Las Vegas Short Sales, Foreclosures, REO, Bank Owned Updates

Bank of America Faces Homeowner Class Action For Withholding Federal Bailout Funds

noreply@blogger.com (Unknown) — Wed, 26 May 2010 18:31:00 +0000

Bank of America Faces Homeowner Class Action For Withholding Federal Bailout Funds

Anyone who did business with a mortgage lender or broker who used Bank of America or Countrywide should have their documents audited due to the appraisals and general paperwork errors.

I for one will never do business with them again or refer anyone due to their business practices.

Does the small guy have a chance? My Opinion - Maybe or No

noreply@blogger.com (Unknown) — Mon, 29 Mar 2010 17:11:00 +0000

David and Goliath the epic battle in which the undog wins against all odds

It really depends on the bank and type of investor in your loan.    The company you call such as Indy Mac or One West Bank are the servicer and usually do not hold the note.   A third party investor like Fannie Mae, Freddie Mac, or priviate investors owns the note.

Fannie and Freddit are working with services to get short short sales done and loan modifications but if your note or mortgage is held by a 3rd party investor who isnt willing to work with you and rather foreclosue to collect their MI (Mortagage Insurance) you are frankly screwed.   By the way they get their money when the insurance kicks in and you get foreclosed on.   If you actually speak with the MI carrier they will assist in doing a short sale or loan modification because they dont want to pay out a claim. Or if the servicer is acting in "Bad Faith" let them know it may invalidate their policy.

Speaking of Indy Mac who went belly up and the Feds stepped in and ran the company until a group of billionare investors bought it for pennies on the dollar are just one of these banks who look like they are working hard on "getting it done", sending out mailers saying we want to help, calling using an auto dialer that hangs up after one second (proves they called but gave you no chance to speak with them, fills their quota of calls so they can foreclose."

All is just a facade to prove they reached out to you and you didn't respond.

If you are serious you have to go on the offensive and contact them every day, send in the paperwork by fax, by email, federal express so you have a papertrail. Use their tactics against them.

David and Goliath - The Judges are seeing what the banks are doing in Nevada Foreclosure Mediation Program but their hands are tied.

In New York, a Judge granted a couples lawsuit against Indy Mac or One West Bank whacked the entire mortgage telling IndyMac/One West Bank they acted in bad faith and because of that they were nullifying the mortgage.   Of course it is in appeals court.

More battles will be fought and one by David.   Let's hope when the dust settles and the War is over Goliath is flat on his back.

SysAdmin

Go here to see if your servicer is participating in the HAMP

noreply@blogger.com (Unknown) — Sun, 27 Dec 2009 21:50:00 +0000

Go here to see if your servicer is participating in the HAMP program: http://makinghomeaffordable.gov/contact_servicer.html

PennyMac Updated Article - countrywide exec

noreply@blogger.com (Unknown) — Tue, 22 Dec 2009 23:27:00 +0000

PennyMac Updated Article about how the ex-countrywide exec exited countrywide before the Bank of America purchased them, waited the legal allotted time then opened his doors in the same countrywide building as Penny Mac - a company with a core businesses of buying bad loans from shall we say Bank of America and other banks.

So one of the executives that worked for countrywide during the exotic mortgage frenzy, subprime blowout left and started a company to profit from those same bad loans. Is it great timing, cunning business tactics or just plain fraud?

http://itwnetwork.888vghost.com/graphics/pdf/pennymac_countywide_connection_LA_Daily.pdf

New or Old Tactics Being Deployed by Banks Short Sale Department - Bad Faith

noreply@blogger.com (Unknown) — Tue, 22 Dec 2009 23:01:00 +0000

Are these new or old tactics being deployed by many Banks Short Sale Department to derail your transactions. Some say they aren't equipped, others claim technology issues and there is the all encompassing statement, "I don't know?" which they use often.

Here are a few that are popping up today:

we can't find your authorization letter to speak with us. (5 months into the short sale)
our systems are down
migrating systems
bad connection
I'll transfer you, music then CLICK, you have been hung up on (after being on hold for 43 minutes)
transfer to ghost voicemail which is full. (some negociators expressed the cant access or refuse to take calls)

What is the definition of "Bad Faith"?
Wikipedia defines as "Bad faith (Latin: mala fides ) is a legal concept in which a malicious motive on the part of a party in a lawsuit undermines their case. It has an effect on the ability to maintain causes of action and obtain legal remedies. Generally speaking, courts will not just look at the legal rights of parties in pursuing a transaction or a lawsuit, but will look behind the activity at the motives of the persons attempting to obtain the assistance of the court. If a court feels that the reasons behind the transaction or lawsuit have the effect of abusing the power of the law, or the court, it will generally deny a party the ability to rely on a legal remedy that they will otherwise be entitled to. It is related to the equitable powers of common law courts to look beyond the law.

