Go here to see if your servicer is participating in the HAMP

Go here to see if your servicer is participating in the HAMP program: http://makinghomeaffordable.gov/contact_servicer.html

Find Out if You servicer is participating in HAMP / HAFA

Go here to see if your servicer is participating in the HAMP program: http://makinghomeaffordable.gov/contact_servicer.html

PennyMac Updated Article - countrywide exec

PennyMac Updated Article about how the ex-countrywide exec exited countrywide before the Bank of America purchased them, waited the legal allotted time then opened his doors in the same countrywide building as Penny Mac - a company with a core businesses of buying bad loans from shall we say Bank of America and other banks.

So one of the executives that worked for countrywide during the exotic mortgage frenzy, subprime blowout left and started a company to profit from those same bad loans.   Is it great timing, cunning business tactics or just plain fraud?

http://itwnetwork.888vghost.com/graphics/pdf/pennymac_countywide_connection_LA_Daily.pdf

New or Old Tactics Being Deployed by Banks Short Sale Department - Bad Faith

Are these new or old tactics being deployed by many Banks Short Sale Department to derail your transactions.  Some say they aren't equipped, others claim technology issues and there is the all encompassing statement, "I don't know?" which they use often.

 

Here are a few that are popping up today:

• we can't find your authorization letter to speak with us.  (5 months into the short sale)
• our systems are down
• migrating systems
• bad connection
• I'll transfer you, music then CLICK,  you have been hung up on (after being on hold for 43 minutes)
• transfer to ghost voicemail which is full.  (some negociators expressed the cant access or refuse to take calls)

What is the definition of "Bad Faith"?
Wikipedia defines as "Bad faith (Latin: mala fides ) is a legal concept in which a malicious motive on the part of a party in a lawsuit undermines their case. It has an effect on the ability to maintain causes of action and obtain legal remedies. Generally speaking, courts will not just look at the legal rights of parties in pursuing a transaction or a lawsuit, but will look behind the activity at the motives of the persons attempting to obtain the assistance of the court. If a court feels that the reasons behind the transaction or lawsuit have the effect of abusing the power of the law, or the court, it will generally deny a party the ability to rely on a legal remedy that they will otherwise be entitled to. It is related to the equitable powers of common law courts to look beyond the law.

 

Admin

Meridian Condos Las Vegas - One Bedroon Unit Available Jan 2nd 2010

Meridian Condos Las Vegas - One Bedroon Unit Available Jan 2nd 2010 - Furnished - Ask about utilities packages.

Fully furnished corporate rental, Top (4th) floor, modern decor, leather couches, dining for 4, dark cabinets,  stainless steel, granite & travertine - flat screen tvs, linenes and houseware.  READY TO GO! Just bring your suitcase.

 

Local attorney files suit against Bank of America - Matthew Q. Callister

You can view more info about this at the news 3 website.

How to Find out if you have toxic drywall

News on Nevada Foreclosure Mediation Program

News on Nevada Foreclosure Mediation Program

Take a Break and Chill Out at one of Vegas's Hottest Halloweeen Parties

This week the Las Vegas Review Journal released the hotlist of where to go to dress up and party around Devils Night.  Some clubs are early some are late...

http://www.reviewjournal.com/entertainment/events/halloween/ Check this link out it will help you choose the best bash in town.

Now back to your regular scheduled real estate postings about a hot market with falling prices.

Admin

Foreclosure Assistance at UNLV with classes for traning homeowners

UNLV has weekly classes for homeowners facing a foreclosure mediation meeting with their lender.    In this story by Fox 5 they will assist you with putting together a case so your bank will actually mediate will you instead of just showing up.

See the Video here:  http://www.fox5vegas.com/video/20979533/

For all locals in vistors - NFL Bars List Released

If you are in town and want to route for your NFL team with some familiar painted faces check out this link of what sports bars in town have adopted a NFL team.  Some haven't changed in years and some are new on the list.

http://www.reviewjournal.com/media/interactive/footballbars.html


Just an FYI list not related to real estate.


