Real Estate Blog

I have been unable to locate any documents regaurding a home of mine that supposedly went into foreclosure.I had a realestate person aquire me some documents that stated that the loan was paid off before foreclosure had begun. How can I find out who paid off this loan? And why are there no documents stating that it was in the foreclosure stages. I was told to get out of this home, by someone whome I thought was the bank. I believe that in this situation my ex husband was given this house because of some watts credit thing.

My credit score is between 650 and 670. I am planning to buy a house with my husband and his credit score is above 800.
Are foreclosure homes better deal?

Due to unfortunate circumstances my husband and I had to give up our family home. After trying to sell it, we were unable to in the time we needed to and had to let the home go into foreclosure.
What I would like to know is when a home goes to auction or a Sheriff’s Sale, what is the starting price? Is there guidelines as to where they can start the bidding as far as numbers go?

Short Sale Power Hour

Kevin and Fred are lounging on Mission Beach in the San Diego locale. It is a bit overcast on the sand, but that isn’t keeping Kevin and Fred from enjoying the shore. Since relaxing is more crucial to them than talking regarding HAFA, they have decided to make this one of the shortest short sale power hour episodes ever.

HAFA has demonstrated to be a non factor in the short sale business. Dave Sutherland at Bank of America says it HOFFA, like Jimmy Hoffa, who is not anywhere to be found. That is a good deal like HAFA, which is no where to be found. Back in March, there was a four letter label out there and other companies advertising their documentation and telling real estate agents that they need to get qualified for HAFA because it was going to be a game changer.

HAFA has not mattered at all. At this point we are on July 21st, and HAFA was rolled out on April 5th. So far, of the few hundred agents that Kevin has spoken to in that timeframe, not a solitary one has reported completing a HAFA short sale.

We are not saying that no HAFA Short sales have been completed. We are merely saying that we have not experienced it or know any agents that have experienced it. So, here is what we would like from our viewers now. We are requesting your notes under the video in at least the form of 2 records. First, how many HAFA short sales do you hold in the system. And secondly, how many HAFA short sales have you closed.

The initial month that HAFA was rolled out there were heaps of trainings to be taught about HAFA. Now those education courses are CE credit courses. It seems that all of the classes that don’t actually matter goes to a CE credit course because you would only go to it if you might actually get credit for it.

We are hosting a Crush It Short Sale Lecture in the Phoenix locale on Friday, August 13th. It’s a real life, in the trenches, information you can use, seminar. Get registered today!

Short sale FAQs and more.

Get powered up by Kevin and Fred at Short Sale Power Hour by the Short Sale Specialists of Arizona

How do I get the foreclosure record of the house I rent and live in, and is there a cost?

Short Sale Power Hour

Yesterday we talked about existing market statistics and how we think that the market will continue going down. So, we would like to talk about what happens when there is a steep rise in active inventory and a steep decrease in sold homes.

Having been in the short sale industry for 3 years, we have seen little rises with tax credit extensions and additional programs. What we have watched is when inventory goes up and sales go downward, lenders do not respond to that data instantly. In general, they pull their facts for BPO’s and appraisals from as much as 6 months ago. The problem with this procedure is that the BPO is greatly weighted on sold costs. So when you draw sales from contracts that were written in January, February and March, the tax credits impacted the marketplace. Those comps are not taking into account that sales are going down and number of active listings are going up. When you see this occur, you will have to begin pricing your houses more aggresively. The market is sinking again but the bank is very slow to respond to that information. They do not want to be the first to act on the lower price. You can presume that they will counteroffer with other prices of houses sold months ago when the marketplace was not the same.

For illustration, we had a listing with an offer price of $245,000. We felt it was a solid offer because the market was going down. We received a counteroffer with the BPO value at $265,000. We were given a day to recreate the bid or the folder would be closed.

