California, a written release from the shortage, in the short sale, is not seen very often. The state has rules that help owner occupied owners with their original loan, obtained when they purchased their home, referred to as purchase money financing. Other than that, loans are mostly written to allow recourse by the lender and this is why a new federal program can help some owners who obtained second loans, or who refinanced. A visit to the making home affordable dot gov website is a good idea for owner occupied short sellers, that are facing this problem. There is a new program to help you if your loan is a fannie or freddie loan. The program applies mostly to owners who do not qualify for a loan modification because their income is too low. The basic deal is that you can do a short sale where you agree to stay in the home, take care of it, market it for up to four months, and close the sale with a written release from the lender on the shortage owed on the loan, in the short sale. This plan makes since. The ideas are good, designed to sell homes at market rates rather than at a lower priced distressed sale. This can pay back more of the loan and can help the owner make a fresh start.
I see many companies advertising on my blog, offering to do short sales. These companies are not affiliated with HOPE Real Estate Inc., and Mike Jaeger. When looking for professional help it is a good idea to do some home work first. If you do, you will better choose your help. The new program is called many things. HAFA, Making Home Affordable, Obama short sale program, Fannie mae or freddie mac short sales, and other things to. I hope this blog can shed some light on what you are looking for. - Mike Jaeger - May 22, 2010.
PS I have two short sales so far in 2010 that have ended in good, written, final loan modifications instead of sales. I will write more about this, nest week.
Published by Mike Jaeger Live
Saturday, May 22, 2010
Sunday, May 16, 2010
4026 Foreclosure Sales in 60 days - Sacramento County, California - May 14, 2010 -
5-16-2010 NEWS real estate...
This blog follows the report I published at www.MikeJaegerLive.com , on May 14, 2010. That report announced the number of published foreclosure trustee sales now scheduled from May 7, 2010 through July 7, 2010 has increased to an astounding 4,026... just in Sacramento county. This blog is focused upon a few questions and concerns this raised for my clients. The blog should communicate to intermediate experience level. If you have no experience yet, or you are a professional with suggestions, questions, or concerns, please post or email them to me so others may benefit also.
4026 Trustee sale dates in Sacramento county, is a large number, it comes from a reliable source that I use in my daily business. I track these numbers to keep my finger on the pulse of our market. I monitor client files and check on what the lenders say. In trustee sale stages of foreclosure, critical decisions are being made quickly. If a client has begun mitigation, modification, short sale, forbearance, or another attempt to work out their loan problem with their lender, and their lender files a notice of trustee sale in California, these lenders may be able to perfect a foreclosure within 3 weeks. If short sale is a remedy my client desires, I act quickly to get their cash flows and net worth estimates organized with their legal and accounting help. I work with many small business owners, their CPAs and lawyers. I create and update real estae transactions including short sale files. Things happen fast when a trustee sale is filed. Short sale or loan workout... both are a lot of work and require lot's of attention.
Trustee sales are posted by many sources. The source I use keeps status notes; scheduled, postponed, canceled, sold, or sold to beneficiary. This tells me what will happen, or has happened on the sale date. I monitor the published amount to cure a default and what the opening bid may be before the auction. The lender, through their mitigation team, can change a status of a sale. They can instruct their blood sucking lawyers, "aka the trustee sale company or their legal department", to change a status on a sale. No order sent to legal ? Legal will sell the property at the auction. The lender makes the first bid. When the lenders win a bid at an auction, it means they are the high bidder. What does this suggest? The mitigation team may not even look at your requested short sale, if it comes in too late. Most mitigation teams want a completed short sale file, to be submitted three or four weeks before the sale date. This is why it is better to start sooner than later.
A completed short sale file will include; 1) Permission letter for the realtor and/or designated negotiator for the borrower. 2) Request for a short sale, including a specific program such as H.A.F.A. if they qualify, and/or all designated forms. 3) Seller contract with their broker and their own marketing plan to sell the asset including; market research, market plan, estimated value with comparable sales. 4) Seller financial materials; seller's two most recent form 1040 tax returns, signed with all related schedules, seller's two most recent bank statements, seller's two most recent pay stubs and/or if self employed their current profit and loss statements signed and showing most recent two months plus a year to date with a supporting signed summary letter from their CPA preferred, or signed by them. 4) Signed purchase contract with unrelated third party buyer and proof of buyer's ability to perform, plus open escrow with an estimated settlement statement. The completed short sale file request, often results in a decision by the mitigation team for the lender to postpone the sale date but may not generate a quick and desided negotiation. They can assign new negotiators, close files, and require the seller to open all new short sale files. The strategy wears down the seller, but it also loses many buyers. When a short sale file is open, the short sale can move forward.
