BANK OF AMERICA TAKEN HOSTAGE!!!
A disgruntled Realtor took Bank of America hostage this morning. Apparently frustrated by the endless abuse he had suffered from the Institution during the past 3 years, according to sources.
He demanded the President of that Institution, to acknowledge the horrible way that the bank has been managing the short sale negotiations.
A passer by said he overheard the crazy Realtor shout: "Do you think it is funny? to waste my time for months, pushing paper, gathering information, waiting hours on the phone, being treated like dirt by incompetent personnel, and in the end see the house go to foreclosure?" "Who the f%^&k do you people think you are?"
One of the hostages who was able to escape on time, said he heard the Supervisor plead for his life, crying to the Realtor: "Please, I swear I will approve all your short sales from now on, please", but the Realtor didn't look very impressed by his cowardly conduct.
A group of local Realtors gathered outside the branch, but not simple "looky loos", to the surprise of our correspondent, they were there "To support our hero, it was about time somebody stand up to the Banks and tell the story, we ALL feel the same way"
The masses chanted: "HEY HEY WE WON'T GO, ITS THE BANK THAT HAS TO GO!"
The National Association of Realtors had no comment,
A Washington correspondent asked President Obama in a briefing this morning, what was his opinion about this crisis, and he limited his comments to: "it was bound to happen sooner or later, Banks have to be more proactive and reasonable"
We will keep you informed as this crisis develops.
United Press Corporation
This is just a joke, it is not true, I hope it helps you air some of that frustration you, the Realtor have accumulated. Have a blessed day.
Friday, September 24, 2010
Monday, September 20, 2010
Are we finally going to get a break from all the nonsense that we have been put through?
This is breaking news from REO Insider...and great news at that...It appears that we will see some greater support in the form of actual Short Sale Laws from our government...Limiting the time a bank can respond to a short sale request from it's borrowers...
Rep. Robert Andrews (D-NJ) and Rep. Tom Rooney (R-FL) have introduced a bill in the house H.R. 6133 - Prompt Decision for Qualification of Short Sale Act of 2010; that would force lenders to make a yes or no decision on a short sale within 45 days of the short sale request. This could be huge in facilitating short sales.
There appears to be widespread support for the bipartisan proposal. The National Association of Realtors supports the effort, and NAR President Vicki Cox Golder said:
"As the leading advocate for homeownership issues, NAR believes that quicker attention to the short sales process is vital to help homeowners who are underwater and their communities, as well as the nation's
Credit for this goes to: Harris Real Estate University....Great news!
This is breaking news from REO Insider...and great news at that...It appears that we will see some greater support in the form of actual Short Sale Laws from our government...Limiting the time a bank can respond to a short sale request from it's borrowers...
Rep. Robert Andrews (D-NJ) and Rep. Tom Rooney (R-FL) have introduced a bill in the house H.R. 6133 - Prompt Decision for Qualification of Short Sale Act of 2010; that would force lenders to make a yes or no decision on a short sale within 45 days of the short sale request. This could be huge in facilitating short sales.
There appears to be widespread support for the bipartisan proposal. The National Association of Realtors supports the effort, and NAR President Vicki Cox Golder said:
"As the leading advocate for homeownership issues, NAR believes that quicker attention to the short sales process is vital to help homeowners who are underwater and their communities, as well as the nation's
Credit for this goes to: Harris Real Estate University....Great news!
Tuesday, September 7, 2010
FORECLOSURE ROULETTE, IS IT THE NEW GAME IN OUR NATION?
I read this article, posted by Sean O'Toole, founder of Foreclosure Radar, I found it incredibly interesting, and the more I think about it, the more I think it is right on the money.
The reality is that through financial engineering (interest only, subprime, swaps, option ARMs, negative equity, stated income, etc.,) we created trillions in excess mortgage debt that has left millions of homeowners underwater, financial institutions on the brink of collapse, and the FDIC nearly insolvent. Back in September 2008 it became clear that financial collapse was imminent, and the federal government did what it does best – bailed out those who caused the crisis while leaving taxpayers holding the bag for the losses. Pulling this hat trick off required one simple ruse – getting everyone to believe that those losses ultimately wouldn’t be very big.
To do this the government changed the rules. The FDIC who previously forced banks to get bad assets off their books became a leading proponent of saving homeowners with loan modifications that likely just delay the inevitable. With a little government pressure, the supposedly independent Federal Accounting Standards Board was pressured into letting banks account for loans at theoretical values based on computer models rather than current market value.