Kevin disagreed and had to prove to the negotiator that the BPO price was sour. He discovered a comp that was the identical floor plan listed at $235,000. This was sent to the negotiator and along with a memo that explained the situation. The alternative to the lender counter offer was to foreclose on the property and relist it in 90 days at a lesser price than the proposal.

Be informed that there will be BPO disagreements in your future. With listings growing and sold houses declining, you will have added disputes on your hands to conquer.

Short sale FAQs and more.

Get powered up by Kevin and Fred at Short Sale Power Hour by the Short Sale Specialists of Arizona

Foreclosure

CNN’s Open House addresses rising foreclosures discusses with RealtyTrac’s Rick Sharga how homeowners in default can stop or avoid foreclosure.

Foreclosure

Short Sale Power Hour

Today we are chatting about house sales, particularly nationwide figures. We don’t typically care too much about national figures. It is important that you go peek at your local numbers because real estate is a local industry. Nevertheless, sometimes the figures are so incredible that they have to be brought to your attention.

According to the National Association of Realtors, pending house sales fell 30% in May from where they were in April. Granted, April was the end of the tax credit deadline. So that had some effect on the circumstances. We don’t quite know what has happened from May to June.

Kevin and Fred were foretelling that this would occur as much as a year ago. Basically, we have been borrowing buyers from the future. With the incentive tax credit presented by the gov’t, loads of people resolved to buy houses at an earlier time than they would have.

This is just like what occurred in the first half of the decade. The banks were lending cash to about anyone that wanted it. Buyers that were not necessarily qualified or weren’t prepared to purchase a home stepped forward and purchased homes. So, in both cases, there is going to be a wait time before house sales catch up.

The biggest parts of this conundrum are supply and home prices. Because sales are down and inventory is going to increase, prices will certainly fall.

With adjustable rate mortgages and their pending resets, house owners will be taking a closer look at their mortgage and the house value. For some the payment will go down, but so will the value of their property. There is a solid potential for an increase in strategic default. We haven’t seen the worst of defaults, unemployment and short sales. The nastiest is yet to arrive.

We’ve had all of this feel good news with the last couple months of sales and pulling buyers from the future. We will be in a worse position from a nationwide standpoint than we ever were in 2007.

Short sale FAQs and more.

Get powered up by Kevin and Fred at Short Sale Power Hour by the Short Sale Specialists of Arizona

Foreclosure

Mortgage Foreclosure Rescue Scams – Documentary Video We Stop Foreclosure Rescue Scams (2008) by Kyra Olds This is a documentary about mortgage foreclosure rescue scams that are occurring across the country in light of the growing foreclosures. The movie describes common scam tactics and how distressed homeowners fall for these scams. The movie concludes with what lawyers can do to challenge these scams in court and the Washington State Legislature’s response to try to to stop these scams by passing House Bill 2791 and Senate Bill 6381. It is intended to educate advocates so they can better assist homeowners facing foreclosure. Director: Kyra Olds Producer: Northwest Justice Project Sponsor: Eric Dunn Keywords: foreclosure rescue scam; washington; mortgage; foreclosure; 2791; northwest justice project; njp Contact Information: Northwest Justice Project 401 2nd Ave S Seattle, WA 98104 www.nwjustice.org Creative Commons license: Attribution-Noncommercial-Share Alike 3.0 United States Credits: We Stop Foreclosure Rescue Scams by Northwest Justice Project; Featuring: Eva, Client of NJP; Eric Dunn, Attorney at NJP; Melissa Huelsman, Private; Attorney in Seattle; Judy Poston, Housing Counselor at Solid Ground; Julia Kellison, Attorney at NJPl; Fred Corbit, Attorney at NJP Produced by: Kyra Olds, Intern at NJP Foreclosures are increasing nationwide, and so are scams that promise to rescue homeowners from foreclosure. What these scams do is take your money, ruin your credit …

Foreclosure

My friends moms house is going into foreclosure cause his parents are getting divorced, it will start on july 1st, how long should a typical forclosure take? A few months?