Next week I will discuss some new H.A.F.A. short sale guidelines that can help some owner occupied home sellers obtain a written release from their lenders from owing a deficiency, caused by their refinance, after a short sale in California. Also, I will update you on some methods I use to negotiate second loans for my clients. Bankruptcy and short sales in California , is after that. Note if you are my client, this blog can help you to stay on track with your home work and with your short sale. If you are a future client or a reader, thank you for clicking some ads on my blog. These days every penny is appreciated. Have a great week.
Published by Mike Jaeger Live
This blog follows the report I published at www.MikeJaegerLive.com , on May 14, 2010. That report announced the number of published foreclosure trustee sales now scheduled from May 7, 2010 through July 7, 2010 has increased to an astounding 4,026... just in Sacramento county. This blog is focused upon a few questions and concerns this raised for my clients. The blog should communicate to intermediate experience level. If you have no experience yet, or you are a professional with suggestions, questions, or concerns, please post or email them to me so others may benefit also.
4026 Trustee sale dates in Sacramento county, is a large number, it comes from a reliable source that I use in my daily business. I track these numbers to keep my finger on the pulse of our market. I monitor client files and check on what the lenders say. In trustee sale stages of foreclosure, critical decisions are being made quickly. If a client has begun mitigation, modification, short sale, forbearance, or another attempt to work out their loan problem with their lender, and their lender files a notice of trustee sale in California, these lenders may be able to perfect a foreclosure within 3 weeks. If short sale is a remedy my client desires, I act quickly to get their cash flows and net worth estimates organized with their legal and accounting help. I work with many small business owners, their CPAs and lawyers. I create and update real estae transactions including short sale files. Things happen fast when a trustee sale is filed. Short sale or loan workout... both are a lot of work and require lot's of attention.
Trustee sales are posted by many sources. The source I use keeps status notes; scheduled, postponed, canceled, sold, or sold to beneficiary. This tells me what will happen, or has happened on the sale date. I monitor the published amount to cure a default and what the opening bid may be before the auction. The lender, through their mitigation team, can change a status of a sale. They can instruct their blood sucking lawyers, "aka the trustee sale company or their legal department", to change a status on a sale. No order sent to legal ? Legal will sell the property at the auction. The lender makes the first bid. When the lenders win a bid at an auction, it means they are the high bidder. What does this suggest? The mitigation team may not even look at your requested short sale, if it comes in too late. Most mitigation teams want a completed short sale file, to be submitted three or four weeks before the sale date. This is why it is better to start sooner than later.
A completed short sale file will include; 1) Permission letter for the realtor and/or designated negotiator for the borrower. 2) Request for a short sale, including a specific program such as H.A.F.A. if they qualify, and/or all designated forms. 3) Seller contract with their broker and their own marketing plan to sell the asset including; market research, market plan, estimated value with comparable sales. 4) Seller financial materials; seller's two most recent form 1040 tax returns, signed with all related schedules, seller's two most recent bank statements, seller's two most recent pay stubs and/or if self employed their current profit and loss statements signed and showing most recent two months plus a year to date with a supporting signed summary letter from their CPA preferred, or signed by them. 4) Signed purchase contract with unrelated third party buyer and proof of buyer's ability to perform, plus open escrow with an estimated settlement statement. The completed short sale file request, often results in a decision by the mitigation team for the lender to postpone the sale date but may not generate a quick and desided negotiation. They can assign new negotiators, close files, and require the seller to open all new short sale files. The strategy wears down the seller, but it also loses many buyers. When a short sale file is open, the short sale can move forward.
Next week I will discuss some new H.A.F.A. short sale guidelines that can help some owner occupied home sellers obtain a written release from their lenders from owing a deficiency, caused by their refinance, after a short sale in California. Also, I will update you on some methods I use to negotiate second loans for my clients. Bankruptcy and short sales in California , is after that. Note if you are my client, this blog can help you to stay on track with your home work and with your short sale. If you are a future client or a reader, thank you for clicking some ads on my blog. These days every penny is appreciated. Have a great week.