Next they began rolling out an acronym soup of programs, which they promoted as being help for America’s homeowners – HAMP, HAFA, HARP, 2MP and more. But the reality is that to date these programs have resulted in little more than delays. The government and lenders say that these failures are due to complexities of implementation, difficulty reaching homeowners and a sundry other things. But what if these programs were never intended to succeed? What if they were simply intended to create delays, provide false hope, and maybe get the banks a bit more cash out of homeowners in the form of trial loan modification payments?
Sounds like a crazy conspiracy theory, I know, but hear me out.
The problem faced by both lenders and the government is that they can neither afford to kick homeowners out, or bail them out. For lenders, either scenario forces losses to be recognized, while thanks to mark-to-model accounting rules, and little or no pressure to foreclose from the FDIC, they can instead leave non-paying homeowner in place and push those losses into the future. Many believe that most major corporations manage earnings, what could be more perfect than getting to choose when, and if, they recognize mortgage related losses. For the U.S. government either scenario is political death. Politicians have no appetite for allowing banks to put families on the street en masse through foreclosure, nor forcing banks to deal with the problem through bankruptcy cram-downs or other means. At the same time they realize their constituents who do pay their mortgage (or rent) simply won’t stand for a taxpayer funded bailout of their upside down neighbor. Instead, it seems they believe bailouts should be saved for the truly deserving like the executives and corporate shareholders of banks, AIG, GM, etc.
If we aren’t willing to either kick non-paying homeowners out of their homes, or bail them out, what other option is there? The answer is clear. It’s the same thing we’ve done with national deficits for years. Trade tomorrow for today, with a policy of extend and pretend. I have no doubt this is the present policy, and that this will be the policy for years to come as we work through wiping out the trillions in excess negative equity that was created during the bubble.
A member of the audience during my talk asked if this policy was really possible, after all we can’t just let non-paying homeowners stay in their homes forever. If paying homeowners figured that out, everyone would stop paying, and then our financial system would crumble. I agree, and it’s clear the banks realize this too. But it is a problem that is easily solved by the diabolical game of Russian roulette. So long as lenders continue to foreclose on at least a handful of homeowners each month, in what from all appearances is a completely random game of chance, they’ll keep those willing and able to pay their mortgage doing so. Those who decide not to pay their mortgage will find themselves playing today’s update on the Russian game, Foreclosure Roulette, wondering each month whether they’ll get another free month in their prison of debt, or finally be shot and forced to move.
Sean O'Toulle /houseINsandiego
I read this article, posted by Sean O'Toole, founder of Foreclosure Radar, I found it incredibly interesting, and the more I think about it, the more I think it is right on the money.
The reality is that through financial engineering (interest only, subprime, swaps, option ARMs, negative equity, stated income, etc.,) we created trillions in excess mortgage debt that has left millions of homeowners underwater, financial institutions on the brink of collapse, and the FDIC nearly insolvent. Back in September 2008 it became clear that financial collapse was imminent, and the federal government did what it does best – bailed out those who caused the crisis while leaving taxpayers holding the bag for the losses. Pulling this hat trick off required one simple ruse – getting everyone to believe that those losses ultimately wouldn’t be very big.
To do this the government changed the rules. The FDIC who previously forced banks to get bad assets off their books became a leading proponent of saving homeowners with loan modifications that likely just delay the inevitable. With a little government pressure, the supposedly independent Federal Accounting Standards Board was pressured into letting banks account for loans at theoretical values based on computer models rather than current market value.
Next they began rolling out an acronym soup of programs, which they promoted as being help for America’s homeowners – HAMP, HAFA, HARP, 2MP and more. But the reality is that to date these programs have resulted in little more than delays. The government and lenders say that these failures are due to complexities of implementation, difficulty reaching homeowners and a sundry other things. But what if these programs were never intended to succeed? What if they were simply intended to create delays, provide false hope, and maybe get the banks a bit more cash out of homeowners in the form of trial loan modification payments?
Sounds like a crazy conspiracy theory, I know, but hear me out.
The problem faced by both lenders and the government is that they can neither afford to kick homeowners out, or bail them out. For lenders, either scenario forces losses to be recognized, while thanks to mark-to-model accounting rules, and little or no pressure to foreclose from the FDIC, they can instead leave non-paying homeowner in place and push those losses into the future. Many believe that most major corporations manage earnings, what could be more perfect than getting to choose when, and if, they recognize mortgage related losses. For the U.S. government either scenario is political death. Politicians have no appetite for allowing banks to put families on the street en masse through foreclosure, nor forcing banks to deal with the problem through bankruptcy cram-downs or other means. At the same time they realize their constituents who do pay their mortgage (or rent) simply won’t stand for a taxpayer funded bailout of their upside down neighbor. Instead, it seems they believe bailouts should be saved for the truly deserving like the executives and corporate shareholders of banks, AIG, GM, etc.