Have fun.  Admin

Juhl Opens and Starts Closing Units

The much anticipated downtown project Juhl Opened in June and has closed about 20 units with five more in the pipe. The lending sector has drastically changed since these units were sold so most buyers who are getting a loan are having troubles. If you have cash in hand that is another story.

If you are interested in current pricing and availablity pleases do not hesitate to give us a call at 702-835-9298. If we do not answer we are on the phone with another client or with a client, please leave your name number and brieft message.

Thank you

Olivia


Olivia McClellan, REALTOR®, ABR, CRS, GRI, RRG
Broker/Property Manager
Triple8 Associates Inc.
5940 S. Rainbow Blvd. Ste 1007
Las Vegas, NV 89118
Direct 702-372-2671
Fax: 702-948-5790
Olivia@Triple8Associates.com
Visit me online at www.Triple8Associates.com

Press Release: JASON MCCLELLAN Earns REAL ESTATE WEBOGRAPHER™ Certification.

JASON MCCLELLAN Earns REAL ESTATE WEBOGRAPHER™ Certification.

For Immediate Release

Las Vegas, NV 2009 August 25 Jason McClellan has successfully completed the REAL ESTATE WEBOGRAPHER™ certification to join an elite group of real estate professionals who have earned the prestigious certification offered through the National Institute of Webographers, LLC (www.webographers.com).

Jason McClellan has successfully completed 12 short courses which include: Online Business Strategy, Agent Websites, Single-property Websites, Lead Generation and Management, Virtual Tours, CMA and AVM technology, Neighborhood Search, Online Transaction Management, Electronic Forms, Virtual Assistants, Mobile Technologies and Blogs.

The REAL ESTATE WEBOGRAPHER™ certification teaches real estate professionals how to develop and maintain an effective online business strategy in a web-based environment. Candidates learn how to establish an effective consumer-facing, all-inclusive web presence; while increasing their knowledge on real estate technologies and strategies clients expect. The program helps real estate agents and affiliates increase marketability by aiding them in determining where they should invest their resources to generate leads, acquire new clients, advertise and facilitate closings.

About Jason McClellan
Jason McClellan, a REAL ESTATE WEBOGRAPHER™ professional, knows how to win more listings, attract buyers by turning a listing process into a marketing process. For more information about the valuable services that Jason provides to clients and web-savvy consumers, please feel free to make contact with:

Jason McClellan
jason@triple8associates.com

About National Institute of Webographers, LLC
Since 2004, The National Institute of Webographers, LLC has specialized in the education, training, assessment and certification of web-based technologies for the Real Estate industry. REAL ESTATE WEBOGRAPHER™ certification teaches agents, brokers and assistants how to best utilize today’s most popular web-based technologies - the solutions for an all inclusive, consumer-centric web presence. Certification, online modules for REALTORS® and Assistants include Agent Websites, Single-property Websites, Lead Generation and Management, Virtual Tours, CMA and AVM technology, Neighborhood Search, Online Transaction Management, Electronic Forms, Blogs, Mobile Technologies, Virtual Assistants, and the Learning Laboratory™, where Certificants can access an array of showcased technologies for hands on learning. Available 24/7/365, these courses provide the opportunity for Real Estate professionals to learn at their own pace while enhancing the skill sets necessary to compete and excel with today’s web savvy consumers. REW™ professionals provide consumers with a positive and profitable Real Estate experience. For more information regarding The National Institute of Webographers, please visit www.webographers.com or contact Scott Lau at ScottLau@Webographers.com.

Good Article Calling out the Banks about where did the money go?

The Obama Administration slated billions to assist banks in hope for homeowners plan and did little to nothing depending on the bank to assist homeowners. The article posted in yesterdays Sunday RJ explains how some banks modified only 15% and most of the them ZERO that is right ZERO.

Read PDF article here

If you are not tweaked after reading this something is very wrong.

How are the banks using goverment money that was for hope for homeowners?

