Good work bratchny. I officially nominate you as the boards "Investigative Reporter". Keep up the good work.

Rocky I listened but with a new twist..

Joined a big brokerage that 2 of the queens in the area bought. Looks like at just a few weeks in it's gonna pay off nicely. Already picking up plenty of tips from their staff.

Sarasota County's ROCKET DOCKET doing 400 per day but, slowing the process by requiring lender attorneys to show up in person.

Published: May 29, 2009

SARASOTA - Lawyers and frantic homeowners cram together, creating a standing-room-only crowd before Judge Harry Rapkin's foreclosure court.

One by one, homeowners detail their battles with the bank.

"I'm just sending in all my financial papers and waiting on a response," said one man.

"I lost my job a year ago," said another.

Rapkin, now retired, comes in on a part-time basis to oversee what's become known as the "Rocket Docket."

And he gave everyone the same advice: "You need a lawyer."

Rapkin also gave more time to folks who need it. Rapkin ordered as much as 120 days before the home goes up for sale at the county courthouse.

The court, aimed at moving foreclosures through the judicial system at a quicker pace, stems from an effort to unclog dockets and still give the little guy a voice.

An order issued this spring from 12th Circuit Chief Judge Lee Haworth requires banks talk to their clients before heading to court and mandates the banks' lawyers show up in person.

In court today was lawyer Tanya Simpson of Fort Lauderdale, who was representing a firm handling 66 foreclosures. The new order gives Rapkin the power to tell lawyers, like Simpson, to re-file and start over if a client fails to follow the rules.

"If this were to be on the regular judge's calendar they would get nothing else done," Rankin said. "Each one would have to be set for 15 minutes each. I did 200 this morning I think, with more this afternoon."

By the end of the morning, Rapkin said the rocket had launched. He set uncontested mortgages for sale at a record pace. One home was valued at $800,000. In Sarasota, the "Rocket Docket" takes off every two weeks.
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When I say they are holding them off the market I did not mean to infer that the banks already had the properties. I meant that they have been holding off on foreclosing a lot of them waiting to see what the Gov. would do. A lot of people in foreclosure are getting educated as well and are better at stall tactics. It is building a backlog bubble and it will break eventually.

Received 10 new assignments in June. It was our best month in a while, but still down about 50% from where we were last year. Anybody else out here in CA picking up the pace a little?

I have seen an increase in assignments since March. I had been slow before that. I have the same number of listings I had this time last year, but have added a new client.

Still slow for me. I know of two people personally who are behind on payments. One is 5 months and the other is 8 months and both have not had the sheriff sale. The one that is 8 months behind called the bank after 3 months and told them he was moving out and they havent done anything yet. The hoa took him to court because he is still the owner, and now hes stuck paying $200 a month for hoa fees.

Maybe the banks, seeing how the prices went down, are releasing their REOs at a lower pace to not overflow the market and keep the prices from going down more. The first trimester of this year was good but I notice a decline once we started in May.

Trimester? looks like the baby is overdue to me.

http://www.bradenton.com/business/story/1599707.html
Makes specific mention as to banks not taking title late last year and early this year and that many are in the process but not completed. This was due to the moratoriums (which only postponed the inevitable) and the Saving homes program.
It also mentions that those loans modified under the Saving homes program will have a 75% default rate in the future.

Grampa-you post some interesting stuff!!

4th quarter is what a VP of BofA said today they are dumping on the market

Everyone and his long lost uncle is making the "Tidal Wave" predictions. Kind of like the people predicting a bubble starting in 2004. Eventually one of them will be right and can crow about it.

Fannie Mae owned homes are going to skyrocket...

We got approved by a company called "Tenant Access" to handle the tenants in foreclosures due to the new law that went into effect around May 20th. This is another of the multiple reasons that title has not been taken on a lot of properties. They do not have the systems in place yet for being able to comply with the new law.

Our areas REO inventory is so low we are selling out of short sales. Bad for us as I used to look at the short sales to see what our future REO inventory is going to be.

Time will tell.

I heard the same thing about June.


Didn't happen.