tag:blogger.com,1999:blog-4863014635257598503.post151882885446667872..comments2024-02-27T22:18:53.706-05:00Comments on Zero Hedge: California Foreclosures About To SoarTyler Durdenhttp://www.blogger.com/profile/00165439451205639523noreply@blogger.comBlogger13125tag:blogger.com,1999:blog-4863014635257598503.post-26252655708357193432009-09-22T18:27:31.994-04:002009-09-22T18:27:31.994-04:00While loan modifications are typically better for ...While loan modifications are typically better for banks compared to foreclosures, it has become apparent that some lenders are moving forward with auctioning homes while a short sale or loan modification is in process. Why? Net Present Value test. There is a hidden formula that all lenders utilize to see what the most cost effective option is, sometimes it actually is foreclosure. Take Indymac for example (now One West Bank). After Indymac failed, the FDIC took over the lender and its assets then eventually sold the former Indymac portfolio of loans to a private equity group called IMB (mostly Chinese investors) for the equivalent of 37 cents on the dollar. In most instances of foreclosure, a lender will recover approximately 60% of their investment. What does this mean for a homeowner? If the bank owns your note at about 37% and they can recover about 60% through foreclosure, they DON'T lose any money! Actually they want to foreclose as they will make more money since they can tag on late penalties and attorney fees, not to mention giving the bank additional liquidity to reinvest and not have to deal with a risky homeowner. Now let's look at how the foreclosure process works in California which is advantageous for lenders since it is a Trustee state.<br />In a Judicial state (New York, Florida, etc) a judge will review the legality of the foreclosure proceedings that lender has filed to protect the rights of homeowners. There are many articles that show how lenders are improperly and illegally foreclosing on homeowners to expedite the process to recoup their investment faster (if you haven't learned by now, the only thing lenders care about is the money). But in a Trustee state, the "3rd party" Trustee is paid by the bank to facilitate the foreclosure process to ensure proper actions are taken and is lightly monitored by government agencies. In California, lenders are rushing this process and recklessly filing the foreclosure to push the Trustee to auction the home as quickly as possible, in the meantime, the homeowner is unaware of the legality of what is happening. Virtually all attorneys cannot even tell you if the foreclosure is being processed properly due to the complex and convoluted laws in place which benefit the lender. <br />So who is looking out for the homeowner in the foreclosure process in California? We are. ASND Inc. is a company that researches the legality of the foreclosure action taken by the lender at the trustee level, raising issues that will delay the Notice of Sale date for up to 36 months, buying you time to figure out your next step in life, whether it be a loan mod, short sale, regular sale or just rather live in your home than rent (Trustee states only). Over 95% of our clients still own their home after 12 months in our program and no client has had their home auctioned in the first 6 months. This is not accomplished through a loan mod, short sale, bankruptcy filing, "produce the note" tactic or Temporary Restraining Order. A BK will only buy you about 60 days in most CA cases and then you have just ruined your credit for 4-7 years. The "produce the note" tactic only works in a smaller percentage of cases where the loan has been sold many times and is difficult to find but most large lenders (like Countrywide where I had worked for a number of years) has every document scanned and imaged into a database to be readily available as required by law. In the circumstance where your lender has already foreclosed, we can delay your eviction for up to 12 months as well. For more information go to our website www.asndinc.com or call me at 949-333-4012 to see if we can help you delay your sale date.Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-4863014635257598503.post-58800191445777981222009-07-16T08:07:03.908-04:002009-07-16T08:07:03.908-04:00Thats great saying..
Thanks for sharing...
____...Thats great saying..<br /><br />Thanks for sharing...<br /><br /><br />___________________<br />Andrew<br /><a href="http://www.directstartv.com/jump.html?referID=oa-0-173189" rel="nofollow">Entertainment at one stop</a>Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-4863014635257598503.post-47547578756692100172009-06-19T08:13:34.083-04:002009-06-19T08:13:34.083-04:00Hi,
We have just added your latest post "Zer...Hi,<br /><br />We have just added your latest post "Zero Hedge: California Foreclosures About To Soar" to our <a href="http://www.foreclosu-re.info" rel="nofollow"> Directory of Foreclosure</a>. You can check the inclusion of the post <a href="http://www.foreclosu-re.info/story.php?title=zero-hedge-california-foreclosures-about-to-soar" rel="nofollow"> here </a>. We are delighted to invite you to submit all your future posts to the <a href="http://www.foreclosu-re.info" rel="nofollow"> directory </a> and get a huge base of visitors to your website.<br /><br /><br />Warm Regards<br /><br />Foreclosu-re.info Team<br /><br />http://www.foreclosu-re.infoAnonymousnoreply@blogger.comtag:blogger.com,1999:blog-4863014635257598503.post-24600882208766551632009-06-17T10:14:51.434-04:002009-06-17T10:14:51.434-04:00Walk Away From Your Home Without F'ing Up Your...Walk Away From Your Home Without F'ing Up Your Credit!<br /><br />When the Loan Mod Fails, Think Short Sale...again, Loan Mod Fail Think Short Sale. <br /><br />Don't let the "F-word" (Foreclosure) sting your credit history, SELL your home with a short sale and save your credit from getting the F-word.<br /><br />http://www.youtube.com/watch?v=ADS-LE-J3s4ivforeclosureshttp://ivforeclosures.comnoreply@blogger.comtag:blogger.com,1999:blog-4863014635257598503.post-84257888330222440572009-04-16T09:11:00.000-04:002009-04-16T09:11:00.000-04:00< This is trouble because the demand in the seg...