Posted Homes for Foreclosure

• 226 – Brazoria County (Pearland, Alvin, Lake Jackson, etc.)
• 586 – Fort Bend County (Missouri City, Sugar Land, Richmond, etc.)
• 244 – Galveston County (Galveston, Clearlake, Texas City, etc.)
• 3,361 – Harris County (Houston, Pasadena, Baytown, etc.)
• 371 – Montgomery County (Montgomery, Conroe, Splendora, etc)

Foreclosures for Sale on MLS

• 262 – Brazoria County (Pearland, Alvin, Lake Jackson, etc.) +5.6%
• 491 – Fort Bend County (Missouri City, Sugar Land, Richmond, etc.) +4.2%
• 343 – Galveston County (Galveston, Clearlake, Texas City, etc.) +13.2
• 3,091 – Harris County (Houston, Pasadena, Baytown, etc.)  -1.3%
• 416 – Montgomery County (Montgomery, Conroe, Splendora, etc.) -2.4%

Short Sales for Sale on MLS

• 75 – Brazoria County (Pearland, Alvin, Lake Jackson, etc.) +13.7%
• 239  – Fort Bend County (Missouri City, Sugar Land, Richmond, etc.) +8.1%
• 98 – Galveston County (Galveston, Clearlake, Texas City, etc.) +24.1%
• 1,239 – Harris County (Houston, Pasadena, Baytown, etc.) + 1.8%
• 141 – Montgomery County (Montgomery, Conroe, Splendora, etc) -8.4%

- The Bank Slayer

WASHINGTON — Congress has sent President Barack Obama a plan to give homebuyers an extra three months to finish qualifying for federal tax incentives that boosted home sales this spring.

The legislation would give buyers until Sept. 30 to complete their purchases and qualify for tax credits of up to $8,000. Under the current terms, buyers had until April 30 to get a signed sales contract and until June 30 to complete the sale.

The bill only allows people who already have signed contracts to finish at the later date.

The House approved the measure on Tuesday.

Legislation in the Senate, sponsored by Majority Leader Harry Reid, was approved Wednesday night by unanimous consent.

DO NOT try to “flip” the property to make extra money.  Not only can this be an ethical violation it may be fraud and that can mean jail time.  Furthermore, as an agent representing a seller you should ALWAYS seek to secure the highest/best offer possible to increase the odds of the short sale being accepted as well as to lower the risk of the seller needing to sign a promissory note and/or be hit with a deficiency judgment.  

On all short sales an agent should seek legal counsel to avoid putting their seller at risk as well as themselves.

Read below to see what happens when you try to get line your pockets unethically.

- The Bank Slayer

Real Estate Agent Admits Short Sale Fraud

Sergio Natera, 35, Bridgeport, Connecticut, a licensed real estate agent, pleaded guilty before United States Magistrate Judge Holly B. Fitzsimmons in Bridgeport to one count of bank fraud stemming from his involvement in a “short sale” mortgage fraud scheme. A short sale transaction involves a mortgage holder or lender entering into an agreement to release its mortgage or lien on real property in exchange for payment of less than the total amount owed on the underlying debt. Many short sale transactions are legitimate.

According to court documents and statements made in court, Natera worked with another real estate agent to defraud Regions Bank, which held two mortgages on a residential property in
Bridgeport, Connecticut. On December 5, 2007, the other real estate agent, who was a listing agent for the property, received an offer to purchase the property for a price of $132,500. However, Natera subsequently communicated to Regions Bank that the highest offer to purchase the property was for $102,375 by BOS Asset Management, LLC, an entity that Natera controlled. The bank agreed to a short sale of the property for the lower price, and released its mortgages on the property. On June 9, 2008, Natera, through BOS Asset Management, sold the property for $132,500 to the original bidder on the property.

Natera is scheduled to be sentenced by United States District Judge Janet C. Hall on April 30, 2010, at which time he faces a maximum term of imprisonment of 30 years, a fine of up to $1 million, and an order of restitution.

Nora R. Dannehy, United States Attorney for the District of Connecticut, announced the guilty plea.

This matter is being investigated by the Federal Bureau of Investigation and is being prosecuted by Assistant United States Attorney Ann M. Nevins.

