Pre-foreclosure
BOA Settles, Brings Mortgage Relief to 200,000 Homeowners
Sunday, March 18th, 2012 | Bank owned, Foreclosures, Pre-foreclosure, Real Estate Investing | No Comments
Last week, Bank of America announced that they were reducing the amount owed for 200,000 underwater homeowners. This is huge for the homeowners, because it means a chance to eliminate the underwater portion of their mortgages. The anticipated average reduction is $100,000.
Homeowners are eligible for the reduction if they were at least 60 days delinquent on their mortgages serviced by BOA, as of January 31, 2012. This $1 billion deal is part of a recently announced government foreclosure settlement with top service providers. This move will reduce the overall amount BOA owes in penalties from its $3.25 billion foreclosure settlement.
This arrangement will only apply to loans owned by BOA or private investors, but not ones owned or backed by the GSEs, FHA or Dept. of Veteran’s Affairs.
860,000+ Foreclosures Completed in 2011
Sunday, March 18th, 2012 | Bank owned, Foreclosures, Pre-foreclosure, Real Estate Investing | No Comments
Recently, CoreLogic released their annual National Foreclosure Report. Corelogic is a leader in providing financial, real estate and consumer data used by top industry experts. In this report, they provide information on foreclosures by month, total foreclosure inventory and delinquency rates.
Their findings include the five states with the highest foreclosure rates. The leaders are no surprise – it’s the states we’ve seen over and over that are struggling with foreclosures: Florida (nearly 12%), New Jersey (6.4%), Illinois (5.3%), Nevada (5%) and New York (4.7%). The five states with the lowest foreclosures included Texas (1.3%), Nebraska (1.1%), N. Dakota and Alaska (.8%), and Wyoming (.7%).
Collectively, five states accounted for nearly 50% of all completed foreclosures around the country. Of the top 100 markets in the country, 32 experienced an increase in foreclosures versus a year ago. The overall number of homeowners who are more than 90 days late on their mortgage payments declined, from 7.8% in January 2011 to 7.2% in January 2012.
This shows that there is still a big opportunity for real estate investors to help homeowners who are facing foreclosure and need viable options to help them out of their situations.
To read the complete report, click here.
Proposed Bill Would Prevent Foreclosures with Faster Short Sales
Sunday, March 18th, 2012 | Bank owned, Foreclosures, Pre-foreclosure, Real Estate Investing, Short Sales | No Comments
This is good news for real estate investors. Last month, three Senators (Murkowski, Scott Brown and Sherrod Brown) together proposed a bill called the “Prompt Notification of Short Sale Act,” which, in essence, is designed to speed up the short sale process.
It would require “a written response from a lender no later than 75 days after receipt of the written request from the buyer,” In turn, the response must include one of the following decisions: acceptance or rejection of the offer, a counter-offer, need for extension (only one permitted) with estimation of when a decision would be available. If this process were violated, the buyer would be entitled to $1000 plus reasonable attorney fees.
This bill could be just the thing to help improve the short sale process, which is notoriously long – generally 6-9 months.
To read more, click here.
3 Steps to Involve Private Investors, Squeeze Out Freddie, Fannie
Sunday, March 11th, 2012 | Bank owned, Foreclosures, Pre-foreclosure, Real Estate Investing | No Comments
Attention private real estate investors: The FHFA recently released a 3-step plan to lessen the role of Freddie Mac and Fannie Mae in the mortgage industry and shift it to private investors. Since 2008, when Freddie and Fannie were placed in conservatorship by the US Treasury, they have received more than $180 billion in taxpayer support. To date, there is no resolution in sight, so the terms of the conservatorship need to change. Together, they guarantee 3 of every 4 mortgages.
- Build a new infrastructure that allows private investors to participate in the secondary market. This would include “national standards for the mortgage securitization process“ to be used to develop the mortgage market.
- Transfer mortgage credit risk from Freddie and Fannie to private investors. Several plans are already in place to see that this happens. One includes a “gradual increase in guarantee fee pricing so the price is closer to the level expected if mortgage credit risk was based on private capital.” Another proposes loss-sharing plans to have investors bear part of the credit risk.
- Continue efforts to prevent foreclosures and make mortgage credit available.
To read more, click here.
Loans are Bank-Friendly, Not Borrower-Friendly
Sunday, March 11th, 2012 | Foreclosures, Pre-foreclosure, Real Estate Investing | No Comments
Even though there are signs of hope in the economic recovery, the housing market still has a long way to go. Of the 55 million mortgage holders in the US, industry experts predict that as many as 10 million will default by 2018. While there have been some attempts by the government to reduce the burden on the mortgage holders, all it really did was extend payments or reduce interest rates, not address the crux of the problem, “unsupportable debt loads.”
Experts explain that investors are out up to 70% when homes are foreclosed upon. But when the total amount owed is reduced by a quarter, there is a much lower risk of foreclosure. “If you save a borrower, you save an investor.”
