Posts Tagged ‘foreclosures’

Hiding Behind The Door? Come On Out

Wednesday, February 2nd, 2011

Hiding Behind The Door

Folks are hiding behind doors when the doorbell rings. They haven’t made a payment for a long time on their mortgage. The Ostrich syndrome I call it. Don’t think about it and maybe it will go away. It won’t, but we can help minimize the damage. Please let us help.
Perception is reality. Changing perception is always an uphill battle. A home owner in trouble is scared and trusts in the banks, still. They have the misconception, fostered by these same banks that they are truly out to help. The lending institutions are a corporation in business to make money. Never forget that.
Perception that Realtors made gobs of money in the hayday and they are all out for themselves is still prevalent. It is so hard to fight fear and gain trust. So my goal is to save one homeowner at a time from foreclosure. It feels really good to have a homeowner finally get thru the shortsale process and get back to their life.
My husband and I both became CDPE certified to help homeowners mitigate the damages in a more timely manner. It has changed my attitude and business. We can really help one homeowner at a time make their life a little better.

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Rantings On Mortgage Money. Just Do It Now.

Sunday, October 3rd, 2010

We have gone from fogging a mirror to get a loan to blood type and perfect credit.

We should never have had the first. It just led to misuse, greed, corruption and financial ruin. Who is to blame?  Well, the financial institutions under federal mandate to have everyone own a home and then the almost manic lending practices instituted by these same institutions.  It was out and out greed on their part to make as much money as quickly as they can. As competition for this market increased the crazy ideas to lend went even farther.  Try to get an 80/20 loan now. What was that? When it was first announced I knew it was the beginning of the end.  Life is just not 100% free without some serious strings attached.

Since the debacle we are back to 20% down or FHA 3.5% down.  The trouble now is the pendulum has swung to the other direction.  The mortgage process is arduous at best.  By the time people even with good credit finally get their loan they are so stressed, angry and frustrated the excitement of their new home has been destroyed.

  1.  The appraisals are often very low due to the crazy foreclosures and condition of properties. Prices on similar homes can vary 30% or more. The appraiser then takes the lowest and adjusts to that. The appraisers have taken the blame for much of this down market and now their rules have tightened. THIS IS THE FIRST AND OFTEN FATAL HURTLE.
  2. b.      The old saying “Dot the I and cross the T” is taken to new heights. Here are just two examples. A Physician with and established practice was asked for a copy of his license. A senior VP transferred every year for the past three years had rented because of the transfers. They asked for 15 months of cancelled checks (front & back). After receiving those wanted 3 more months. AND ON AND ON AND ON!

 

I don’t know when things will get back to “NORMAL”.   I just hope it will be soon!

Now that you know the bad let’s look at the good news. That would be: Interest rates are at an incredible all time low rate. Take advantage. What are you waiting for?  Extremely low prices and extremely low interest rates are here now.  Have you done the numbers? It is a WOW!   Sign up for automatic searching in your area or desired area at www.TwoCityLink.com

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SHORT SALES VS. FORECLOSURE IN THE BANK’S EYE

Wednesday, August 11th, 2010

In recent months it was apparent some of the short sales that made great sense were not making sense to the banks.  We would have a fair market price for the home and a great buyer. They would just close the file and foreclose on the borrower. The question was always, why?  The story is basically the same but let me set up the scenario. This story is played out all over Cape Coral and Fort Myers.

The borrower thinking the market would never collapse to the degree that we experienced refinanced for a variety of reasons (2 of my customers over 70 used the money to help their children).  Others just purchased homes that were 60% more valuable than they are today. Since the collapse, they have lost their jobs, had health issues, and lost their retirement in the stock market and other retirement venues including owning other real estate.

The bottom line is they could no longer pay the mortgage payment. They need to survive. The program used to be that the banks did much better with a short sale than a foreclosure.  A short sale was much quicker; the property was in better condition; the legal expenses were thousands less; it was a much better scenario for the banks in taking back a property.

Step in the Federal Government to screw this up. The banks that collapsed and their debt was offered to other banks at say 70% of value by the FDIC.  You must watch the following YouTube video: http://www.youtube.com/user/fiercefreeleancer.  Please pass this video on to everyone. It illustrates the greed of the financial institutions and lack of thought by the Federal Government. The ones getting hurt are the public.  The fall out is not just the people losing their homes. The fallout from this has far reaching effects for the total economy and valuation of everything.  

Don’t hesitate to comment and repost. Please contact your Senators and Congressmen. Let them know how disappointed you are in the current financial idiocy and to help real people.

Contact me at Linda@Flackteam.com or www.TwoCityLink.com.

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Word on The Street

Friday, May 28th, 2010

Prices are up and continuing to climb. SW Florida was the epicenter of the overbuilding investor debacle. We were the first to send prices out of sight. We were the first to fall and we are the first to start the recovery.
For starters let’s talk about 30 homes listed over one million dollars that have closed in the past 3 months in Lee county. They are evenly divided between Cape Coral, Fort Myers, Bonita and Sanibel. We have had record number of sales this year because pricing is so wonderful. That means the economy is improving and we are on our way back.

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