Big Box Banks vs. Local Mortgage Banker

Does it really matter who you choose to do your mortgage? Can't you just go down to any ho-hum bank and get a home loan? Or call that spammy 1-800 number (that is most likely a sex hotline) you got from a quick Google search? Yes, it matters! And it’s a big FLIPPIN’ deal! You might be thinking, “Big Box is the way to go because I like everything BIG, GINORMOUS, and boxy—Texas-style!” (Remember that hit song, I'm Boxy and I Know It? LMAO!) But visit any realtor-infused happy hour and you will understand why realtors start breaking out in a cold sweat when they see a pre-qualification from 1-800-Big Box Walmart Wannabe Bank. When you … [Read more...]

Are We Headed For Another Real Estate Bubble?

Sorry to interrupt your regularly scheduled PBS program in the drab, grey fields of irrational paranoia, fear and anarchy, but I have an important message for you: IT'S ALL IN YOUR HEAD. WE ARE NOT IN A HOUSING CRISIS. We are not about to be in one either! I know what you're thinking, "Oh, but Kristin, you're a REAL ESTATE agent. Of course you would tell us we're not in a housing crisis... You just want my $%#^@ MONEY!" No. I want you to be happy. And happiness comes from being educated by the facts. With knowledge comes power and confidence - not this fear bullcrap. Let's get rid of this fear thing. It never does anyone any good … [Read more...]

Loan Mod Scams from the Grave!!

Unbelievable how far these loan mod scammers will go!! Watch out for GINO! Oh yes, lucky me, I got a call from my lender, CitiMortgage, extending an offer to modify my loan. Only problem there is that my house was foreclosed on 6 MONTHS AGO! I had to check this out...turns out it wasn't exactly CitiMortgage., but Gino from the United Mediation Group in California. What followed was a classic scam pitch which, if I bit would end up costing me thousands and put me a worse financial situation with my lender (well, former lender). The pitch contained many red flags that hinted that Gino and his buddies were not exactly straight shooters. Yes, … [Read more...]

Homeowners Suing for HAMP…But WHY???

The Making Home Affordable's Loan Affordable Program Has Left Too Many Homeowners Scratching Their Heads Checked out Mandelman Matters blog about the HAMP law suits. It's great that homeowners are getting there day in court, but I am wondering if it really matters? Let's face it, these loan modifications are not working. Even if you have your day in court and the judge tells the bank , " you are hereby ordered to reduce this man's payment", you are still underwater in your mortgage and most likley decades away from a break even point. You can sue, but why? Check out Mandelman's blog for the story. … [Read more...]

Loan Modifications: Is It Time for Another Shot at One?

With the changing climate of short sales, are banks more open to loan modifications? are some tips if you are out of options and are thinking about taking another shot at a loan modification. Here's a great online tool to help you decide: It should go without saying that you should NEVER pay for a loan modification! If you are working with an attorney, sure, you will pay for that legal advice, but do not be a victim of a loan modification scam.  They are still out there... … [Read more...]

Hey Banks! Wake Up! Loan Mods Aren’t Working…

After watching a couple of news snippets on MSNBC that reported on loan modifications, I was amazed at the huge divide between bankers and policy makers, and the reality from the consumers' viewpoint. Check out the interviews and let me know what you think.... *Michael Barr, US Treasury; *John Courson, CEO of the Mortgage Bankers Association; *Jean Chatzky - and Barbara Corcoran - *Jason Tucker - … [Read more...]

Five Reasons Why Short Sales Are Declined

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. During the presentation, he shared the five most common reasons that short sales are declined. It's fair to assume that these reasons are common among all lenders. … [Read more...]

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...]

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...]

Short Sales from the Bank’s Point-of-View

I recently attended a short sale round table where a loss mitigation manager from a local bank discussed his views on short sales. It was interesting to hear from the bank's point of view. What I found very interesting was the LM manager's attitude. Although he is empathetic to those who have a true hardship, his primary focus is on protecting the bank's assets. If he can help the customers in the process, he is happy to do it. But in the end, they chose to borrow that money and they agreed to pay it back. And he wants as much of it back as he can get. For those who are trying to use the current economic conditions for their own … [Read more...]