charfen institute: Bank of America Shrinks Window for Short Sale Backup Offers - 01/11/12 06:01 PM

In an effort to shorten overall cycle times, Bank of America has reduced the window for submitting a backup offer on a short sale from 14 days to eight days after the initial offer becomes invalid. Once a backup offer becomes necessary: Contact your short sale specialist immediately to let him or her know you have a backup offer to submit. Within eight calendar days, resubmit the listing data, submit the short sale offer, and upload the offer documents and supporting documents. Note: All backup offers will require approval, regardless of similarities to the previous offer. If no backup offer … (4 comments)

charfen institute: Federal Reserve Recommends Short Sales Among Solutions to Housing Crisis - 01/06/12 05:53 PM
On Jan. 4, Federal Reserve Chairman Ben Bernanke sent a letter and white paper to Congress outlining his insights and recommendations on restoring the health of the U.S. housing market. Among the key findings on current market conditions: Housing prices remain 33% below their early 2006 peak Currently, 1 in 5 mortgage holders are underwater (12 million homeowners) In states with the price declines (i.e. Nevada, Arizona and Florida) roughly half of all mortgage borrowers are underwater on their loans The number of properties currently in the foreclosure process is more than four times larger than the number of properties in … (0 comments)

charfen institute: Three Surefire Strategies to Multiply Your Short Sale Listings in 2012 - 01/03/12 01:19 PM
With 1 in 10 homeowners not paying their mortgage—and Major Lenders predicting huge increases in short sale closings in 2012—savvy agents are finding new and creative ways to find and attract distressed property listings.
A great place to start your outreach campaign is a list of NODs. Notices of Default, or NODs, are legal notices sent by a mortgage servicer to a homeowner who is 90 days late on their mortgage.
With a few simple modifications, you can use many of the same marketing techniques with NODs that have yielded you results when prospecting for traditional listings. For maximum impact, utilize … (1 comments)

charfen institute: Rising Tide of Foreclosures Coming in 2012 - 12/27/11 12:36 PM
On Dec. 21, the Office of the Comptroller of the Currency released its latest report, which shows delinquencies remained elevated during the third quarter of 2011.
The number of new foreclosures increased by 21 percent during the quarter, partly due to servicers lifting the voluntary "foreclosure freeze" implemented in late 2010 as a result of the robo-signing scandal.
The overall increase has resulted in the number of foreclosures in process increasing to 4.1 percent of the overall portfolio, or 1,327,077 loans, at the end of the third quarter of 2011.
This supports RealtyTrac's latest data, which also predicts increased foreclosure activity … (2 comments)

charfen institute: Fannie Mae & Freddie Mac Announce an "Eviction Moratorium" for the Holidays - 12/19/11 06:20 PM
The holiday season should be a magical time of year. However, for a growing number of families, the usual holiday celebrations are trumped by financial troubles, foreclosure and the looming threat of eviction.
Fannie Mae and Freddie Mac offered some relief to such families by announcing an “Eviction Moratorium” through January 2, 2012. During this time, families living in foreclosed homes will not be forced to leave, though legal proceedings may continue as scheduled.
Undoubtedly, Fannie and Freddie’s efforts will prove comforting to homeowners who find themselves in this situation. However, the relief is short lived.
Remember, the “eviction moratorium” is … (4 comments)

charfen institute: Bank of America Announces HAFA Process Improvements - 12/07/11 04:10 PM
In an effort to reduce cycle time and improve customer service, Bank of America (BOA) announced several changes to their Home Affordable Foreclosure Alternatives (HAFA) short sale process, which agents should be aware of.
Highlights include:
When a short sale is submitted with an offer and the homeowner is HAFA eligible, BOA will no longer halt work on the file while waiting to contact the homeowner. Short sales initiated on Equator.com that receive a HAFA eligibility message no longer require homeowners to call Customer Care to confirm their interest. If homeowners wish to participate in HAFA, agents must submit the requested … (3 comments)

charfen institute: Push harder than ever in Q4 - 10/13/11 12:53 PM
 October 10th, 2011 in CDPE by Alex Charfen
One week into the Q4 Launch, we’re blown away with the impact that the daily activities are having on participants’ businesses. As the rest of the industry scales back in preparation for a fourth-quarter slowdown, now is the time to sharpen your focus and commit to ending 2011 strong while building momentum for 2012.
The numbers are already telling the story. Here are the results that CDPEAdvanced member Cindy Keil with RE/MAX Masters in NW Ohio and RE/MAX Metro in Layton, Utah reported after one week:
I received several calls last week from … (0 comments)

charfen institute: Have You Joined the Historic CDPE Fourth Quarter Launch Campaign to Save Tens of Thousands of Homeowners from Foreclosure? - 10/13/11 12:43 PM
 
September 30th, 2011 in CDPE by Alex Charfen For homeowners facing foreclosure, the holiday season doesn’t represent a slowdown; it’s a time of heightened anxiety and uncertainty, and that’s why now is a critical time to reach out to the market every day with a consistent message of hope and a fresh start.
The recent spike in foreclosure starts stands to swell the ranks of the 6.3 million homeowners who are already in some phase of the foreclosure process. Far too often, financially strapped homeowners who don’t know where to turn and who to trust end up allowing their home … (0 comments)

charfen institute: You are on the front lines of rebuilding lives - 10/13/11 12:06 PM
  August 23rd, 2011 in CDPE by Alex Charfen “All misfortune is but a stepping stone to fortune.” Henry David Thoreau
As a CDPE-designated agent, you have a lot to offer your clients. High on that list is perspective.
The real estate market over the past few years has given us more perspective than many of us had ever hoped for. While we’ve seen our share of foreclosures, lost fortunes, market upheaval and uncertainty, we’ve also witnessed some amazing resiliency. That’s basically what the Charfen Institute and all of our members are all about – helping our clients out of … (0 comments)

 
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Alex Charfen

Austin, TX

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