Short Sales Up 600%
WASHINGTON DC - Freddie Mac just released information indicating that short sales are up 600% from just 2 years ago. This statistic is remarkably powerful considering that 2008 was a record year for short sales. As anticipated (and predicted by this author), short sales continue to rise at astonishing rates. Anyone NOT investing in short sales is missing out on a gigantic portion of the market... [Read more]
Bank of America Short Sale Deficiency Policy Change?
Has mortgage servicing behemoth Bank of America clearly defined their policy on how they handle the short sale deficiency? When a short sale is complete, the loss the bank experiences, also known as the short sale deficiency, has always been a very dicey subject. “What happens to the difference?” is the most common question a borrower asks prior to attempting a short sale. And for good... [Read more]
How to Work with Agents
One the most in demand concepts in real estate investing is how investors should work with agents. This memorial day weekend, I would like honor those military men and women who have served this country, protected our great nation and preserved the freedoms most of us take for granted by providing free access to an excerpt from my soon-to-be-released all in one real estate investing system. Since... [Read more]
Your Mortgage: When to Walk Away
A very reputable publication, the San Francisco Chronicle, recently posted a story on their website that is a true sign of the times; “Your Mortgage: When It’s Time to Walk Away.” Wow. Only in America. This comes on the heels of a new government initiative to incentivize and streamline short sales. The new HAFA (Home Affordable Foreclosure Alternatives) program is scheduled... [Read more]
50% of Home Sales are Distressed Properties
Nearly 50% of all home purchases are distressed properties, either a foreclosure or a short sale, according to the latest Campbell/Inside Mortgage Finance Monthly survey of real estate market conditions. What is so fascinating about this finding is that just a few months ago, in November of 2009, this figure was 37%. What has caused this rapid rise in distressed properties and what does it... [Read more]
Me and Robert Kiyosaki
ORLANDO, FL - It was quite an honor to be asked by the folks at Rich Dad to speak on the subject of Short Sales and Foreclosures at their Annual Forum last week. It was four days of 12 hours a day intense real estate investing education. I feel like I met and spoke with just about everyone of the more than 1000 people in attendance in that 96 hour period. What I learned from interviewing... [Read more]
Trouble on Brian Austin Green’s Homefront
Actor celebrity Brian Austin Green (Former 90210 star and now dating screen siren Megan Fox) is selling his home on a short sale. He purchased the home at the height of the market in 2006 for nearly $2,000,000 borrowing almost the entire purchase amount which created a monthly mortgage payment of nearly $70,000 per month. Can you imagine servicing a debt load of that size? Apparently it was too much... [Read more]
Embarrassing Short Sale
You’re not going to believe which organization just had to sell their headquarters building on a short sale. This is so embarrassing. Ready for this? The Mortgage Banker’s Association. No, this is not a joke. The Mortgage Banker’s Association (MBA), sold its Washington, DC headquarters building on a short sale for $41.3 Million, a little more than half the $79 Million they... [Read more]
Bank Hiring Surge
Banks across America are mounting a hiring surge right now. Why? They are gearing up for what lies ahead…more defaults, more short sales and more foreclosures. Collectively, the big 4, including Bank of America, Chase, Wells Fargo and Citi have recently added over 17,000 new employees to their payroll to help manage the volume of loan modification and short sale requests as well as the... [Read more]
FHA Waives 90 Day Title Seasoning Rule
FHA Waives 90 Day Title Seasoning Rule HUD announced Friday that the 90 day title seasoning requirement on FHA, Fannie Mae and Freddie Mac loans will be waived beginning February 1, 2010 for one year. This is the greatest news to hit the real estate investing world in the past 20 years. I’m sobbing from jubilation, trying to wipe back the tears as I type. (And you should be jumping... [Read more]
The Major Short Sale Trend for 2010
A breaking new short sale trend for 2010 is shaping up that you need to know about…$500,0000+ deals. That’s right, loans with principal balances above $500,000 are making our students a fortune right now. Bloomberg News recently reported that $500,000+ loans are defaulting more than twice as often as $250,000 or less loans. What makes this so fascinating is that only a year ago,... [Read more]
HUD Releases New FHA Guidelines for Short Sale Borrowers
Department of Housing and Urban Development (HUD) just released FHA loan guidelines for prospective borrowers who have experienced a short sale. HUD sent a memo to all FHA lenders and underwriters explaining how to handle an FHA loan applicant with a short sale on their record. (Download the memo HERE). This is great news for hundreds of thousands of Americans who got rid of a previous home through... [Read more]
Don’t Be Fooled
Don’t be fooled…we’re not out of the woods yet. Although sales temporarily increased in November (and now spilling into early December), property values continue to decline nationwide. The $8000 tax credit deadline of November 30th pushed a large number of buyers off the fence and into the buying mode but it didn’t solve the real problems. The underlying factors including unemployment,... [Read more]
Gov’t Unveils New Short Sale Rules
It’s here, the much anticipated plan from the Treasury Department on how to streamline short sales was announced on Monday, November 30th. Since the Making Home Affordable program has been a miserable failure thus far, the Obama administration has turned their attention from loan modifications to short sales as a way to solve the real estate debocle in America. Here is what you need to know... [Read more]
Giving Thanks
Have you given thanks today? For me, all thanks go to the Good Lord for the many blessings he has provided: My beautiful daughter Alexa born 09/09/09 My loving and supportive wife Monica My physical, spiritual and financial health A business that has not only survived during this real estate meltdown, but has thrived beyond my wildest dreams. So many in this country have experienced the most difficult... [Read more]
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