Having trouble finding those bulk purchases? You're not the only one, from NMN: Stan Kurland, the former Countrywide president who hoped to make a killing by purchasing distressed mortgage assets at bargain prices, is facing a cold reality that's thrown a monkey...
My dear freinds at Piggington are discussing the house in Leucadia listed for $1.3 million, http://piggington.com/more_high_end_devastation_in_encinitas and people are probably wondering why it hasn't sold. Is it the reluctance of buyers and agents to buy a short...
A candid conversation with a Wells vice president, from within the machine – a couple of excerpts:
“We still have work cut out for us. We have customers where the administration has extended it four to five payments. We have a few borrowers sitting in that situation. We have heavy, heavy lifting to do in the next couple months to pull these customers through.”
“We have lower redefault rates. Our key to these pay-option ARMs, if a customer is able to make a payment, we have to find a way to continue to allow that payment to be able to be made. What we are doing is restructuring the loan looking at net present value. It’s been very effective. Many of these customers need to be bridged from a negative amortization to an interest only. If you took them to a fully amortized product, there’s no way they are going to be able to make it. Over time, they will from an IO, step up, so there’s no payment shock.”
In the previous post, we saw that second mortgage holder Bank of America was willing to take nothing now, and allow the first lender to foreclose - rather than accept $10,000. Let's examine the possible reasons why this happened. 1. Banks are stupid - a crass...
The 4 br/3.5 ba, 3,265sf house at 3291 Avenida La Cima in Carlsbad has sat vacant all year, and was being offered as a short sale, listed for $925,000. The owner bought it new in 2003 for $694,500, and had refinanced at least three times. The latest left her with a...
Traffic report, tour of the court house steps, a flying rat, and the old standard:
Nov. 12 (Bloomberg) -- U.S. foreclosure filings surpassed 300,000 for an eighth straight month as unemployment made it tougher for homeowners to pay their bills, RealtyTrac, Inc. said. A total of 332,292 properties received a default or auction notice or were seized...
Remember this fixer near the Back Gate in Oceanside? One of our blog readers ended up buying it, unrelated to this video's appearance here on July 1st: In the meantime, other flippers have been busy in the area buying REOs and fixing them up to sell - here are other...
One of the best things you can do on Veterans Day is to support those on active duty. Long-timers here will remember our dear friend Aunt Nancy, who runs a website where you can volunteer to send a gift package to the troops for the holidays:...
Anyone can do it....