< This is trouble because the demand in the segment of the market is outpaced by foreclosure supply alone - where does that leave Ma and Pa Homeowner?<br /><br />Most likely, homes in that price segment will depart that price range and move down to the next lowest range. Or investors will buy them and rent them. I'd think that somewhere below (perhaps far below, but there nonetheless) the actual construction/replacement cost is the price point that will bring buyers back.Austin Realtorhttp://www.crosslandteam.com/blognoreply@blogger.comtag:blogger.com,1999:blog-4863014635257598503.post-21299676722322241012009-04-14T20:24:00.000-04:002009-04-14T20:24:00.000-04:00This should confirm the forecast offered in this P...This should confirm the forecast offered in this Post.<br /><br />I consult a handful of National Title Insurance Companies offering Title Insurance and Settlement services for a massive pool of Bank Owned Property in California; these companies insure the REO sale from the Bank to an end buyer. <br /><br />For background: There are typically 2 Title orders placed when Banks foreclose on Real Property in States that allow Non-Judicial foreclosure. The 1st Title order is the TSG (Trustee's Sale Guaranty) which is placed when a borrower enters default; the 2nd Title order is the REO Sale which is placed around the time the foreclosure sale occurs. <br /><br />Current month to date REO order inventory is up 1400% over the same period last month (March), and new order openings are up 4100% for the same period last year. Current TSG new order inventory has increased only 300% (month over month). Shadow inventory is real and will likely have a negative affect on the next three years due to oversaturation of real property for sale.<br /><br />A burst of additional REO inventory hitting Southern California will continue to erode any hope of stabilizing one of the Country's most valuable property markets.<br /><br />If it truly has to get worse before it gets better...we're all skrewed for the foreseeable future.Title Metricshttps://www.blogger.com/profile/13017997990628393668noreply@blogger.comtag:blogger.com,1999:blog-4863014635257598503.post-32233830128188942012009-04-12T12:31:00.000-04:002009-04-12T12:31:00.000-04:00So let me see if I understand this correctly...The...So let me see if I understand this correctly...<BR/><BR/>There has been a moratorium on foreclosures thanks to our wonderful political leadership in Sacramento...The moratorium is now coming off?<BR/><BR/>This moratorium has created a backlog of 'shadow inventory' houses. Is this inventory reflected on the balance sheets of the big banks? <BR/><BR/>Recently, I am getting daily NOD from RealtyTrac in my upscale community ? Kinda concerned about that. <BR/><BR/>Banks have been holding off valuing the realistic market value of homes and commercial real estate until they got adjustments to "mark to market" rules. Which from my understanding they are now allowed to modify value in "certain economic enviorments" and are doing so....<BR/><BR/>There is a bank REO down the block that is back on the market..HUMM wonder what that means!<BR/><BR/>This site is sooooo...much more informing than the 'big media'..I must pay more attention..!SectorInvesthttps://www.blogger.com/profile/06333025082020721149noreply@blogger.comtag:blogger.com,1999:blog-4863014635257598503.post-30910839201843803452009-04-10T05:14:00.000-04:002009-04-10T05:14:00.000-04:00Does the TARP or TALF program support any of these...Does the TARP or TALF program support any of these losses?Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-4863014635257598503.post-83473195294594122762009-04-09T23:30:00.000-04:002009-04-09T23:30:00.000-04:00Wells reportedly has ~ $130 bil in second mortgage...Wells reportedly has ~ $130 bil in second mortgages. With their big footprint in CA, a big chunk of that $130b is in CA. Many of those were done behind neg am Option ARMs. My back-of-the-napkin guess is that they'll lose ~ $30bil. What I don't know is whether that would make them insolvent.Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-4863014635257598503.post-60545916849651889122009-04-09T13:01:00.000-04:002009-04-09T13:01:00.000-04:00i spoke with a person who handles fnm/fre foreclos...i spoke with a person who handles fnm/fre foreclosure sales in AZ,and his words echoed this article.They are frozen like a deer in headlights with an unbelievable backlog of homes as a result of the recently lifted foreclosure moratorium.In excess of 25% of current inventory seems likelyAnonymousnoreply@blogger.comtag:blogger.com,1999:blog-4863014635257598503.post-11926266840486998842009-04-09T11:29:00.000-04:002009-04-09T11:29:00.000-04:00Excellent insight! Thanks TD.Excellent insight! Thanks TD.Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-4863014635257598503.post-31073251586547377132009-04-09T11:16:00.000-04:002009-04-09T11:16:00.000-04:00"Leeway" is an understatement. $500 million credi..."Leeway" is an understatement. $500 million credit hedge funds can't get their positions marked much less their NAVs finalized 6 days after quarter-end. Are we to believe WFC can mark their monstrous balance sheet in 6 days? Of course not. They took advantage of the mark to market suspension and took a flyer on their loan marks. This is new government policy....suspension of disbelief. We'll see how it works out.Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-4863014635257598503.post-78946701053000781702009-04-09T11:14:00.000-04:002009-04-09T11:14:00.000-04:00T & C,This wave may be a result of the tempora...T & C,<BR/><BR/>This wave may be a result of the temporary foreclosure freeze that Citi, JPM and others put in place back in late Feb., early March.<BR/><BR/>http://online.wsj.com/article/SB123454524404184109.html<BR/><BR/>I don't think that article reveals all of the details and it was written Feb 14th days before it was actually put in place.<BR/><BR/>Best,<BR/>JohnJohnhttps://www.blogger.com/profile/12913710628927850877noreply@blogger.com