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Who's Processing Your Short Sale?
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. . .
Loan Principle Forgiveness:by AButleriii
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. . .
Chase Plays Hardball with AZ Homeowners
Policy discussion regarding Chase Home Finance and the pursuit of deficiency judgements against homeowners in Arizona. Hosts are: Allen D. Butler III, MSSC, GRI, CDPE, A-REO, AWHD Ronald A. Mauck, MSSC
MP3 Streaming HERE
Exercising The Housing Demons:by AButleriii
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. . .
There is just about full concensus now that mortgage modifications as a cure-all for the US foreclosure crisis are, shall we say, "less than adaquate" to the situation. Like most government efforts to make people's lives better, it's a day late, a dollar short, and has had a slew of unintended consequences. If the government's plan was to fix the mortgage crisis, they have failed miserably. However, if the plan was actually to delay the inevitable. . .Read More. . .
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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's hear what he has to say:
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. . .
The Arizona Home Buyer's Market Report
This discussion between Allen D. Butler, and Ronald a Mauck regarding the current home buyer's market in Arizona, sheds some light on the impact of an increase in home inventory levels.
In late 2008, it became readily apparent that, due to federal and state government intervention in the mortgage markets, traditional foreclosure processes ground to a halt; by mid-2009 it had become all but illegal to foreclose on a borrower in default. Unfortunately, we have all come to realize that all the intervention in the world will only postpone the deflation of the housing bubble. This "postponement" is approaching four years now, and it seems that it may be reaching its inevitable end. Read More. . .
After Foreclosure: Cash for Keys in Arizona: by AButleriii
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. . .
Arizona Governor Signs New Foreclosure Law
Arizona Governor Jan Brewer signed a new foreclosure law in Arizona that deals with Banks and Delinquent Borrowers. This sparks a discussion with our foreclosure specialists.
MP3 Streaming HERE
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