Mother & Daughter Blog

Summer Danger: Parents is there a pool next door in that foreclosed home?

Wed, 08 Jul 2009 22:06:30 -0500

Although this is not a new problem, it is a real problem that still needs to be given the highest attention. Its summer, children are out of school and they love to swim.

So maybe you do not have a swimming pool in your yard but what about the property that is either on the other side of the fence or right down the street, where the gate is not locked or the fence is not too high to climb.

The property is vacant, the pool is full or yuky dirty water, with polluted water and possible it is a mosquito den or worst. Make sure you know where you children are and that they are not over in the foreclosed home’s yard planning on using that pool to take a swim or just playing around the pool and accidently fall in. With the high number of foreclosed homes in any given neighborhood, there are plenty out there with swimming pools. It is a fact that most do have water in the pool and some do not.

If the pool is emptied:

it will cause structure damage to the pool – especially in this heat.
If the pool is empty it can pop up and break open.

If the pool has water in it -->>

is it clean or is it infested?
it can breed mosquitoes which can bring on virus.

Although it is not clear who is at fault if a pool is left in the polluted and unsafe manner: That can end up getting sued for any death or health issues.

it can be the Bank (owner)
The previous homeowner
The real estate agent
Or all the above

So it just makes sense for the real estate agent

to let the bank know about the pool and its condition and
to request approval for pool service,
lock the gates to the pool and
make sure it is safe.

Of course, this alone does not keep the children from going over the fence and getting to the pool and that becomes the parents responsibility.

Check out our website and find tips for BUYERS and SELLERS - Find some valuable information on ( Short Sales, Bank Owned Properties, Latest Loan Modification programs - including Foreclosure Alternatives Program to help prevent Foreclosure). I work with my daughter (D'Adrea Davie) as the Mother and Daughter Real Estate Realty Team at Family Realty Group and we have the latest information for the Loan Modification program & FAS (Foreclosure Alternatives Program).

Our aggressive marketing plan includes on-line listing advertising.

↑ Grab this Headline Animator

If you are thinking of Avoiding Foreclosure, Short Sale or Buying a home in Northern California's Central Valley (San Joaquin, Alameda, Contra Costa and Stanislaus Counties - includes Stockton, Manteca, Tracy, Lathrop., Salida, Ripon, Modesto, Lodi, Hayward, Castro Valley, Union City, Fremont, Newark, Livermore, Pleasanton, Dublin and all surrounding cities). Call us at 866-543-0461 or email US (go to our website and email us).

The bank is not your friend.... They are a debt collector!

Wed, 08 Jul 2009 21:50:01 -0500

I don't think this is new - News- but it is true. If you are in mortgage trouble or foresee that you will be in mortgage trouble, you will need to bite the bullet and contact your mortgage lender as soon as possible. Just know that they are a debt collector. If you didn't know that or had some idea that they are your friend.... Remove that kind thought and just go on and call them, answer their questions and see what options they have for you in order to help get your mortgage payment reduced or tell you what other options they have to offer you.

Yesterday, I called one of my clients' mortgage lender and the customer service rep actually answered the phone, " Good afternoon, this is Maria.... I am a debt collector!" so there is no doubt this is what they are. She was polite, but believe me she asked me the questions that indicated that she was indeed trying to get more information on the homeowner so they could proceed with collecting on the debt they owned the bank!

I always tell them I do not have the homeowner's phone number just because I feel that is something the homeowner should give out. Why? Because once they get your (say cell phone number), they have a routine recorded caller that will call you 2 or more times a day!

So homeowners should give their home number instead of their cell phone number --- especially if they are on limited minutes on the cell phone.

So keep this in mind.... Your bank is not your friend - they are a debt collector and they are good at it.

Our aggressive marketing plan includes on-line listing advertising.

↑ Grab this Headline Animator

Condo complex not FHA approved?? HUD is eliminating the Spot Approval process

Fri, 03 Jul 2009 08:57:17 -0500

HUD is changing the guidelines for condo projects and existing condo owners who want to get approved for FHA financing. When the condo is approved - that means the buyers can purchase with a FHA loan. Right now if the condo is not FHA approved the lenders are doing what they call a Spot Approval and being able to use the FHA loans. Effective October 2009, the guidelines are changing - Major Guideline changes. The major change is the Elimination of the Spot Approval Process

What does this mean to the buyers - to find out, while in escrow, that the condo is not FHA approved?

This can delay or stop the closing.
FHA will not loan the money if the property is not FHA approved

What types of condominium developments does it affect?

Proposed/Under Construction;
Existing Construction; or
Conversions.

How can you find out if a condo is FHA approved? (go to: https://entp.hud.gov/idapp/html/condlook.cfm) or click here

Here are the guidelines:

A.	Project Eligibility. The condominium project must be on HUD's approved condominium list.

B.	Applicant Eligibility. Eighty percent of the HUD-insured mortgages in a condominium project must be the principal residence of the owners (owner-occupants).

C.	Maximum Insurable Mortgage: Same as Section 203(b) (except that the mortgage amount must be in multiples of $50).

D.	Minimum Investment: Same as Section 203(b).

E.	Mortgage Term: Same as Section 203(b).

F.	Mortgage Insurance Premium: Monthly+Upfront MI of 1.5%

G.	Refinancing: Same as Section 203(b).

FHA loans have historically allowed lower income Americans to borrow money for the purchase of a home that they would not otherwise be able to afford. FHA loan is a federal assistance mortgage loan in the United States insured by the Federal Housing Administration. The loan may be issued by federally qualified lenders.

Effective this coming October 1, 2009, this Spot Approval is being eliminated. But the ramifications are going to start being felt right away. The details are outlined in the Mortgagee Letter 2009-19 that was issued on June 12th by HUD. In this latest Mortgagee Letter FHA is announcing dramatic changes to their Condo Approval Process and the ELIMINATION of the Spot Approval Process. While these changes reduce the documentation and requirements for Full Condo Approval, it will place a lot more work and responsibility on Lenders.

Agents get ahead of the game for your buyers and do some research to see if the condo is FHA approved. Also, doing this prior to listing would really help and then put it on MLS.

After this change is into effect - The Lender will have 2 options:

HUD Review and Approval Process (HRAP).
Direct Endorsement Lender Review and Approval Process (DELRAP), outlined in this Mortgagee Letter. This option is only available to lenders who have unconditional Direct Endorsement authority and staff with knowledge and expertise in reviewing and approving condominium projects.

This should be checked out early on in the transaction to allow time to get it approved or to advise the buyer that their FHA loan is not going to work.

Stockton: here is the list of condos that are FHA approved: https://entp.hud.gov/idapp/html/condo1.cfm

Got 5 on it? Do you feel lucky? Have Five of a Kind?? (5 - YES).... Hey you may be eligible to apply for a Home Affordable Modification!