Mortgage holders Fannie Mae and Freddie Mac will not entertain any kind of principal reduction – they are refusing to take the immediate write downs that would be required, preferring to delay the financial hardship in exchange for a potential rebound. “Many servicers refuse to consider them because their fees are tied to the amount of principal rather than to the ultimate payback to investors. And banks often hold second mortgages for the loans that they service. Principal reductions typically require them to take total losses on those notes.”
Today’s rules do not favor the investor or borrower, but are very advantageous to big banks.
To read the complete article, click here.
Looser Credit Standards Brings Housing Hope?
Sunday, March 11th, 2012 | Bank owned, Foreclosures, Pre-foreclosure, Real Estate Investing | No Comments
According to the analytics firm, Capital Management, the housing crisis will actually end this year, thanks to looser credit standards and availability for borrowers. Borrowers are required to have a credit score of 700 or higher to obtain a mortgage loan. This is consistent with numbers from a year ago. In addition, banks are “lending amounts up to 3.5 times borrower’s earnings,” up from a low of 3.2. Capital Economics also points to the loan-to-value rations that are looser, 82% vs. 74% in mid-2010. This is their “clearest sign yet of an improvement in mortgage credit conditions.” Despite the improvement, approximately 8% of applicants fail to qualify for a mortgage loan. Capital Economics warns that these signs are not enough to generate notable house price gains.
To learn more, click here.
Don’t avoid the 900% increase in foreclosure activity in 2012
Tuesday, December 20th, 2011 | Commercial Real Estate Investing, Foreclosures, Pre-foreclosure, Real Estate Investing, Short Sales | No Comments
2012 is going to be HUGE.
Up to 9 million homes may enter foreclosure in 2012 period,
versus one million in a typical year.
This will send shock-waves through the stock markets and world economy.
It may well be the “dark ages” for homeowners and lenders alike…and the wave of mortgage re-sets will continue in a relentless onslaught…with no mercy!
This can equate to 500 billion in lender losses…
Check out this chart from a huge Euro Bank that shows when
the resets are happening for all the exotic mortgages:
As you can clearly see, we are entering the last (HUGE) wave
of foreclosures right now. All of these resets will cause
foreclosures in 2012.
CLICK HERE to find out how to make money from this
situation
The ARM’s, Option ARM’s, Subprime and Alt-A will be the main
casualties – but will spread into the prime classes too!
The “Too Big to Fail” banks are under the gun for the shady
practice of “robo-signing,” which covers a wide range of
foreclosure paperwork abuses. This serious “mess” has
launched massive legal probes around the country, including
an investigation led by an angry hive of state attorney
generals which reportedly could end up costing banks upward
of $20 billion in settlements to ripped-off foreclosed
home-owners.
The big lenders will be in the “hurt locker” and desperately
seeking investors willing take distressed residential and commercial
properties off their books…as soon as possible!
As you know, 60% of all Option ARM and ALT-A mortgages that
were originated in the “Sand States” -California, Nevada,
Arizona, and Florida began to adjust in 2009. And I’ve got
news for you…
It’s not over yet by a long shot…
In 2012, it’s going to go through the roof, impacting the
entire nation with pre-foreclosure and foreclosure activity.
Many of the major lenders will hold vast amounts of toxic
foreclosures…and are on the edge of extinction. They are
doing a wild spin into C-, D- and finally E- credit ratings
– and that’s end-game.
This massive shift has created a huge opportunity for real
estate investors in 2012. Now is the time to tap into this
massive opportunity.
Go here to get the rest of the story.
Do not ignore this opportunity or you may regret it for the
rest of your life.
Happy Holidays,
Josh
PS: If you’re like me, you’re busy with last minute Christmas shopping. Take a quick break and go here to watch a video that explains the entire situation. It’s a must see.
Are You Converting Every Lead You Get?
Friday, December 16th, 2011 | Commercial Real Estate Investing, Foreclosures, Pre-foreclosure, Real Estate Investing, Real estate short sales, Short Sales, Wholesale properties | No Comments
Earlier this week I told you about this amazing eBook I put together about Sales Mastery for Real Estate Investors. Did you download your free copy yet? If not, you can still get it here.
There is more that I want to share with you (after all, it is the season of giving!).
Today, I want you to download and listen to this podcast where I go into a little more detail about sales mastery. As with the eBook, this podcast is completely free – just sign up for a free account when you get to the Top Real Estate Investor blog and you’ll be able to download it.
Now you don’t even have to sit down to read how to become a master at converting every lead into a sale. Learn how to do it while you’re driving in your car or working out at the gym… no excuses!
You’ll learn about…
- Overcoming objections – what to say, when to say it, how to ask questions and how to present yourself.
- I will remove all the intimidation from talking to realtors or sellers.
- Converting a prospect to an appointment and then converting an appointment to a contract.
Join me and real estate coach and sales expert Dan Doran as we walk you through the art of selling, the art of conversion.
Never fall down again… learn how to soar into the New Year with this free podcast.
