Weekly Short Sale Roundup - One Million Loan Mods?

By
Real Estate Broker/Owner with Broadpoint Properties Cal BRE #01324959

short sale newsEach and every week, there are things going on that impact the short sale business. Sometimes there are big changes to federal and state policies that impact short sale processing and the distressed property world. Other weeks, there is news about government programs for distressed borrowers.

Read below to learn about some of the interesting stuff that went on this past week in the distressed property arena:

One Million HAMP Modifications  Wildly ironic but not unexpected, there are about 1,000,000 failed loan modifications and about 1,000,000 that made it through the trial period. And, of those that made it through the trial, only about 825k are still active. Read more of the stats in this article.

Surprise Refis from Chase – Lucky Ducks Lucky owners of Chase mortgages may receive a surprise in the mail—an offer to refinance the home at a lower interest rate. Read more about it and rub Buddha’s belly. Maybe you will get a letter, too.

Another Stimulus Plan Here’s another stimulus plan that may or may not get our economy on the mend. However, with the increase in market values and the real estate market being heavy with buyers, I’d say that the economy might be beginning to recover without another plan.

There’s lots going on in the distressed property arena. And, if you are actively working with ‘distressed’ borrowers, it’s important to keep up with all of the changes in the industry. Sometimes that’s hard, which is why I’ve provided you with a weekly recap right here.

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Ambassador
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Janna Scharf
Keller Williams Realty Coeur d'Alene - Coeur d'Alene, ID
Coeur d'Alene Real Estate Pro

I love your weekly roundups, it's where I can rely on getting the most current info on what's going on in the short sale world!

Sep 23, 2012 06:59 AM #1
Rainmaker
1,092,032
Bryant Tutas
Bryant Tutas-Tutas Towne Realty, Inc - Poinciana, FL
Broker/REALTOR, Tutas Towne Realty, Inc

The article about the Chase loan mods really reiterates why it is so important to open all correspondence form the lender.  Never assume it's just another collection attempt.

Sep 23, 2012 07:10 AM #2
Rainmaker
688,263
Sussie Sutton
UTR Texas Realtors - Pearland, TX
UTR TEXAS Realtors - Rep for buyers and sellers.

Good post Melissa. Short sales scare me and from the stories I hear; I really don't think I have the time to work with one. If I get a customer who wants to buy a short sale I forward the customer on to another Realtor who I know are versed and don't mind doing them.

Sep 23, 2012 07:51 AM #3
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Jeff Dowler CRS
Solutions Real Estate - Carlsbad, CA
Carlsbad CA Homes for Sale (760) 840-1360

Melissa

I awlasy enjoy the updates to stay informed with what's happening in the short sale arena. I echo BB's comments about opening your mail. You never know what you might miss.

Jeff

Sep 23, 2012 09:41 AM #4
Rainmaker
160,731
Satar Naghshineh
Satar - Amiri Property and Financial Services Corp. - Irvine, CA

Thanks for the weekly updates. I even get your e-mails. It makes staying on top of the news and trends so much easier!

Sep 23, 2012 12:54 PM #5
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Lori Bowers
La Quinta, CA
The Lori Bowers Group

I do alot of short sales and like your blogs. They are right on target !

Sep 23, 2012 02:38 PM #6
Rainmaker
522,293
Mary Douglas
United Country Ponderosa Realty - Red Feather Lakes, CO
REALTOR, Red Feather Lakes, Colorado

Melissa, thanks for providing more very useful information.   I thought- wow, how many people didn't even bother opening the letter from Chase?!

Sep 24, 2012 08:58 PM #7
Rainmaker
230,503
Donna Paul
Keller Williams Realty Gold Coast - Dix Hills, NY
Long Island Home Specialist, Search for Long Islan

Thanks Melissa for the information, I have been working with so many homeowners who are finding the out that Loan Modification are not working out for them.

Sep 26, 2012 11:34 AM #8
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Melissa Zavala

Broker, Escondido Real Estate, San Diego County
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