Thu, 02 Jul 2009 21:03:23 -0500

ALL you need is 5!

~ take the quiz, and then give your servicer/bank/lender a call to see if you qualify!!

GET MOVING ON THIS!

There are still so many questions about how all these programs work. The Home Affordable Modification program introduced by Obama is available to those that qualify. Take this 5-question quiz to see if you are eligible. If you answer yes to all the questions, you may be eligible… but only your servicer can tell you if you qualify.

To answer these five questions will take less than 1 minute to answer … RIGHT AFTER you answer these 5 questions.... pick up that phone and contact your servicer/bank/lender and see if you qualify.

You MUST

Be an owner-occupant in a one to four unit property,
Have an unpaid principal balance that is equal to or less than $729,750 for one unit properties (there is a higher limit for two to four unit properties - consult your servicer),
Have a loan that was originated on or before January 1, 2009,
Have a mortgage payment (including taxes, insurance, and home owners association dues) that is more than 31% of your gross (pre-tax) monthly income, and
Have a mortgage payment that is not affordable, perhaps because of a significant change in income or expenses.

Got 5 on it?

If you answered “NO” to one of these questions, please still contact your servicer/bank/lender just to be sure there are no other options for you. If you absolutely do not quality to apply for a loan modification or refinance, you still have the short sale option. So ask your servicer/bank/lender if you can get the simplified short sale agreement activated with them.

If you live in the areas of (Sacramento to Modesto to Patterson to Livermore to Fremont) – give me a call if your option is Short Sale.

But first, you will need to contact your servicer/bank/lender to see if you qualify for Home Affordable Modification.

Our aggressive marketing plan includes on-line listing advertising.

↑ Grab this Headline Animator

A little shot of time... now they are IMMUNE? ....and Nope this shot will not shrink foreclosures?

Wed, 01 Jul 2009 19:24:50 -0500

The servicing/banks/lenders are always coming up with something to not conform. Now how many times has this been said? Just when you think they have ran out of tricks.. they come up with something else. This time it is called immunity! Immunity = exempt. In this case exempt from having to wait an additional 90 days (on top of the 111 foreclosure timeline) in order to foreclose. They have found a way to go around the new California Foreclosure Prevention Act by requesting to be exempt or to get immunity from the additional 90 days that this act would allow the homeowners before foreclosing on the property. How can the banks be immune from something they had the biggest hand in starting and letting it get so out of hand. How can this be? Please read because it is very important and may just affect a homeowner near you --- or YOU!

While The State of California joined in on the foreclosure prevention by passing the Foreclosure Prevention Act back in Feb. 20, 2009 - the banks are filing for immunity from this act because they are a part of the Making Home Affordable program - and guess what??? They are being given the exemption. So what this means is:

The California Foreclosure Prevention Act (2/20/09) modifies the foreclosure process to provide additional time for borrowers to work out loan modifications /or refinance if they qualify, while providing an exemption for mortgage loan servicers that have implemented a comprehensive loan modification program already. Here's where it gets sticky. According to Civil Code Section 2923.52 which requires an additional 90 day period beyond the period already provided before a Notice of Sale (must be posted 21 days prior to Trustee Sale) can be given in order to allow all parties to pursue a loan modification to prevent foreclosure of loans meeting certain criteria under the guidelines.

So far it all sounds good - right? But wait! The servicing/banks/lenders (see list below and more are coming on board) are filing for exemption from this act (exempt from the 90 additional days). They do not feel they should have to wait the additional days since they are already a signed on to the Making Home Affordable program. So if they allowed to go exempt... they can go on foreclose after they have met the 90 + 21 days foreclosure time (after Notice of Default is recorded).

There is a list of immuned servicing/banks/lenders (Bank of America Home Loans, CitiMortgage, Kondaur Capital Corp., Carrington Mortgage Service, EMC Mortgage, Select Portfolio Servicing, etc) * all are already exempt from the wait.

While it is good that servicing/banks/lenders are getting on board with the Making Home Affordable, how sure are we of what impact it be if they are immune from the California Foreclosure Prevention Act? Will it hurt or help our homeowners?

Go to ....www.dre.ca.gov/ind_cfpa_exemptlist.asp - to see if your servicing/banks/lenders is among the ones that are immune/exempt and not waiting to go on and Foreclose on you (after the standard 90+21 days timeframe).

APPROVED (Immune/Exempt)
Bank Of America	BAC Home Loan Servicing	Carrington Mortgage Services	CitiMortgage	EMC Mortgage
Kondaur Capital	Select Portfolio Servicing
Applied and Received temporary 30-day approval
American Home Mortgage Servicing	Beneficial California	Beneficial Financial	Capital Financial services	Champion Mortgage
Chase Home Financing	Christian Community Credit union	Citaldel Servicing Corp	Clifford Douglas	Fay Servicing
First California Mortgage	First Entertainment Credit Union	First Federal Bank of California	Fresno County Federal Credit Union	GMAC Mortgage
Green Planet Servicing	Homecomings Financial	Household Finance	HSBC Credit Center	HSBC Mortgage
HSBC Mortgage	HSBC Mortgage Services	JPMorgan Chase	Kinecta Federal Credit Union	Litton Loan servicing
New Haven Financial Inc.	OneWest Bank	PennyMac Loan Services	Property Assets Inc	Provident Credit Union
Residential Credit Solutions	Saxon Mortgage Services	Selene Finance	U.S. Bank National Association	Vericrest Financial
Walter Mortgage	Wealthbridge Mortgage	Wells Fargo Bank

Check this list and if your lender is on the APPROVED list it means you will not get the additional 90 days before your sales date or Foreclosure date. If your lender is not on the list, you are safe at least until the list is revised *** keep checking. Here is the link of where to check for your lender. PLEASE NOTE: This link is probably more reliable than anything your lender will tell you!!!!! Web site to check for newest listings: www.dre.ca.gov/ind_cfpa_exemptlist.asp

Our aggressive marketing plan includes on-line listing advertising.

↑ Grab this Headline Animator

Is your bank Following the Guidelines of the Making Home Affordable Program? Or just jerking your around until they foreclose.....

Tue, 30 Jun 2009 14:53:20 -0500

If you are being jerked around by your Servicer/Bank you can report them to Fannie Mae at 1-800-FANNIE. You will need to file your complaint, follow up or you will lose out. Banks are not excited about this program. You will have do some arm twisting...... One of the main questions is -- When will the banks start to cooperate and follow the guidelines with the new Making Home Affordable Program? I have spoken to several homeowners who are so frustrated because their servicer/bank is not cooperating with this program. They are saying that when they call in they are being told no one there knows anything about the program.... but this is how it is. And they end up getting no help from their servicer/bank. Not good.

