Tuesday, September 7th is Foreclosure Tuesday. Here is a quick look at the Houston area foreclosure stats: Posted Homes for Foreclosure Posted foreclosures for the Greater Houston Area total 6,689 which is a 43% jump from last month’s 4,478. Galveston County continues to rocket forward with a 53.7% increase over August’s posted foreclosures. Fort Bend County was [...]
Houston area foreclosure stats for August 2010
July 27, 2010 By Leave a Comment
Tuesday, August 3rd is Foreclosure Tuesday. Here is a quick look at the Houston area foreclosure stats: 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, [...]
Bank of America Sued In Texas For Abusing Homeowners with Misinformation and Misdirection
July 8, 2010 By 1 Comment
For the most part BAC Home Loans Servicing, LP is the pits. Faxing documents several times in a row because BAC “lost them” or got a new fax number has been the norm for a long time. Before Equator kicked in (which is a whole other story) Bank of America was consistently the slowest servicer [...]
Bank of America’s equator system reduces chance to successfully close short sales – PART 2
June 7, 2010 By 2 Comments
Homeowners & agents nationwide are confused. What is Equator and how does it impact my short sale? In this blog let’s examine the negatives and then finally what to do with Equator. Thinking about taking on a new short sale? REALTORS take note, Equator is the new “in thing” for Bank of America and [...]
Bank of America’s equator system reduces chance to successfully close short sales – PART 1
June 4, 2010 By 8 Comments
I’ve been asked to write an update on Equator. Homeowners & agents nationwide are confused. What is Equator and how does it impact my short sale? In this blog let’s examine the positives…up next the negatives and then finally what to do with Equator. PART 1 Thinking about taking on a new short sale? [...]
Lenders pursue homeowners after Foreclosure or Short Sales
March 5, 2010 By Leave a Comment
REALTORS, be very, very careful when negotiating with the mortgage companies. Your clients (the homeowners) may want to pursue and possible sue you after closing a short sale if you led them to believe they would be free of their house trouble. If you are working with a homeowner attempting a short sale, remember two important facts: According to stats in the [...]
Modification is Not for Every Borrower according to a Treasury Adviser
February 3, 2010 By 2 Comments
Two questions borrowers frequently ask us, “How did my neighbor get into HAMP (and/or get a loan modification) but I can’t? “Do I have to be delinquent to get a workout plan?” The best answers typically are: The secret Black Box recipe may not mix well with your situation (read more here on this) because [...]
Mind the P&L, as in Payoffs and Liens
February 1, 2010 By 1 Comment
This is a re-print of an article I wrote for Real Estate Executive Magazine for this month’s issue. Mind the P&L, as in Payoffs and Liens Understanding your seller’s complete financial picture has long been a best practice of top producing REALTORS but that task has become more important and more complicated. It’s not just [...]
Bank of America wants to collect twice on Short Sales?
November 30, 2009 By Leave a Comment
Wow. You can’t make this stuff up! About two months ago we helped a family, whose house was in Porter, Texas, short sale their home. A key component of a successful short sale is protecting the homeowner and their REALTOR from the mortgage company because while these companies can be sneaky and unethical they are [...]
Strategic defaulters put downward pressure on values
November 9, 2009 By 8 Comments
Sadly less than 20% of all homeowners facing a foreclosure situation choose to list their house for sale. The mortgage unit of Citigroup says one in five borrowers who defaults does so willingly, even though they’re able to pay the mortgage. “It’s a very large number, and it’s a very, very significant risk to the housing recovery,” [...]