Admin

How are the banks using goverment money that was for hope for homeowners?

noreply@blogger.com (Unknown) — Mon, 17 Aug 2009 17:25:00 +0000

Read this article on yesterdays Sunday Review Journal about the % of homeowners some banks are helping and others haven't helped any but have taken the money.

Click Here for the PDF Link

If you are really ticked after reading this and many articles like it something is very wrong.

Ex-Countrywide Execs Throw it in our Faces

noreply@blogger.com (Unknown) — Fri, 07 Aug 2009 04:38:00 +0000

BOSTON (MarketWatch) -- Call it another sign that fear is out, greed is back, and we have entered the new post-crisis era. Subprime Stan is back on Wall Street, after less than three years away.

Stanford "Stan" Kurland, the Countrywide Finance executive who pocketed more than $140 million at the expense of outside investors at the height of the subprime mania, has raised about $300 million from fresh investors for his latest venture -- trying to profit from the crisis.

His PennyMac Mortgage Investment Trust (PMT) made its stock-market debut last week.

True, the IPO only raised about half the $750 million originally planned. But it's still plenty. Add it to the $584 million that Kurland has raised from other investors, including BlackRock and Highfield Capital Management, and it gives him a war chest of around $900 million.

The name of the game: Distressed mortgages, particularly the kind of troubled subprime loans that Countrywide used to make.

Buy 'em cheap. Cut a deal with the homeowner. Make a mint.

Kurland knows the business well.

For many years, he was the No. 2 at Countrywide Financial, the nation's biggest mortgage provider. Unlike perma-tanned Chief Executive Angelo Mozilo, Kurland stayed out of the spotlight and under the radar.

Smart move.

Countrywide has since been revealed as ground zero for the subprime scandal. The company, now part of Bank of America, has been widely accused of controversial and reckless lending during the boom.

It has since struck settlements with 40 states to modify controversial loans. The settlements may be valued as high as $8.6 billion. The SEC has charged Mozilo with securities fraud and insider trading in a civil suit. There is a running scandal about friendly mortgages he provided to politicians. (Mozilo, through his attorney, has denied any wrongdoing).

At the height of the boom, the company was valued at $25 billion and was making pre-tax profits of more than $4 billion.

When the crisis brought about its collapse, it was sold to Bank of America /quotes/comstock/13*!bac/quotes/nls/bac (BAC 16.78, +0.08, +0.48%) for scrap.

How did Kurland make out?

Pretty well. A review of all 173 of the company's Form 4 SEC filings shows that from 2003 through 2006 he sold stock to outsiders valued at $203 million, according to my calculations. After deducting stock-option costs, he netted a personal gain of $141 million, again by my calculations. Then he resigned quietly in October 2006 -- just before the roof fell in.

Those outside investors lost nearly all their money when the firm plunged into crisis.

Kurland has since said he was unaware of the scale of the problems at Countrywide while he was there. He declined to be interviewed for this article -- PennyMac is in its regulatory "quiet period" following the IPO. But in March, he and his pals persuaded the New York Times that he had tried to maintain decent lending standards at the mortgage giant. Indeed it was suggested that a dispute over this with Mozilo have been the reason he quit.

PennyMac brings back subprime memories - MarketWatch

noreply@blogger.com (Unknown) — Thu, 06 Aug 2009 17:07:00 +0000

PennyMac brings back subprime memories - MarketWatch

Posted using ShareThis

Must Read - Bad loans still make money - Jul 30, 2009 12:06 PM — Scott Jagow

noreply@blogger.com (Unknown) — Thu, 06 Aug 2009 15:42:00 +0000

Bad loans still make money - Jul 30, 2009 12:06 PM — Scott Jagow

A group of former Countrywide people launched an IPO today with their new company, PennyMac. Take one guess at what they’re doing. And while we’re at it, let’s talk about why the government’s loan modification program isn’t working.

PennyMac is based in Calabasas, California (sound familiar?), and it plans to make money by buying up failing home mortgages from failed banks and then restructuring the loans. From Forbes/Reuters:

PennyMac’s chief executive is Stanford Kurland, a former president and chief operating officer of Countrywide. At least 10 other top PennyMac officials are alumni of Countrywide, which was also based in Calabasas.

