Because short sales are difficult, time-consuming, and process intensive, real estate agents who don't have the time, knowledge, or inclination to do them have begun to offload or "out-source" the work to others. There are now many different kinds of short sale negotiators, from attorneys, title companies, and financial advisers, to unlicensed individuals and stay at home moms. Can any of these people complete a short sale? Sure they can. The key questions are: a.) could homeowners be affected by the out-sourcing of their loss mitigation efforts, and b.) who exactly should be conducting these short sales? Read More. . .
In a fit of prescience, yesterday I indicated that the outlook for government housing programs was less than rosy, and that the foreclosure crisis would roll on, albeit much more slowly. I also, at the end of my article, engaged in a bit of frolicking fun at the government's expense, prognosticating soviet style housing for all. . .Read More. . .
The Arizona real estate market hasn't changed much in the last year and a quarter. My essay concerning government intervention in the housing market explains why this is likely so, but it doesn't explore the path forward. In fact, "where are we headed?" is the biggest unknown occupying the minds of Americans everywhere. . .Read More. . .
Homeowners in Arizona who have recently been foreclosed on will likely get a knock on the door and a posted notice of some kind, indicating that the home is now under new ownership, and the new owner intends to take possession shortly. Depending upon the new owner, this will usually occur within 10 days. For lenders and processors whose operations are well defined and implemented, the knock and the posted notice can come within 48 hours of the auction sale. If the new owner is a servicing lender or a GSE, it is likely that the person who knocks on your door and posts notices on the home will be a real estate agent. Read More. . .
Real estate values are of key importance for many in America, even those who don’t own homes. Politicians in Washington have full responsibility for inflating the real estate bubble that led to the housing crash that brought down the American economy, and many are now wondering: How are their efforts going to clean up the mess? READ FULL
It's been a little while since I've done a comprehensive overview of the short sale process, and certain federal legislation and lending policies have changed the landscape some. With that in mind, I'll fully review the newest short sale strategy, HAFA. By now, I'm sure you know that HAFA stands for "Home Affordable Foreclosure Alternatives". HAFA is Part II of the government's failed HAMP loan modification program. I'm sure you've read all over the media that the individual homeowner has about a 17% chance of actually getting a loan modification. . .READ FULL ARTICLE. . .
Some interesting questions have been asked about occupancy and how it relates to Cash for Keys. For example, many people have asked, "What if I move out before a lender representative offers the Cash for Keys?"
In this situation, there are several things that can happen. First, we must realize that the lender wants possession of the home. They intend to sell it, and can't if you live in it. So, if you move out before the lender makes a Cash for Keys offer, you may be rejected.
There must not be very much information out on the internet about the subject of cash for keys or relocation assistance, because after I wrote that last article, I got calls from around the country, and even from business owners who were being offered cash for keys on commercial properties. So, I thought that you all would appreciate some more information on the subject of cash for keys in Arizona, or cash for keys in general, as most banks have similar policies.
On a special note, I was able to wrestle Johnson Smith, a noted cash for keys expert, into talking with us about cash for keys, and how he handles these situations for banks from around the country.
Let us say for the sake of discussion that you have a 4 year old child. This child's room is filthy, and he or she needs to clean it. You instruct the child that they cannot come out of the room until it is clean. Now, if your 4 year old is anything like mine, I can walk into that room a few hours later, and it will be the same, or worse than it was before, and I will be greeted by a blank stare when asking, "What happened to the cleaning?"
Unfortunately, this analogy also works for getting a loan modification. You call your bank (or they call you) to say that you're financially in trouble, and help is offered. There only one simple thing to do: send in all your paperwork, and everything will be fine. And like the child cleaning the room, if you peek back in a little while, you'll find that absolutely nothing has happened, and the file has probably been lost. . . Read More. . .
