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Permalink Reply by Richard on August 10, 2011 at 11:04am

Good pont Jeff!  Lenders will have to bite the bullet and ride the wave out like everyone else.  It's funny because I saw in the national news two weeks ago where Fannie and Freddie were considering getting into the rental and leasing business because of the foreclosure glut.

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Permalink Reply by Jeff Payne on August 10, 2011 at 11:07am

Richard, I met with a Fannie VP last year and she admitted that they FORECLOSE on 75% of the defaulted loans and only short sale 25%.  THEN they go in and fix the property, repaint and get it ready for market only to list it below FMV and sell for a discount.  Just does not make sense....  The only thing I can think of is the cronies are making too much money being affiliated with the attornies and title companies that make the money on these

Richard said:

Good pont Jeff!  Lenders will have to bite the bullet and ride the wave out like everyone else.  It's funny because I saw in the national news two weeks ago where Fannie and Freddie were considering getting into the rental and leasing business because of the foreclosure glut.

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Permalink Reply by Wendy Rulnick on August 10, 2011 at 12:16pm

I have to say - job creation.  Well-employed people can pay their mortgages!  Or am I on a different topic?

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Permalink Reply by Sandra Allen on August 10, 2011 at 2:48pm

According to DSNews, As of June 2011, Fannie Mae held 135,719 foreclosures according to its second-quarter report. The carrying value was $12.5 billion.  I think that says enough.

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Permalink Reply by Richard on August 10, 2011 at 3:55pm

Oh yeah Wendy.....this is the correct topic.  Sandra and Jeff, you're absolutely correct.  As you know, when people get foreclosed on, credit scores get screwed up, and people have to live somewhere so they rent.  With all the foreclosures and a good number of qualified people being stuck in leases for 1 to 2 years (or more on some cases), there's an abundance of homes on the market.  Then enters the lenders with their hidden agenda and most often holy than thou attititude............and then crap hits the fan.  Can you say...................black hole?

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Permalink Reply by Enrique Vasquez-Plaza on August 11, 2011 at 7:43am

We (realtors) must get together and propose (along with our associations and attorneys) a single PLATFORM for short sale submission, handling, processing and response.  A PLATFORM that makes sense (from the seller, buyer and realtor point of view, NOT LENDER), that is effective, quick, and that includes protection for sellers, buyers, REALTOR COMMISSIONS, timeframes, offer replacement, fair and speedy valuations, fraud protection, seller non liability for remaining balances and to be result driven and attractive to investors.  Also, lenders should only give borrowers 3 chances to apply for mod in 1 year, so sorth sales start coming our way faster, and there is actually a breaking point for when the mod hopes ends...

 

Everybody should have a chance to apply, but there is people that actually takes advantage of that...   there is a point when MODIFICATION IS A NO, so borrower must acknowledge that, so they now they must do short sale.  This si call being proactive and moving forward.  We need more short sales (PERIOD)

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