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With 1 in 10 homeowners not paying their mortgage—and Major Lenders predicting huge increases in short sale closings in 2012—savvy agents are finding new and creative ways to find and attract distressed property listings. A great place to start your outreach campaign is a list of NODs. Notices of Default, or NODs, are legal notices [...]
Our CEO Alex Charfen is quoted in a recent New York Post article on the growing popularity of short sales as a viable option for homeowners who are underwater on their mortgages. The article references major lenders—including Bank of America, JPMorgan Chase and Wells Fargo—that are offering cash incentives at closing for distressed homeowners who [...]
SPECIAL REAL ESTATE INDUSTRY BROADCAST Exclusive Interview with the US Treasury’s Director of Policy for Homeownership Preservation Office, Laurie Maggiano! You and the Treasury Department Have the Same Goal … to Close More Short Sales in 2011! Join us for an exclusive interview with Laurie Maggiano, Director of Policy in the Office of Homeownership Preservation, [...]
We are excited to announce Bank of America Home Loans Retail Sales Executive Matt Vernon will present at our annual Momentum 2011 Conference taking place June 1-3, 2011, in Orlando, Florida. Given the accelerated infusion of investor dollars into the residential real estate market, Vernon will share his insights on the loan options, processes and [...]
With all the noise surrounding the “robo-signing scandal” and subsequent foreclosure freeze, it may have taken some by surprise that the banks would issue another “freeze” on their foreclosure processes. But as we predicted, the major banks — as well as Fannie Mae and Freddie Mac — will postpone their foreclosure procedures from Dec 20-Jan [...]
Agents working short sales with Wells Fargo or Wachovia should be aware of some new regulations. With much speculation on this subject in recent weeks, DSNews reported new rules regarding Wells Fargo short sales when foreclosure is within 30 days. The bank’s new policy will allow for only one foreclosure postponement given the following criteria: [...]
that [the foreclosure scandal] is going to lead to a substantial number of foreclosures being permanently forgotten,” Rep. Barney Frank said during Congressional hearings yesterday [reported by the Washington Post]. Strong words from the outgoing chairman of the Financial Services Committee, and even stronger when paired with the new mortgage delinquency numbers. Following are the [...]
Some of the nation’s largest banks will appear before the Senate Banking Committee today to explain their actions regarding the “robo-signing” scandal in which lenders allegedly filed thousands of inaccurate documents in foreclosure cases. This scandal initially led to the recent foreclosure freezes by major lenders. A 125-page report just released by the Congressional Oversight [...]
concluded with a consensus that homeowners having difficulty paying their mortgages should contact an educated real estate agent. However, CEO Alex Charfen had to combat another guest’s misinformation on short sales and hopelessness about the market to get there. Following is a response from Alex, as well as a recording of the segment on CNBC: [...]
History would say, “Yes. I’ve seen this before.” Since 2008, talk of foreclosure moratoria has emerged in the fourth quarter around the holidays, only to be lifted part-way through the first quarter with record numbers of foreclosures flooding the market. This is then followed by an increase in short sales as banks and homeowners work [...]
Wells Fargo says it has no plans to freeze foreclosures today or in the future. Since the beginning of the “robo-signing” scandal, where large banks allegedly processed hundreds of thousands of foreclosure documents improperly, Wells Fargo has maintained that its processes have been thorough and in accordance with the law. John Stumpf, Chairman and CEO [...]
Ally Financial (GMAC’s mortgage unit) has lifted their temporary foreclosure freeze, joining Bank of America in proceeding with the foreclosure processes in the 23 states requiring judicial review. While Bank of America maintains their moratorium in the non-judicial states, Ally is now continuing the foreclosure process for its entire non-performing portfolio, and expects that individual [...]
Bank of America announced today it is in the process of lifting its foreclosure freezes in 23 states that require a judicial foreclosure proceeding. On NPR this morning, a spokesman said that the bank has approximately 195,000 non-performing mortgages that have not been paid in more than two years. Next week, Bank of America will [...]
Has the housing market bottomed-out? Do you need to stay involved (or finally get involved) with distressed homeowners? Just look at the numbers … According to Lender Processing Services (LPS), there are more than 7 million mortgage loans delinquent or in the foreclosure process. This is up from the second-quarter 2010 figures we saw from [...]
GMAC’s mortgage unit, Ally Financial, has followed Bank of America in reviewing its foreclosure proceedings on a nationwide level. Ally continues to halt evictions in only 23 states, but has hired a “specialized team” to review all their foreclosure holdings with special attention given to foreclosure sales. So far, they have found no evidence of [...]
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