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All Posts Tagged Tag: ‘Foreclosures’

A Tale of Two Buyers!

Referral

Retail Buyer vs. Real Estate Investor Which is the better option? In our hypothetical scenario, we have two properties. They are identical.. They are sitting across the street from each other. Their respective buyers purchased their properties at the same time for the same price and they both financed their properties with an 80/20 first and second mortgage combination. We …

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HB 87 & Shadow Inventory

FL Foreclosure

Shadow Inventory  The number of foreclosed homes that have been abandoned by their owners is by far the highest in Florida with 55,503 properties sitting empty and in some stage of a bank takeover. That’s 33 percent of the national total with Illinois coming second with 17,672 vacant and foreclosed homes. In a recent report from the Irvine, Calif.-based RealtyTrac, the …

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The Fix is In! SFR 2012-1 US West LLC

Fdmc

Why is Fannie Mae Buying their Own Properties? If you are an investor who buys properties at auction this will no doubt piss you off! It seams Fannie Mae is now your competition and you better start reaching deeper into your pockets. A mystery buyer is quietly buying up Fannie Maes properties. SFR 2012-1 US West LLC, located at 135 N. …

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If you are looking REO’s, Hold your Breath!

Occ

Wells Fargo and Citigroup have halted the vast majority of their foreclosure sales in multiple states following the release of new guidance by the Office of the Comptroller of the Currency. The abrupt slowdown came in response to the OCC’s April release of minimum standards for foreclosure sales, which are usually the final act in the foreclosure process. Within two weeks …

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Zombie Foreclosures in Daytona Beach continued….

Zombie

Zombie Foreclosures. . . According to a 2013 study performed by RealtyTrac, a real estate data company, there are currently more than 300,000 zombie properties in existence. Almost a third are in Florida, with a whopping 90,556 zombie foreclosures on the market. They exist in every market throughout the country. If you look a them creatively, they are really diamonds in the …

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Foreclosures Now vs The Great Depression

FL Foreclosure

  The San Francisco Chronicle notes that it is difficult to keep track of foreclosure rates now … let alone during the Great Depression:  “Foreclosure rates of the late 2000’s are often compared with those of the Great Depression, which took place through the first half of the 1930s. However, there were no public or private agencies keeping track of …

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Enforcing Compliance with the New Standardized Short Sale Program

Dpc

20,000 Consumer Complaints and Short Sale Escalations go un-reported to FHFA by the Nations Largest Servicers. Today, the Inspector General of the Federal Housing Finance Agency (FHFA) released a report detailing Freddie Mac’s failure to supervise its loan servicers for the treatment of consumer complaints. Known as “escalated cases”, these complaints are accusations against services generally concerning the following: failure …

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SB 1852 Changes Everything When You Have been Served a NOD!

Noticeofdefault

Florida uses non-judges to clear foreclosure backlog! With tens of thousands of foreclosure cases clogged in the state’s courts, the Florida Supreme Court is signing off on a plan to use lawyers — and not judges— to handle them.  The court on Thursday issued an order that will allow chief judges across the state to use “general magistrates” to process foreclosure cases. The order, …

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No Equity and Need to Sell?

Handshake

What should you do if you have no equity, can not sell and you want to salvage your credit while avoiding foreclosure.   DO NOTHING PAY ARREARS BANKRUPTCY DEED IN LIEU REFINANCE BRING MONEY TO THE CLOSING REPAYMENT PLAN / LOAN MOD SELL WITH A REALTOR SELL IT ON YOUR OWN Option #1 Do Nothing– Let the property go into …

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Freddie Mac Fails Taxpayers and Homeowners…Again

OIG

Foreclosures in Daytona Beach, Florida Office of the Inspectors General  The OIG recommends that FHFA ensure that Freddie Mac requires it’s service rs to report, timely resolve, and accurately categorize escalated cases; second, that FHFA ensure that Freddie Mac enhances it’s oversight of it’s servicers through testing servicer performance and establishing fines for noncompliance; and third that FHFA improve it’s …

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