In July 2009, the U.S. Attorney’s Office and the Federal Bureau of Investigation announced the formation of the Connecticut Mortgage Fraud Task Force to investigate and prosecute mortgage fraud cases and related financial crimes occurring in Connecticut. In addition to investigating past mortgage fraud schemes, the Task Force will focus on emerging crime trends that are associated with the growing tide of foreclosures, including foreclosure rescue schemes, and short sale schemes. Citizens are encouraged to report any suspected mortgage fraud activity by calling 203-333-3512 and requesting the Connecticut Mortgage Fraud Task Force, or by sending an email to ctmortgagefraud@ic.fbi.gov.

Thinking about taking on a new short sale?  REALTORS take note, Equator is the new “in thing” for Bank of America and now GMAC as well.  What used to be REOTrans has been upgraded and is now the new Short Sale Equator system.  We have been testing as well as using it for months and here is what we have discovered.

The negatives?

1. Internet access required.  The homeowner must create a userid on the system and have regular access to respond and upload docs.  I guess they assume all homeowners have unlimited access to scanners and the internet, but if not they must have extra money to buy what they need, right?
2. Behind the curtain, the process is still the same.  It is really nothing more than an automated hurry up and wait system.   You knock off all the tasks (like faxing, calling, and emailing the old way) and then wait on the bank for someone to be assigned to the account and review the uploaded docs.
3. It’s very impersonal.  The negotiators hide behind Equator and/or use it as an excuse for not responding.  Before Equator, the negotiators resisted giving out their email address but sometimes would and eventually you could have a conversation with a real thinking human being.  Now, everything has to be input into Equator virtually limiting as much as possible the human to human interaction.
4. Unreasonable demands.  The bank can and does take as much time as they want but every communication in Equator concludes with “if this is not responded to within 24 hours the file will be closed.”  Remember the part about “better make sure your seller has constant access to the internet?”
5. Unilateral negotiations.  Counteroffers by the negotiator through Equator are not always “accurate” per management or the investor’s (Freddie, Fannie and others) guidelines.  This leads to acceptance of an offer or counter and then it later being reneged upon.
6. Unfair trade practices.  The negotiator will attempt to reduce the REALTOR’s commission to the “standard” 4% or 5% or refuse to pay for seller’s portion of title insurance or eliminate entirely all title company fees or make unreasonable demands of other lien holders or POAs and HOAs.
7. Escalation improbable.  Not satisfied with a response or feel you’re not being treated fairly?  Please enter your complaint in the following field, include your name, number, best time to call and exact nature of your complaint, any incomplete forms will limit our ability to respond–limit your response to 24 characters.  Ok, the 24 characters part is not true.
8. GMAC has to submit its own files in Equator versus the agent doing it and starting the process.
9. If you like Equator it is not available (currently) for FHA-insured short sales.

- The Bank Slayer

PART 1

Thinking about taking on a new short sale?  REALTORS take note, Equator is the new “in thing” for Bank of America and now GMAC as well.  What used to be REOTrans has been upgraded and is now the new Short Sale Equator system.  We have been testing as well as using it for months and here is what we have discovered.

Let’s start with the positives, in theory.

1. No more long hold times and mysterious disconnects.  In a nutshell, they are pushing the loss mitigation work out of the bank and down to the homeowner, attorney, REALTORS, loss mitigation counselors and anyone else in the loop.  If you have the time, a good scanner and fast internet connection AND the homeowner does as well AND you are really on top of your game this could be reason enough to celebrate.
2. BYE, BYE fax machine and “we never got your fax”.  We used to hear this often during negotiations of short sale and loan mods with Bank O’ UnAmerica.    Their theory is an “upload” of the docs instead of faxing 90+ pages and then waiting for the bank to “scan and file” will streamline the process.
3. The system is online and thus always available.  Provided there are no scheduled, or unscheduled, maintenance windows.  Recall how the old system was always “slow” or “unavailable” at the end of the month?
4. Faster access to decision makers.  The negotiators should be assigned more quickly than before Equator.  This could be a real bonus since the front-line customer service processors  can’t do anything.
5. Faster response time.  Since the bank has less responsibility because they have pushed all the tasks out to you, they should be able to respond more quickly.  Sounds nice doesn’t it.
6. Costs less.  More automation, fewer people and less human-customer interaction are all good for the bottom line, Bank of America’s bottom line that is.
7. Tastes great.  Giving the customer access to the “system” makes them feel more involved and more empowered.  Fake silk feels just as nice as real silk, only it’s not.
8. Since Equator requires the internet, you and the homeowner can surf the net or play online poker while at work and not get in trouble for goofing off since you need to “check Equator” for your next task.
9. If you hate Equator, currently FHA-insured short sales are not permitted to go through Equator.