Talk Soon,
Josh
[Brand New Webinar] Cashing in on the iPhone App Gold Rush
Monday, November 28th, 2011 | Bank owned, Commercial Real Estate Investing, Foreclosures, Pre-foreclosure, Private Money, Real Estate Investing, Real estate short sales, Short Sales, Wholesale properties | No Comments
We’ve all heard the saying, “There’s an App for that” by now.
In fact, I bet you can’t go a day or even an hour while awake and not hear something about an iPhone or Android or an App for this or an App for that.
It probably wouldn’t surprise you to hear that it is a $38 Billion industry, and predicted to be $54 Billion by 2014.
If you’re like me, you’ve had at least one good idea for an App but had no clue how to go about building it.
I figured it would take hiring a bunch of programmers to get it done…
What if I told you it was possible to have an iPhone App that can make you money, built and submitted to iTunes in less than an hour?
You probably wouldn’t believe it, Right?
Well, it’s true and when you join me this Wednesday November 30th, you’ll see for yourself how this can be done and how you can profit from it.
Register for the 2PM Webinar here :
https://www2.gotomeeting.com/register/346365146
Register for the 9PM Webinar here :
https://www2.gotomeeting.com/register/926572034
You’ll be amazed at the many ways you can make money with this.
There are 5.2 Billion smart phone users out there.
Apps are quickly replacing web sites!
iPhones, iPads and Androids are replacing computers!
Advances in technology have mobilized us and now we find ourselves living in a mobile world.
Many people all over the world are making a fortune with iPhone Apps because of it.
On this week’s training, my special guest and I are going to show you the many different ways in which you can cash in on this remarkable new opportunity too.
Register for the 2PM Webinar here :
https://www2.gotomeeting.com/register/346365146
Register for the 9PM Webinar here :
https://www2.gotomeeting.com/register/926572034
In just a few days you’ll learn how you can easily go out tomorrow and make $1,000 or more in a single day with Apps.
And if you’re a Real Estate investor of ANY TYPE, make sure you’re on this webinar to see how you can have your own real estate Investor App in iTunes and why it will give you a HUGE, unfair advantage in your local market.
In fact, no matter what type of business you’re in, you need to be on this webinar so you can learn how to take your business to a whole new level leveraging the power of iPhone Apps.
Come ready to learn on this webinar and I promise you that in addition to giving your current business a boost, you’ll also come away with no less than, 4 NEW Multiple Streams of Income.
The opportunities with this are endless.
To your success,
Josh
P.S. Did you know that there are 4x more Cell phone users than people who own a PC or Laptop?
And 80% of people in the U.S. have a mobile phone.
The entire Globe has gone Mobile…
Real estate has gone Mobile…
Buyers are looking for real estate on their Mobile devices 2, 3 and even 12x per day.
In today’s market it’s very easy to find Investors that have properties they need to sell! Once you control this new media, it will be very easy for you to build a massive buyers list.
Register for the 2PM Webinar here :
https://www2.gotomeeting.com/register/346365146
Register for the 9PM Webinar here :
https://www2.gotomeeting.com/register/926572034
How to Sell Your Houses and Build a Massive Buyers List in the Shortest Time Possible with Mobile Marketing and Mobile Apps
Sunday, November 27th, 2011 | Bank owned, Foreclosures, Pre-foreclosure, Private Money, Real Estate Investing, Real estate short sales, Short Sales, Wholesale properties | No Comments
There are many challenges that investors face when it comes to investing. It’s easy to find deals but it’s been hard to get them sold.
Here are just a few of the challenges:
- The market is over crowded
- Everyone is using the same tactics
- Marketing methods are less effective
- Email is often considered spam
- Google’s getting SLAP happy
On this week’s webinar, I will cover how to use mobile marketing to overcome these challenges.
Here’s what you’ll discover on this training:
- How to Create Multiple Streams of Income with Mobile Apps and Mobile Marketing (300% more than Internet and Websites)
- How to Get Smart and Jump Ahead of the Noise
- How to Create your own media
- How to Dramatically increase your response rates
- How to “PUSH” your Properties to your “buyers list” …
Register for this Wednesday’s (November 30th) training here:
Register for the 2PM Webinar here :
https://www2.gotomeeting.com/register/346365146
Register for the 9PM Webinar here :
https://www2.gotomeeting.com/register/926572034
Did you know that there are 4x more Cell phone users than people who own a PC or Laptop?
And 80% of people in the U.S. have a mobile phone.
The entire Globe has gone Mobile…
Real estate has gone Mobile…
Buyers are looking for real estate on their Mobile devices 2, 3 and even 12x per day.
In today’s market it’s very easy to find Investors that have properties they need to sell! Once you control this new media, it will be very easy for you to build a massive buyers list.
Talk to you on Wednesday’s training,
Josh
P.S. We only have limited spaces, so register now before we’re full.
Register for the 2PM Webinar here :
https://www2.gotomeeting.com/register/346365146
Register for the 9PM Webinar here :
https://www2.gotomeeting.com/register/926572034
Just enter your first name and email in the
box below for free immediate access!
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