Read this article on yesterdays Sunday Review Journal about the % of homeowners some banks are helping and others haven't helped any but have taken the money.

Click Here for the PDF Link

If you are really ticked after reading this and many articles like it something is very wrong.

Ex-Countrywide Execs Throw it in our Faces

BOSTON (MarketWatch) -- Call it another sign that fear is out, greed is back, and we have entered the new post-crisis era. Subprime Stan is back on Wall Street, after less than three years away.

Stanford "Stan" Kurland, the Countrywide Finance executive who pocketed more than $140 million at the expense of outside investors at the height of the subprime mania, has raised about $300 million from fresh investors for his latest venture -- trying to profit from the crisis.

His PennyMac Mortgage Investment Trust (PMT) made its stock-market debut last week.

True, the IPO only raised about half the $750 million originally planned. But it's still plenty. Add it to the $584 million that Kurland has raised from other investors, including BlackRock and Highfield Capital Management, and it gives him a war chest of around $900 million.

The name of the game: Distressed mortgages, particularly the kind of troubled subprime loans that Countrywide used to make.

Buy 'em cheap. Cut a deal with the homeowner. Make a mint.

Kurland knows the business well.

For many years, he was the No. 2 at Countrywide Financial, the nation's biggest mortgage provider. Unlike perma-tanned Chief Executive Angelo Mozilo, Kurland stayed out of the spotlight and under the radar.

Smart move.

Countrywide has since been revealed as ground zero for the subprime scandal. The company, now part of Bank of America, has been widely accused of controversial and reckless lending during the boom.

It has since struck settlements with 40 states to modify controversial loans. The settlements may be valued as high as $8.6 billion. The SEC has charged Mozilo with securities fraud and insider trading in a civil suit. There is a running scandal about friendly mortgages he provided to politicians. (Mozilo, through his attorney, has denied any wrongdoing).

At the height of the boom, the company was valued at $25 billion and was making pre-tax profits of more than $4 billion.

When the crisis brought about its collapse, it was sold to Bank of America /quotes/comstock/13*!bac/quotes/nls/bac (BAC 16.78, +0.08, +0.48%) for scrap.

How did Kurland make out?

Pretty well. A review of all 173 of the company's Form 4 SEC filings shows that from 2003 through 2006 he sold stock to outsiders valued at $203 million, according to my calculations. After deducting stock-option costs, he netted a personal gain of $141 million, again by my calculations. Then he resigned quietly in October 2006 -- just before the roof fell in.

Those outside investors lost nearly all their money when the firm plunged into crisis.

Kurland has since said he was unaware of the scale of the problems at Countrywide while he was there. He declined to be interviewed for this article -- PennyMac is in its regulatory "quiet period" following the IPO. But in March, he and his pals persuaded the New York Times that he had tried to maintain decent lending standards at the mortgage giant. Indeed it was suggested that a dispute over this with Mozilo have been the reason he quit.

PennyMac brings back subprime memories - MarketWatch

PennyMac brings back subprime memories - MarketWatch

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PennyMac brings back subprime memories - MarketWatch

PennyMac brings back subprime memories - MarketWatch

Posted using ShareThis

Must Read - Bad loans still make money - Jul 30, 2009 12:06 PM — Scott Jagow

Bad loans still make money - Jul 30, 2009 12:06 PM — Scott Jagow

A group of former Countrywide people launched an IPO today with their new company, PennyMac. Take one guess at what they’re doing. And while we’re at it, let’s talk about why the government’s loan modification program isn’t working.

PennyMac is based in Calabasas, California (sound familiar?), and it plans to make money by buying up failing home mortgages from failed banks and then restructuring the loans. From Forbes/Reuters:

PennyMac’s chief executive is Stanford Kurland, a former president and chief operating officer of Countrywide. At least 10 other top PennyMac officials are alumni of Countrywide, which was also based in Calabasas.

Countrywide was once the largest U.S. mortgage lender, but its aggressive lending practices are widely considered to be a major cause of the nation’s housing crisis.

