Hat tip to SM for sending this article from the Arizona Republic - here's an excerpt: "Flopping is the opposite of flipping," said Amy Swaney, regional Arizona sales managers for Citywide Home Loans and a past president of the Arizona Mortgage Lenders Association. "It...
Hat tip to MB for sending this in, from the nytimes.com: PHOENIX — Bank of America and GMAC are firing up their formidable foreclosure machines again today, after a brief pause. But hard-pressed homeowners like Lydia Sweetland are asking why lenders often balk at a...
Originally, the Governor vetoed the first anti-deficiency judgement law, SB 1178, which had been passed by both the Senate and Assembly of California. But rather than arm-wrestle, they submitted SB 931, both houses passed it, and the governor signed it on October...
Not every short sale in progress is getting the benefit of the doubt - servicers are dropping the hammer here and there. Will it turn into the trend?
Reader "positive" said that 'ghostfaceinvestah', an MBS-trader who comments on Calculated Risk, trusts that LPS accurately reports the mortgage delinquencies and defaults data (I had mentioned my skepticism - Mark E., what do you think about LPS?). I did email LPS...
Frank asked about the breakdown of REO/SS/regular-sellers: SD County, August 2010, all property types Seller # of sales Avg. Sales Price $-per-sf DOM Short-Sales 543 (20%) $313,054 $197/sf 132 REO 605 (21%) $281,311 $185/sf 46 Regular 1,675 (59%) $483,559 $266/sf 70...
If the top-20 servicers are turning over their distressed loans at a 3.9% clip, that's a 25-month supply on average (and a boatload of free rent!). From HW: Carrington Mortgage Services liquidates distressed loans faster than any other subprime servicer, according to...
From reoi.com: Real estate brokers who have long complained about the time it takes to complete a short sale now have two U.S. congressmen in their corner who are sponsoring a bill that would require lenders to respond to consumer short sale requests within 45 days....
Hat tip to the reader who sent in this official warning notice from the Commissioner of the DRE regarding buyers being forced to pay the listing agent's short-sale negotiator. An excerpt: Unfortunately, Short Sale fraud is growing, and it too often seems that...
