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February 29, 2008 at 10:35 PM in reply to: “Renegotiate” Your Loan – banks giving in to buyers in distress #163298February 29, 2008 at 10:35 PM in reply to: “Renegotiate” Your Loan – banks giving in to buyers in distress #163310
SD Realtor
ParticipantDon’t mistake this practice as something that is just between the banks or loan servicers and homeowner. Realize that all parties need to play a part in order to avoid lawsuits. Thus the real point of contention is will the investors allow this. Also trying to recast a single mortgage when it may be chopped into bacon bits and sprinkled throughout several other obligations seems to be quite unrealistic to me. Yet make no mistakes I have heard of them successfully being recast but I don’t have details of any of them such as how unpaid fines, and other issues were indeed resolved.
As far as the property taxes go there really is not any correlation. The assessment that the county makes on your home is somewhat orthogonal to what you owe a lender. Don’t confuse the two. Your assessment is based on what the county thinks your home is worth and it is up to you to change the assessment by proving the devaluation of your home based on comps. If you are someone who has had a reworked loan I am sure providing the county that information will help your reassessment but you will still most likely need comps from other homes which shouldn’t be to hard to find.
Kewp – In theory there really is no difference in this practice or the bank letting the home go to foreclosure and selling it as an REO. In practice though, my OPINION which is not worth much is that I bet the recidivisim (sorry for butchering the word) is most likely high even after the loan workout.
SD Realtor
February 29, 2008 at 10:35 PM in reply to: “Renegotiate” Your Loan – banks giving in to buyers in distress #163390ParticipantDon’t mistake this practice as something that is just between the banks or loan servicers and homeowner. Realize that all parties need to play a part in order to avoid lawsuits. Thus the real point of contention is will the investors allow this. Also trying to recast a single mortgage when it may be chopped into bacon bits and sprinkled throughout several other obligations seems to be quite unrealistic to me. Yet make no mistakes I have heard of them successfully being recast but I don’t have details of any of them such as how unpaid fines, and other issues were indeed resolved.
As far as the property taxes go there really is not any correlation. The assessment that the county makes on your home is somewhat orthogonal to what you owe a lender. Don’t confuse the two. Your assessment is based on what the county thinks your home is worth and it is up to you to change the assessment by proving the devaluation of your home based on comps. If you are someone who has had a reworked loan I am sure providing the county that information will help your reassessment but you will still most likely need comps from other homes which shouldn’t be to hard to find.
Kewp – In theory there really is no difference in this practice or the bank letting the home go to foreclosure and selling it as an REO. In practice though, my OPINION which is not worth much is that I bet the recidivisim (sorry for butchering the word) is most likely high even after the loan workout.
SD Realtor
ParticipantHi Enorah…
Yeah don’t you remember I kind of did pooh pooh on it… Of course that was right before the August credit events…Anyways like I said, your feeling was petty well timed. Not sure prices did a full tilt but it was the initiation of some of the credit problems really coming to light.
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Dealhunter I have seen alot of REO’s akin to what you stated and I have seen others in surprisingly good shape. I am not sure the OP really meant to actually purchase a home at a trustee sale. More likely at one of the REDC auctions or even an MLS REO.
The biggest misconception people have about buying an REO is the liability release. However if you know what you are getting into, and get ALL of your diligence done you can do pretty well pricewise.
SD Realtor
ParticipantHi Enorah…
Yeah don’t you remember I kind of did pooh pooh on it… Of course that was right before the August credit events…Anyways like I said, your feeling was petty well timed. Not sure prices did a full tilt but it was the initiation of some of the credit problems really coming to light.
*****
Dealhunter I have seen alot of REO’s akin to what you stated and I have seen others in surprisingly good shape. I am not sure the OP really meant to actually purchase a home at a trustee sale. More likely at one of the REDC auctions or even an MLS REO.
The biggest misconception people have about buying an REO is the liability release. However if you know what you are getting into, and get ALL of your diligence done you can do pretty well pricewise.
SD Realtor
ParticipantHi Enorah…
Yeah don’t you remember I kind of did pooh pooh on it… Of course that was right before the August credit events…Anyways like I said, your feeling was petty well timed. Not sure prices did a full tilt but it was the initiation of some of the credit problems really coming to light.
*****
Dealhunter I have seen alot of REO’s akin to what you stated and I have seen others in surprisingly good shape. I am not sure the OP really meant to actually purchase a home at a trustee sale. More likely at one of the REDC auctions or even an MLS REO.
The biggest misconception people have about buying an REO is the liability release. However if you know what you are getting into, and get ALL of your diligence done you can do pretty well pricewise.
SD Realtor
ParticipantHi Enorah…
Yeah don’t you remember I kind of did pooh pooh on it… Of course that was right before the August credit events…Anyways like I said, your feeling was petty well timed. Not sure prices did a full tilt but it was the initiation of some of the credit problems really coming to light.
*****
Dealhunter I have seen alot of REO’s akin to what you stated and I have seen others in surprisingly good shape. I am not sure the OP really meant to actually purchase a home at a trustee sale. More likely at one of the REDC auctions or even an MLS REO.