PennyMac’s business has drawn the attention of critics who have accused Kurland and other Countrywide alumni of trying to profit from a housing crisis they helped create.

Do investors have faith in the crew the second time around? Well, in May, PennyMac predicted its IPO would raise $750 million. It netted $320 million. But the company has raised hundreds of millions from private investors as well, so some people believe PennyMac will find a way to profit.

And why not? What’s left of the mortgage business seems to be doing just fine. The New York Times reports that one reason the government’s loan mod program isn’t going very well is that mortgage companies collect tons of fees on delinquent mortgages:

“It frustrates me when I see the government looking to the servicer for the solution, because it will never ever happen,” said Margery Golant, a Florida lawyer who defends homeowners against foreclosure and who worked in the law department of a major mortgage company, Ocwen Financial. “I don’t think they’re motivated to do modifications at all. They keep hitting the loan all the way through for junk fees. It’s a license to do whatever they want.”

More from the article:

“If they do a loan modification, they get a few shekels from the government,” said David Dickey, who led a mortgage sales team at Countrywide and Bank of America, leaving in March to start his own mortgage advisory firm, National Home Loan Advocates. By contrast, he said, the road to foreclosure is lined with fees, especially if it is prolonged. “There’s all sorts of things behind the scenes,” he said…

“For many subprime servicers, late fees alone constitute a significant fraction of their total income and profit,” said Diane E. Thompson, a lawyer for the National Consumer Law Center, in testimony to the Senate Banking Committee this month. “Servicers thus have an incentive to push homeowners into late payments and keep them there: if the loan pays late, the servicer is more likely to profit.”

One more note on a semi-related subject. The Wall Street Journal reports that the Senate has subpoenaed Goldman Sachs, Deutsche and other banks to inquire about possible fraud in the mortgage market:

The congressional investigation appears to focus on whether internal communications, such as email, show bankers had private doubts about whether mortgage-related securities they were putting together were as financially sound as their public pronouncements suggested. Collapsing values for many of those securities played a big role in precipitating last year’s financial crisis.

If they can’t prove fraud, how about absolute and utter negligence?

Must Read - Bad loans still make money - Jul 30, 2009 12:06 PM — Scott Jagow

Bad loans still make money - Jul 30, 2009 12:06 PM — Scott Jagow

A group of former Countrywide people launched an IPO today with their new company, PennyMac. Take one guess at what they’re doing. And while we’re at it, let’s talk about why the government’s loan modification program isn’t working.

PennyMac is based in Calabasas, California (sound familiar?), and it plans to make money by buying up failing home mortgages from failed banks and then restructuring the loans. From Forbes/Reuters:

PennyMac’s chief executive is Stanford Kurland, a former president and chief operating officer of Countrywide. At least 10 other top PennyMac officials are alumni of Countrywide, which was also based in Calabasas.

Countrywide was once the largest U.S. mortgage lender, but its aggressive lending practices are widely considered to be a major cause of the nation’s housing crisis.

PennyMac’s business has drawn the attention of critics who have accused Kurland and other Countrywide alumni of trying to profit from a housing crisis they helped create.

Do investors have faith in the crew the second time around? Well, in May, PennyMac predicted its IPO would raise $750 million. It netted $320 million. But the company has raised hundreds of millions from private investors as well, so some people believe PennyMac will find a way to profit.

And why not? What’s left of the mortgage business seems to be doing just fine. The New York Times reports that one reason the government’s loan mod program isn’t going very well is that mortgage companies collect tons of fees on delinquent mortgages:

“It frustrates me when I see the government looking to the servicer for the solution, because it will never ever happen,” said Margery Golant, a Florida lawyer who defends homeowners against foreclosure and who worked in the law department of a major mortgage company, Ocwen Financial. “I don’t think they’re motivated to do modifications at all. They keep hitting the loan all the way through for junk fees. It’s a license to do whatever they want.”

