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#353193 - 10/03/10 01:07 PM
Re: Seven Servicers Putting A Hold On Foreclosures
[Re: REO4freedom]
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Member
Registered: 07/25/10
Posts: 247
Loc: SoCal
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It looks like the banks and servicers are only putting a hold on foreclosures in judicial foreclosure states. That probably means business as usual in California.
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#353195 - 10/03/10 01:34 PM
Re: Seven Servicers Putting A Hold On Foreclosures
[Re: BK Estates]
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Major Contributor
Registered: 01/26/05
Posts: 2051
Loc: Houston
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#353314 - 10/04/10 05:38 PM
Re: Seven Servicers Putting A Hold On Foreclosures
[Re: Houston Agent]
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Junior Member
Registered: 02/02/10
Posts: 6
Loc: Salt Lake
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Well that means lets turn up the juice on our short sales right...Equator and reoprep here we come.
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#353518 - 10/05/10 06:44 PM
Re: Seven Servicers Putting A Hold On Foreclosures
[Re: Sam Rasain]
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Member
Registered: 11/18/09
Posts: 57
Loc: Atlanta Georgia
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Yes, only if you want to close some short sales for a while...Chasing the money is what we need to continue to do however chasing short sales is like a dog chasing its tail. I am guilty of it though because I have a dozen short sales currently urg.
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#353543 - 10/05/10 09:03 PM
Re: Seven Servicers Putting A Hold On Foreclosures
[Re: HUDLover]
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Major Contributor
Registered: 01/26/09
Posts: 2961
Loc: Old Dominion
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I had not seen a list of the states posted. I think this is it, taken from DSN.
1.Connecticut
2.Delaware
3.Florida
4.Illinois
5.Indiana
6.Iowa
7.Kansas
8.Kentucky
9.Louisiana
10.Maine
11.Maryland
12.Massachusetts
13.New Jersey
14.New Mexico
15.New York
16.North Dakota
17.Ohio
18.Oklahoma
19.Pennsylvania
20.South Carolina
21.South Dakota
22.Vermont
23.Wisconsin
_________________________
Trust your Maker. Watch your manager.
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#353546 - 10/05/10 09:11 PM
Re: Seven Servicers Putting A Hold On Foreclosures
[Re: Doin' bpose]
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Veteran Member
Registered: 11/20/07
Posts: 1404
Loc: Land of comps and drive by's.....
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Well, I see Maryland there...yup, things are about to get really interesting.
On a good note, my MD short sales are going start really looking attractive!
_________________________
Nothing in the world can take
the place of persistence.
Talent will not. Genius will not.
Education will not.
Persistence and determination
alone are omnipotent.
Calvin Coolidge
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#353549 - 10/05/10 09:19 PM
Re: Seven Servicers Putting A Hold On Foreclosures
[Re: Houston Agent]
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Major Contributor
Registered: 01/26/09
Posts: 2961
Loc: Old Dominion
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I have not heard any ripples hitting VA. Doesn't mean I am not expecting any.
_________________________
Trust your Maker. Watch your manager.
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#353655 - 10/06/10 11:56 AM
Re: Seven Servicers Putting A Hold On Foreclosures
[Re: Devenity]
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REO-BPO-R.E. Mod
Major Contributor
Registered: 03/12/08
Posts: 3272
Loc: Pinehurst, NC
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I am in TN but have still had a major slow down. Only 2 new REOs in the past 30 days compared to last month at 6. lol - not sure if you're seriously complaining or bragging  where again in TN are you?
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#353657 - 10/06/10 12:02 PM
Re: Seven Servicers Putting A Hold On Foreclosures
[Re: Devenity]
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Veteran Member
Registered: 09/02/08
Posts: 761
Loc: Massachusetts
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I had a few put on hold a few weeks ago before all the publicity started. GMACs backed by one of the GSEs. They were just released back to me. At almost the same time a few GSE backed Chase loans were put on hold and one of those was just released. Based on that, I'm guessing this may be a short term issue. Unless the feds step in and use it as a means to stifle the FC rate and that's always a very real possibility.
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#353682 - 10/06/10 03:09 PM
Re: Seven Servicers Putting A Hold On Foreclosures
[Re: Don Price (Pine)]
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Major Contributor
Registered: 01/26/09
Posts: 2961
Loc: Old Dominion
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there is talk about a 'National Freeze on Foreclosures' for 90 days But no entity/person has the authority to do that.
Edited by Doin' bpose (10/06/10 03:10 PM)
_________________________
Trust your Maker. Watch your manager.
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#353697 - 10/06/10 04:28 PM
Re: Seven Servicers Putting A Hold On Foreclosures
[Re: Doin' bpose]
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REO-BPO-R.E. Mod
Major Contributor
Registered: 03/12/08
Posts: 3272
Loc: Pinehurst, NC
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there is talk about a 'National Freeze on Foreclosures' for 90 days But no entity/person has the authority to do that. I won't argue about that from first hand knowledge - I would be and am just repeating what was on the news - but I am sure there are ways to make this happen if they (politicians) want, in that I have no doubt.