- The Bank Slayer

We take calls all day long in our office from homeowners and Realtors who are frustrated with the short sale process.   HELLO!!   It is easier for the bank to simply foreclose. It takes serious firepower to get them to behave.

We have been battling and beating these guys for years but frankly it at times requires hauling them off into court to get them to “see the light”.   If you have Ocwen as your mortgage servicer you already know how difficult it is to deal with these numskulls.   Read on with “disbelief”.

- The Bank Slayer

In the email published below you will see the truth, straight from Ronald Farris, the president of Ocwen.  Below the email is the link to the video & credits for the entire story.

In a nutshell, agent Brian Gubernick, a Arizona agent, listed a home for a short sale.  He got short sale approval on Feb 26 but the approval was only good until March 1.  His efforts to have it extended until the end of the month and postpone the March foreclosure sale led him to contact multiple levels in Ocwen all the way up to the president. Ron Farris’s response to the request is shocking to those that think the bank wants to help homeowners.

Before reading the email here is an excerpt from Ron Faris published not long ago in the Palm Beach Post.

Reporter: What misperceptions do people have about your business?

Ron Farris:   Many people think that we originated the loans we service or they think we own the loans.  In most cases, we didn’t originate the loans, and we don’t own the loans. People also think that we make money by foreclosing on a home. Foreclosure is not only bad for the homeowner, but it is also bad for the investor in the loan because foreclosure almost always results in a loss. Foreclosure is also bad for Ocwen because we lose our ongoing serving fee revenue.

————————————————

Email from OCWEN President Ron Faris to Brian Gubernick on 3/13/10…

From: Faris, Ronald [mailto:Ronald.Faris@ocwen.com]
Sent: Saturday, March 13, 2010 8:59 AM
To: Brian Gubernick
Cc: Coykendall, Joshua
Subject: RE: OCWEN LN#XXXXXXXXXX – SHORT SALE for Borrower: XXXXX

Mr. Gubernick,

Can you help me understand how a short sale will help the homeowner?   My goal is to find a solution that keeps the borrower in their home.  If that is not possible, then there is no meaningful difference between a short sale and a foreclosure sale.  If you have a buyer for the property, we can always sell them the property post foreclosure sale.  As it looks like you are a real estate agent I can understand that you are concerned about losing your sales commission.

I suggest you have the borrower contact Mr. Coykendal to see if there is any way for us to do a loan modification.

Regards,

Ronald M. Faris

——————————————————–

View the entire story here in video format.

Posted Homes for Foreclosure

• 257 – Brazoria County (Pearland, Alvin, Lake Jackson, etc.)
• 540 – Fort Bend County (Missouri City, Sugar Land, Richmond, etc.)
• 237 – Galveston County (Galveston, Clearlake, Texas City, etc.)
• 3,471 – Harris County (Houston, Pasadena, Baytown, etc.)
• 388 – Montgomery County (Montgomery, Conroe, Splendora, etc)

Foreclosures for Sale on MLS

• 248 – Brazoria County (Pearland, Alvin, Lake Jackson, etc.)
• 471 – Fort Bend County (Missouri City, Sugar Land, Richmond, etc.)
• 303 – Galveston County (Galveston, Clearlake, Texas City, etc.)
• 3,131 – Harris County (Houston, Pasadena, Baytown, etc.)
• 426 – Montgomery County (Montgomery, Conroe, Splendora, etc.)