More from the article:

“If they do a loan modification, they get a few shekels from the government,” said David Dickey, who led a mortgage sales team at Countrywide and Bank of America, leaving in March to start his own mortgage advisory firm, National Home Loan Advocates. By contrast, he said, the road to foreclosure is lined with fees, especially if it is prolonged. “There’s all sorts of things behind the scenes,” he said…

“For many subprime servicers, late fees alone constitute a significant fraction of their total income and profit,” said Diane E. Thompson, a lawyer for the National Consumer Law Center, in testimony to the Senate Banking Committee this month. “Servicers thus have an incentive to push homeowners into late payments and keep them there: if the loan pays late, the servicer is more likely to profit.”

One more note on a semi-related subject. The Wall Street Journal reports that the Senate has subpoenaed Goldman Sachs, Deutsche and other banks to inquire about possible fraud in the mortgage market:

The congressional investigation appears to focus on whether internal communications, such as email, show bankers had private doubts about whether mortgage-related securities they were putting together were as financially sound as their public pronouncements suggested. Collapsing values for many of those securities played a big role in precipitating last year’s financial crisis.

If they can’t prove fraud, how about absolute and utter negligence?

$877 PAYMENT FOR SOME NEVADANS

$877 PAYMENT FOR SOME NEVADANS

About 3,500 Countrywide Financial borrowers who lost Nevada homes in foreclosure can expect to receive checks for about $877 each early next year, the attorney general's office said Friday.

The payments are part of a settlement announced in October with Countrywide over deceptive practices in making subprime, first home loans to borrowers around the country.

Subprime loans are those made to consumers with low credit ratings.

Former Countrywide subprime borrowers who lost their homes to foreclosure are expected to receive notices in a few days, Attorney General Catherine Cortez Masto said in a statement.

To qualify, the first payment on the loan must have been due between Jan. 1, 2004, and Dec. 31, 2007. The borrowers must have lost their homes through foreclosure, a short sale or a deed in lieu of foreclosure. A short sale occurs when the lender allows the homeowner to sell the home for less than the amount owed.

Bank of America acquired Countrywide in July 2008 after the end of the period specified in the lawsuit.

The bank agreed to pay $150 million to borrowers in 39 states who went through foreclosure. Nevada was allocated $3 million for 3,467 former homeowners. In addition, the bank offered mortgage loan modifications to Countrywide borrowers and relocation assistance to some customers.

Consumers may phone Rust Consulting at 866-411-6987 or vis countrywidesettlementinfo.com to get more information about the foreclosure settlement.

JOHN G. EDWARDS LAS VEGAS REVIEW-JOURNAL

Mira Villa Back on Track in Summerlin

The beautiful condo development called Mira Villa, the luxury golf-front community in heart of Summerlin is back online after a long process of bankruptcy. The new developer is offering seller financing by Colonial Bank, Tier One Bank, and Nevada State Bank. These banks have approved an outstanding and accessible in-house financing program for buyers at Mira Villa.

If you have an interested in a condo development with a ton of amenities, quality construction in the heart of Summerlin give us a call at 702-372-2671 we would be love to assist with you finding the right property at the right price.

Check out my Cousin's Band - Gabe Dixon Bank

Buyers Backed Out at the 11th Hour Leaving Seller Twisting in the Wind

Buyers Backed Out at the 11th Hour Leaving Seller Twisting in the Wind

7036 Delta Falls , Las Vegas NV 89149 Google Map

SHORT SALE WITH PREVIOUS APPROVAL CALL FOR DETAILS Former Model Home*NEVER LIVED IN* Spacious Eat-in Kitchen, Breakfast Bar, pendant lights, Corian, Oak Cabinets w/ pantry, 2 story ceilings in LR w/ 2 fans & FP, Driveway Pavers, Backyard fully landscaped w/ syngrass, Mt & Strip Views, Ceiling fans T/O, custom paint, updated 7/14/09 View Tour Here - Listed at $186,000 - Approval Letter Just Expired

7044 Delta Falls, Las Vegas NV 89149 Google Map

Model Home in*Spacious Kit,Island,Breakfast Bar, DR/Family rm, 20x20 tile, Separa LR, Granite, Upgraded Cabinets, WI pantry, stone backsplash, built-in desk,custom paint, Balcony/Covered patio,french doors, Driveway Pavers, Fully Landscaped, MT/Strip Views, surround sound, full house audio package, patio in front
View tour Here - Listed at $199,900 - Approval Letter Expires on 7/14/09

Call for Showing - 3rd Tier Bank Representative Involved in Closing these Deals.

