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robyns_song.
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December 10, 2007 at 3:04 PM #113413December 10, 2007 at 3:15 PM #113465
SD Realtor
ParticipantDave that was well put. To add a case study for your point, the servicing entity that has been processing the short sale listing for one of my sellers has pretty much simply provided data for the investors. That is, they have provided for thier own appraisal, and analysis of the market conditions. I have been in very close contact with the asset manager and provided him with as much ancillary data as possible to bolster the case for accepting the short sale. He has in fact given a favorable recommendation to the investors but he said ultimately it is up to them to decide. I will know in a few days once they give him the decision.
My point is that your assessment of the role of the servicing entity is right on. (at least IMO)I will say though that it took ALOT of time and energy to get him to complete the process.
SD Realtor
December 10, 2007 at 3:15 PM #113428ParticipantDave that was well put. To add a case study for your point, the servicing entity that has been processing the short sale listing for one of my sellers has pretty much simply provided data for the investors. That is, they have provided for thier own appraisal, and analysis of the market conditions. I have been in very close contact with the asset manager and provided him with as much ancillary data as possible to bolster the case for accepting the short sale. He has in fact given a favorable recommendation to the investors but he said ultimately it is up to them to decide. I will know in a few days once they give him the decision.
My point is that your assessment of the role of the servicing entity is right on. (at least IMO)I will say though that it took ALOT of time and energy to get him to complete the process.
SD Realtor
December 10, 2007 at 3:15 PM #113422ParticipantDave that was well put. To add a case study for your point, the servicing entity that has been processing the short sale listing for one of my sellers has pretty much simply provided data for the investors. That is, they have provided for thier own appraisal, and analysis of the market conditions. I have been in very close contact with the asset manager and provided him with as much ancillary data as possible to bolster the case for accepting the short sale. He has in fact given a favorable recommendation to the investors but he said ultimately it is up to them to decide. I will know in a few days once they give him the decision.
My point is that your assessment of the role of the servicing entity is right on. (at least IMO)I will say though that it took ALOT of time and energy to get him to complete the process.
SD Realtor
December 10, 2007 at 3:15 PM #113381ParticipantDave that was well put. To add a case study for your point, the servicing entity that has been processing the short sale listing for one of my sellers has pretty much simply provided data for the investors. That is, they have provided for thier own appraisal, and analysis of the market conditions. I have been in very close contact with the asset manager and provided him with as much ancillary data as possible to bolster the case for accepting the short sale. He has in fact given a favorable recommendation to the investors but he said ultimately it is up to them to decide. I will know in a few days once they give him the decision.
My point is that your assessment of the role of the servicing entity is right on. (at least IMO)I will say though that it took ALOT of time and energy to get him to complete the process.
SD Realtor
December 10, 2007 at 3:15 PM #113264ParticipantDave that was well put. To add a case study for your point, the servicing entity that has been processing the short sale listing for one of my sellers has pretty much simply provided data for the investors. That is, they have provided for thier own appraisal, and analysis of the market conditions. I have been in very close contact with the asset manager and provided him with as much ancillary data as possible to bolster the case for accepting the short sale. He has in fact given a favorable recommendation to the investors but he said ultimately it is up to them to decide. I will know in a few days once they give him the decision.
My point is that your assessment of the role of the servicing entity is right on. (at least IMO)I will say though that it took ALOT of time and energy to get him to complete the process.
SD Realtor
December 10, 2007 at 4:03 PM #113426Eugene
ParticipantIt’s possible that all the bail out talk gave people a spark of hope. This may have enticed them to make a payment in the hopes that the bail out would save them.
This would explain the decline in NODs, but not the decline in foreclosures. People who were supposed to be foreclosed upon in November are the ones that stopped paying for their homes sometime around March and were served a notice of default in July. Making a single payment does not save you from a foreclosure if you’re 6 months behind. Once you get a NOD, there are only three ways out. 1) Refinance 2) Sell 3) Foreclose. Foreclosures aren’t happening, sales are still slow, and third-party refinancing is probably very hard to find, given recent price declines. That leaves two options. Either lenders are engaged in mass modification of defaulting loans, or they are delaying foreclosures for whatever reason. One plausible explanation is that they are not foreclosing on any borrower attempting a short sale. Short sale leaves much more money in the lender’s pocket than REO.
December 10, 2007 at 4:03 PM #113308ParticipantIt’s possible that all the bail out talk gave people a spark of hope. This may have enticed them to make a payment in the hopes that the bail out would save them.
