*%#&@^countrywide

[SD Realtor]

Actually farbet it does indeed depend on the mitigator but all of the mitigators whom I have dealt with at Wells Fargo, Wilshire Credit Corp, and other companies at least have some sort of clue. Wilshire was actually pretty bad with respect to losing things as well but I can very honestly say Countrywide has taken the cake. This is not the first short sale I have done with them either. I have done 4 others and none of them worked out due to problems we had with them with regards to processing times even knowing the duration that is standard in short sales.

SD Realtor

[cr]

Countrywide is a joke. There must be lights on but nobody home.

Their # of REOs in CA has decreased from around 4000 a few months ago to about 3200. A 25% drop in 60 days amidst record setting foreclosure numbers? Riiiiight….and housing will turn around by 2009.

This is from http://bubbletracking.blogspot.com and Jim the Realtor:

“Since the end of April when I had 20 properties sent to me, only three have made it to market. Another one got rescinded (stand-by, this one will be a story in itself) and three others have extenuating circumstances why they have stalled. But literally the other 13 are sitting vacant, waiting for Countrywide’s asset managers to give me the green light to put them on the market.”

So of 20 properties in the pipeline, 3 are listed for sale while 17 for one reason or another are in queue. (that’s 5.6 shadow/phantom properties for 1 single active listing). Maybe Jim is just having some bad luck with his C-wide REOs? Or should we multiply 12,287 by 5.6 to get 68,807, the true REO inventory out there for C-wide???

Or how about 5.6 * 3200 just for CA?

[cr]

Countrywide is a joke. There must be lights on but nobody home.

Their # of REOs in CA has decreased from around 4000 a few months ago to about 3200. A 25% drop in 60 days amidst record setting foreclosure numbers? Riiiiight….and housing will turn around by 2009.

This is from http://bubbletracking.blogspot.com and Jim the Realtor:

“Since the end of April when I had 20 properties sent to me, only three have made it to market. Another one got rescinded (stand-by, this one will be a story in itself) and three others have extenuating circumstances why they have stalled. But literally the other 13 are sitting vacant, waiting for Countrywide’s asset managers to give me the green light to put them on the market.”

So of 20 properties in the pipeline, 3 are listed for sale while 17 for one reason or another are in queue. (that’s 5.6 shadow/phantom properties for 1 single active listing). Maybe Jim is just having some bad luck with his C-wide REOs? Or should we multiply 12,287 by 5.6 to get 68,807, the true REO inventory out there for C-wide???

Or how about 5.6 * 3200 just for CA?

[cr]

Countrywide is a joke. There must be lights on but nobody home.

Their # of REOs in CA has decreased from around 4000 a few months ago to about 3200. A 25% drop in 60 days amidst record setting foreclosure numbers? Riiiiight….and housing will turn around by 2009.

This is from http://bubbletracking.blogspot.com and Jim the Realtor:

“Since the end of April when I had 20 properties sent to me, only three have made it to market. Another one got rescinded (stand-by, this one will be a story in itself) and three others have extenuating circumstances why they have stalled. But literally the other 13 are sitting vacant, waiting for Countrywide’s asset managers to give me the green light to put them on the market.”

So of 20 properties in the pipeline, 3 are listed for sale while 17 for one reason or another are in queue. (that’s 5.6 shadow/phantom properties for 1 single active listing). Maybe Jim is just having some bad luck with his C-wide REOs? Or should we multiply 12,287 by 5.6 to get 68,807, the true REO inventory out there for C-wide???

Or how about 5.6 * 3200 just for CA?

[cr]

Countrywide is a joke. There must be lights on but nobody home.

Their # of REOs in CA has decreased from around 4000 a few months ago to about 3200. A 25% drop in 60 days amidst record setting foreclosure numbers? Riiiiight….and housing will turn around by 2009.

This is from http://bubbletracking.blogspot.com and Jim the Realtor:

“Since the end of April when I had 20 properties sent to me, only three have made it to market. Another one got rescinded (stand-by, this one will be a story in itself) and three others have extenuating circumstances why they have stalled. But literally the other 13 are sitting vacant, waiting for Countrywide’s asset managers to give me the green light to put them on the market.”

So of 20 properties in the pipeline, 3 are listed for sale while 17 for one reason or another are in queue. (that’s 5.6 shadow/phantom properties for 1 single active listing). Maybe Jim is just having some bad luck with his C-wide REOs? Or should we multiply 12,287 by 5.6 to get 68,807, the true REO inventory out there for C-wide???

Or how about 5.6 * 3200 just for CA?

[cr]

Countrywide is a joke. There must be lights on but nobody home.