The biggest misconception people have about buying an REO is the liability release. However if you know what you are getting into, and get ALL of your diligence done you can do pretty well pricewise.
SD Realtor
ParticipantHi Enorah…
Yeah don’t you remember I kind of did pooh pooh on it… Of course that was right before the August credit events…Anyways like I said, your feeling was petty well timed. Not sure prices did a full tilt but it was the initiation of some of the credit problems really coming to light.
*****
Dealhunter I have seen alot of REO’s akin to what you stated and I have seen others in surprisingly good shape. I am not sure the OP really meant to actually purchase a home at a trustee sale. More likely at one of the REDC auctions or even an MLS REO.
The biggest misconception people have about buying an REO is the liability release. However if you know what you are getting into, and get ALL of your diligence done you can do pretty well pricewise.
SD Realtor
February 29, 2008 at 10:11 PM in reply to: 6941 Santa Fe Canyon Pl, San Diego 92129.. REO question at $796k??? #162971ParticipantManmom I have visited this home as well. It is in the Torrey Santa Fe homes at the very end of the cul de sac. The “walking path” basically walks the transmission lines and this house does indeed back to it. Well, not back to it, but basically sides to it. I agree much to close to the lines for my liking. Inside the home, considering that it is an REO, it is in pretty fair condition. Yeah I would agree with your assessment. I am sure the neighbors are none to happy with a sales price under 800k. It will be interesting to see what it closes at.
SD Realtor
February 29, 2008 at 10:11 PM in reply to: 6941 Santa Fe Canyon Pl, San Diego 92129.. REO question at $796k??? #163277ParticipantManmom I have visited this home as well. It is in the Torrey Santa Fe homes at the very end of the cul de sac. The “walking path” basically walks the transmission lines and this house does indeed back to it. Well, not back to it, but basically sides to it. I agree much to close to the lines for my liking. Inside the home, considering that it is an REO, it is in pretty fair condition. Yeah I would agree with your assessment. I am sure the neighbors are none to happy with a sales price under 800k. It will be interesting to see what it closes at.
SD Realtor
February 29, 2008 at 10:11 PM in reply to: 6941 Santa Fe Canyon Pl, San Diego 92129.. REO question at $796k??? #163288ParticipantManmom I have visited this home as well. It is in the Torrey Santa Fe homes at the very end of the cul de sac. The “walking path” basically walks the transmission lines and this house does indeed back to it. Well, not back to it, but basically sides to it. I agree much to close to the lines for my liking. Inside the home, considering that it is an REO, it is in pretty fair condition. Yeah I would agree with your assessment. I am sure the neighbors are none to happy with a sales price under 800k. It will be interesting to see what it closes at.
SD Realtor
February 29, 2008 at 10:11 PM in reply to: 6941 Santa Fe Canyon Pl, San Diego 92129.. REO question at $796k??? #163300ParticipantManmom I have visited this home as well. It is in the Torrey Santa Fe homes at the very end of the cul de sac. The “walking path” basically walks the transmission lines and this house does indeed back to it. Well, not back to it, but basically sides to it. I agree much to close to the lines for my liking. Inside the home, considering that it is an REO, it is in pretty fair condition. Yeah I would agree with your assessment. I am sure the neighbors are none to happy with a sales price under 800k. It will be interesting to see what it closes at.
SD Realtor
February 29, 2008 at 10:11 PM in reply to: 6941 Santa Fe Canyon Pl, San Diego 92129.. REO question at $796k??? #163380ParticipantManmom I have visited this home as well. It is in the Torrey Santa Fe homes at the very end of the cul de sac. The “walking path” basically walks the transmission lines and this house does indeed back to it. Well, not back to it, but basically sides to it. I agree much to close to the lines for my liking. Inside the home, considering that it is an REO, it is in pretty fair condition. Yeah I would agree with your assessment. I am sure the neighbors are none to happy with a sales price under 800k. It will be interesting to see what it closes at.
SD Realtor
ParticipantCogSciGuy –
You are correct that my assessment is a generalization of Obama. It is certainly not based on any actions or proposals by him. Conversely I just don’t see any established record on his part because he is so new so to speak.
However, if he embraces the ideals of many in his party then I would figure he would indeed support measures like this and not veto them. I find it hard he would veto ideas put forward by guys like Shumer, Dodd and co…
So yes my post is very speculative and not based on voting record or anything I have heard yet from Obama…
I VERY MUCH hope I am wrong about him as I do believe he is the front runner at this point and I would lay odds that he will indeed win.
SD Realtor
ParticipantCogSciGuy –
You are correct that my assessment is a generalization of Obama. It is certainly not based on any actions or proposals by him. Conversely I just don’t see any established record on his part because he is so new so to speak.
However, if he embraces the ideals of many in his party then I would figure he would indeed support measures like this and not veto them. I find it hard he would veto ideas put forward by guys like Shumer, Dodd and co…
So yes my post is very speculative and not based on voting record or anything I have heard yet from Obama…
I VERY MUCH hope I am wrong about him as I do believe he is the front runner at this point and I would lay odds that he will indeed win.
SD Realtor
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