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#353704 - 10/06/10 05:11 PM
Re: Seven Servicers Putting A Hold On Foreclosures
[Re: Don Price (Pine)]
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Member
Registered: 02/20/08
Posts: 207
Loc: Southeast
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I am in TN but have still had a major slow down. Only 2 new REOs in the past 30 days compared to last month at 6. lol - not sure if you're seriously complaining or bragging where again in TN are you? I'm not complaining or bragging but just saying this month was a lot slower for me when compared to last month. Last month seemed a little more busy than usual but this month seems a little more slow than usual.
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#353716 - 10/06/10 06:43 PM
Re: Seven Servicers Putting A Hold On Foreclosures
[Re: Devenity]
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REO-BPO-R.E. Mod
Major Contributor
Registered: 03/12/08
Posts: 3272
Loc: Pinehurst, NC
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I am in TN but have still had a major slow down. Only 2 new REOs in the past 30 days compared to last month at 6. lol - not sure if you're seriously complaining or bragging where again in TN are you? I'm not complaining or bragging but just saying this month was a lot slower for me when compared to last month. Last month seemed a little more busy than usual but this month seems a little more slow than usual. And I was just teasing - the majority would love to have 2 a month - while 6 a month (without a team)could be a bit hectic.
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#353722 - 10/06/10 07:13 PM
Re: Seven Servicers Putting A Hold On Foreclosures
[Re: Don Price (Pine)]
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Major Contributor
Registered: 01/26/09
Posts: 2961
Loc: Old Dominion
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there is talk about a 'National Freeze on Foreclosures' for 90 days But no entity/person has the authority to do that. I won't argue about that from first hand knowledge - I would be and am just repeating what was on the news - but I am sure there are ways to make this happen if they (politicians) want, in that I have no doubt. You know it's true Pine. Where there is a will there is a way.
_________________________
Trust your Maker. Watch your manager.
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#353808 - 10/07/10 12:05 PM
Re: Seven Servicers Putting A Hold On Foreclosures
[Re: Doin' bpose]
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Major Contributor
Registered: 07/22/07
Posts: 1574
Loc: PIE/SRQ corridor
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there is talk about a 'National Freeze on Foreclosures' for 90 days But no entity/person has the authority to do that. FYI.... A news article dated 10/5 says that WF will go full steam ahead with foreclosures. http://www.businessweek.com/news/2010-10...reclosures.html
_________________________
QC is evil
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#353935 - 10/08/10 11:16 AM
Re: Seven Servicers Putting A Hold On Foreclosures
[Re: Brad - W4BJM]
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Veteran Member
Registered: 05/16/06
Posts: 712
Loc: USA
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I I just got a WF REO listing. However I just on Drudge report that BoA will be halting all foreclosures (all 50 states).  I am worried. I get 80% of my business from BoA.
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#353967 - 10/08/10 01:38 PM
Re: Seven Servicers Putting A Hold On Foreclosures
[Re: Bluehoo]
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Major Contributor
Registered: 04/21/05
Posts: 1879
Loc: kentucky
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Fannie Mae just pulled our listings off the market yesterday, and will not tell us why. We are assuming it had something to do with this.
_________________________
Comments made are my opinion, and not intended to be legal advice of any kind.
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#353972 - 10/08/10 01:52 PM
Re: Seven Servicers Putting A Hold On Foreclosures
[Re: ky realtor]
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Veteran Member
Registered: 11/20/07
Posts: 1404
Loc: Land of comps and drive by's.....
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Told you guys...long cold winter ahead unless you started doing shorts
_________________________
Nothing in the world can take
the place of persistence.
Talent will not. Genius will not.
Education will not.
Persistence and determination
alone are omnipotent.
Calvin Coolidge
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#353978 - 10/08/10 02:11 PM
Re: Seven Servicers Putting A Hold On Foreclosures
[Re: HUDLover]
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Veteran Member
Registered: 08/27/07
Posts: 519
Loc: FLORIDA
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At fannie mae training today they said that BOA, Chase and GMAC to be moved to TOM status; all others business as usual.
I wouldnt be overly optomistic about short sales either; if they are freezing their processess and reviewing all steps of the process; short sales are probably off the table also until the reviews are complete.
BPO's will keep coming as banks continue to reassess the value of their assets during this delay, so no worries there.
Hopefully the other lenders are in better shape than these 3 and can deflect the critics. I'm with everyone else; every REO we get no payments have been made for over 2 years.. there is no question they are in default.
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#353981 - 10/08/10 02:24 PM
Re: Seven Servicers Putting A Hold On Foreclosures
[Re: STEW]
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Member
Registered: 05/28/07
Posts: 365
Loc: Tampa Bay, Florida
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At fannie mae training today they said that BOA, Chase and GMAC to be moved to TOM status; all others business as usual.
I wouldnt be overly optomistic about short sales either; if they are freezing their processess and reviewing all steps of the process; short sales are probably off the table also until the reviews are complete.
BPO's will keep coming as banks continue to reassess the value of their assets during this delay, so no worries there.
Hopefully the other lenders are in better shape than these 3 and can deflect the critics. I'm with everyone else; every REO we get no payments have been made for over 2 years.. there is no question they are in default.