Call Lising Broker at 702-372-2671

Olivia McClellan, REALTOR®, ABR, CRS, GRI, RRG
Broker, Property Manager
Triple8 Associates Inc.
5940 S. Rainbow Blvd. Ste 1007
Las Vegas, NV 89118
Direct 702-372-2671
Fax: 702-948-5790
Olivia@Triple8Associates.com
Visit me online at www.Triple8Associates.com

Back on the Market - two model homes at providence in the northwest

Buyers Backed Out at the 11th Hour Leaving Seller Twisting in the Wind

7036 Delta Falls , Las Vegas NV 89149 Google Map

SHORT SALE WITH PREVIOUS APPROVAL CALL FOR DETAILS Former Model Home*NEVER LIVED IN* Spacious Eat-in Kitchen, Breakfast Bar, pendant lights, Corian, Oak Cabinets w/ pantry, 2 story ceilings in LR w/ 2 fans & FP, Driveway Pavers, Backyard fully landscaped w/ syngrass, Mt & Strip Views, Ceiling fans T/O, custom paint, updated 7/14/09 View Tour Here - Listed at $186,000 - Approval Letter Just Expired

7044 Delta Falls, Las Vegas NV 89149 Google Map

Model Home in*Spacious Kit,Island,Breakfast Bar, DR/Family rm, 20x20 tile, Separa LR, Granite, Upgraded Cabinets, WI pantry, stone backsplash, built-in desk,custom paint, Balcony/Covered patio,french doors, Driveway Pavers, Fully Landscaped, MT/Strip Views, surround sound, full house audio package, patio in front
View tour Here - Listed at $199,900 - Approval Letter Expires on 7/14/09

Call for Showing - 3rd Tier Bank Representative Involved in Closing these Deals.

Call Lising Broker at 702-372-2671

Olivia McClellan, REALTOR®, ABR, CRS, GRI, RRG
Broker, Property Manager
Triple8 Associates Inc.
5940 S. Rainbow Blvd. Ste 1007
Las Vegas, NV 89118
Direct 702-372-2671
Fax: 702-948-5790
Olivia@Triple8Associates.com
Visit me online at www.Triple8Associates.com

REALTOR® Magazine-Daily News-FHA Cracks Down on Mortgage Brokers

REALTOR® Magazine-Daily News-FHA Cracks Down on Mortgage Brokers

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REALTOR® Magazine-Daily News-Mortgage Rates Reach 7-Month High

REALTOR® Magazine-Daily News-Mortgage Rates Reach 7-Month High

Shared via AddThis

10 Most Undervalued U.S. Cities as of June 2009

10 Most Undervalued U.S. Cities

Housing research organization IHS Global Insight estimates that the average U.S. home is undervalued by 12.2 percent, and many previously pricey communities are undervalued by considerably more.

A recent study released by IHS used home prices, interest rates, area incomes, population density, and historic premiums and discounts to analyze housing values. It examined 330 markets and found homes are underpriced in 248 of them.

Despite the high percentage of undervalued areas, IHS says "it is too early to call a bottoming," as "job losses continue, housing inventories remain elevated, and consumers remain wary in light of economic uncertainty."

Here are the 10 most undervalued areas:

1. Vero Beach, Fla., -42.5 percent
2. Houma, La., -41.4 percent
3. Las Vegas, -40.9 percent
4. Merced, Calif., -40.1 percent
5. Cape Coral, Fla., -39.1 percent
6. Houston, -36.9 percent
7. Midland, Texas, -34.8 percent
8. Lafayette, La., -34.4 percent
9. Vallejo, Calif., -34.3 percent
10. Stockton, Calif., -34.3 percent

Source: CNNMoney.com, Les Christie (06/04/2009)

AHHHhhhhhh...... Short Sales Process or Un-Process

Falling down the short sale rabbit whole is one of the most difficult processes in the real estate business.

