Short Sale Tip of The Week 8-5-09

Posted on 05. Aug, 2009 by ctlms in Short Sale, foreclosure

Today's NEED can be your Opportunity.

There has never been a time where your community needs you more than they do now.

Where NEED meets OPPORTUNITY:

  • The U.S., as a whole has seen a 21.9% decline in home values for properties purchased by homeowners within the last 8 years. As a national average, homeowners who bought before then could have equity in their home provided they did not perform a cash-out re-fi. (NAR)
  • The # of US households on the verge of losing their homes has soared with nearly 15% of all-use homes—more than 1.5 million homes in the 1st half of the year going into foreclosure.
  • Nationally, 1 in every 380 homes received a foreclosure notice in June.
  • Nationally, 1 in every 84 homes received a foreclosure filing sometime in the first half of the year.
  • Foreclosure filings were up 33% last month over June of 2008 and 5% greater than in May. (RealtyTrac)
  • There are proportionately more ARMs given to strong credit buyers that are facing foreclosure than sub-prime loans given to the credit unworthy.
  • Of the 4 million homes targeted by Obama’s plan for modification assistance, only 325,000 have made it and some lenders are saying it is less costly to foreclose than modify.
  • Reports have the unemployment rate reaching 10% by years end and is measured as high as 20% if you consider more accurate measuring methods.
  • Some states have hit unemployment rates not seen for 25 years. (WSJ)
  • The Federal Reserve has projected that there will be no return to full employment until 2015. (AJC)
  • The Cap-n-Trade Bill is set to eliminate even more jobs, erode more disposable income, blow-up the appraisal process, and throw increases in costs and time-lines into the housing crisis.

On a positive note: the tax credit has stimulated home-buyers and there is still time to take advantage, interest rates are still low, and lending restrictions are lessening.

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As always Visit the Ask The Expert Page to leave your questions or contact me directly if you need immediate assistance at [email protected] or visit www.CTLMS.com

Short Sale Tip of The Week 7-29-09

Posted on 30. Jul, 2009 by ctlms in Short Sale, foreclosure

Loan Modifications...So what's the deal?

We have heard a lot about loan modifications in the news this year.  The government has come out with a litany of new programs aimed at helping struggling homeowners to avoid foreclosure.

However the numbers so far do not show a stem to the foreclosure crisis.  In the first half of this year there have been more than 1.9 Million foreclosure fillings nationwide.

Part of the reason these programs are not working as desired is that they were developed by Congress not mortgage professionals.  The programs are Pass or Fail type  programs.  The mortgage servicer enters in some data about the homeowner and the system says yes or no.  That's it, there is no manual underwriting averrable for these programs.  If the income is too high or to low, you fail.  If you debts are too high or too low, you fail.

The other reason for the lack of results is that only Fannie Mae and Freddie Mac are the only investors that the Government can dictate these guidelines to.  Additionally any banks that took TARP money have to participate.  But this has obviously not been enough so far.

The good news is that there is the "Old School" way of doing loan mods that  complete bypasses these programs and has had a much higher likelihood of success for many years.  Loan mods are nothing new, they are just more publicized now then they ever were before.

As a real estate professional you are likely one of the first people on of your past clients will call when they are in trouble with their house.  As much as making a commission is important, helping the client should be first priority.  If they want to, and can afford to save their home, we all should do whatever we can to help them.  You could never have a better referral source than a homeowner you helped stay in their home when they were struggling.

My company can offer this service to your clients well as as the short sale processing services we provide.  We have aligned ourselves with the nations top loan modification service.  We can let your client know within 24-48 hours if they fit the qualifications for a loan mod.  If they do not, then you probably have a new short sale listing on your hands and we can help there to.

Either way you have looked after the best interests of your clients, and they will thank you for it.

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As always Visit the Ask The Expert Page to leave your questions or contact me directly if you need immediate assistance at [email protected] or visit www.CTLMS.com

Your Short Sale Stories From The Field

Posted on 22. Jul, 2009 by ctlms in Short Sale, foreclosure

What are your short sale stories?

I want to hear from you!

This week I want to have an open discussion on what experiences you are having or have had with short sales and properties facing foreclosure.

Click on the link at the bottom of this post to add your own experiences.

Be sure to hit on the facts of the situation such as the bank it was with, the amount owed and the sales price or your suggested sales price, and if it closed and how long it took.

Let's hear your success stories and your pains.

Have you done a short sale?  Let us know.

If you have not done a short sale...let us know that.

If you have avoided short sales let us know that to.

Whatever is on your mind

Let's make this blog thread as long as possbile.

Post Away!

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As always Visit the Ask The Expert Page to leave your questions or contact me directly if you need immediate assistance at [email protected] or visit www.CTLMS.com

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