robo signers | Real Estate Insider News – Real Estate Coaching and Training

CNBC’s Diana Olick is traveling the country this week exposing the top opportunities for buying…In other words, great news for our real estate industry. Today, Miami. In Miami, condo sales are up by 132%. And…you guessed it…virtually all of those sales are ‘distressed sales’. REOs and Short Sales will dominate the real estate headlines for at least the next 2-3 years as the era of ‘extend and pretend’ comes to an end. Please know that any uptick in home sales will soon be more than offset by the number of new REO Listings. Are you ready to learn how to […] Click Here To View More

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Very interesting CNBC video…. Charlie Scharf, CEO of JP Morgan’s retail financial services shares insight on the mortgage business and principal forgiveness: “Our focus is helping people who want to pay and are having difficulties,” “We’ve got to be very careful that we don’t create an environment where we encourage people not to pay, and that’s the danger you have when you get into broad based principal forgiveness” In other words, Chase is not interested in principal forgiveness. Yesterday, Bank of America said the same thing. Bottom line, underwater owners aren’t going to be bailed out. With no chance of […] Click Here To View More

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Are mortgage loan modifications really working?…Well, no. Matter of fact, it appears that the Obama Administrations HAMP program (major element of HAMP being loan mods) may be canceled very soon. In this CNBC video a Wells/ Fargo describes how their loan modifications work…or don’t work. What is not discussed in this video are the terms of a typical loan modification. For example, most loan mods are only temporary. Most loan mods do nothing with the negative equity. Most loan mods will temporarily reduce the borrowers payment by 50% (give or take). What happens the the 50% they are not paying? […] Click Here To View More

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Agents, if you aren’t listing short sales…helping underwater distressed owners avoid foreclosure…you are missing nearly 50% of the market! In California nearly 70% of the home sales in December were Short Sales and Foreclosures. Clearly, the opportunity for you to make a difference helping folks avoid foreclosures via a short sale is just getting started. Watch the free Agent Short Sale Secrets video now..and grab your free short sale training guide. Here is the video from CNBC. Click Here To View More

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The national focus has temporarily turned away from the real estate crisis. People seem to have gone from shock and awe to complacency.. We expect all of that to change very soon….new reports being released that are giving a very clear window into what will happen next for housing. Here are excerpts from an article from The New York Times: The country’s real estate problems are “underappreciated,” and banks could face another $1 trillion in housing-related losses, Mr. Roubini said in a phone interview with DealBook on Monday. At the same time, he played down the issues in Ireland, Greece, […] Click Here To View More

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I will get right to it…. If you missed the Bank Of America, Tim and Julie Harris training event you simply must listen to the replay now. (…the call was completely full and I apologize if you were shut out..the system was over capacity.) Here is the instant free replay, you can listen now: Exclusive Tim and Julie Harris, Bank of America Executive Interview On this historic call you will have all o these questions answered: 1) What is the current state of real estate market nationwide? 2) Levels of Shadow Inventories, how big..and how bad? 3) Bank of America […] Click Here To View More

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492: The number of days since the average borrower in foreclosure last made a mortgage payment. Banks can’t foreclose fast enough to keep up with all the people defaulting on their mortgage loans. That’s a problem, because it could make stiffing the bank even more attractive to struggling borrowers. In recent months, the number of borrowers entering severe delinquency — meaning they missed their third monthly mortgage payment — has been on the decline, falling to about 700,000 in October, according to mortgage-data provider LPS Applied Analytics. But it’s still more than double the number of foreclosure processes started. As a […] Click Here To View More

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Home Values Double Dipping…nationally. For well over a year we have been warning Tim and Julie Harris students that there would be a double dip in home prices…. Some listened…many didn’t. This new CNBC report on the just released Case/ Shiller Home Price Index should validate the double dip even for the most ardent dissenters. (You know who you are Click Here To View More

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Today’s real estate headlines….and…as we have been predicting for well over a year (maybe, warning is a better word) most real estate markets are double dipping. What does that mean to you?  Depends on your situation: 1) Agents who have become lender preferred short sale experts…ASD (Accredited Short Sale Designation) agents…..get ready to be very busy. Fact is, homes are still depreciating in most major markets and owners who want to avoid foreclosure will need a true short sale expert. 2) Agents who are listing and sell REOs (or soon will be)..you ship has arrived. There are as few as […] Click Here To View More

