunity in this market (namely short sales), but you refuse to listen and act on what I have for you.  What you say?  You already know?  Hmmm not sure we’ve met or even done business together.  Anyway, I have built a full service RE business that is working this market in short sales and other stuff.  I have even created training and trained many to work with me…..and benefit.  I would cal this a shameless plug if I were selling something but I am not….it’s FREE.  I just need willing, able, and focused individuals to make it work.  Want to know more.  See my free report on my blog or email me at Mikeo@LMSGnow,com

http://www.dsnews.com/articles/distressed-sales-take-larger-share-of-market-first-american-2010-04-08

Keep it short,

Mike Knows