Countrywide was once the largest U.S. mortgage lender, but its aggressive lending practices are widely considered to be a major cause of the nation’s housing crisis.

PennyMac’s business has drawn the attention of critics who have accused Kurland and other Countrywide alumni of trying to profit from a housing crisis they helped create.

Do investors have faith in the crew the second time around? Well, in May, PennyMac predicted its IPO would raise $750 million. It netted $320 million. But the company has raised hundreds of millions from private investors as well, so some people believe PennyMac will find a way to profit.

And why not? What’s left of the mortgage business seems to be doing just fine. The New York Times reports that one reason the government’s loan mod program isn’t going very well is that mortgage companies collect tons of fees on delinquent mortgages:

“It frustrates me when I see the government looking to the servicer for the solution, because it will never ever happen,” said Margery Golant, a Florida lawyer who defends homeowners against foreclosure and who worked in the law department of a major mortgage company, Ocwen Financial. “I don’t think they’re motivated to do modifications at all. They keep hitting the loan all the way through for junk fees. It’s a license to do whatever they want.”

More from the article:

“If they do a loan modification, they get a few shekels from the government,” said David Dickey, who led a mortgage sales team at Countrywide and Bank of America, leaving in March to start his own mortgage advisory firm, National Home Loan Advocates. By contrast, he said, the road to foreclosure is lined with fees, especially if it is prolonged. “There’s all sorts of things behind the scenes,” he said…

“For many subprime servicers, late fees alone constitute a significant fraction of their total income and profit,” said Diane E. Thompson, a lawyer for the National Consumer Law Center, in testimony to the Senate Banking Committee this month. “Servicers thus have an incentive to push homeowners into late payments and keep them there: if the loan pays late, the servicer is more likely to profit.”

One more note on a semi-related subject. The Wall Street Journal reports that the Senate has subpoenaed Goldman Sachs, Deutsche and other banks to inquire about possible fraud in the mortgage market:

The congressional investigation appears to focus on whether internal communications, such as email, show bankers had private doubts about whether mortgage-related securities they were putting together were as financially sound as their public pronouncements suggested. Collapsing values for many of those securities played a big role in precipitating last year’s financial crisis.

If they can’t prove fraud, how about absolute and utter negligence?

Back on the Market - two model homes at providence in the northwest

noreply@blogger.com (Unknown) — Tue, 14 Jul 2009 15:55:00 +0000

Buyers Backed Out at the 11th Hour Leaving Seller Twisting in the Wind

7036 Delta Falls , Las Vegas NV 89149 Google Map

SHORT SALE WITH PREVIOUS APPROVAL CALL FOR DETAILS Former Model Home*NEVER LIVED IN* Spacious Eat-in Kitchen, Breakfast Bar, pendant lights, Corian, Oak Cabinets w/ pantry, 2 story ceilings in LR w/ 2 fans & FP, Driveway Pavers, Backyard fully landscaped w/ syngrass, Mt & Strip Views, Ceiling fans T/O, custom paint, updated 7/14/09 View Tour Here - Listed at $186,000 - Approval Letter Just Expired

7044 Delta Falls, Las Vegas NV 89149 Google Map

Model Home in*Spacious Kit,Island,Breakfast Bar, DR/Family rm, 20x20 tile, Separa LR, Granite, Upgraded Cabinets, WI pantry, stone backsplash, built-in desk,custom paint, Balcony/Covered patio,french doors, Driveway Pavers, Fully Landscaped, MT/Strip Views, surround sound, full house audio package, patio in front
View tour Here - Listed at $199,900 - Approval Letter Expires on 7/14/09

Call for Showing - 3rd Tier Bank Representative Involved in Closing these Deals.

Call Lising Broker at 702-372-2671

Olivia McClellan, REALTOR®, ABR, CRS, GRI, RRG
Broker, Property Manager
Triple8 Associates Inc.
5940 S. Rainbow Blvd. Ste 1007
Las Vegas, NV 89118
Direct 702-372-2671
Fax: 702-948-5790
Olivia@Triple8Associates.com
Visit me online at www.Triple8Associates.com

REALTOR® Magazine-Daily News-FHA Cracks Down on Mortgage Brokers

noreply@blogger.com (Unknown) — Fri, 19 Jun 2009 16:34:00 +0000

REALTOR® Magazine-Daily News-FHA Cracks Down on Mortgage Brokers

Shared via AddThis

AHHHhhhhhh...... Short Sales Process or Un-Process

noreply@blogger.com (Unknown) — Sun, 31 May 2009 17:42:00 +0000

Falling down the short sale rabbit whole is one of the most difficult processes in the real estate business.