So I did some research to be able to provide to the home owner with information on what to do if they run into the servicer/bank that is not following the Making Home Affordable Program guidelines. This includes:

Loan Modification
Refinancing
the streamline Short Sale process

Go to www.makinghomeaffordable.gov (this is the official Treasury Website) for this program. Go to this website and first check to see if your property is either:

Fannie Mae property
Freddie Mac propery

Once you figure that out: call the respective Fannie or Freddie to report your servicer/bank as not following the guidelines (Fannie Mae phone: 1-800-7Fannie) and (Freddie Mac phone: 1 -800-Freddie).

The other type of property is either not covered by Fannie or Freddie (and it covers about 80% of all mortgages),There are about 16 servicers/Bank already on board. However, all Servicers/Banks should still be following the Making Home Affordable program guidelines: Here is what you do...

1. go to the website: www.makinghomeaffordable.gov
2. Click on "Contact your Mortgage Servicer"

If they are participating in the program contact that servicer/bank by using the phone number provided on the website or use the email address that is provided. I am told that the email is set up to reach a supervisor. Log your complaint, follow up. And if that does not help, call the Fannie Mae phone number as they are the administering contact for this program for the Treasury Department and will work to resolve the issue.

S T A Y on TOP of it!

Here are the links again:

Making Home Affordable (www.makinghomeaffordable.gov)
Financial Stability (www.financialstability.gov) for detailed information

WEBSITE: http://www.motheranddaughterrealtyteam.com

Need a Short Sale Specialist?
Want to purchase a REO property? Want to know what properties I have to sell?
Need information on the foreclosure process? Ask me for a FREE Pre-Foreclosure Guide
For a FREE MARKET EVALUATION of your home

Our aggressive marketing plan includes on-line listing advertising.

↑ Grab this Headline Animator

Flood Gates ... are they open yet? And what's an agent to do?

Fri, 26 Jun 2009 06:19:40 -0500

Just a reminder! The word in the air is that it is time.... (June is almost over... July is coming) -----> Banks will be or are already releasing more of the foreclosures that they have in inventory.

Although there is also the possibility that banks will cooperate with the new programs that Obama has introduced to help homeowners keep their home and also this is set in place to help slow down the number of foreclosures. See:

What has changed with Short Sales?

Between now and then... Look out for your Loan Modification letter - it is time sensitive --- if you do not get one CALL YOUR LENDER! Do not miss this opportunity to AVOID FORECLOSURE!

Doing nothing is not an option.... It's a bad mistake if you are having mortgage problems.

However, should be one the lucky agents that get a truckload of REOs (Bank Owned) properties, do not forget to maintain your properties in a manner to help the communities stay in a upbeat condition and help the market by maintaining your properties in a manner that will help the market instead of continue to bring it down.

Here are just some of the responsibilities an agent has - in order to maintain a Bank Owned Property:

Floors swept and mopped
Carpets vacuumed
Walls, ceilings and corners should be free of cobwebs
All light fixtures should have working light bulbs
Sinks countertops and cabinets wiped down
Vacuum out cabinets
Replace air filters
All appliances cleaned (interior and exterior). If inoperable, remove.
Windows washed and window ledges cleaned
Mirrors cleaned
Bathtubs, showers and commodes cleaned
Vents cleaned and free of dust
Ceiling fans cleaned
Clean fireplace, if applicable
Property should smell clean, air fresheners can be used
Gutters and down spouts cleaned
Sweep front porch
Power wash exterior, if needed

In additon, agent will need to keep the property up by:

Watering the lawn regularly
Cut the lawn regularly
Dust the inside of the property
Check again for cobwebs, pests - remove them
May have to reclean the carpet if it is during rainy season, check for mud or foot trackings
Turn on the utilities and pay the bill and wait for reimbursements
Report to Asset Manager any damages, repairs needed and supervisor their repair
and the list goes on.

You know some will say us agents have it easy. I say to them take a look at this list and tell me it is easy being an agent! Wait! there's more: Is it hard to spot a bank owned property in Stockton, CA? But I love it!

Our aggressive marketing plan includes on-line listing advertising.

↑ Grab this Headline Animator

Is it hard to spot a bank owned property in Stockton, CA?

Mon, 22 Jun 2009 09:22:09 -0500

I am not trying to be funny with this question! You see an empty house, it has a sign in the window with the agent's name, sometimes there is a real estate sign -- sometimes not. Here in Stockton, CA and most of the larger cities in Northern California - there are so many vacant or distressed homes (about every 2/3 houses on a given block in some cases). But no where do you see that it is a bank owned property. So you have to ask.

Question: Is it hard to spot a bank owned property - if yes, why?

Answer: Some of larger banks do not allow advertising or signage marketing properties as Bank Owned, REO or Foreclosure. This even includes the MLS, signs, riders that are on the property. So you will have to continue to call the agent and ask if this is a bank owned property to be sure.

O R

You can assume if it is not stated as a Short Sale on the MLS: Here are some other signs that the property must be bank owned:

Yellow lawn - almost yellow, more yellow than green....
Vacant no curtains
Wild weeds in the front and on the side of the house
Neighbors house is nicely maintained, green lawn and all or at least most of the weeds are pulled
MLS states "as is" sale
MLS states bank requires pre-approval by a named bank
Property has a "coming soon" sign outside
That feel of there goes the neighborhood
Listed on Craigslist
You are in California - especially Stockton, CA where just about every other house is either in distress or it is already foreclosed.

Before your home is one of these, check with your lender and ask for a Loan Modification OR if you cannot afford the loan modification they offer or they don't give you a loan modification --->> you may have to do a Short Sale just to avoid getting a Foreclosure on your credit. There is a new program that will streamline the process, offer you more options and opportunities to keep your or home or Short Sale with less hassles and stress.

Foreclosure Alternatives Program - to avoid foreclosure!

Sun, 21 Jun 2009 11:16:53 -0500

This new program Foreclosure Alternatives Program is an extension of the Making Homes Affordable. It is set up to help streamline the process in offering homeowners loan modification and if they cannot qualify for a loan modification, the lender/servicer will offer the homeowner the option of doing a short sale (3-12 months) and if that does not work they may offer the homeowner the option of signing over the Deed in lieu of foreclosure.

This program is good in that it does try to help homeowners. Although it will not help keep homeowners in their homes, but if not allow them to use the other options. The main point here is Do not ignore the letters and end up in foreclosure when you could have avoided it!

Check out these posts and gather more information on these Alternatives to Foreclosures:

Our aggressive marketing plan includes on-line listing advertising.

↑ Grab this Headline Animator

4541 Da Vinci Drive, Stockton CA 95207

Sun, 21 Jun 2009 10:58:10 -0500

Our aggressive marketing plan includes on-line listing advertising.