Published by Mike Jaeger Live
Monday, May 10, 2010
Friday, May 7, 2010
Big Banks Are Short Sale Managers Making Profits
An URGENT Warning from Martin D. Weiss and Money and Markets
Government Turns Blind Eye to Banks in Greatest Danger of Collapse
Forty-one more banks have failed in just three months — 160 within the last year — the FDIC's “problem” bank list is at a 15-year high … and the pace of its bank seizures is accelerating.With nearly all of the government's rescue efforts geared toward propping up a select few “too-big-to-fail” institutions, thousands of not-so-huge banks and S&Ls are now defenseless against surging commercial and residential loan defaults.
Troubles behind the scenes are getting so bad, bank CEOs and industry analysts now believe as many as 2,000 banks will fail before it's over. Is your bank one of them?
Unfortunately, the FDIC won't tell you which banks they are. Their list of “problem” banks is confidential. But ours is not.
We’ve just compiled our comprehensive list of 3,244 banks, S&Ls, plus life, health and annuity insurers we believe to be at significant risk of failure.
Let's relate this article to Short Sales and loan Modifications for a moment.
Short sales and loan modifications are products designed to profit and grow their monopolies. The big six American banks have designed this well. Keep this in mind when you try to understand the process that has been developed to obtain a short sale or a loan modification.
Most residential real estate loans are owned by an investor whom purchased your loan from a lender. This includes large companies and institutions who purchase large bundles of loans as well as small private investors whom purchase smaller loan bundles.
Wall street had expanded the selling of loans to these investors by designing and creating new financial products. No financial institution, "main street or wall street", has yet to be held liable for these products and the damages that were meated out to the world.
The first losers whom suffered from this product liability, were America's poorest people. They can't afford lawyers and they always suffer first. Many of our poor families were converted from skin in the game hope filled home owners back into insolvent , "broke"... wards of the state, "welfare" or low paid labor, "slaves". These people are now back to being tenants or homeless.
Working from the bottom up, lower classes first were converted into mostly low paid labor,"slaves" or wards of the state,"welfare recipients". Then middle classes were pillaged, which is still well underway. Assets and freedoms are being taken daily now from American middle class citizens by large, powerful institutions within our government and private sectors.
" The media spin tells us that we are losing our money". Small business owners are being converted into middle management,"aka slave drivers for larger companies", or they become health care casualties, "wrongful death and/or personal injuries caused by bad financial products created by big banks". Some will become mental health casualties," another form of personal injury". The majority of upper class people too, are seeing their assets taken away from them.
Assets and power are being systemically turned into the property of only a few families, who now have control over 80% of all the Public Corporations registered in the New York Stock Exchange. These are the big monopoly game winners, and they do control "Large Government, Large Business, and Large Military".
The short sales and loan modifications are a part of the process. Their is a feeding underway as businesses eat their competition. Many individuals are too distracted or busy until it is too late to even participate in how or when they are to be eaten alive. The design of short sales and loan modifications are planned to help the big banks grow their business. If you are wondering why they have created slow, ineffective, exhausting, redundant paperwork processes during the collapse of the housing industry, consider this. Big banks have more access and control to big government and big investors than do the smaller banks. Big banks have already negotiated to manage short sales, foreclosures, and loan modifications with the loan owners and with our government. Banks are paid to provide these services.
Slow or fast and why? Indications are this. Slow processes grow big banks and hurt the small banks. Banks mange the services for profits. Who are the losers in the slow process. Losers include the owner of the loans, the owner of the homes, and housing industry professionals who must provide far more more service for a smaller fee. This strategy by big banks grow their monopolies. Is it working? Yes. The article featured at the beginning of this blog shows this process to be well underway, but not covered by mainstream media. Big banks are feasting on the smaller banks, because they were saved by TARP and that liquidity gave them an unfair advantage against competition. They created the catastrophe by a collapse of the economy from their financial products, then they saved themselves, and then they destroyed their competition. Big government was collusive in this and they have a similar agenda that is only designed to save themselves and their families.
Big banks now control most of the American GDP. Six banks have grown their management over American money, so that in 2010 they manage over 60% of the Gross revenues created by America,"aka GDP". This is far above what they controlled a decade ago.Thank you for taking a moment to read this blog. It is not likely that it will be seen as part of our mainstream media. Thank God for a Free Web Press. Did you notice our FCC now wants to control the WEB too... Hmmmm what do you think about that?
This blog was written and
Published by www.MikeJaegerLive.com
- May 7, 2010 -
Subscribe to:
Posts (Atom)