[Deal Hunter]

Not bloody likely…. so says my British Harry Potter pen pal on myspace. I asked him if the ECB would cave to the U.S. Fed and lower their rates. He sarcastically retorted that unlike the U.S., Europeans and Asians don’t watch their home equities, they watch their savings accounts. They’re having real estate issues too, but they’re just not that concerned as most have savings.

He said he’s waiting until June, when he usually buys new jeans (because he only buys new clothes once a year), to buy some advantageously priced Levi’s.

[Deal Hunter]

REO Buyer Beware

You can’t do a full inspection on a property on the auction block. It’s better to look into short sale. You will be allowed to do a full inspection on the property and even use the list of repairs as a negotiating tool to get the lowest possible price.

Just as a sampling, most of the post-auction listed REOs we look at here in Vegas are STRIPPED of absolutely everything. They take everything, even light fixtures, closet doors, toilets, faucets and waterheaters. One house had all the carpeting pulled out (it was one of those that was bought new from the builder and never lived in).

We joked once that the next thing to be missing from these REO’s would be the granite countertops. I have a feeling that won’t be just a joke soon.

[Deal Hunter]

REO Buyer Beware

You can’t do a full inspection on a property on the auction block. It’s better to look into short sale. You will be allowed to do a full inspection on the property and even use the list of repairs as a negotiating tool to get the lowest possible price.

Just as a sampling, most of the post-auction listed REOs we look at here in Vegas are STRIPPED of absolutely everything. They take everything, even light fixtures, closet doors, toilets, faucets and waterheaters. One house had all the carpeting pulled out (it was one of those that was bought new from the builder and never lived in).

We joked once that the next thing to be missing from these REO’s would be the granite countertops. I have a feeling that won’t be just a joke soon.

[Deal Hunter]

REO Buyer Beware

You can’t do a full inspection on a property on the auction block. It’s better to look into short sale. You will be allowed to do a full inspection on the property and even use the list of repairs as a negotiating tool to get the lowest possible price.

Just as a sampling, most of the post-auction listed REOs we look at here in Vegas are STRIPPED of absolutely everything. They take everything, even light fixtures, closet doors, toilets, faucets and waterheaters. One house had all the carpeting pulled out (it was one of those that was bought new from the builder and never lived in).

We joked once that the next thing to be missing from these REO’s would be the granite countertops. I have a feeling that won’t be just a joke soon.

[Deal Hunter]

REO Buyer Beware

You can’t do a full inspection on a property on the auction block. It’s better to look into short sale. You will be allowed to do a full inspection on the property and even use the list of repairs as a negotiating tool to get the lowest possible price.

Just as a sampling, most of the post-auction listed REOs we look at here in Vegas are STRIPPED of absolutely everything. They take everything, even light fixtures, closet doors, toilets, faucets and waterheaters. One house had all the carpeting pulled out (it was one of those that was bought new from the builder and never lived in).

We joked once that the next thing to be missing from these REO’s would be the granite countertops. I have a feeling that won’t be just a joke soon.

[Deal Hunter]

REO Buyer Beware

You can’t do a full inspection on a property on the auction block. It’s better to look into short sale. You will be allowed to do a full inspection on the property and even use the list of repairs as a negotiating tool to get the lowest possible price.

Just as a sampling, most of the post-auction listed REOs we look at here in Vegas are STRIPPED of absolutely everything. They take everything, even light fixtures, closet doors, toilets, faucets and waterheaters. One house had all the carpeting pulled out (it was one of those that was bought new from the builder and never lived in).

We joked once that the next thing to be missing from these REO’s would be the granite countertops. I have a feeling that won’t be just a joke soon.

[Deal Hunter]

Partial Claim – This is the hidden danger in “renegotiation” of loans. In addition to the rewriting of the loan itself, there is the issue of what happens to the unpaid late payments, unpaid penalties, or deferred interest incurred at the higher rate or payment recast.

One thing that counselors at HOPE Now don’t explain to borrowers in much detail is the PARTIAL CLAIM on the amount of loss that the lenders have to somehow account for. The Partial Claim can be any number of things that the homeowner simply “agrees to” with an initial or signture on a single-page disclosure.

Types of Partial Claims:
– Add late payments and unpaid penalties to balance of loan
– Place a separate lien on the property for the unpaid payments and penalties
– Issue a separate unsecured note for the said amount to the borrowers.
– Place a lien on borrower’s other property or future wages for unpaid lates and penalties via UCC-1 (varies by state).

Most, if not all of the above would never get past consumer advocacy groups, but I can see how any of them could be easily slipped under the nose of a desperate homeowner trying to stave off forclosure. All it takes is a signature on a disclosure that they hope the homeowner never reads.

Very scary stuff.

[Deal Hunter]

Partial Claim – This is the hidden danger in “renegotiation” of loans. In addition to the rewriting of the loan itself, there is the issue of what happens to the unpaid late payments, unpaid penalties, or deferred interest incurred at the higher rate or payment recast.

One thing that counselors at HOPE Now don’t explain to borrowers in much detail is the PARTIAL CLAIM on the amount of loss that the lenders have to somehow account for. The Partial Claim can be any number of things that the homeowner simply “agrees to” with an initial or signture on a single-page disclosure.

Types of Partial Claims:
– Add late payments and unpaid penalties to balance of loan
– Place a separate lien on the property for the unpaid payments and penalties
– Issue a separate unsecured note for the said amount to the borrowers.
– Place a lien on borrower’s other property or future wages for unpaid lates and penalties via UCC-1 (varies by state).

Most, if not all of the above would never get past consumer advocacy groups, but I can see how any of them could be easily slipped under the nose of a desperate homeowner trying to stave off forclosure. All it takes is a signature on a disclosure that they hope the homeowner never reads.

