February 2013

Found 4 blog entries for February 2013.

REO Properties being sold subject to 24 CFR 206.125 - What This Means


There is a new type of REO (Lender Owned ) property disclosure that is occassionally seen on properties listed for sale on the Los Angeles Real Estate Market MLS system. You may have seen this statement in the remarks section when looking for homes on the Internet. "This property is being sold subject to 24 CFR 206.125".  This identifies the property as an REO that is being marketed after it had a Reverse Mortgage on it.  Reverse mortgages are sometimes know as Home Equity Conversion Mortgages (HECM) .  In many cases these were probably reverse mortgages taken out during the boom by someone over 62 and in many cases, not all, they are in better condition than some other REOs because…
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Too many Games

Too much Fraud (by property owners, agents & investors)

Easy Solutions

  In order to maximize the amount of money banks are receiving for their assets, their fiduciary duty to their shareholders and moral duty to the American taxpayers who have to bail them out when they get into financial trouble and are "too big to fail", banks need to introduce a higher element of transparency in the short sale transaction process.     Like many REO lenders have already started to do, all short sale offers should be submitted via a lender-direct website that goes directly to the loss mitigation department of the existing lien holders.    
  • No more putting your house up for short sale to extend the amount of time you can live for free. 
  • No
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Here is the checklist that the Section 8 inspector will use to determine if your property is in adequate condition for the Section 8 program.  The checklist is pretty much self explanatory.  If you have any questions about getting your property enrolled in the Section 8 program feel free to call me 323 412-9060.

 

 

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They should really be doing this in the geographic areas with the most foreclosures.  Los Angeles County has very few HUD foreclosures (mainly because no one used FHA prior to reform in 2007).  Borrowers are just going to use different loan products now so HUD won't end up getting anymore revenue...seems like a stupid move strategically by HUD.  I highly doubt this will drastically increase their revenues unless the goal of this is to get people to stop using FHA loans (which it might be for political reasons).  If this is the governments plan, homeowners prepare to get seriously screwed by private mortgage lending industry in coming…
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