Real Estate Prices CA vs NV
While Las Vegas prices stay about the same due to the influx of properties via REO places like San Francisco who also took a serious hit on pricing is bouncing back faster than most areas.
The fact that San Francisco real estate held its value better than smaller cities goes to show you the strength of a big city and it's ability to regain some of the lost equity. Other areas in CA like Sacramento and Bakersfield are not fairing so well.
More to come...
Monday, February 20, 2012
Sunday, March 13, 2011
Judges accused of 'predetermining' foreclosure cases - News - ReviewJournal.com
Judges accused of 'predetermining' foreclosure cases - News - ReviewJournal.com
A lawyer accuses District Judge Donald Mosley and other judges of "predetermining" the outcome in foreclosure disputes in favor of the lenders, according to an appeal filed with the Nevada Supreme Court.
In the process, they have made a "mockery" of a program designed to rescue distressed homeowners, attorney Jacob Hafter says in court papers filed Wednesday... Read More Above.
A lawyer accuses District Judge Donald Mosley and other judges of "predetermining" the outcome in foreclosure disputes in favor of the lenders, according to an appeal filed with the Nevada Supreme Court.
In the process, they have made a "mockery" of a program designed to rescue distressed homeowners, attorney Jacob Hafter says in court papers filed Wednesday... Read More Above.
Wednesday, May 26, 2010
Bank of America Faces Homeowner Class Action For Withholding Federal Bailout Funds
Bank of America Faces Homeowner Class Action For Withholding Federal Bailout Funds
Anyone who did business with a mortgage lender or broker who used Bank of America or Countrywide should have their documents audited due to the appraisals and general paperwork errors.
I for one will never do business with them again or refer anyone due to their business practices.
Monday, March 29, 2010
Does the small guy have a chance? My Opinion - Maybe or No
David and Goliath the epic battle in which the undog wins against all odds
It really depends on the bank and type of investor in your loan. The company you call such as Indy Mac or One West Bank are the servicer and usually do not hold the note. A third party investor like Fannie Mae, Freddie Mac, or priviate investors owns the note.
Fannie and Freddit are working with services to get short short sales done and loan modifications but if your note or mortgage is held by a 3rd party investor who isnt willing to work with you and rather foreclosue to collect their MI (Mortagage Insurance) you are frankly screwed. By the way they get their money when the insurance kicks in and you get foreclosed on. If you actually speak with the MI carrier they will assist in doing a short sale or loan modification because they dont want to pay out a claim. Or if the servicer is acting in "Bad Faith" let them know it may invalidate their policy.
Speaking of Indy Mac who went belly up and the Feds stepped in and ran the company until a group of billionare investors bought it for pennies on the dollar are just one of these banks who look like they are working hard on "getting it done", sending out mailers saying we want to help, calling using an auto dialer that hangs up after one second (proves they called but gave you no chance to speak with them, fills their quota of calls so they can foreclose."
All is just a facade to prove they reached out to you and you didn't respond.
If you are serious you have to go on the offensive and contact them every day, send in the paperwork by fax, by email, federal express so you have a papertrail. Use their tactics against them.
David and Goliath - The Judges are seeing what the banks are doing in Nevada Foreclosure Mediation Program but their hands are tied.
In New York, a Judge granted a couples lawsuit against Indy Mac or One West Bank whacked the entire mortgage telling IndyMac/One West Bank they acted in bad faith and because of that they were nullifying the mortgage. Of course it is in appeals court.
More battles will be fought and one by David. Let's hope when the dust settles and the War is over Goliath is flat on his back.
SysAdmin
It really depends on the bank and type of investor in your loan. The company you call such as Indy Mac or One West Bank are the servicer and usually do not hold the note. A third party investor like Fannie Mae, Freddie Mac, or priviate investors owns the note.
Fannie and Freddit are working with services to get short short sales done and loan modifications but if your note or mortgage is held by a 3rd party investor who isnt willing to work with you and rather foreclosue to collect their MI (Mortagage Insurance) you are frankly screwed. By the way they get their money when the insurance kicks in and you get foreclosed on. If you actually speak with the MI carrier they will assist in doing a short sale or loan modification because they dont want to pay out a claim. Or if the servicer is acting in "Bad Faith" let them know it may invalidate their policy.
Speaking of Indy Mac who went belly up and the Feds stepped in and ran the company until a group of billionare investors bought it for pennies on the dollar are just one of these banks who look like they are working hard on "getting it done", sending out mailers saying we want to help, calling using an auto dialer that hangs up after one second (proves they called but gave you no chance to speak with them, fills their quota of calls so they can foreclose."
All is just a facade to prove they reached out to you and you didn't respond.
If you are serious you have to go on the offensive and contact them every day, send in the paperwork by fax, by email, federal express so you have a papertrail. Use their tactics against them.
David and Goliath - The Judges are seeing what the banks are doing in Nevada Foreclosure Mediation Program but their hands are tied.
In New York, a Judge granted a couples lawsuit against Indy Mac or One West Bank whacked the entire mortgage telling IndyMac/One West Bank they acted in bad faith and because of that they were nullifying the mortgage. Of course it is in appeals court.
More battles will be fought and one by David. Let's hope when the dust settles and the War is over Goliath is flat on his back.
SysAdmin
Monday, February 22, 2010
Sunday, February 7, 2010
FHA Relaxes Anti-Flipping Rule
FHA Relaxes Anti-Flipping Rule
Beginning Feb. 1, the Federal Housing Administration will provide mortgage insurance for some purchases in which the seller bought the property and held it for fewer than 90 days.
The agency is changing what is known as the “anti-flipping rule” to speed up sales of renovated homes in communities with too many bank-owned and foreclosed homes, says FHA Commissioner David H. Stevens.
Waiving the 90-day rule will encourage private investors to buy vacant properties, fix them up, and quickly sell them to buyers who will be eligible to buy them using FHA financing.
FHA's change "is going to be absolutely terrific" for first-time home buyers hoping to take advantage of the tax credit, says Bobby Taylor, an associate with Coldwell Banker Mountain West Real Estate in Salem, Ore.
Source: Washington Post (01/30/2010)
Beginning Feb. 1, the Federal Housing Administration will provide mortgage insurance for some purchases in which the seller bought the property and held it for fewer than 90 days.
The agency is changing what is known as the “anti-flipping rule” to speed up sales of renovated homes in communities with too many bank-owned and foreclosed homes, says FHA Commissioner David H. Stevens.
Waiving the 90-day rule will encourage private investors to buy vacant properties, fix them up, and quickly sell them to buyers who will be eligible to buy them using FHA financing.
FHA's change "is going to be absolutely terrific" for first-time home buyers hoping to take advantage of the tax credit, says Bobby Taylor, an associate with Coldwell Banker Mountain West Real Estate in Salem, Ore.
Source: Washington Post (01/30/2010)
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