This would explain the decline in NODs, but not the decline in foreclosures. People who were supposed to be foreclosed upon in November are the ones that stopped paying for their homes sometime around March and were served a notice of default in July. Making a single payment does not save you from a foreclosure if you’re 6 months behind. Once you get a NOD, there are only three ways out. 1) Refinance 2) Sell 3) Foreclose. Foreclosures aren’t happening, sales are still slow, and third-party refinancing is probably very hard to find, given recent price declines. That leaves two options. Either lenders are engaged in mass modification of defaulting loans, or they are delaying foreclosures for whatever reason. One plausible explanation is that they are not foreclosing on any borrower attempting a short sale. Short sale leaves much more money in the lender’s pocket than REO.
December 10, 2007 at 4:03 PM #113469ParticipantIt’s possible that all the bail out talk gave people a spark of hope. This may have enticed them to make a payment in the hopes that the bail out would save them.
This would explain the decline in NODs, but not the decline in foreclosures. People who were supposed to be foreclosed upon in November are the ones that stopped paying for their homes sometime around March and were served a notice of default in July. Making a single payment does not save you from a foreclosure if you’re 6 months behind. Once you get a NOD, there are only three ways out. 1) Refinance 2) Sell 3) Foreclose. Foreclosures aren’t happening, sales are still slow, and third-party refinancing is probably very hard to find, given recent price declines. That leaves two options. Either lenders are engaged in mass modification of defaulting loans, or they are delaying foreclosures for whatever reason. One plausible explanation is that they are not foreclosing on any borrower attempting a short sale. Short sale leaves much more money in the lender’s pocket than REO.
December 10, 2007 at 4:03 PM #113474ParticipantIt’s possible that all the bail out talk gave people a spark of hope. This may have enticed them to make a payment in the hopes that the bail out would save them.
This would explain the decline in NODs, but not the decline in foreclosures. People who were supposed to be foreclosed upon in November are the ones that stopped paying for their homes sometime around March and were served a notice of default in July. Making a single payment does not save you from a foreclosure if you’re 6 months behind. Once you get a NOD, there are only three ways out. 1) Refinance 2) Sell 3) Foreclose. Foreclosures aren’t happening, sales are still slow, and third-party refinancing is probably very hard to find, given recent price declines. That leaves two options. Either lenders are engaged in mass modification of defaulting loans, or they are delaying foreclosures for whatever reason. One plausible explanation is that they are not foreclosing on any borrower attempting a short sale. Short sale leaves much more money in the lender’s pocket than REO.
December 10, 2007 at 4:03 PM #113507ParticipantIt’s possible that all the bail out talk gave people a spark of hope. This may have enticed them to make a payment in the hopes that the bail out would save them.
This would explain the decline in NODs, but not the decline in foreclosures. People who were supposed to be foreclosed upon in November are the ones that stopped paying for their homes sometime around March and were served a notice of default in July. Making a single payment does not save you from a foreclosure if you’re 6 months behind. Once you get a NOD, there are only three ways out. 1) Refinance 2) Sell 3) Foreclose. Foreclosures aren’t happening, sales are still slow, and third-party refinancing is probably very hard to find, given recent price declines. That leaves two options. Either lenders are engaged in mass modification of defaulting loans, or they are delaying foreclosures for whatever reason. One plausible explanation is that they are not foreclosing on any borrower attempting a short sale. Short sale leaves much more money in the lender’s pocket than REO.
December 10, 2007 at 4:56 PM #113402(former)FormerSanDiegan
ParticipantThe NOD/NOT is always noisy. However, in the recent past it was spiking up so quickly that the overwhelmingly increasing trend masked the noise. This could be a first sign that we are seeing a flattening of foreclosures … but we won’t know for a couple months.
December 10, 2007 at 4:56 PM #113603ParticipantThe NOD/NOT is always noisy. However, in the recent past it was spiking up so quickly that the overwhelmingly increasing trend masked the noise. This could be a first sign that we are seeing a flattening of foreclosures … but we won’t know for a couple months.
December 10, 2007 at 4:56 PM #113570ParticipantThe NOD/NOT is always noisy. However, in the recent past it was spiking up so quickly that the overwhelmingly increasing trend masked the noise. This could be a first sign that we are seeing a flattening of foreclosures … but we won’t know for a couple months.
December 10, 2007 at 4:56 PM #113564ParticipantThe NOD/NOT is always noisy. However, in the recent past it was spiking up so quickly that the overwhelmingly increasing trend masked the noise. This could be a first sign that we are seeing a flattening of foreclosures … but we won’t know for a couple months.
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