↑ Grab this Headline Animator

~ The Mother & Daughter Realty Team ~ Rosemary Brooks / D'Adrea Davie | Family Realty Group | P:866-543-0461/F: 209-879-4601

4541 Da Vinci Drive, Stockton, CA

Great Property - Great Location... Don't let it pass you by...

3BR/2BA Single Family House

offered at $179,900

Year Built	1979
Sq Footage	1,744
Bedrooms	3
Bathrooms	2 full, 0 partial
Floors	1
Parking	2 Car garage
Lot Size	7,405 sqft
HOA/Maint	$15 per month

DESCRIPTION

This is a great property, with a good location - close to everything! This is an established neighborhood with ownership pride. This is a 3/2, 2 car garage, with inside laundry room, family room with fireplace and combo to eat in kitchen area with slide door to side yard, living and formal dining area combo, tile in entry and hallway, dining and family/eat in kitchen area. Walk-in closet in master with slide door to backyard. This is one you will love to own.

see additional photos below

PROPERTY FEATURES

Central A/C	Central heat	Fireplace
Family room	Living room	Dishwasher
Laundry area - inside	Yard

OTHER SPECIAL FEATURES

3 bed/ 2 bathroom; 2-car garage

Ownership pride

Walk-in closet

Great locations!

ADDITIONAL PHOTOS

Photo 1	Kitchen
Eating area	Family Room with fireplac
Formal Dining room

Contact info:

~ The Mother & Daughter Realty Team ~ Rosemary Brooks / D'Adrea Davie

Family Realty Group

P:866-543-0461/F: 209-879-4601

For sale by agent/broker

Equal Opportunity Housing

Posted: Jun 21, 2009, 7:11am PDT

Between now and then... Look out for your Loan Modification letter - it is time sensitive --- if you do not get one CALL YOUR LENDER! Do not miss this opportunity to AVOID FORECLOSURE!

Fri, 19 Jun 2009 18:25:18 -0500

Are you upside down in your mortgage loan on your home? Several financial institutions are starting to send these letters out - starting around the end of June. This letter will offer you to participate in the Home Affordable Modification Plan (HAMP). This is all a part of the Foreclosure Alternatives Program (FAP).

This is what you need to do even if you just want to do a short sale: Read more: Let's Standardize... in a hurry! Revised Short Sale Program (FAP) - Foreclosure Alternative Program

The first step is to see if you qualify for a loan modification :

Question	If...Yes	If....No
Is your lender a part of the loan modification program (HAMP)?	Call them and request a loan modification - whether you get a letter from them or not	You should be getting a letter from your lender offering you to contact them and apply for a loan modification
Have you received a letter from your lender offering you a loan modification?	Call your lender before it is too late	Call your lender to see what their position is in the HAMP loan modification program
Have you requested a loan modification within the last month?	Call your lender again - things have changed since your last contacted them	Call your lender and request a loan modification

If you do not make the contact, you may find yourself in foreclosure, with no option to even do a short sale. As noted in my post: Doing nothing is not an option.... It's a bad mistake if you are having mortgage problems.

What to do: Contact your lender and request a loan modification - if you lender is not yet a part of the HAMP - Home Affordable Loan Modification Program, ask them when will they be? If they are a part, ask for a loan modification. If they deny you, ask "what is your next option".

If you get the letter -Do not disregard this letter should you get one. Call your lender immediately and request a loan modification.

OTHERWISE, the foreclosure action will resume.

This option includes the following:

Homeowners that have done nothing.... up to now
Homeowners that have a short sale listed already - even if in negotiations!
Homeowners that have been told your institution is working on a loan modification and you have not heard back from them
Homeowners that have asked once and was turned down
Homeowners that want to do a short sale and if not successful want the DIL (Deed in lieu of foreclosure option)
Homeowners that either get the letter that should be coming to you in the next few weeks or
Homeowners that do not get the letter - CALL YOUR LENDER! Ask about the program

If you contact an agent, that agent should be asking you if you have already tried to get a loan modification BEFORE they list your property. With this program, you should have the Short Sale Agreement from your lender in hand in order to avoid foreclosure.

Want to do a short sale?
Already contacted your lender for a loan modification and was turned down.... or
Failed your loan modification?

Call the Mother and Daughter Realty Team at 866-543-0461.

WEBSITE: http://www.motheranddaughterrealtyteam.com

Want to purchase a REO property? Want to know what properties I have to sell?
Need information on the foreclosure process? Ask me for a FREE Pre-Foreclosure Guide
For a FREE MARKET EVALUATION of your home
Need a Short Sale Specialist?

Take a look at Mother and Daughter Blog and D'Adrea's Mother and Daughter Blog - for other tips for Sellers and Buyers. I work with my daughter as the Mother and Daughter Real Estate Team at Family Realty Group and we also focus in Short Sales and the Pre-Foreclosure process and REOs/Bank Owned Properties. Our aggressive marketing plan includes on-line listing advertising.

↑ Grab this Headline Animator

If you are thinking of selling or buying a home in Northern California's Central Valley (San Joaquin, Alameda, Contra Costa and Stanislaus Counties - includes Stockton, Manteca, Tracy, Lathrop., Salida, Ripon, Modesto, Lodi, Hayward, Castro Valley, Union City, Fremont, Newark, Livermore, Pleasanton, Dublin and all surrounding cities). Call us at 866-750-8282 or email at US.

Doing nothing is not an option.... It's a bad mistake if you are having mortgage problems.

Fri, 19 Jun 2009 02:48:57 -0500

Some will say that the new programs are not helping many. I say every little bit helps. If we keep getting programs that end up helping 10-20% here and there, it will all add up to helping some homeowners.

My point here is to get it out of your mind that if you do nothing it will just go away. Nope not true. If you do nothing.... You will get a foreclosure. You will get your home taken from you!

If you at least call your lender and ask for a loan modification you just may find that they are now ready to offer you the loan modification. Things are changing so rapidly and new programs are being introduced all the time so don't just assume that there is no help out there for you. Do your homework and research as many options as you can.

If the loan modification that is offered to you doesn't seem like it will be much help, try it anyway. Why not? You get your trial period to see if you can do it and who knows what will change during that time? Just don't give up.

If you have no income, of course the loan modification is not going to work. In that case, you take the next step, ask for the short sale option (this will give you 3-and up to 12 months to sell your home) this equals more time in your home! And if short does not work after a honest and good effort, ask your lender to let you do a DIL (Deed in Lieu) of foreclosure. This can come with a $1500 incentive for relocation - which is better than getting nothing more than a foreclosure and not a single dime!

There are programs that maybe able to help you keep your home --->>>

MHA (Making Homes Affordable) and
FAP (Foreclosure Alternatives Program)

So doing nothing is not an option and if you chose to do nothing you will be making a big mistake.

Call 866-543-0461 if you need assistance.