During the last year I have successfully completed many short sales most of the time with hundreds of hours put in on the phone, planning, anticipating and constant maintenance on the account to get the deal done.

Calling the Loss Mitigation Dept or Short Sale Department:

• A. The first line is a collection agency and their job is to not let you pass and collect a payment - equal to a couple of blows to the head with a baseball bat)
• B. If you get transferred to Short Sales - start off with level 1 (couple more shots to the head) when you find out the faxes have not gone through or have been imaged in 30 days.
• C. Level 2 Negotiator - wants to help but is still putting the file together, so react quickly and get them want they need. (Still painful because they usually don’t respond and your file is reassigned just before their 30 days to open the file is up so this should put you at 3 months in with a terrible headache.
• D. Level 3 Negotiator - File is done and is being prepped to be sent to the investor, or MI carrier. There is no time frame so your head starts throbbing because your buyers are 5 months in and ready to walk. If they walk you start over with #1.
  

Faxing Documents:
Most of the banks incoming digital fax lines are jammed/overwhelmed/under prepared or down and IF the fax goes through (I.E. - you can print out a confirmation sheet) if they appear in your clients file within a 21 day period "halanuh" but if they never appear in the file or if they get imaged into the wrong slot is spells failure.

Emailing Documents:
Negotiators do not give or dont have access to get external email so this usually doesn’t happen unless you get a supervisor and when do upload it correctly it will assist in moving the deal along.

Hitting the Moving Target Blindfolded:
The Agents role in getting the short sale completed is similar to being blindfolded and asked in order to survive and put food on the table you need to go hunting for a deer blindfolded. Every hundred thousand shots you may get lucky.

The minefield created by the banks is almost impossible to cross but we continue to push forward and inch at a time.

More to come - Stay Positive in Overwhelming Negative Times

Admin
~

Green Tree Collection - Bank of America says they are working with homeowners

Short Sale 102 – Green Tree

What do you do if your 2nd mortgage is held by Green Tree? One Word – Give up these guys doesn’t negotiate, refuse to listen and speak over you in your traditional collection agency garbage.

There Policy: They are not willing to take less than $5k or nothing... I bet BofA share holders are happy with those policies or are they. You speak multiple telemarketers who ask the same mundane questions are you going to make a payment.
It seems dealing with green tree collection agency a division of Bank of America new policy is %10 of the total loan amount not their loan amount but if there is a first and second combined.

For instance a property purchased at $175k is now worth $58k the 1st mortgage is $145k and the 2nd is worth $29k.

The 1st loan is willing to accept $58k with $2,900k paid to the 2nd who is Green Tree holds. They are unwilling to accept $2,900 renegotiated dollar amount and jacked it to $5k then said $5k would be the starting point. $2,100 discrepancy they refused to budge on but kept on talking doing their best to get your blood boiling and fly of the handle so they can hang up on you. If you are polite they have to talk and talk but one harsh tone or $%� then they will just hang up. Now they can threaten to come after you even though their loan is not secured and use scare tactics to get you to bite but you need them, they don’t need you.

I have to say speaking with Green Tree is up there with getting a root canal.

Admin, Nuff Said

What’s going on in the short sale world?

What’s going on in the short sale world?

• It is common practice of distributing disinformation – if you call back 10 times a day for 5 days and ask the same questions you will get a wide variety of answers. These are not small discrepancies but black and white answers that would lead a person to believe what the representative is telling them.
• Representatives talk over you and will not listen to questions nor answer then with the intent to frustrate you. In fact, I bet they have in office bets how frustrated they can get you and keep you on the phone.
  