During the last year I have successfully completed many short sales most of the time with hundreds of hours put in on the phone, planning, anticipating and constant maintenance on the account to get the deal done.

Calling the Loss Mitigation Dept or Short Sale Department:

A. The first line is a collection agency and their job is to not let you pass and collect a payment - equal to a couple of blows to the head with a baseball bat)
B. If you get transferred to Short Sales - start off with level 1 (couple more shots to the head) when you find out the faxes have not gone through or have been imaged in 30 days.
C. Level 2 Negotiator - wants to help but is still putting the file together, so react quickly and get them want they need. (Still painful because they usually don’t respond and your file is reassigned just before their 30 days to open the file is up so this should put you at 3 months in with a terrible headache.
D. Level 3 Negotiator - File is done and is being prepped to be sent to the investor, or MI carrier. There is no time frame so your head starts throbbing because your buyers are 5 months in and ready to walk. If they walk you start over with #1.

Faxing Documents:
Most of the banks incoming digital fax lines are jammed/overwhelmed/under prepared or down and IF the fax goes through (I.E. - you can print out a confirmation sheet) if they appear in your clients file within a 21 day period "halanuh" but if they never appear in the file or if they get imaged into the wrong slot is spells failure.

Emailing Documents:
Negotiators do not give or dont have access to get external email so this usually doesn’t happen unless you get a supervisor and when do upload it correctly it will assist in moving the deal along.

Hitting the Moving Target Blindfolded:
The Agents role in getting the short sale completed is similar to being blindfolded and asked in order to survive and put food on the table you need to go hunting for a deer blindfolded. Every hundred thousand shots you may get lucky.

The minefield created by the banks is almost impossible to cross but we continue to push forward and inch at a time.

More to come - Stay Positive in Overwhelming Negative Times

Admin
~

Green Tree Collection - Bank of America says they are working with homeowners

noreply@blogger.com (Unknown) — Mon, 16 Mar 2009 22:40:00 +0000

Short Sale 102 – Green Tree

What do you do if your 2nd mortgage is held by Green Tree? One Word – Give up these guys doesn’t negotiate, refuse to listen and speak over you in your traditional collection agency garbage.

There Policy: They are not willing to take less than $5k or nothing... I bet BofA share holders are happy with those policies or are they. You speak multiple telemarketers who ask the same mundane questions are you going to make a payment.
It seems dealing with green tree collection agency a division of Bank of America new policy is %10 of the total loan amount not their loan amount but if there is a first and second combined.

For instance a property purchased at $175k is now worth $58k the 1st mortgage is $145k and the 2nd is worth $29k.

The 1st loan is willing to accept $58k with $2,900k paid to the 2nd who is Green Tree holds. They are unwilling to accept $2,900 renegotiated dollar amount and jacked it to $5k then said $5k would be the starting point. $2,100 discrepancy they refused to budge on but kept on talking doing their best to get your blood boiling and fly of the handle so they can hang up on you. If you are polite they have to talk and talk but one harsh tone or $% then they will just hang up. Now they can threaten to come after you even though their loan is not secured and use scare tactics to get you to bite but you need them, they don’t need you.

I have to say speaking with Green Tree is up there with getting a root canal.

Admin, Nuff Said

What’s going on in the short sale world?

noreply@blogger.com (Unknown) — Fri, 13 Mar 2009 00:06:00 +0000

What’s going on in the short sale world?