WEBSITE: http://www.motheranddaughterrealtyteam.com

Want to purchase a REO property? Want to know what properties I have to sell?
Need information on the foreclosure process? Ask me for a FREE Pre-Foreclosure Guide
For a FREE MARKET EVALUATION of your home
Need a Short Sale Specialist?

↑ Grab this Headline Animator

Price ‘em low: Pulls in multiple & higher offers..... & it makes Hayward, CA buyers mad about bank owned properties!

Fri, 19 Jun 2009 01:31:10 -0500

Is this strategy working? Price property low, pull in multiple and higher offers. Is this a way to see what the buyers are willing and able to purchase? Does competition make buyers more anxious? How long will it take before the buyers see what is going on and hold back to stop it?

When you stop and think about what impact is holding back on properties that have been foreclosed and is now owned by the banks.... At first, you think nothing but after checking our areas like Hayward, CA you see that the demand is overweighing the supply and those are fighting words!

Buyer Agents are having a hard time landing a property with the offers they are presenting in Hayward. It has nothing much to do with the amount you offer as it does the competition of the other agent's offer.

I just had a property listed in Hayward, that is just the average Hayward (Southland area) home with no upgrades or anything special, but you would not believe how many calls, email inquiries and offers we received on that property! It shocked me.

Getting back to why is this happening? It is because the banks are holding back on releasing properties that they have foreclosed on and that makes the supply low in Hayward and it is not matching the demand. It appears that there are no available bank owned properties in Hayward and other areas.... But really there is going to be a flood of bank owned properties coming your way real soon.

I believe the purpose of this is to help bring the market back up. Price them low, pull in a flood of multiple offers and see what people are really willing and able to pay for these properties. It is a false bubble - and I am not sure that is enough to bring the market back up.

Buyers.... Get your pre-approvals and go on and buy now so you will not look up and see that the market prices have increased and is headed upward before you can get that deal on a property.

Call 866-543-0461 if you need an agent to represent you in a purchase of a home.

WEBSITE: http://www.motheranddaughterrealtyteam.com

Want to purchase a REO property? Want to know what properties I have to sell?
Need information on the foreclosure process? Ask me for a FREE Pre-Foreclosure Guide
For a FREE MARKET EVALUATION of your home
Need a Short Sale Specialist?

↑ Grab this Headline Animator

What has changed with Short Sales?

Thu, 18 Jun 2009 01:49:18 -0500

Due to the foreclosure crisis, a number of programs have been added in order to help the situation. At first, the programs pointed towards helping the financial institutions rather than the homeowners. I don't know if that was on purpose but it sure did take a while for programs to get right down to the gut of the suffering and try to help the homeowners.

Here is a breakdown:

1. February 2009: Making Homes Affordable (MHA) was introduced.

2. March 2009: MHA guidelines for loan modifications & refinancing were set

3. April 2009: Additional details related to the Second Lien Program and strengthening HOPE for Homeowners. Fourteen (14) servicers including the five (5) largest financial institutions signed on (signed contracts) and begin modifications and refinancing under MHA.

4. May 2009: Both Foreclosure Alternatives and Home Price Decline Protection Incentives were introduced.

5. June 15 2009: Clarity of how the "Foreclosure Moratorium" really works. At first, when this moratorium was announced it sounded like there would be a "hold on all foreclosures" for 90 days. Actually, what this really means is if your financial institution is NOT on board with the MHA/FAP programs (loan modifications) they have 90 days to get on board and during that time they cannot foreclosure on their homeowners. HOWEVER, if your financial institution is already signed up on the loan modification program, its foreclosures as usual.

What do you do??

1. Check with your financial institution and see if they are already signed up for loan modifications under the MHA/FAP program or not. If they are and you are already in the pre-foreclosure process, you will need to keep them on the line long enough to find out if you qualify for a loan modification. You must take the time to ask about the programs and try to get whatever they tell you in a letter for your protection.

For more information about the Foreclosure Alternatives Program (FAP) read this:

Stay tuned.... I will have more on these programs and how you can avoid foreclosure.

WEBSITE: http://www.motheranddaughterrealtyteam.com

Need a Short Sale Specialist?
Need information on the foreclosure process? Ask me for a FREE Pre-Foreclosure Guide
For a FREE MARKET EVALUATION of your home

↑ Grab this Headline Animator

A new face for CASH for KEYS / Deed-in-Lieu of Foreclosure: a Win-Win for Homeowners & Mortgage Lenders

Wed, 10 Jun 2009 22:49:08 -0500

The term Cash for Keys is not new. Over the last 2 couple of years, we have seen a great deal of cash for keys offered to occupants that still living in the foreclosed properties. This offer is in lieu of eviction. "Cash for keys" may be one situation where it is a win-win situation for both the mortgage lenders and the homeowners.

Advantage of the Cash for Keys program:

Homeowners get money to help the relocate
Incentive for homeowner to get out of to get out of their homes quickly with minimal repercussion
Incentive to bank/mortgage holders to be a part of the FAP program

Now with the FAP (Foreclosure Alternative Program), Cash for Keys is an incentive for homeowners that are in the position of:

Not being able to qualify for a loan modification
Not being able to do a Short Sale
Bank offering them Deed in lieu of foreclosure * please note: there are situations where the bank will not give the cash for keys offer to the homeowner, but will still offer the deed in lieu of.

How does it work? The "cash for keys" program is technically known as a deed-in-lieu which allows the bank to take a property back from a delinquent homeowner who can no longer afford to make their house payment. To take advantage of the Foreclosure Alternative Program, the home owner must not qualify for a mortgage modification or a short sale.

The "Target" homeowners:

who are unemployed
upside down on their home values
or going through a critical event such as divorce, death, future job loss, etc.

How can a Homeowner get Cash for Keys? First the homeowner has to denied the loan modification and Short Sale due to the fact that they are not qualified for either. The bank will then offer the homeowner the deed-in-lieu program. The bank pays the homeowner an incentive (usually $1,000 to $5,000)to move out of the home on a specific date and leave the home in good condition. In doing so, the bank agrees not to charge the homeowner back for the difference in what it eventually sells for and what they owe.

Are there any glitches in this option? Yes. A second mortgage or other debt on the home can cause a lender not to offer "cash for keys". The owner of the second mortgage or debt must agree to give up all their interest in the property. Under the Federal Alternative Program, the second mortgage holder may also receive up to $1,000 when they waive their rights.

WEBSITE: http://www.motheranddaughterrealtyteam.com

Want to purchase a REO property? Want to know what properties I have to sell?
Need information on the foreclosure process? Ask me for a FREE Pre-Foreclosure Guide
For a FREE MARKET EVALUATION of your home
Need a Short Sale Specialist?