Their # of REOs in CA has decreased from around 4000 a few months ago to about 3200. A 25% drop in 60 days amidst record setting foreclosure numbers? Riiiiight….and housing will turn around by 2009.

This is from http://bubbletracking.blogspot.com and Jim the Realtor:

“Since the end of April when I had 20 properties sent to me, only three have made it to market. Another one got rescinded (stand-by, this one will be a story in itself) and three others have extenuating circumstances why they have stalled. But literally the other 13 are sitting vacant, waiting for Countrywide’s asset managers to give me the green light to put them on the market.”

So of 20 properties in the pipeline, 3 are listed for sale while 17 for one reason or another are in queue. (that’s 5.6 shadow/phantom properties for 1 single active listing). Maybe Jim is just having some bad luck with his C-wide REOs? Or should we multiply 12,287 by 5.6 to get 68,807, the true REO inventory out there for C-wide???

Or how about 5.6 * 3200 just for CA?

[farbet]

From the real powayseller’s blog SD Realtor-your old buddy from yesteryear

California homes worth $10 billion returned to lenders in May
Thursday, June 12, 2008 at 10:16AM
Schahrzad Berkland

California foreclosure chart
Click on image to enlarge

ForeclosureRadar.com’s latest foreclosure report is out. Sign up to be on the mailing list.

We see that all levels of foreclosures are growing: Notices of Default, Notices of Trustee Sale, and Real Estate Owned.

Now here is my own commentary to add to this. With each mortgage payment not made, someone is losing money. Last month, lenders lost $10 billion in California alone! This hampers a bank’s ability to make more loans, restricting lending and taking out more buyers. Price declines follow. When a property becomes bank owned, the bank has to set aside reserves against that property, and thus has less capital available for lending. That is why the banks are so serious about selling their REOs.

I spoke with a major lender’s REO VP, and he told me what happened to my missing 4000 REOs. He said that at the auction (trustee sale), the loan goes back to the servicer. Then the servicer has to figure out who owns the loan. The loan can be owned by a pension fund in Germany, a hedge fund in the US, and a wealthy investor who bought a strip of the mortgage backed security. Figuring out the ownership can take 1 – 4 months. Then, the property is given to a lender to sell. Even then, the asset manager can delay the process for various reasons. They are just overwhelmed with large case loads.

As the distress sales (the REOs not yet on the MLS, and the short sales) make up more and more of the inventory for sale, it puts downward pressure on prices. Banks are motivated sellers. They don’t suffer from the “But I gotta sell it for $720K because I need xyz….”, and instead are rational “This home is worth $620K so I’ll list it for $599K”.

[farbet]

From the real powayseller’s blog SD Realtor-your old buddy from yesteryear

California homes worth $10 billion returned to lenders in May
Thursday, June 12, 2008 at 10:16AM
Schahrzad Berkland

California foreclosure chart
Click on image to enlarge

ForeclosureRadar.com’s latest foreclosure report is out. Sign up to be on the mailing list.

We see that all levels of foreclosures are growing: Notices of Default, Notices of Trustee Sale, and Real Estate Owned.

Now here is my own commentary to add to this. With each mortgage payment not made, someone is losing money. Last month, lenders lost $10 billion in California alone! This hampers a bank’s ability to make more loans, restricting lending and taking out more buyers. Price declines follow. When a property becomes bank owned, the bank has to set aside reserves against that property, and thus has less capital available for lending. That is why the banks are so serious about selling their REOs.

I spoke with a major lender’s REO VP, and he told me what happened to my missing 4000 REOs. He said that at the auction (trustee sale), the loan goes back to the servicer. Then the servicer has to figure out who owns the loan. The loan can be owned by a pension fund in Germany, a hedge fund in the US, and a wealthy investor who bought a strip of the mortgage backed security. Figuring out the ownership can take 1 – 4 months. Then, the property is given to a lender to sell. Even then, the asset manager can delay the process for various reasons. They are just overwhelmed with large case loads.

As the distress sales (the REOs not yet on the MLS, and the short sales) make up more and more of the inventory for sale, it puts downward pressure on prices. Banks are motivated sellers. They don’t suffer from the “But I gotta sell it for $720K because I need xyz….”, and instead are rational “This home is worth $620K so I’ll list it for $599K”.

[farbet]

From the real powayseller’s blog SD Realtor-your old buddy from yesteryear

California homes worth $10 billion returned to lenders in May
Thursday, June 12, 2008 at 10:16AM
Schahrzad Berkland

California foreclosure chart
Click on image to enlarge

ForeclosureRadar.com’s latest foreclosure report is out. Sign up to be on the mailing list.