It is common practice of distributing disinformation – if you call back 10 times a day for 5 days and ask the same questions you will get a wide variety of answers. These are not small discrepancies but black and white answers that would lead a person to believe what the representative is telling them.
Representatives talk over you and will not listen to questions nor answer then with the intent to frustrate you. In fact, I bet they have in office bets how frustrated they can get you and keep you on the phone.
Incoming fax process – no one knows how it works because it doesn’t.
Incoming calls to short sale are redirected to telemarketing debt collectors who blatantly lie, pass phone calls back and forth to each other pretending to be supervisors then hang up on you without raising their voices, are very pleasantly trying to frustrate you to hang up or if you are on a cell phone lose your connection – What could be the reason?
Sending out thousands of letters to customers telling them their short sale will be done within 30 days giving them hope – supposedly by mistake
Sending out thousands of letters to customers telling them their short sale was declined – supposedly by mistake.
1st Tier Telemarketers/Debt Collectors push the limit with threats about payment and collection tactics.
1st Tier Telemarketers/Debt Collectors will not let you speak to a supervisor without repeating a scripted question over and over then when they do transfer you the disconnect you.
Files that actually do make it into their system disappear
Files that are assigned a negotiator after months are unassigned and kicked back to pending status
Files that are being reviewed are not updated for weeks or reassigned to a new negotiator not escalated to a 2nd Tier or 3rd Tier Negotiator.
1st Tier Telemarketers/Debt Collectors are in places such as Arizona and India. *Nothing against India but these is confidential information.
Loan Holders with some Lenders have received notices that their confidential information such as social security numbers MAY have been stolen by an ex-employee.
Even after a short sale has approval India 1st Tier Telemarketers/Debt Collectors still call day after day wasting time and money.
Blindly out of nowhere a representative will call you with a fake name and tell you your short sale has been declined due to no offer or documents in their file, leaving you to call a 800 number where a new representative will know nothing about it when policy dictates all contact to be noted in the file.
When any representative is on the phone with you and is “noting the file” a person would be lead to believe that he/she is but when you call back a day or a week later to check there are no notes in the file. None. Zip.

Frustrated Admin who calls these people on a daily basis to go round and round for hours on the phone.

REO, Bank Owned Foreclosures - What am I buying?

noreply@blogger.com (Unknown) — Sun, 25 Jan 2009 17:25:00 +0000

There are auction sales, foreclosure bus tours, seminars selling books and tapes on how to buy a foreclosure with no money down (*not sure where they are getting their loans) and a multitude of other sources that pop up on radio, tv and in the mail.

First, you have to decide are you going to live in it or use it as a rental property. If you are going to buy it as an investment do you want to be a landlord or use a property manager. If you live out of state you must have someone on emergency contact with in 60 miles. A licensed real estate agent, and permitted property manager will take care of that + collect your rent, screen tenants, work with the HOA and be your presence looking out for your investment.

If you decide to live in the property you need to evaluate your property differently. If you have kids checking the school zones, crime rates, master planned assesments, etc. A big question is: "Is this a community I want to live in?" Just because I can buy this cheap house does it meet my overall goals.

These are all questions you need to ask yourself and consult with a licensed real estate agent, REALTOR® and property manager with experience.

Foreclosure slow - Sales Pickup

noreply@blogger.com (Unknown) — Sun, 25 Jan 2009 17:20:00 +0000

The foreclosure market in Las Vegas has slowed down allowing buying to come off the fences and pickup inventory at 50% of what it was 5 years ago. Homes that sold in 2006 for $680k you can now purchase at $250k on 1/3 acre lots.

There is a lot of research out there that another wave of foreclosures is coming not ARMs resetting but owners who cannot justify paying a mortgage on a $900k property while their neighbor who just moved in is paying for the same property $400k. It dosent make sense.

The question is "What would Trump do?"

Indymac Closes Doors Per FDIC

noreply@blogger.com (Unknown) — Sun, 13 Jul 2008 03:40:00 +0000

Check out http://indymacbank.com/ for details on what happened, what to do about your mortagages and where is your money?

more to come

IndyMac Holding Off on Selling Foreclosures

noreply@blogger.com (Unknown) — Sat, 17 May 2008 23:28:00 +0000

During an April 26 conference call with analysts, Perry said the company didn’t sell a single dud loan in the first three months of the year because no one wanted to pay what he thinks they’re worth. No way is IndyMac selling to a hedge fund for “pennies on the dollar,” Perry said.In that time, IndyMac’s sour loans and foreclosed real estate ballooned 75 percent to $324 million. “We are not going to fire-sell when we have the intent and ability and expertise to work through those loans and sell them ourselves,” he said.But Indymac and others who deal in Alt-A loans, such as Impac Mortgage Holdings of Irvine and Downey Financial of Newport Beach, may not have time to wait. The same problems shaking up the subprime market are now emerging in the Alt-A industry. via the OC Register

Blue Rooms and Foreclosures

noreply@blogger.com (Unknown) — Tue, 29 Apr 2008 04:43:00 +0000

What is the deal with foreclosures, especially the ones in Las Vegas. Either one of the rooms or in the case of a foreclosure we toured today the garage was painted blue. Each time we visit four bank owned properties at least one if not more has a blue room. Does anyone else out there notice this phenomena?