Signs You Might Be Dealing With A Foreclosure Help Scam

A few years ago this industry was not even on any body's radar.  Today, it is crucial that if you need help you are dealing with the right people to get help.  You need to find a legitimate, authorized and experienced, not-for-profit that provide assistance and counseling for people in trouble with their mortgages.  Once […]

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HOPE Hotline Provides Free Counseling to 4 Million Plus

The Homeownership Preservation Foundation (HPF) announced last week  that since the inception of the Homeowners HOPE Hotline (1-888-995-HOPE)  in late 2008, that counseling services have been offered to over 4 million homeowners in distress.  This year the hotline is receiving 5500 calls each day, or 122,000 calls per month.  In 2009 the foundation handled 1.77 […]

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Preparing To Make An REO-Bank Owned Offer

Here are a few random points for anybody considering making an offer on a bank owned foreclosure. The bank has at least two different opinions of value. They will sell the property for very close to those values or if it has not sold after 60 days, they will order more opinions of value.  No […]

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Why You Should Consider Buying A Bank Owned Foreclosure

Everything I open today seems to be a mouthpiece for complaints about the entire process involved in buying a bank owned home. Granted, the process has its quirks, and the proliferation of really bad information from people calling themselves experts is hurting the cause. Yet, there are some reasons why you should consider buying a […]

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Realtors Should Think Twice Before Giving Access Information To Their Clients!

Through the years, case after case has occurred where we found a buyer unaccompanied by a Realtor in one of our listings.  This practice is so ingrained that many investors believe it is acceptable.  An investor has an agent they promise to write offers through if the agent will just provide them with access information […]

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How Do I Get Ink On The Agreement?

OK, silly headline.  I am writing about a pretty unsophisticated topic here, but wanted to pass along some tips and a little bit of information on how we get signatures from owners who we can't meet face to face.  In fact, because so much of our communication is electronic, even owners we could meet seem to […]

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Credit Use After You Have A Contract To Purchase

We are just getting our first taste of how the Fannie Mae Loan Quality Initiative, implemented June 1, may screw up closings with uninformed buyers.  This initiative stems from a  lender letter dated February 26, 2010. The letter noted that, during the past three years, the need had been highlighted "for an improved approach for working with […]

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The Mystery Of Credit Scores and Default

A very interesting article was pointed out to me yesterday.  Published at CNNMoney.com, there is a run down of how defaulting on your mortgage is going to affect your credit score.  With the government encouraging homeowners to go for short sales or deed in lieu programs, one of the rarely talked about paths to these […]

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As The World Turns

The words we use.  The labels we associate with actions.  Like most industries, in the default business we have a number of  unique acronyms and labels.  Today I made note of how some of them either do not make sense or are changing. When I was a young credit analyst at First National Bank in […]

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How to Prepare To Make An Offer On a Corporate-Owned REO Property

If you are preparing to write an offer on a corporate-owned REO property (foreclosure) there are certain unwritten rules a buyer and their agent need to prepare to follow.  No doubt,, there will continue to be agents who will ignore the advise given and submit their offers in a way they believe is right.  To […]

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