Short Sales for Sale on MLS

• 66 – Brazoria County (Pearland, Alvin, Lake Jackson, etc.)
• 213  - Fort Bend County (Missouri City, Sugar Land, Richmond, etc.)
• 79 – Galveston County (Galveston, Clearlake, Texas City, etc.)
• 1,217 – Harris County (Houston, Pasadena, Baytown, etc.)
• 154 – Montgomery County (Montgomery, Conroe, Splendora, etc)

He tells tales of “being trained” on programs like HAMP and seeing blacked out sections.   When he asked why IndyMac (now OneWest) redacted the HAMP training guidebook, his supervisor told him, “We don’t agree with those parts so you won’t be trained on them since we aren’t going to implement  it.”   Nice huh?

As a REALTOR you wonder, “Why don’t these banks follow the rules set out to help homeowners, like HAMP and HAFA?”  Because:

#1 they are guidelines, not laws.

#2 they don’t care and do what they want.

If you have an account or mortgage with what was IndyMac, below is info relating to what happened and supposedly who you can contact.   Thanks to Neil Garfield.   The mortgage companies have MERS.  He’s building HERS.      Stay tuned.

- The Bank Slayer

Information for IndyMac Bank, F.S.B., and IndyMac Federal Bank, F.S.B., Pasadena,

Introduction

1. Press Release
2. Acquiring Financial Institution
3. Question and Answer Sheet
   • En Español
   • Chinese Language Version (350 kb PDF File PDF Help)
4. Banking Services
5. Loan Customers
6. Unclaimed Deposits
7. Possible Claims Against The Failed Institution
   • FAQ re IndyMac “No Value” Determination
8. Priority of Claims
9. Dividend Information
10. Brokered Deposits (Institutional Brokers)
11. Agreements
    • Purchase and Assumption Agreement (1.1 mb PDF File – PDF Help)
    • Master Purchase Agreement by and among FDIC as Conservator for IndyMac Federal Bank, FSB and IMB HoldCo LLC, and OneWest Bank Group LLC (5.3 mb PDF File – PDF Help)
    • Loan Sale Agreement Between the FDIC as Receiver for IndyMac Federal Bank, FSB and OneWest Bank, FSB (3.5 mb PDF File –PDF Help)
    • Shared Loss Agreement Between the FDIC as Receiver for IndyMac Federal Bank, FSB and OneWest Bank, FSB (1.7 mb PDF File – PDF Help)
12. IndyMac Bank, F.S.B., Contact Information
    JavaScript is disabled or blocked. Alternatively, you may navigate towww2.fdic.gov/drrip/cs/index.asp and search for the contacts.
13. Balance Sheet Summary

I.  IntroductionOn March 19, 2009, the Federal Deposit Insurance Corporation (FDIC) completed the sale of IndyMac Federal Bank, FSB, Pasadena, California, to OneWest Bank, F.S.B., Pasadena, California.  OneWest Bank, FSB is a newly formed  federal savings bank organized by IMB HoldCo LLC.  All deposits of IndyMac Federal Bank, FSB have been transferred to OneWest Bank, FSB.OnJuly 11, 2008, IndyMac Bank, F.S.B., Pasadena, CA was closed by the Office of Thrift Supervision (OTS) and the FDIC was named Conservator.  All non-brokered insured deposit accounts and substantially all of the assets of IndyMac Bank, F.S.B. have been transferred to IndyMac Federal Bank, F.S.B. (IndyMac Federal Bank), Pasadena, CA “assuming institution”) a newly chartered full-service FDIC-insured institution.  No advance notice is given to the public when a financial institution is closed.

The FDIC has assembled useful information regarding your relationship with this institution.  Besides a checking account, you may have Certificates of Deposit, a car loan, a business checking account, a commercial loan, a Social Security direct deposit, and other relationships with the institution.  The FDIC has compiled the following information which should answer many of your questions.Back to top

II.  Press Release The FDIC has issued the following press releases (PR-56-2008, PR-42-2009) about the institution’s closure.  If you represent a media outlet and would like information about the closure, in California, please contactDavid Barr with the Office of Public Affairs at 202-898-6992, in Washington D.C. please contact Andrew Gray at 202-898-7192. Back to top

III.  Acquiring Financial InstitutionOn March 19, 2009, all deposits of IndyMac Federal Bank, FSB were transferred to OneWest Bank, FSB, (OneWest Bank) Pasadena, California.On July 11, 2008, all non-brokered insured deposit accounts were transferred to IndyMac Federal Bank, F.S.B. (IndyMac Federal Bank), Pasadena, CA (“assuming institution”) a newly chartered full-service FDIC-insured institution.  The OTS appointed the FDIC conservator of IndyMac Federal Bank.  All insured deposit accounts will be available as usual during regular business hours starting July 14, 2008.