Very scary stuff.

[Deal Hunter]

Partial Claim – This is the hidden danger in “renegotiation” of loans. In addition to the rewriting of the loan itself, there is the issue of what happens to the unpaid late payments, unpaid penalties, or deferred interest incurred at the higher rate or payment recast.

One thing that counselors at HOPE Now don’t explain to borrowers in much detail is the PARTIAL CLAIM on the amount of loss that the lenders have to somehow account for. The Partial Claim can be any number of things that the homeowner simply “agrees to” with an initial or signture on a single-page disclosure.

Types of Partial Claims:
– Add late payments and unpaid penalties to balance of loan
– Place a separate lien on the property for the unpaid payments and penalties
– Issue a separate unsecured note for the said amount to the borrowers.
– Place a lien on borrower’s other property or future wages for unpaid lates and penalties via UCC-1 (varies by state).

Most, if not all of the above would never get past consumer advocacy groups, but I can see how any of them could be easily slipped under the nose of a desperate homeowner trying to stave off forclosure. All it takes is a signature on a disclosure that they hope the homeowner never reads.

Very scary stuff.

[Deal Hunter]

Partial Claim – This is the hidden danger in “renegotiation” of loans. In addition to the rewriting of the loan itself, there is the issue of what happens to the unpaid late payments, unpaid penalties, or deferred interest incurred at the higher rate or payment recast.

One thing that counselors at HOPE Now don’t explain to borrowers in much detail is the PARTIAL CLAIM on the amount of loss that the lenders have to somehow account for. The Partial Claim can be any number of things that the homeowner simply “agrees to” with an initial or signture on a single-page disclosure.

Types of Partial Claims:
– Add late payments and unpaid penalties to balance of loan
– Place a separate lien on the property for the unpaid payments and penalties
– Issue a separate unsecured note for the said amount to the borrowers.
– Place a lien on borrower’s other property or future wages for unpaid lates and penalties via UCC-1 (varies by state).

Most, if not all of the above would never get past consumer advocacy groups, but I can see how any of them could be easily slipped under the nose of a desperate homeowner trying to stave off forclosure. All it takes is a signature on a disclosure that they hope the homeowner never reads.

Very scary stuff.

[Deal Hunter]

Partial Claim – This is the hidden danger in “renegotiation” of loans. In addition to the rewriting of the loan itself, there is the issue of what happens to the unpaid late payments, unpaid penalties, or deferred interest incurred at the higher rate or payment recast.

One thing that counselors at HOPE Now don’t explain to borrowers in much detail is the PARTIAL CLAIM on the amount of loss that the lenders have to somehow account for. The Partial Claim can be any number of things that the homeowner simply “agrees to” with an initial or signture on a single-page disclosure.

Types of Partial Claims:
– Add late payments and unpaid penalties to balance of loan
– Place a separate lien on the property for the unpaid payments and penalties
– Issue a separate unsecured note for the said amount to the borrowers.
– Place a lien on borrower’s other property or future wages for unpaid lates and penalties via UCC-1 (varies by state).

Most, if not all of the above would never get past consumer advocacy groups, but I can see how any of them could be easily slipped under the nose of a desperate homeowner trying to stave off forclosure. All it takes is a signature on a disclosure that they hope the homeowner never reads.

Very scary stuff.

[Deal Hunter]

Two years ago, my best friend and I had a falling out. We stopped speaking because I refused to get recruited into her new MLM company (a mortage operation) whose motto was “Make your house work for you. Take out your equity and invest.”

I had a couple of homes already, both with large equity. I wouldn’t do a refi with her to cash out and re-invest. This is partly due to conventional wisdom I got from my father – Pay off your mortgage, have no debts and buy income-producing assets. The other reason was that 2 years ago was a seller’s market and my own wisdom dictacted that one does not buy in a seller’s market.

I’m glad I stood my ground, but it makes me very sad to think how she might be faring now.

[Deal Hunter]

Two years ago, my best friend and I had a falling out. We stopped speaking because I refused to get recruited into her new MLM company (a mortage operation) whose motto was “Make your house work for you. Take out your equity and invest.”

I had a couple of homes already, both with large equity. I wouldn’t do a refi with her to cash out and re-invest. This is partly due to conventional wisdom I got from my father – Pay off your mortgage, have no debts and buy income-producing assets. The other reason was that 2 years ago was a seller’s market and my own wisdom dictacted that one does not buy in a seller’s market.

I’m glad I stood my ground, but it makes me very sad to think how she might be faring now.

[Deal Hunter]

Two years ago, my best friend and I had a falling out. We stopped speaking because I refused to get recruited into her new MLM company (a mortage operation) whose motto was “Make your house work for you. Take out your equity and invest.”

I had a couple of homes already, both with large equity. I wouldn’t do a refi with her to cash out and re-invest. This is partly due to conventional wisdom I got from my father – Pay off your mortgage, have no debts and buy income-producing assets. The other reason was that 2 years ago was a seller’s market and my own wisdom dictacted that one does not buy in a seller’s market.

I’m glad I stood my ground, but it makes me very sad to think how she might be faring now.

[Deal Hunter]

Two years ago, my best friend and I had a falling out. We stopped speaking because I refused to get recruited into her new MLM company (a mortage operation) whose motto was “Make your house work for you. Take out your equity and invest.”

I had a couple of homes already, both with large equity. I wouldn’t do a refi with her to cash out and re-invest. This is partly due to conventional wisdom I got from my father – Pay off your mortgage, have no debts and buy income-producing assets. The other reason was that 2 years ago was a seller’s market and my own wisdom dictacted that one does not buy in a seller’s market.

I’m glad I stood my ground, but it makes me very sad to think how she might be faring now.

[Author]

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