↑ Grab this Headline Animator

The impact of Waiting/Procrastinating.... or Keep your eyes on the Target? .... Sales Prices vs Interest Rates

Wed, 10 Jun 2009 22:41:34 -0500

The market is not balanced right now, but there are a couple of things to keep in mind if you are a buyer that is waiting on yet more of a price decrease. While you may see a small drop in prices for a little longer, keep your eye on the interest rates too. Just looking at the last week of May 2009 - the interest rate increased from .50% to 1.00% as fixed-income investors demanded more for their money. This result is in just one week!

What is the old saying? You either pay it this way or you pay it that way? Keep your eye on what is most important to you. What can you live with and what can't you live without. If you want lower interest rates, you probably should get in the moving forward mode and start your search for that new home. If you do not care about the interest rate but want to pay less for the property... you may not get that either by procrastinating too long. The market is unforgiving and it is not going wait too much longer because a great change is going to come. Interest rate is a good indicator.

These low rates are artificial! Historically, interest rates have been above 6.00%. And any rate obtained below this number is a great deal, especially on homes with price tags from 2003! Waiting for homes to decrease another 10%, might cost you a higher interest rate for 30-year fix!

WEBSITE: http://www.motheranddaughterrealtyteam.com

Want to purchase a REO property? Want to know what properties I have to sell?
Need information on the foreclosure process? Ask me for a FREE Pre-Foreclosure Guide
For a FREE MARKET EVALUATION of your home
Need a Short Sale Specialist?

↑ Grab this Headline Animator

Stockton, CA - Neighborhood Stabilization Program (NSP)

Fri, 05 Jun 2009 02:42:46 -0500

Act Now and get in on the money!

Neighborhood Stabilization Program ~ $2 billion has been allocated to the Neighborhood Stabilization Program (NSP), which is in addition to prior allocations. Be on the lookout for announcements of participating cities / counties that are among the selected areas that will get some of these funds.

NSP is an extension of the prior Community Development Block Grant. Realtors and investors can team with municipalities to purchase foreclosed homes in blighted areas and then resell those homes to families at or below 120% of the area median income. Limit is that 25% of the funds must be used for families below 50% of the area income.

The City of Stockton and County of San Joaquin has started to offer a purchase assistance financing to eligible low- and moderate- income homebuyers seeking to purchase a foreclosed home in a NSP Priority Area in these areas. The City of Stockton is proposing to use $12.1 million of NSP funds that have been allocated by HUD to acquire and repair foreclosed residences; to offer down payment and closing cost assistance to low- to moderate-income homebuyers; and to demolish blighted structures. HUD set income maximum at 120 percent of area median income. In Stockton, that means $73,600 for a family of four.

Eligible Uses

NSP funds may be used for activities which include, but are not limited to:

Establish financing mechanisms for purchase and redevelopment of foreclosed homes and residential properties;
Purchase and rehabilitate homes and residential properties abandoned or foreclosed;
Establish land banks for foreclosed homes;
Demolish blighted structures;
Redevelop demolished or vacant properties

Requirements How do you qualify for the NSP?

1. Attend the necessary training (8 hr course)

2. Buyer to get pre-qualified by a Participating Lender (Must be a participating lender)

3. The property must be foreclosed

4. Property must be vacant at time of listing

5. The property can be any type of permanent residential dwelling unit, such as detached single family structures, townhouses, condominium units

6. Properties must be appraised by a state certified residential or general appraiser. The appraisal must be done within 60 days of the final offer to purchase.

7. When buying foreclosed homes from lenders or other mortgagees, the purchase price must be at a discount from the appraised value. HUD requires that the home buyer must seek the "maximum reasonable discount" from the seller. The minimum discount is 5% for each NSP property.

8. Properties must be located within an NSP Priority Area.

9. Households whose incomes are at or below 120% of area median income are eligible for this program. The following chart shows the maximum income limits.

10. Home buyers must not presently have an ownership interest in any real property.

11. Home buyers must attend and complete an eight (8) hour Homebuyer Education Class certified by HUD that is taught by one of the program's approved home buyer education providers. (see the end of the blog)

12. Home buyers must occupy the property as their primary residence.

13. At its own expense, the program will inspect every property to be purchased under this program and determine if rehabilitation repairs are required. If repairs are required, the program can provide a loan up to $50,000 for those repairs. Homes requiring rehabilitation that is estimated to cost more than $50,000 are not eligible.

Your Guess.... Well, it's as good as mine! or is it.....?

Thu, 04 Jun 2009 08:40:40 -0500

Unless you have lived under a rock, or out in the middle of the Pacific Ocean with no TV or newspapers around - I know that you know we are in a crazy market situation right now. When will it end?..... Your guess is as good as mine and I believe any other real estate professional or anyone else on when this market is going to clear up, when homes are going to re-gain their equity and if your next purchase is really a good investment for YOU. Just to let you know that I don't know everything - go ahead and ask me when will this market condition end? and ...... I will have to tell you the truth and that is I do not know. I don't have a clue! But I have no shame in my game to tell you the truth - I do not know what the reality is. Who does? I don't know that either!

What I do know is that this does seem like a nightmare, rather than a dream. I can tell you that everyday that I wake up it is still here! I can tell you that because this market is so unstable that I do not believe anyone knows these answers:

When will this market get better?
Will it get better by end of year?
How many more foreclosures will we have before we have no more?
What about rock bottom - are we there yet?
Is this recession almost over?
Aren't real estate professionals supposed to know what is going on?
Will any of the present or any future plans, programs or help - really help?

I DON'T KNOW for sure! But I do have an educated guess and I will research anything that you ask me to try to give you as close as possible to what is actually going on. Yes, I have a bit of an edge ... but My point here is .... the market is uncertain (that makes us all a little uncertain as what is going on or coming down the pipeline - right now!

Really, it doesn't matter how you ask it. My truth is "I don't know". I am living this situation just like you are. My first rule of thumb is to tell you the truth that I know and I really do not know what is going on with this market and am not in a position to make a honest prediction that everything is going to be better, well and gone away in any certain timeframe. Or if ever!

When I am talking to buyers, I represent them the best I can, I uphold my ethics by being as truthful as I know and I let them know that I don't know and cannot make a call on if this is the purchase that is going to stay at the value it is at - for any certain period of time, that the market is going to be better any date now. If you want that truth, I can only tell you that your guess is as good as mine at this point. And please do not rely on me to ease your mind by not telling you the truth as I know it.

If you are in trouble with your mortgage I can refer you to your lender, a HUD counselor, where you can possibly get a little more information, to see what your options are with them and I can keep you as updated as I am. Predicting the outcome of this market..... I don't know!

WEBSITE: http://www.motheranddaughterrealtyteam.com

Want to purchase a REO property? Want to know what properties I have to sell?
Need information on the foreclosure process? Ask me for a FREE Pre-Foreclosure Guide
For a FREE MARKET EVALUATION of your home
Need a Short Sale Specialist?