If we aren’t willing to either kick non-paying homeowners out of their homes, or bail them out, what other option is there? The answer is clear. It’s the same thing we’ve done with national deficits for years. Trade tomorrow for today, with a policy of extend and pretend. I have no doubt this is the present policy, and that this will be the policy for years to come as we work through wiping out the trillions in excess negative equity that was created during the bubble.
A member of the audience during my talk asked if this policy was really possible, after all we can’t just let non-paying homeowners stay in their homes forever. If paying homeowners figured that out, everyone would stop paying, and then our financial system would crumble. I agree, and it’s clear the banks realize this too. But it is a problem that is easily solved by the diabolical game of Russian roulette. So long as lenders continue to foreclose on at least a handful of homeowners each month, in what from all appearances is a completely random game of chance, they’ll keep those willing and able to pay their mortgage doing so. Those who decide not to pay their mortgage will find themselves playing today’s update on the Russian game, Foreclosure Roulette, wondering each month whether they’ll get another free month in their prison of debt, or finally be shot and forced to move.
Sean O'Toulle /houseINsandiego
Wednesday, September 1, 2010
How to payoff your mortgage in half the time
Save Thousands of dollars...payoff your mortgage early
I will give you step by step instructions on how to payoff your 30 year home loan in 15 years or even less and save thousands!!
Difficulty level: Easy
Instructions:
Things You'll Need: An amortization schedule
1. 1 It's easy to save tons of money when you payoff your house early
If you have a fixed interest rate mortgage on your home with no prepayment penalty, you can pay off your 30 year mortgage debt in 15 years and save lots of money on interest.
This strategy applies to any fixed rate mortgage whether it be 40 years or 10 years.
2. 2 Here's how....
1. Ask your mortgage company for an amortization schedule. An amortization schedule, it is a table detailing each chronological payment on an amortized loan, they are generated by an amortization calculator. They should be able to email it, or maybe you can create it from your bank's website, worst case scenario it will cost you about 20 dollars. (Think of a changing banks)
2. When you receive it, look at your current payment. It will have a breakdown of your payment showing amount of principal, interest, taxes, insurance and your principal balance after that payment.
You will be amazed at how small the amount is of principal. There is a reason for this...most of the interest you pay is in the first years of your mortgage.
3. On the amortization schedule, look at your current payment due.
4. Pay your total monthly payment plus next months principal payment. If you wish, you can pay more than 1 extra principal payment.
5. Write out 2 checks...1 for your current payment and the other for additional principal.
6. On your check where it is labeled memo, write additional principal.
7. There will also be a place on your payment coupon to write in additional principal and your total payment.
8. After you write the amount, check it off your amortization schedule so you can keep up with your payments.
When you do this, you eliminate that months interest, thereby decreasing your mortgage debt. You can now pay off your mortgage debt in half of the time or less e. g. 360 payments into 180 saving boatloads of interest money.
You will be amazed at how small the extra principal amount is and how much interest you save!!
Save Thousands of dollars...payoff your mortgage early
I will give you step by step instructions on how to payoff your 30 year home loan in 15 years or even less and save thousands!!
Difficulty level: Easy
Instructions:
Things You'll Need: An amortization schedule
1. 1 It's easy to save tons of money when you payoff your house early
If you have a fixed interest rate mortgage on your home with no prepayment penalty, you can pay off your 30 year mortgage debt in 15 years and save lots of money on interest.
This strategy applies to any fixed rate mortgage whether it be 40 years or 10 years.
2. 2 Here's how....
1. Ask your mortgage company for an amortization schedule. An amortization schedule, it is a table detailing each chronological payment on an amortized loan, they are generated by an amortization calculator. They should be able to email it, or maybe you can create it from your bank's website, worst case scenario it will cost you about 20 dollars. (Think of a changing banks)
2. When you receive it, look at your current payment. It will have a breakdown of your payment showing amount of principal, interest, taxes, insurance and your principal balance after that payment.
You will be amazed at how small the amount is of principal. There is a reason for this...most of the interest you pay is in the first years of your mortgage.
3. On the amortization schedule, look at your current payment due.
4. Pay your total monthly payment plus next months principal payment. If you wish, you can pay more than 1 extra principal payment.
5. Write out 2 checks...1 for your current payment and the other for additional principal.
6. On your check where it is labeled memo, write additional principal.
7. There will also be a place on your payment coupon to write in additional principal and your total payment.
8. After you write the amount, check it off your amortization schedule so you can keep up with your payments.
When you do this, you eliminate that months interest, thereby decreasing your mortgage debt. You can now pay off your mortgage debt in half of the time or less e. g. 360 payments into 180 saving boatloads of interest money.
You will be amazed at how small the extra principal amount is and how much interest you save!!
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