Automated Valuation Model and calculation of Net Present Value in a Mortgage Modification
The Rest Report calculates the Net Present Value of a distressed mortgage and it’s underlying value. One half of this calculation is the AVM, or Automated Valuation Model. The Rest Report pulls the current value of your property from a variety of online sources.
Banks get away with losing their homework again
Banks who participate in the HAMP (Home Affordable Mortgage Program) are supposedly not allowed to foreclose on a distressed homeowner who is negotiating a mortgage modification. Turns out that expectation is voluntary. Turning in my homework was always voluntary too. Wasn’t yours?
Mortgage Modification Misinformation in my local Newspaper
My local newspaper published an article today about the mortgage modification mess. It seems the spectre of mortgage modification scams is here in Mesa County, Colorado also. The publication today is one more indication of our community’s history of being a six to nine month lagging economoc indicator. The author makes the same mistake that every other reporter makes in reporting on this mess: taking the word of ineffectual HUD counselors and realtors that aren’t fully informed.
Short Sale better than Bankruptcy – which is better than foreclosure
Every week I go to my county foreclosure auction to check on what is selling; and mostly what is not. The banks are not dropping prices on foreclosure properties. It is always a mystery to me why so many distressed homeowners let their property go to foreclosure. I routinely mail advertising offers to negotiate their short sale. I’m sure these same distressed homeowners are deluged with foreclosure avoidance offers. But it’s obvious that the huge majority of these homeowners did nothing to avoid the foreclosure.
When applying for a Mortgage Modification, you need the REST Report
Once again, this week I read yet another story on the internet about another family caught in the mortgage modification morass. It is a tired, old story on the internet, but weekly, somewhere, a local newspaper drags out another distressed mortgage owner caught in distressed mortgage never never land.
Federal Reserve and Federal Treasury don’t care about your Distressed Mortgage
Mandelman’s blog post today concerns the headline from last April that the Federal Reserve Bank made $47.4 billion by helping the distressed mortgage market in the country. Great for them, huh? Most of the article goes past me. I don’t know enough about macro-economics to digest the whole article. Mandelman is a trusted source on [...]
Two Benefits of using an Investor to Short Sell your property
Using an investor to make a cash offer on your distressed mortgage and property has two immense benefits. The short sale will assuredly move along faster, and they can negotiate the deficiency better than anyone else. Realtors should be used for what they do: sell houses. Not for what they don’t do: make cash offers to buy and negotiate deficiencies.
Two common mistakes to avoid in a real estate short sale
Briefly, an experienced investor will skillfully negotiate the deficiency on your mortgage. A deficiency is the difference between your current mortgage balance and a realistic market selling price for that property. No realtor can have the experience at negotiating your deficiency like the negotiator we use, experinced since 1994.
A Third Chance to make the Nations Banks Ours
President Obama signed the Dodd-Frank Wall Street Reform and Consumer Protection Act today. It seems to be better known simply as the Financial Reform Bill, and HR 4173 seems a key also. We missed the first two chances. Insist on Elizabeth Warren to have a snowball’s chance this time.
Home Affordable Foreclosure Assistance going down the same dead end street
I have written about the pitfalls and drawbacks to the Home Affordable Foreclosure Assistance Plan (HAFA) before. Now the first online newspaper I have found has written about most of those same pitfalls and drawbacks. The article is linked below.