• Incoming fax process – no one knows how it works because it doesn’t.
• Incoming calls to short sale are redirected to telemarketing debt collectors who blatantly lie, pass phone calls back and forth to each other pretending to be supervisors then hang up on you without raising their voices, are very pleasantly trying to frustrate you to hang up or if you are on a cell phone lose your connection – What could be the reason?
• Sending out thousands of letters to customers telling them their short sale will be done within 30 days giving them hope – supposedly by mistake
• Sending out thousands of letters to customers telling them their short sale was declined – supposedly by mistake.
• 1st Tier Telemarketers/Debt Collectors push the limit with threats about payment and collection tactics.
• 1st Tier Telemarketers/Debt Collectors will not let you speak to a supervisor without repeating a scripted question over and over then when they do transfer you the disconnect you.
• Files that actually do make it into their system disappear
• Files that are assigned a negotiator after months are unassigned and kicked back to pending status
• Files that are being reviewed are not updated for weeks or reassigned to a new negotiator not escalated to a 2nd Tier or 3rd Tier Negotiator.
• 1st Tier Telemarketers/Debt Collectors are in places such as Arizona and India. *Nothing against India but these is confidential information.
• Loan Holders with some Lenders have received notices that their confidential information such as social security numbers MAY have been stolen by an ex-employee.
• Even after a short sale has approval India 1st Tier Telemarketers/Debt Collectors still call day after day wasting time and money.
• Blindly out of nowhere a representative will call you with a fake name and tell you your short sale has been declined due to no offer or documents in their file, leaving you to call a 800 number where a new representative will know nothing about it when policy dictates all contact to be noted in the file.
• When any representative is on the phone with you and is “noting the file” a person would be lead to believe that he/she is but when you call back a day or a week later to check there are no notes in the file. None. Zip.

Frustrated Admin who calls these people on a daily basis to go round and round for hours on the phone.

REO, Bank Owned Foreclosures - What am I buying?

There are auction sales, foreclosure bus tours, seminars selling books and tapes on how to buy a foreclosure with no money down (*not sure where they are getting their loans) and a multitude of other sources that pop up on radio, tv and in the mail.

First, you have to decide are you going to live in it or use it as a rental property. If you are going to buy it as an investment do you want to be a landlord or use a property manager. If you live out of state you must have someone on emergency contact with in 60 miles. A licensed real estate agent, and permitted property manager will take care of that + collect your rent, screen tenants, work with the HOA and be your presence looking out for your investment.

If you decide to live in the property you need to evaluate your property differently. If you have kids checking the school zones, crime rates, master planned assesments, etc. A big question is: "Is this a community I want to live in?" Just because I can buy this cheap house does it meet my overall goals.

These are all questions you need to ask yourself and consult with a licensed real estate agent, REALTOR® and property manager with experience.

Foreclosure slow - Sales Pickup

The foreclosure market in Las Vegas has slowed down allowing buying to come off the fences and pickup inventory at 50% of what it was 5 years ago. Homes that sold in 2006 for $680k you can now purchase at $250k on 1/3 acre lots.

There is a lot of research out there that another wave of foreclosures is coming not ARMs resetting but owners who cannot justify paying a mortgage on a $900k property while their neighbor who just moved in is paying for the same property $400k. It dosent make sense.

The question is "What would Trump do?"

Trump Tower Renting as Apartments

Trump Tower is starting a rental program to mix in with it's owner occupied units and condo hotel program. You will be able to rent out units on a one year lease for big bucks. Studios are starting at $1700 month, the shorter the lease the higher the premium which is standard for corporate furnished housing.

Yes, corporate offices everywhere will turn to this type of rental unit especially if they rotate personnel out and need them to be close to the strip. No need for a rental car, great location and they an write off the lease to the company while providing this super perk to their employees.

More details to come.

New Hope for Renters in Foreclosed Properties

Fannie Mae annouced a new program allowing renters to stay in their homes that they rent that are in foreclosure which means no eviction process. We get calls weekly from renters who are shocked to find out that their landlord is not paying the mortgage and then the foreclosure process hits. Read more about this directly on Fannie Mae.