So, where are all the foreclosures?

[jpinpb]

crazyob brought up a good point on the
Foreclosure onslaught continues thread:
[quote=crazyob]I wonder if the banks have stopped selling their homes and even pulling ones from the market that were from sale. This all started two weeks ago when the new “mark to market rules” were approved. Within these new rules a bank can claim their home that was bought in 2006 for 500k is still worth 500k on the books, if they sold it they would need claim the loss of the last couple of years more like $375k.
That being said why would a bank sell a forclosed property? I think in the next couple of months you will see more and more empty unkept forclosed homes, NOT FOR SALE, bringing more blight to neighborhoods, Thanks Banks!

[/quote]

I think he may be on to something, as I posted:

Maybe all these NODs on places are either going to be re-worked or sold in bulk, not ever getting listed. M2M.

So the next question would be what the M2M will do, then. Are they going to rent all of them? I mean, rents are already declining and I just don’t see it. If banks re-work half (being optimistic) and the M2M rents what they get, renters will be in a great position for bargains.

I’m not understanding the M2M very well. I’m thinking if there’s a loss to those who buy bulk from banks, they are also covered by the taxpayers. So, no skin off them. They can just list them, too.

Once again, I think this is going to be a long, drawn out process and the places w/NODs from last month, won’t get to market until end of year, and accordingly for every month thereafter.

[danthedart]

Why would you think the banks are not selling their homes because of the M2M rules? This MAY be true, but the simplest reason is usually the correct one.

The simplest reason? There were foreclosure moratoriums. These moratoriums are now being lifted.

Why do you think these NODs won’t reach the market until the end of the year? Now that the moratoriums have been lifted, they should be on the market in 3-4 months.

[danthedart]

Why would you think the banks are not selling their homes because of the M2M rules? This MAY be true, but the simplest reason is usually the correct one.

The simplest reason? There were foreclosure moratoriums. These moratoriums are now being lifted.

Why do you think these NODs won’t reach the market until the end of the year? Now that the moratoriums have been lifted, they should be on the market in 3-4 months.

[danthedart]

Why would you think the banks are not selling their homes because of the M2M rules? This MAY be true, but the simplest reason is usually the correct one.

The simplest reason? There were foreclosure moratoriums. These moratoriums are now being lifted.

Why do you think these NODs won’t reach the market until the end of the year? Now that the moratoriums have been lifted, they should be on the market in 3-4 months.

[danthedart]

Why would you think the banks are not selling their homes because of the M2M rules? This MAY be true, but the simplest reason is usually the correct one.

The simplest reason? There were foreclosure moratoriums. These moratoriums are now being lifted.

Why do you think these NODs won’t reach the market until the end of the year? Now that the moratoriums have been lifted, they should be on the market in 3-4 months.

[danthedart]

Why would you think the banks are not selling their homes because of the M2M rules? This MAY be true, but the simplest reason is usually the correct one.

The simplest reason? There were foreclosure moratoriums. These moratoriums are now being lifted.

Why do you think these NODs won’t reach the market until the end of the year? Now that the moratoriums have been lifted, they should be on the market in 3-4 months.

[jpinpb]

I was thinking if the banks are going to first collect their properties to sell bulk, that’ll take some time. Then the “new” investors will sort through which they’re going to rent, which they’ll keep, which they’ll sell. We’re looking at months of red tape. That’s why I’m thinking year end.

dan, thanks for posting the link on the other thread. If the foreclosure moratorium is the hold up, does that mean they’re not going to do loan mods or short sales? That’s the concern I have. None of the NODs I recently have come across are listed for sale. It’s just strange. I would think they’re at least attempt a short sale.

[jpinpb]

I was thinking if the banks are going to first collect their properties to sell bulk, that’ll take some time. Then the “new” investors will sort through which they’re going to rent, which they’ll keep, which they’ll sell. We’re looking at months of red tape. That’s why I’m thinking year end.

dan, thanks for posting the link on the other thread. If the foreclosure moratorium is the hold up, does that mean they’re not going to do loan mods or short sales? That’s the concern I have. None of the NODs I recently have come across are listed for sale. It’s just strange. I would think they’re at least attempt a short sale.

[jpinpb]

I was thinking if the banks are going to first collect their properties to sell bulk, that’ll take some time. Then the “new” investors will sort through which they’re going to rent, which they’ll keep, which they’ll sell. We’re looking at months of red tape. That’s why I’m thinking year end.

dan, thanks for posting the link on the other thread. If the foreclosure moratorium is the hold up, does that mean they’re not going to do loan mods or short sales? That’s the concern I have. None of the NODs I recently have come across are listed for sale. It’s just strange. I would think they’re at least attempt a short sale.

[jpinpb]

I was thinking if the banks are going to first collect their properties to sell bulk, that’ll take some time. Then the “new” investors will sort through which they’re going to rent, which they’ll keep, which they’ll sell. We’re looking at months of red tape. That’s why I’m thinking year end.

dan, thanks for posting the link on the other thread. If the foreclosure moratorium is the hold up, does that mean they’re not going to do loan mods or short sales? That’s the concern I have. None of the NODs I recently have come across are listed for sale. It’s just strange. I would think they’re at least attempt a short sale.

[jpinpb]

I was thinking if the banks are going to first collect their properties to sell bulk, that’ll take some time. Then the “new” investors will sort through which they’re going to rent, which they’ll keep, which they’ll sell. We’re looking at months of red tape. That’s why I’m thinking year end.

dan, thanks for posting the link on the other thread. If the foreclosure moratorium is the hold up, does that mean they’re not going to do loan mods or short sales? That’s the concern I have. None of the NODs I recently have come across are listed for sale. It’s just strange. I would think they’re at least attempt a short sale.

[Huckleberry]

[quote=dd123] donaldduckmoore:

The bank did reduce his principal amount if my friend understands it properly.
Actually, my colleague is too naive to understand how come he got this deal.
But he knows one thing for sure: Instead of paying $4k for 26 years, now he has to pay $2k for 30 years to own the house.

and he is a happy man!!

[/quote]

This makes me want to throw up!!!

[Huckleberry]

[quote=dd123] donaldduckmoore:

The bank did reduce his principal amount if my friend understands it properly.
Actually, my colleague is too naive to understand how come he got this deal.
But he knows one thing for sure: Instead of paying $4k for 26 years, now he has to pay $2k for 30 years to own the house.

and he is a happy man!!

[/quote]

This makes me want to throw up!!!

[Huckleberry]

[quote=dd123] donaldduckmoore:

The bank did reduce his principal amount if my friend understands it properly.
Actually, my colleague is too naive to understand how come he got this deal.
But he knows one thing for sure: Instead of paying $4k for 26 years, now he has to pay $2k for 30 years to own the house.

and he is a happy man!!

[/quote]

This makes me want to throw up!!!

[Huckleberry]

[quote=dd123] donaldduckmoore:

The bank did reduce his principal amount if my friend understands it properly.
Actually, my colleague is too naive to understand how come he got this deal.
But he knows one thing for sure: Instead of paying $4k for 26 years, now he has to pay $2k for 30 years to own the house.

and he is a happy man!!

[/quote]

This makes me want to throw up!!!

[Author]

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