Principal and interest on insured accounts, through July 11, 2008, are fully insured by the FDIC, up to the insurance limit of $100,000.  You will receive full payment for your insured account.  Certain entitlements and different types of accounts can be insured for more than the $100,000 limit.  IRA funds are insured separately from other types of accounts, up to a $250,000 limit.

All accounts that exceed the $100,000 insurance limit, and/or all accounts that appear to be related and exceed this limit, are reviewed by the FDIC to determine their ownership and insurance coverage.  If you think you might have uninsured deposits you should call the FDIC Call Center to arrange for a telephone interview with  a Claims Agent at 866-806-5919. The Claim Agent may direct you to download and submit a particular form that will assist in expediting the processing of your claim.

List of Affidavits, Declarations, and Forms available for download

Please return the forms to the FDIC by FAX (facsimile) or mail at the number or address listed for the failed institution.

If it is determined that you have uninsured funds, the FDIC will generate and mail to you a Receiver Certificate.  This certificate entitles you to share proportionately in any funds recovered through the disposal of the assets of IndyMac Bank, F.S.B.  This means that you will eventually recover some of your uninsured funds.  The FDIC declared a 50% advance dividend for uninsured deposits.To find out more about FDIC Deposit Insurance:

• Visit EDIE the FDIC’s Electronic Deposit Insurance Estimator
• View the FDIC Deposit Insurance Coverage Video

Checks that were drawn on IndyMac Bank, F.S.B. will be honored up to your available balance or the insured amount.  You may withdraw funds from any transferred account without an early withdrawal penalty until you enter into a new deposit agreement with IndyMac Federal Bank.  A hold may be in place on deposits accounts due to delinquent loans where the depositor is the borrower or guarantor.  Additionally, any account pledged as collateral for a loan will be held.Back to top

V.  Banking ServicesOn March 19, 2009 there was no break in services.As ofJuly 14, 2008 you may continue to use the services to which you previously had access, such as, online service, safe deposit boxes, night deposit boxes, wire services, etc.

Your checks will be processed as usual.  All outstanding checks will be paid against your available insured balance(s) as if no change had occurred.  IndyMac Federal Bank will contact you soon regarding any changes in the terms of your account.  If you have a problem with a merchant refusing to accept your check, please contact IndyMac Federal Bank, Customer Service Department, at 800-998-2900.  An account representative will clear up any confusion about the validity of your checks.

All interest accrued through Friday, will be paid at your same rate.  IndyMac Federal Bank will be reviewing rates and will provide further information soon.  You will be notified of any changes.

Your automatic direct deposit(s) and/or automatic withdrawal(s) will be transferred automatically to IndyMac Federal Bank.  If you have any questions or special requests, you may contact a representative of your assuming institution at 800-998-2900. Back to top

VI.  Loan Customers If you had a loan with IndyMac Bank, F.S.B., you should continue to make your payments as usual.  The terms of your loan will not change under the terms of the loan contract because they are contractually agreed to your promissory note with the failed institution.  Checks should be made payable as usual and sent to the same address until further notice.For all questions regarding new loans and the lending policies of IndyMac Federal Bank, please contact 800-998-2900 or visit the IndyMac Federal Bank website atwww.IndyMac.com. Back to top

VII.  Unclaimed Deposits Please note that any deposits that have not been claimed within 18 months of the failure of Indymac Bank was sent to the FDIC by One West Bank. If the FDIC is unable to locate the deposit customer, the unclaimed funds will eventually be escheated to the state or according to Federal Law (12 U.S.C., 1822(e)).