↑ Grab this Headline Animator

Let's Standardize... in a hurry! Revised Short Sale Program (FAP) - Foreclosure Alternative Program

Thu, 04 Jun 2009 02:21:21 -0500

We are over 1 week into the new program (FAP) - Foreclosure Alternative Program that was passed. It is something that we have needed for a long time. This is a great opportunity for homeowners/borrowers to take advantage of the Short Sale instead of the old nasty word = Foreclosure!

This program will last to the end of 2012 (which by the way of memory is the same that the Debt Forgiveness Bill expires). It is in effect now - new but in effect.

This program has minimum requirements for those homeowners/borrowers that do not qualify for a Loan Modification under the Making Home Affordable Loan Modification Program (MHALMP). Then the buyer will be given the opportunity to enter into a Short Sale Agreement for 3-12 months (depending on the market conditions) and if that fails the Servicer has the option to expect the homeowners/borrowers to do a Deed-in-Lieu of Foreclosure in order to get a debt forgiveness.

There will be standardized documentation, the banks will be offered incentives to participate in this program, the homeowners will not be charged fees, every homeowner/borrower that falls into this category will be given the same opportunities and they have a couple of options instead of foreclosure.

Agents, this maybe better for us - no negotiation from the standard commission, and agent out of pocket expenses can be paid from the sales price, after an offer has been received, 3-12 months to sell the property and all we are expected to have is knowledge of the community/area where we are listing the short sales. The Servicers will be setting the sales price based (Appraisals, BPOS) on market value - so if the market continues to be screwed up we can't take the balance for bad pricing!

This new system will add more income flow for the agents by adding more BPO possibilities for the income substitute.

I take my hat off to Obama and his administration for this plan ~ it is the best on the table to improve the Short Sale process and hopefully it is set up to help cure the market condition.

Thank you Obama!

Agents lets work on getting this news out to the public & see who we can help out!

UPDATE:

Here are some links to check out.

National Association of REALTORS® Government Affairs Division

About FAP:

Making Home Affordable:

Visit www.treasury.gov for detailed information on the program changes.

WEBSITE: http://www.motheranddaughterrealtyteam.com

Want to purchase a REO property? Want to know what properties I have to sell?
Need information on the foreclosure process? Ask me for a FREE Pre-Foreclosure Guide
For a FREE MARKET EVALUATION of your home
Need a Short Sale Specialist?

↑ Grab this Headline Animator

Re-Defaulting / Re - Pre-Foreclosure - can you do it again?

Thu, 04 Jun 2009 00:01:55 -0500

Let's tear it apart and see what we get.

• Default mean you are late on your payments (over 30, 60, 90 or more days). This is the homeowner that is first underwater for at least 3-4 months with no mortgage payments on the loan (some homeowners are finding that they are getting more time than this). Once the bank does file a Notice of Default on the property, the homeowner is in pre-foreclosure.

• Pre-Foreclosure is the process before foreclosure, it comes after defaulting.

• Re-Defaulting is when you got out of default by making an agreement with the bank to do a modified payment plan

• So... Re-Pre-foreclosure is when the borrower cannot keep up the modified plan and went back into default and the bank was then forced to re-file a NOD. It is when you do it again - right?

Pre-foreclosure (in California) timeframe is normally: 90 days plus 21 days and then the property is sold at the Trustee's Sale (at the county courthouse steps). The sale is usually held at the courthouse's steps.

So lets break this 90+ 21 days down: During the 90 days, the bank cannot come and take your home, but unfortunately they continue to call and call and become your pen-pal with all the letters (some are certified, some just letters) - they just keep coming. To some this become intimidating, to others it is an opportunity for the homeowner to contact the lender and try to get a workout plan set up. The options you have or should have from the bank: (forbearance, loan modification, pay off the full balance and not refinance unless you have equity in your property).

The +21 days: what this means is, in California the bank is mandated to post that the property is in default, and will be foreclosed upon on a certain date. So they post this information in the local newspaper. The trustee's sale date is set 21 days from the date of posting this news to the public. Plus they put notices on your door and have been known to mail at least 6 copies of the certified notice to the property address.

On day 111 (from filing of NOD (Notice of Default) is the trustee sale. On that date the sell of the property is held. The banks usually find themselves purchasing the property back at this sale - unless an individual bid and win the bid on the property.

So what do you do at that point? You can sit tight for a few more days, until you are served and your time run out. It is so wise to move out prior to getting charged with an eviction on top of the fact that you just lost your home.

A Re-defaulting /RE-Pre-Foreclosure homeowner is someone that received a workout plan from the bank a few months back and now finding they are not being able to keep the agreement. The numbers are going up and up on borrowers that are re-defaulting and ending up in the modification system again and I call this Re-Pre-Foreclosure. "Unfortunately, people that can't live up to the promises they made originally when they were in a loan workout situation or simply that they were hoping things were going to get better and they did not. They then get back into the process and end up going to foreclosure".

Of course to get a workout/loan modification program you will need to have a hardship that you can document. There are several situations that qualify you for a hardship (loss of income is probably the largest reasons, but certainly not the only one). Some will say that in this economy anyone can have a hardship! Not sure if you are in hardship?? Talk to your lender and give them the facts, they will let you know if you qualify for a hardship/loan modification. Never give up, Never do nothing.

To answer the title question:

ANSWER: Yes you can do it again. Not sure how many chances you will get - do not push the button too many times and always check with your lender. Keep up with the latest Programs and Plans - you may get another break!

** Check with your county clerk office on what the eviction process is and where you can go to get some help on your rights. The courthouse usually does have an agency there that will tell you the process and help you understand your rights.

WEBSITE: http://www.motheranddaughterrealtyteam.com

Want to purchase a REO property? Want to know what properties I have to sell?
Need information on the foreclosure process? Ask me for a FREE Pre-Foreclosure Guide
For a FREE MARKET EVALUATION of your home
Need a Short Sale Specialist?

↑ Grab this Headline Animator

Announcing the Race to ....."Deep Waters" --- who's next to go Under?

Wed, 03 Jun 2009 23:49:34 -0500

What states are out front in this race to the deep waters?

California, Nevada, Arizona and Florida, with Michigan, Ohio and Illinois close runners up. This is about the number of homeowners that are affected by being under water with their mortgage loans. This includes those that purchased or those that have refinanced their properties and cannot keep up the payments.

Some of the reasons is that these homeowners are finding themselves up side down right at the point of their loan changing from one payment amount to a larger payment. Some are finding that they are in hardship due to: loss of income, divorce, illness and other documented hardships. Some are finding that they just don't want to pay the larger payment for their (decreased in value home). Some are keeping up with the market and are just feeling they are doing the smartest thing by trying to keep their home when there is no equity in it and no sight of equity coming back for decades. Some would just rather rent and not have the headaches that they now have or see coming down the pipelines.