We see that all levels of foreclosures are growing: Notices of Default, Notices of Trustee Sale, and Real Estate Owned.

Now here is my own commentary to add to this. With each mortgage payment not made, someone is losing money. Last month, lenders lost $10 billion in California alone! This hampers a bank’s ability to make more loans, restricting lending and taking out more buyers. Price declines follow. When a property becomes bank owned, the bank has to set aside reserves against that property, and thus has less capital available for lending. That is why the banks are so serious about selling their REOs.

I spoke with a major lender’s REO VP, and he told me what happened to my missing 4000 REOs. He said that at the auction (trustee sale), the loan goes back to the servicer. Then the servicer has to figure out who owns the loan. The loan can be owned by a pension fund in Germany, a hedge fund in the US, and a wealthy investor who bought a strip of the mortgage backed security. Figuring out the ownership can take 1 – 4 months. Then, the property is given to a lender to sell. Even then, the asset manager can delay the process for various reasons. They are just overwhelmed with large case loads.

As the distress sales (the REOs not yet on the MLS, and the short sales) make up more and more of the inventory for sale, it puts downward pressure on prices. Banks are motivated sellers. They don’t suffer from the “But I gotta sell it for $720K because I need xyz….”, and instead are rational “This home is worth $620K so I’ll list it for $599K”.

[farbet]

From the real powayseller’s blog SD Realtor-your old buddy from yesteryear

California homes worth $10 billion returned to lenders in May
Thursday, June 12, 2008 at 10:16AM
Schahrzad Berkland

California foreclosure chart
Click on image to enlarge

ForeclosureRadar.com’s latest foreclosure report is out. Sign up to be on the mailing list.

We see that all levels of foreclosures are growing: Notices of Default, Notices of Trustee Sale, and Real Estate Owned.

Now here is my own commentary to add to this. With each mortgage payment not made, someone is losing money. Last month, lenders lost $10 billion in California alone! This hampers a bank’s ability to make more loans, restricting lending and taking out more buyers. Price declines follow. When a property becomes bank owned, the bank has to set aside reserves against that property, and thus has less capital available for lending. That is why the banks are so serious about selling their REOs.

I spoke with a major lender’s REO VP, and he told me what happened to my missing 4000 REOs. He said that at the auction (trustee sale), the loan goes back to the servicer. Then the servicer has to figure out who owns the loan. The loan can be owned by a pension fund in Germany, a hedge fund in the US, and a wealthy investor who bought a strip of the mortgage backed security. Figuring out the ownership can take 1 – 4 months. Then, the property is given to a lender to sell. Even then, the asset manager can delay the process for various reasons. They are just overwhelmed with large case loads.

As the distress sales (the REOs not yet on the MLS, and the short sales) make up more and more of the inventory for sale, it puts downward pressure on prices. Banks are motivated sellers. They don’t suffer from the “But I gotta sell it for $720K because I need xyz….”, and instead are rational “This home is worth $620K so I’ll list it for $599K”.

[farbet]

From the real powayseller’s blog SD Realtor-your old buddy from yesteryear

California homes worth $10 billion returned to lenders in May
Thursday, June 12, 2008 at 10:16AM
Schahrzad Berkland

California foreclosure chart
Click on image to enlarge

ForeclosureRadar.com’s latest foreclosure report is out. Sign up to be on the mailing list.

We see that all levels of foreclosures are growing: Notices of Default, Notices of Trustee Sale, and Real Estate Owned.

Now here is my own commentary to add to this. With each mortgage payment not made, someone is losing money. Last month, lenders lost $10 billion in California alone! This hampers a bank’s ability to make more loans, restricting lending and taking out more buyers. Price declines follow. When a property becomes bank owned, the bank has to set aside reserves against that property, and thus has less capital available for lending. That is why the banks are so serious about selling their REOs.

I spoke with a major lender’s REO VP, and he told me what happened to my missing 4000 REOs. He said that at the auction (trustee sale), the loan goes back to the servicer. Then the servicer has to figure out who owns the loan. The loan can be owned by a pension fund in Germany, a hedge fund in the US, and a wealthy investor who bought a strip of the mortgage backed security. Figuring out the ownership can take 1 – 4 months. Then, the property is given to a lender to sell. Even then, the asset manager can delay the process for various reasons. They are just overwhelmed with large case loads.

As the distress sales (the REOs not yet on the MLS, and the short sales) make up more and more of the inventory for sale, it puts downward pressure on prices. Banks are motivated sellers. They don’t suffer from the “But I gotta sell it for $720K because I need xyz….”, and instead are rational “This home is worth $620K so I’ll list it for $599K”.

[Author]

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