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VIII.  Possible Claims Against the Failed InstitutionDetermination of Insufficient Assets To Satisfy Claims Against Financial Institution in Receivership

SUMMARY: The FDIC, by its Board of Directors, has determined that insufficient assets exist in the receivership of IndyMac Bank, F.S.B., Pasadena, California and the receivership of IndyMac Federal Bank, FSB, Pasadena, California to make any distribution to general unsecured claims, and therefore such claims will recover nothing and have no value.

DATES: The Board made its determination on November 12, 2009.

FOR FURTHER INFORMATION CONTACT: If you have questions regarding this notice, contact Thomas P. Bolt, Counsel, Legal Division, (703) 562–2046 ortbolt@fdic.gov; Shane Kiernan, Senior Attorney, Legal Division, (703) 562–2632 or skiernan@fdic.gov,

SUPPLEMENTARY INFORMATION: On July 11, 2008, IndyMac Bank, F.S.B., Pasadena, California (‘‘IndyMac Bank’’) (FIN # 10007) was closed by the Office of Thrift Supervision and the Federal Deposit Insurance Corporation (‘‘FDIC’’) was appointed as its receiver. In complying with its statutory duty to resolve the institution in the method that is least costly to the deposit insurance fund (see 12 U.S.C. 1823(c)(4)), the FDIC effected a pass-through receivership. Accordingly, the FDIC organized IndyMac Federal Bank, FSB, Pasadena, California (‘‘IndyMac Federal’’), a new federal savings bank for which the FDIC was appointed as conservator. IndyMac Bank’s assets were transferred to IndyMac Federal under an agreement whereby the amount (if any) realized from the final resolution of IndyMac Federal after payment in full of IndyMac Federal’s obligations was to be paid to the IndyMac Bank receivership. On March 19, 2009, IndyMac Federal was placed in receivership and substantially all of its assets were sold. The amount realized from the resolution of IndyMac Federal is insufficient to pay all of its liabilities, and therefore there will be no amount to pay to the IndyMac Bank receivership.Section 11(d)(11)(A) of the FDI Act, 12 U.S.C. 1821(d)(11)(A), sets forth the order of priority for distribution of amounts realized from the liquidation or other resolution of an insured depository institution to pay claims. Under the statutory order of priority, administrative expenses and deposit liabilities must be paid in full before any distribution may be made to general unsecured creditors or any lower priority claims. The FDIC has determined that the assets of IndyMac Bank are insufficient to make any distribution on general unsecured claims and therefore, such claims, asserted or unasserted, will recover nothing and have no value. The FDIC has also determined that the assets of IndyMac Federal are insufficient to make any distribution on general unsecured claims and therefore, such claims, asserted or unasserted, will recover nothing and have no value. //

Federal Register / Vol. 74, No. 221 / Wednesday, November 18, 2009 / Notices59541

FAQ re IndyMac “No Value” Determination Back to top

IX.  Priority of ClaimsIn accordance with Federal law, allowed claims will be paid, after administrative expenses, in the following order of priority:

Depositors

General Unsecured Creditors

Subordinated Debt

Stockholders

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X.  Dividend Information When IndyMac was placed into Conservatorship in July of 2008, the FDIC calculated that the ultimate resolution of IndyMac would result in a recovery of approximately 50% of the uninsured deposits of IndyMac. Based upon that estimate, an advance dividend in that amount was paid to the uninsured depositors at that time. The announced sale of IndyMac to IMB Management Holdings is consistent with the original estimate and no additional dividend will be paid as a consequence of this sale.While no dividends for the uninsured depositors are anticipated at this time, the FDIC will continue to periodically re-assess the financial condition of the receivership to determine if there is additional cash for dividend distributions.

Dividend History on IndyMac Bank, F.S.B.
JavaScript is disabled or blocked. Alternatively, you may navigate to
www2.fdic.gov/DIVWEB/Dividendindex.asp and search for the dividends. Dividend Information on Failed Financial Institutions Back to top

XI.  Brokered Deposits The FDIC offers a reference guide to deposit brokers acting as agents for their investor clientele.  This site outlines the FDIC’s policies and procedures that must be followed by deposit brokers when filing for pass-through insurance coverage on custodial accounts deposited in a failed FDIC Insured Institution.Deposit Broker Processing Guide