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Great article from the LATimes about the true ramifications to our nation as a result of the millions of homeowners who are underwater… Read this article and share your comments. This article does an excellent job of exposing the truth about underwater mortgages: “….bigger problem may turn out to be the millions of Americans who are still faithfully paying their mortgages, but on houses worth far less than before the bubble burst. It’s not that these homeowners will stop making their payments. It’s just the opposite — that they will keep doing it.” Our industry is of two minds when it […] Click Here To View More

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Insight with John Taylor, The National Community Reinvestment Coalition; Stephen Meister, real estate attorney and CNBC’s Jane Wells. Watch the debate. Click Here To View More

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Many interesting things to pay attention to in this CNBC video… …most notably, the Obama Administration official is making it clear that they are going to be moving forward with foreclosures…and…selling the homes as REOs. At this point its clear that if these home must be sold…and the homeowner doesn’t sell  as a short sale…the property must be sold as a REO. Distressed homes MUST be sold… This never ending housing death spiral ends when homes are owned by folks who will make their payments. Here is the video: Click Here To View More

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National Association of Realtors released the September home sales data…and…home sales IMPROVED by 10%….time to celebrate? Read on… If you take out the seasonal adjustments in September, there were actually 35,000 fewer home sales in September than August, or a 8.5 percent drop. We always use the seasonally adjusted numbers, because home selling is a very seasonal business, but you can’t ignore the raw stats on this one. The most important number in this report, however, is that 35 percent of all sales in September were of “distressed” properties, or foreclosures and short sales. We all know a huge chunk […] Click Here To View More

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I watched this video a couple times….and read other interviews with HUD head-honcho Shaun Donovan…and here is what I am concluding: The Obama Administration is not going to pressure the banks into any sort of moratorium. They are leaving up to the states attorney generals to explore the legal issues with MERS and the robo-signing scandal. SO, time will tell. What the Obama Administration IS going to do is use this opportunity to leverage  servicers to do more short sales and…when possible…loan modifications. Watch this video and share your comments: Click Here To View More

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As we have been predicting, the foreclosure moratorium that started with the robo-signer scandal is coming to an end. Expect the other major lenders to follow suit this week. Agents, are you are ready to learn how to (finally) become a REO listing agent?  Listen to this FREE 90 minute how-to list REOs (and make money from BPOs) training event. Curtailing a moratorium sooner than expected, Bank of America announced Monday that it would resume foreclosures by next week in 23 states where court approval is needed to go ahead. The decision covers 102,000 mortgages. While the bank said it had […] Click Here To View More

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Bank of America and Tim and Julie Harris students close nations first HPO Short Sale. Congratulations to Tim and Julie Harris students Joel and  Michele McClintock for closing the nations first Bank Of America HPO Short Sale. Bank of America’s office of the President selected these Tim and Julie Harris students to refine the HPO Short Sale process. As we reported in August BoA is testing a new secret short sale program called, Bank of America High Performance Outreach (HPO). Read the original post and program details here. The McClintock’s report that the new Bank of America process was smooth […] Click Here To View More

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In an effort to rush through thousands of home foreclosures since 2007, financial institutions and their mortgage servicing departments hired hair stylists, Walmart floor workers and people who had worked on assembly lines and installed them in “foreclosure expert” jobs with no formal training, a Florida lawyer says. In depositions released Tuesday, many of those workers testified that they barely knew what a mortgage was. Some couldn’t define the word “affidavit.” Others didn’t know what a complaint was, or even what was meant by personal property. Most troubling, several said they knew they were lying when they signed the foreclosure […] Click Here To View More

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Follow up on the whole robo-signers drama. Read this post for our opinion on what will come of this issue. (Not much) Forty attorneys general from around the country are considering launching an official investigation into foreclosure problems that have recently surfaced. Iowa Attorney General Tom Miller discusses the issue with CNB Click Here To View More

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GMAC Robo-Signers. I am of two minds on this emerging story…. Will the wide spread practice of lenders using so-called Robo-Signers really be enough of a legal issue for judges to take action or…is this just a passing story? One thing I am perfectly clear about is the fact that in our current political and social climate many judges will feel compelled to side with the homeowners. Afterall, its trendy (and many would argue justified) to be a lender-hater. Wanna bet that all servicers use Robo-Signers? Safe to say that the use of Robo-Signers is declared illegal…and judges toss out […] Click Here To View More

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