No matter where the homeowner falls, the news is not good. However, No matter where you fall in the "under water" nationwide situation - you do have options.

Here are some suggestions:

Check with your lender to see what your options are (even if you do not want loan modification).
Document your situation, don't rely on a stressed out memory!
Be truthful in what you tell the lender and the papers you sign - don't get excited and start making up stuff. Remember what a paper trail means.
Call an agent if you have to do a short sale - Time is of the essence once you cross over to having to do a short sale

Fact: Freddie Mac estimates that 40% of the loans they have in foreclosure are on vacant homes. The borrowers are deciding they don't want a modification. Home prices have fallen so far that they will not see any equity for decades. So why pay?

WEBSITE: http://www.motheranddaughterrealtyteam.com

Want to purchase a REO property? Want to know what properties I have to sell?
Need information on the foreclosure process? Ask me for a FREE Pre-Foreclosure Guide
For a FREE MARKET EVALUATION of your home
Need a Short Sale Specialist?

Everybody is doing something to help out these days.... Or should be!

Wed, 03 Jun 2009 07:54:31 -0500

This is a true statement. Everybody should be trying to help someone, because you just never know when it could be you that is in a situation.... A similar situation. When you walk the neighborhoods, you can see first hand - people are in a situation that is not just spinning out of control... it is out of control. And that is not being negative... that is truth. This market situation is no joke!

When I see the situation, I am constantly asking myself how can I help someone out? And yes I am an agent that needs to eat too. So I take my job serious. I will take that extra few minutes and sit down with homeowners that have been bit by this foreclosure situation and don't know what to do. They don't know who they can trust. They don't know what rights they have and they don't know where to turn. Yes, they can call the lender and yes, most have. The bank is not the only place you can answers, however, at the end of the day... I personally suggest you not ignore them - you need to contact that mortgage holder and talk to them about your situation.

The question is -- are the banks really helping or are they even trying that hard? Honestly, I don't see them working that hard at it, but either by the President's Plans and Programs or whether it be that you have a "good bank" or a "good person on the other end of the call", there is help out there for you.

The next question that I ask myself is: What am I doing to help? I will sit down and talk to the homeowner and offer my suggestions - of which my first suggestion is call your bank. I am never too busy to listen to someone and try to help. And I am honest about it, yes I need to eat too, but I am not going to sell you down the river to help benefit myself. As an agent, I make every effort to be honest and talk to my clients in a way that they understand my position. This is why I ask that when we talk you are honest about what is going on with you - be able to give the full picture.

There are more agents - other than myself - that are willing to try to help homeowners - just reach out to us.

WEBSITE: http://www.motheranddaughterrealtyteam.com

Want to purchase a REO property? Want to know what properties I have to sell?
Need information on the foreclosure process? Ask me for a FREE Pre-Foreclosure Guide
For a FREE MARKET EVALUATION of your home
Need a Short Sale Specialist?

...my knee is driving, while I am texting! This will kill the Tweety-Bird and/or wreck the Face!

Mon, 01 Jun 2009 10:37:31 -0500

Now I would hope that there is no one doing this for real, but I just saw it on pre-views of Dr. Phil and I believe it is coming on today! I cannot believe that someone would be that "unsafe", "unaware" and "uncaring" of the safety of themselves as well as other drivers on the road. If not worst, this could be right up there with driving after having too much to drink.

I can't imagine doing that because I can't see the small text that easier, so I'd have to really concentrate on the texting and would be in a ditch somewhere.

Please if you are reading your text messages and God forbid answering them while driving... STOP IT NOW for the safety of you and others.

Most states have laws about using the cell phone while driving - 1) must have hands free device 2) cannot text while driving at least in California.

Sitting on Inventory won't "fix-it"? But sitting in your chairs, releasing the flock of foreclosed properties might be a good start....

Mon, 01 Jun 2009 07:57:19 -0500

This is the million or is it billion of dollars - question or ponder! Are the banks sitting on Rock Bottom or is it just Excess Inventory? And what is sitting on inventory doing to help? Will they let the previous buyers buy back their own properties? Will they rent out the properties? Or will they just let them sit, sit, and be torn up by either the elements or stressed out people? Who knows?

Is the foreclosure / market situation kinda like...... if instead of a continual 40 days of rain - back during Noah's days, if God had decided to do only 20 days at first, then wait or say a few days later and then let the other 20 days come down and it catch up with the first 20 days? Still a flood right?

So by having moratoriums and hold up and sitting in on inventory is not stopping the flood. It is simply causing "build up". It's giving a false picture that the flood won't be so bad, but then we still have that other 20 days to worry about. Of course, in our market situation it has and will be way more than 40 days! And we are already flooded! No matter how you frame it, still a bad picture.

We have an (X) amount of inventory out there (does anyone really know how much), just lined up to go through the Asset Managers assigning process, agents doing the preservation, listing and selling of the properties that will be (hopefully) priced to sell. Never mind, the issue that these vacant homes are going to hell and back by being vandalized, pest and other elements are taking over and on the other hand there is a staggering number of previous homeowners that are out on the streets (some fortunate enough to be able to live with other family members, some are renting or trying to and other are just lost in this situation).

We still have these and other reasons that will cause even more foreclosures to come down the pipeline:

the stated income loans
option arm loans
loss of jobs now and later on down the line
other hardships that will pop up

We (the public) still have questions:

How many homes do we have that the banks are sitting on
How many are lined up for the next wave and most important;
When will the banks get up off the inventory that they have now?
How long, when and why is it taking so long -
Do you guys understand that no one is benefitting from these properties just sitting some place - vacant.
What is that really all about?

Banks get up off your inventory (or behinds) and let's get this ball rolling. You can't sit on inventory and have it do a disappearing act and be gone!

WEBSITE: http://www.motheranddaughterrealtyteam.com

Want to purchase a REO property? Want to know what properties I have to sell?
Need information on the foreclosure process? Ask me for a FREE Pre-Foreclosure Guide
For a FREE MARKET EVALUATION of your home
Need a Short Sale Specialist?

↑ Grab this Headline Animator

Going out of town? Keep it to yourself.... don't tell the twitter bird!

Fri, 29 May 2009 18:41:33 -0500

I just heard on the news that a man who uses twitter frequently - just twitted himself into being burglarized! I guess he sent out his usual "what I am doing" tweet and someone that is in the business of robbery went to his house and robbed him. He was of course, upset about the burglary and said he would continue to twitter but would not be telling when he is going out of town or when he is away from his home.

A word to wise. Do the same. There are just some things that you just don't tell the twitter bird or the world!

Hearing this has made me wonder.... do I really want to get on twitter and start the short text detailing that I am sure I will get hooked on like so many others?