As a previous Asset Manager, I’ve managed hundreds of assets in my inventory. I have a working knowledge of REO Policies, Procedures and Practices. Benefit from the hands on corporate REO experience and knowledge I have gained by having the unique advantage of being exposed to this dynamic industry from both sides of the perspective . . . As an REO Asset Manager and as an REO Agent. (909) 476-9600
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REO is an abbreviation for a Real Estate Owned property. REOs and FORECLOSUREs are not the same thing. However, an REO is only produced as a result of a foreclosure where the lender has repossessed the property to re-sell.
Welcome to So California’s Inland Empire; Known as “The IE,” to locals. Find local and regional news, market conditions, and homes for sale; stay informed about issues that affect the San Bernardino / Riverside county economy.
Loss Mitigation is used to describe a third party assisting in the process of negotiation between a homeowner and their lender. Loss Mitigation works to negotiate terms for the homeowner that prevents foreclosure.
A short sale is a sales transaction in which the seller’s mortgage lender agrees to accept a payoff less than the balance due on the loan typically executed to prevent foreclosure, but may or may not involve a property in foreclosure.
This video report is from our Southern California KCET’s SoCal Local Connected blog. It pointedly illustrates the impact of the foreclosures affecting our Southern California’s Inland Empire community.
“Foreclosure is becoming a way of life in California with repossessed homes now dominating the real estate market. One in every two homes sold last month in Southern California had been repossessed,” host Val Zavala recites in the story’s introduction. “Or to look at it another way, 700 families lose their homes every day. One of the hardest hit areas is the Inland Empire.”
The story begins with a crew that removes everything left behind in recently foreclosed homes. Families whose dreams of home ownership have become a nightmare leave behind pieces of that dream, including big-screen televisions, computers, furnishings, clothes, toys and family photos. The owner of the company that does these Trash Outs, as they have come to be known, says he has found everything from birth certificates to an urn with someone’s remains in homes that his company has Trashed Out.
The business owner says his business has grown from three employees a few years ago to 73 employees today; His company now cleans out an average of 15 foreclosed homes a day. He say he tries to donate things of value, but has trouble coordinating the donations and since he cannot leave anything behind, even valuable items often get thrown away.
The video also touches on a new practice of spray painting brown lawns green outside foreclosed houses, a family that is the lone holdout on a suburban cul de sac filled with Foreclosures and Short Sales, and finally two code enforcement officers who drain an abandoned pool of stagnant green water to discourage it from becoming an issue for mosquito breeding and West Nile virus.
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Yesterday HUD Secretary, Shaun Donovan announced that they will temporarily remove the 90-day restriction on flipping properties. This change in policy will take effect on February 1, 2010 and is effective for one year. There …
Gov. Arnold Schwarzenegger bans all foreclosure consultants, including loan modification firms and attorneys who specialize in loan mods, from asking for any upfront fees.
On October 11, 2009, Governor Schwarzenegger signed Senate Bill 94 (Calderon), and …
Google has announced an improved home search that has been integrated into their Google Maps service. Here is a list of some of the features:
Typing in a query like ‘REO Homes for Sale in Rancho …
If you’ve been passing up homes that require repairs, there’s renewed interest in the 203(k) FHA loan program that lets qualifying candidates borrow a single loan with a 3.5 percent down payment to cover both …
Recently, HUD passed new guidelines allowing FHA borrowers to cut down their monthly payments on their mortgage through a Making Home Affordable loan modification program starting August 15th. Prior to this, homeowners struggling to make …
I just found this very interesting report in today’s Default Servicing Daily News identifying stable markets with opportunities for growth, as well as markets where home prices are expected to continue to drop over the …
Did you know . . . Fannie Mae is offering special financing when you buy one of their bank owned homes!
This special financing is available on Fannie Mae homes with this logo:
How does this …
McLean, VA – Freddie Mac (NYSE: FRE) today announced it is extending its suspension of evictions triggered by foreclosures on single family properties with Freddie Mac-owned mortgages through February 28, 2009. Freddie Mac is simultaneously …
Some interesting statistics I found on the Internet:
13% of Americans will die before age 65
28% of Americans will face a long-term disability before age 65 and be unable to work and/or earn an income
Despite these …
Freddie Mac and Fannie Mae will implement a revised Home Valuation Code of Conduct beginning May 1, 2009. In an attempt to increase the reliability of appraisals, the revised code builds on existing seller-servicer guidelines …
Attention Prospective HomeBuyers
HomeSteps will pay up to 3.5%** Buyers Closing Cost Offer
Buy a HomeSteps Home and save! HomeSteps will pay up to 3.5%** of the purchase price in closing costs for all offers …
Seven of the top sixteen metropolitan areas with the highest rates of foreclosures in the nation are in California, according to the latest data from RealtyTrac. In the Stockton, Riverside/San Bernardino, Sacramento, Bakersfield, Oakland, Fresno …
Happy Thanksgiving – Mortgage Rates Plunge . . . Finally, some good news for the mortgage industry! In a move to increase credit availability, the Federal Reserve and Federal Home Loan Banks announced that they …
If you are in the midst of a foreclosure, it’s imperative that you know the Dos and Don’ts. Freddie Mac has a thorough list on their Freddie Mac website ; DON’T fall victim to a scam. …
That’s what Fannie Mae and Freddie Mac have given Millions of homeowners by Suspending Foreclosures Until January 2009. By halting evictions, the mortgage giants get time to implement a recent rescue plan.
Read more about it …
Because of the massive and wide-spread use of sub-prime mortgages over the past five years, the foreclosure crisis has created an historic level of REO properties hitting the market; A trend that has contributed to …
Foreclosure has become a national epidemic and we are all experiencing challenging times. It is during these times that we must all share valuable information that can protect us from the danger of opportunist poised to take …
Declining values added to our increasing inventory all add up to a Buyer’s market. It’s a perfect time for Buyer’s to turn the excess of available REO properties into homeownership opportunities. But credit is tight …
Times are certainly tough for sellers right now. And you probably won’t sell your house for the amount you would like. The best strategy for now would be to stay put and wait out the …
To help clearly disclose the mortgage process, the federal government is giving their Good Faith Estimate document a makeover. Effective January 1, 2010, the current 2-page form will be replaced by a newly revised standard 3-page …
Gov. Arnold Schwarzenegger bans all foreclosure consultants, including loan modification firms and attorneys who specialize in loan mods, from asking for any upfront fees.
On October 11, 2009, Governor Schwarzenegger signed Senate Bill 94 (Calderon), and …
If you’ve been passing up homes that require repairs, there’s renewed interest in the 203(k) FHA loan program that lets qualifying candidates borrow a single loan with a 3.5 percent down payment to cover both …
Yesterday HUD Secretary, Shaun Donovan announced that they will temporarily remove the 90-day restriction on flipping properties. This change in policy will take effect on February 1, 2010 and is effective for one year. There …
Times are certainly tough for sellers right now. And you probably won’t sell your house for the amount you would like. The best strategy for now would be to stay put and wait out the …
