Lenders ranked in Tier 1 during this round are eligible for the following increased loss mitigation incentives during calendar year 2011:
1. An additional $100 payment for each Special Forbearance Agreement executed on or after January 1, 2011;
2. An automatic (i.e., HUD’s written approval is not required) extension of two additional months to continue to market their properties being sold via Preforeclosure Sale; and
3. An increase in the reimbursement of foreclosure costs from two thirds to 75 percent for Part B claims received by HUD on or after January 1, 2011, for loans endorsed on or after
February 1, 1998.
“Not sure how accurate the numbers are lately from Realty Trac- I am a Distressed Market Professional and follow a different set of numbers that comes from a local title company here in Clark County that I find much more accurate-
Here is what I have:
Notice of Trustee (NOT) Sale- 135 (June- 134 and Jan/2012 had 91. This means an auction is set 90 days from time of NOT.
REO- July- 62 June- 44 and Jan/2012 had 56. These are homes that failed to sell at auction and returned to bank to either re-list or turn into the dreaded shadow inventory. With an increase like this I do not understand how we made an improvement?
Auction Purchases- 21 this has stayed about the same the last 6 months. These are purchased at court house steps and pretty ironic that typically about 40% of these are bought from same group each month.
SFR- July- 299 These are the non-distressed properties. Down from 314 last month and up from January- 140. NOTE- these are the homes that are getting multiple offers as some have gave up on the distressed market. These homes will continue to improve values for us.
Short Sales- July 88 down from a peak of 113 in June and up from 6 months ago in January which was only 66 homes. The key to a successful short sale is working with agents that are knowledgeable of the moving parts of a short sale- both seller and buyer need the education.
REO Sales- July- 66 up from 64 in June and DOWN from 90 in January. Less homes will be going back to banks as we continue to improve process and procedures with short sale transactions. Again- an educated listing agent, buyers agent, seller and buyer can make or break a short sale.
I have no problem putting my name to this either- I am Bill Black, a local Mortgage Banker with Directors Mortgage- Bill Black CDPE CMP http://www.billcblack.com focused on assisting the financing as well as offer seminars to distressed homeowners and buyers as well as Washington State clock Hours to Real Estate Agents on the distressed property market.”
I’ve just learned that Aurora Bank/Mortgage is closing….
If you are a listing agent and one of your short sales is with Aurora servicing you’ll want to review your portfolio, as the sellers should be receiving service transfer letters from either Nationstar or Selene Finance soon. You’ll want to alert your seller(s) to be on the look out for letters from either of these servicers, so they don’t mistake them for junk mail or solicitations. You’ll will need the new servicer’s loan number, 3rd party authorizations, servicer specific forms, contact info, etc.
I was not able to actually reach any live person in customer service or loss mitigation, and I was not able to leave a voicemail for my usual contact, so I’m not sure what impact this will have on existing short sales or modifications in process.
If your servicer is Aurora be aware of the issues at hand and this could cause some bumps if you are in the middle of a modification or short sale.
A lesson in Economics 101: A decline in economic activity (GDP) increases unemployment and reduces tax receipts. This can easily become a vicious cycle. In times of economic weakness governments typically step up spending to help account for the decline in consumer consumption. This is what we are doing in the US and thus the mounting deficits. The euro zone countries do not have the privilege of printing money to prop up their economies. The trick for a government is to borrow as little money as possible to get GDP moving higher. Higher output from the economy leads to more tax receipts that ARE SUPPOSED to be used to pay back the loans taken out to jump-start the economy.
Thanks to “Think Big Work Small” this morning for broadcasting where the fraud occurs and that NO ONE seems to care……. keep it up Frank and Brian your work is appreciated and I hope the Middle East don’t get too pissed off for whistle blowing on their income stream.
I have recently submitted a three hour course loaded with up to the minute tips, tricks and strategies to improve the process of listing agents managing distressed property as well as buyers agents looking to purchase or at least “attempt” to purchase distressed property. Constantly striving to be the most knowledgeable professional in the NW on distressed property I have used over ten years of Mortgage Banking including owning my own branch and the last three years as Business Development Consultant for a Bankruptcy firm to gather the needed process, systems and materials to be the best you can be in this short sale world.