Update from Bank of America on Short Sales

On December 15, 2009 , I attended a round table presented by the Women's Council of Realtors. The featured speaker was a representative from Bank of America who shared an overview of the current short sale policies that BofA is following. The session was informative and very interactive and the audience shared a wide variety of frustrations and concerns with the current short sale experience. Through his role as a liaison between Realtors and the BofA short sale department, he hopes to improve the short sale process for BofA customers by providing valuable feedback from presentations like the one yesterday directly to the policy-makers in the … [Read more...]

Your Loan Officer Is Not Your Friend (continued…)

Yesterday, Justin McHood posted a great article in which he discusses the very blunt reality that "... many people are surprised to learn that a loan officer works for the bank, he does not work for you." (Check out the whole post at http://www.phoenixrealestateguy.com/your-loan-officer-is-not-your-friend/). Here is my two cents on the topic... … [Read more...]

Here in Phoenix Friday Morning News – 12-13-2009

A wrap-up of the Phoenix real estate market, brought to you by a couple of Lego people. This week: Inventory levels. … [Read more...]

The American Nightmare – Why More Homeowners are Walking Away

A recent article in the Wall Street Journal on Strategic Defaults caught my attention. The article discusses why more homeowners who find themselves underwater on the mortgage are making the decision that they are better off financially by defaulting on their mortgages and renting. Check out the entire article in the Wall Street Journal. … [Read more...]

This Condo is FHA-Approved (Or Not…)

The FHA is getting ready to update its guidelines for borrowing on condos, townhomes and patio homes. Starting in February 2010, "FHA approved" will mean 3.5% down plus a financially stable association approved by your lender. This is huge and is a big reason for the associations who manage these communities to get their acts together. Visit these links for more information: To see if a condo project is FHA-approved:  https://entp.hud.gov/idapp/html/condlook.cfm For more information on buying a condo: http://www.myfha.net/FHAcondo/ … [Read more...]

Crisis in Phoenix – Special Report from Here In Phoenix Friday Morning News

A crisis hits the Metro Phoenix area....as reported by a couple of lego people. … [Read more...]

Why Loan Modifications Aren’t Working

There has been a lot of finger-pointing lately about the effectiveness or lack thereof of loan modifications in reducing the number of foreclosures in our troubled housing market. Why aren't loan modifications helping distressed homeowners? Here are my thoughts... … [Read more...]

My Two Cents on the Great Social Media Debate

Is Social Media the "Next Big Thing" or a "Total Scam"? My thoughts on what social media means to me... Here are some links to more opinions about social media: Beware Social Media Snake Oil (Business Week) Social Media Revolution (video) Include yours by adding a comment below! … [Read more...]

What Happens When Your House Sells at a Trustee Sale

The 4th in a series on Trustee Sales, in this video details I discuss happens after your homes sells and some steps you can take to survive this difficult turn of events. … [Read more...]

Here in Phoenix – Friday Morning News – 12-4-2009

A wrap-up of Phoenix real estate news brought to you by a couple of lego people. This week - the tightening mortgage market may affect recovery of Phoenix housing market. … [Read more...]