Today, the Big 5 in mortgage servicing are meeting in Washington to discuss alternatives to foreclosure. One of the controversial options under consideration is requiring banks to facilitate the short sale process.

Bank of America, JPMorgan Chase, Wells Fargo, Citigroup and Ally Financial will get together to try to pound out a settlement that could range from $5 billion to $25 billion. The settlement revolves around federal and state investigations into shoddy or fraudulent foreclosure… Continue

The House of Representatives has approved legislation to axe a bailout program for lenders and real estate speculators. The legislation, HR 861, the NSP Termination Act ends the so-called Neighborhood Stabilization Program (NSP).

“Today the House acted yet again to end wasteful spending on a government program that does nothing to help homeowners facing foreclosure," said Financial Services Committee Chairman Rep. Spencer Bachus of HR 861. "In fact, this program creates perverse incentives… Continue

Big news in the credit score arena. Credit reports are getting an important new addition-apartment rental scores. This is great news for renters or people who wish to establish a positive credit history and good credit score. Experian is the first of the big three credit bureaus to include this data, adding millions of apartment rental accounts to their credit file database in December 2010.

For decades, the only time apartment rental accounts would show up on credit reports was if you… Continue

We are a Los Angeles real estate company that specializes in assisting distressed homeowners with short selling their homes. Today, we lost a home to the bank needlessly. We have represented the homeowner for 9 months, held broker open and open houses. Due to our hard work and marketing efforts, we found a well qualified and ready buyer. So what went wrong? You tell us, as we are suspicious of this credit union’s actions.

Western Federal Credit Union claims to be the holder of the first… Continue

Banks drag feet on short sales, survey finds

The CALIFORNIA ASSOCIATION OF REALTOR® (C.A.R.) published its findings of a survey this week, which show that tedious lender requirements and poor communication hamper short sales.

MAKING SENSE OF THE STORY

• Fewer than three of five short sales close in California, illustrating the complexity and difficulty of navigating lenders’ and servicers’ short sale procedures, according to C.A.R.’s survey, which gauged REALTORS®’…

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