Stew, I hope you're right about the BPO's. Up here in my neck of the Tampa Bay area, Mon and Tue were kick arse. From Wed on, dead as a doornail for BofA, and all the other mills with the exception of PCVMucor - no thanks!
_________________________
Mongo only pawn in game of life!
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#353984 - 10/08/10 02:35 PM
Re: Seven Servicers Putting A Hold On Foreclosures
[Re: STEW]
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Veteran Member
Registered: 05/16/06
Posts: 712
Loc: USA
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At fannie mae training today they said that BOA, Chase and GMAC to be moved to TOM status; all others business as usual.
I wouldnt be overly optomistic about short sales either; if they are freezing their processess and reviewing all steps of the process; short sales are probably off the table also until the reviews are complete.
BPO's will keep coming as banks continue to reassess the value of their assets during this delay, so no worries there.
Hopefully the other lenders are in better shape than these 3 and can deflect the critics. I'm with everyone else; every REO we get no payments have been made for over 2 years.. there is no question they are in default.
I hope you are right about the BPO. However most of my work with the BPO's are for BofA and for Fannie Mae - interiors for REO listing. I hope everything will be resolved quickly.
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#353986 - 10/08/10 02:44 PM
Re: Seven Servicers Putting A Hold On Foreclosures
[Re: birdwatcher]
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Veteran Member
Registered: 09/02/08
Posts: 761
Loc: Massachusetts
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The GMACs that Fannie pulled were released back to me. At the same time they pulled a few, not all, of the chases and BofAs. It was stated that they expected the situation to be rectified by end of month.
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#354031 - 10/08/10 10:40 PM
Re: Seven Servicers Putting A Hold On Foreclosures
[Re: STEW]
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Member
Registered: 08/27/08
Posts: 110
Loc: Oregon
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At fannie mae training today they said that BOA, Chase and GMAC to be moved to TOM status; all others business as usual.
I wouldnt be overly optomistic about short sales either; if they are freezing their processess and reviewing all steps of the process; short sales are probably off the table also until the reviews are complete.
BPO's will keep coming as banks continue to reassess the value of their assets during this delay, so no worries there.
Hopefully the other lenders are in better shape than these 3 and can deflect the critics. I'm with everyone else; every REO we get no payments have been made for over 2 years.. there is no question they are in default.
The issue isn't if they are in default. The banks started MERS, their is no paper trail stating who owned the note through all the note sales. It is conceivable their will be many lawsuits declaring the foreclosure was done by someone who can't prove they had the right to foreclose. Will the listing agent get caught up in it? 4 years ago, I heard of a law company that was disputing foreclosures on credit reports for this same thing. When all is over, I bet most wise foreclosed homeowners will not have these on their credit report, and will be buying homes again soon.
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#354033 - 10/08/10 11:16 PM
Re: Seven Servicers Putting A Hold On Foreclosures
[Re: Greg Masson]
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Veteran Member
Registered: 08/27/07
Posts: 519
Loc: FLORIDA
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Actually we dont know what the issue is at all or if there is one at all. The lack of a paper trail following the note is a popular f/c attorney claim/tactic but in this case the current claim is that they were signing off on documents others prepared without reviewing them and that they were not notarized properly; not that they could not produce the note chain or that information was missing or incorrect. Those claims may follow after the investigation.
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#354038 - 10/09/10 08:43 AM
Re: Seven Servicers Putting A Hold On Foreclosures
[Re: STEW]
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Major Contributor
Registered: 04/12/08
Posts: 4726
Loc: Vermont's North-East Kingdom
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It certainly puts a little crimp in the plans of anyone who bought a foreclosure with the intention of quickly flipping it.
The anticipated quick flip may turn into a long drawn out flop.
_________________________
Dale C. Hittle of GOLDEN RULE PROPERTIES in Glover, Vermont
Where We're Always Striving To Put Together "THE FAIR DEAL"
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#354040 - 10/09/10 09:39 AM
Re: Seven Servicers Putting A Hold On Foreclosures
[Re: Greg Masson]
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Major Contributor
Registered: 01/26/05
Posts: 2051
Loc: Houston
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4 years ago, I heard of a law company that was disputing foreclosures on credit reports for this same thing. When all is over, I bet most wise foreclosed homeowners will not have these on their credit report, and will be buying homes again soon.
Niiiiice. It seems to be business as usual here. So far, so good. I'm remaining busy with BPO's (even some BoA), and my husband has been inspecting foreclosures for buyers. I don't see any reason why BPO's would grind to a halt. Just because current REO's, and those in process, are being examined, the banks need to keep their momentum going. Homeowners are still defaulting on their loans, after all.
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#358478 - 11/21/10 05:12 PM
Re: Seven Servicers Putting A Hold On Foreclosures
[Re: Don Price (Pine)]
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Member
Registered: 02/06/08
Posts: 101
Loc: FL
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man i sure am glad that I read this. This explains the reason why my worked as slowed down insanely in my area. I could say that about 80% of mortgages in FL are BofA. Well guess I have to just try to hold on until the lift the hold..
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