Comments for

Comment on Shortsales may jar the market awake by Terry Irmer

Terry Irmer — Tue, 22 May 2012 11:15:50 +0000

Get on the ball Tuesday—-your info, some times, is way behind the times. Or just plane WHAK.

Comment on Real(i)ty check: MLS access for non-CAR members by Charlene Dryer

Charlene Dryer — Mon, 21 May 2012 22:44:03 +0000

There is a weekly prayer breakfast? Damn! Take my yes vote back.

Comment on BofA offers cramdowns with a twisted arm by george

george — Mon, 21 May 2012 19:03:24 +0000

unfortunately, the B of A program only applies to thier own portfolio products. If you have an FHA loan you get nothing.

Comment on BofA offers cramdowns with a twisted arm by mike in san diego

mike in san diego — Mon, 21 May 2012 17:58:31 +0000

i love it…a self administered cramdown. if it originates with the “cramee” is a cramdown? sounds more like an elective and self help E-Z homemade amputation!

let’s remember that the brainiacs at BofA bought that steaming pile we called Countrywide…and C/Wide was/is the real source of their loan problems. those of us in the trade remember how hard it has always been to get BofA to fund a loan.

Comment on Shortsales may jar the market awake by Geoff Bain

Geoff Bain — Mon, 21 May 2012 17:33:36 +0000

You say there is no financial incentive for a homeowner to participate in a short sale. However, Bank of America is now offering from $5,000 to $30,000 for Relocation Assistance, depending on the appraisal value. Other banks have similar programs. A Short Sale has very tangible benefits over a foreclosure.

Comment on Shortsales may jar the market awake by Skip Padberg

Skip Padberg — Mon, 21 May 2012 17:21:52 +0000

Mike in San Diego is right on with his comments.

Comment on The votes are in: extend the Mortgage Forgiveness Debt Relief Act by jerry irons

jerry irons — Mon, 21 May 2012 17:05:33 +0000

Strategic default users should be aware of the tax trap if they refinanced. In most cases, I believe, the refinanced mortgage would be “recourse” or at least part of it!

Comment on Shortsales: What you need to know by jerry irons

jerry irons — Mon, 21 May 2012 16:55:56 +0000

Just whom does the Lender have to negotiate with on the amount of the short sale price?
If it’s just the Lender’s inventory why does it take so long?
If it has been sold to a 2nd party I can understand the “cramdown” process the Lender goes thru.
Is the Lender “insured” for losses and if so, how much will the insurance cover and is the Government on the hook for Lender losses?

Comment on Shortsales may jar the market awake by mike in san diego

mike in san diego — Mon, 21 May 2012 16:54:17 +0000

sorry first tuesday…a short DOES NOT equate to a foreclosure. i’ve had two clients short sell without late pays and their credit scores are still quite respectable. the issue remains to be resolved if the short will be viewed by future underwriters as a foreclosure…it is not and there will surley be a congressional act to treat this due to the huge number of shorts we have experienced. the credit reporting acts require that the entries be ACCURATE. i have seen reports with foreclosures cited where there were only shortsales. such a gross error is a lawyers wetdream!

another benefit of the shortsale process is that the seller gets an element of control that is entirely absent from a trustees sale scenario. i’ve been able over the years to serially delay foreclosures for over 30 months in two cases and commonly for three or four extra months where we can show the delays are for reasons beyond our control or due to lender delays.

simply stated the short sale grants a degree of control to a seller that they do not have otherwise.

Comment on Reports suggest FHFA killed cramdowns without cause by Al Kernek

Al Kernek — Mon, 21 May 2012 16:44:19 +0000

Outrageous behavior by FHFA! Hundreds of thousands of underwater homeowners could benefit from cramdowns and the real estate market (and the general; eeconomy) would be on the road to recovery were it not for their conservative bias.