[toddt]

RE: 2886 Morning Creek, 91914

This one went back to EMC (Bear) on 6/20 (recorded 6/26). Was originally scheduled to go to auction on 3/27. 3 month delay. Still owned by EMC.

Likely cause on this delay was procedural – there was an assignment of the foreclosing mortgage on 5/14 from Norwest to EMC. It’s nearly impossible to unravel the securitization of this from just recorded docs, but it looks like it was originally a Norwest originated loan sold to Bear/EMC.

Most importantly, this was discounted about 220k from the outstanding balance at auction and still did not sell to a third party.

Hope that helps.

[toddt]

RE: 2886 Morning Creek, 91914

This one went back to EMC (Bear) on 6/20 (recorded 6/26). Was originally scheduled to go to auction on 3/27. 3 month delay. Still owned by EMC.

Likely cause on this delay was procedural – there was an assignment of the foreclosing mortgage on 5/14 from Norwest to EMC. It’s nearly impossible to unravel the securitization of this from just recorded docs, but it looks like it was originally a Norwest originated loan sold to Bear/EMC.

Most importantly, this was discounted about 220k from the outstanding balance at auction and still did not sell to a third party.

Hope that helps.

[toddt]

Little more interesting. Sale date was 5/2 (which was the original date on the NTS), reverted back to US Bank as issuer. Resold as REO on 7/29, with that recording on 8/13.

This is an example where the filings were timely (~90 days after NOD went NTS) and the public sale occurred w/o delay. What we don’t have a good idea of is if there was any delay in filing the NOD – that’s harder to determine. Based on the default amount of 25k and a loan amount of 825 @6.99% (this is all per records), I’d say the pmt was around $5400-$5500 a month, making them 4 months behind. Add in some late fees, etc. and you get around 25k. So my thinking was the bank waited an extra month to file the NOD.

I don’t have an exact number, but this sort of does not occur often, maybe 10-20% of auctions are this smooth, nor does getting to an REO sale in 2 months happen to much. This was a godsend for this lender in this case, even given the several hundred thousand dollar loss.

[toddt]

Little more interesting. Sale date was 5/2 (which was the original date on the NTS), reverted back to US Bank as issuer. Resold as REO on 7/29, with that recording on 8/13.

This is an example where the filings were timely (~90 days after NOD went NTS) and the public sale occurred w/o delay. What we don’t have a good idea of is if there was any delay in filing the NOD – that’s harder to determine. Based on the default amount of 25k and a loan amount of 825 @6.99% (this is all per records), I’d say the pmt was around $5400-$5500 a month, making them 4 months behind. Add in some late fees, etc. and you get around 25k. So my thinking was the bank waited an extra month to file the NOD.

I don’t have an exact number, but this sort of does not occur often, maybe 10-20% of auctions are this smooth, nor does getting to an REO sale in 2 months happen to much. This was a godsend for this lender in this case, even given the several hundred thousand dollar loss.

[toddt]

Little more interesting. Sale date was 5/2 (which was the original date on the NTS), reverted back to US Bank as issuer. Resold as REO on 7/29, with that recording on 8/13.

This is an example where the filings were timely (~90 days after NOD went NTS) and the public sale occurred w/o delay. What we don’t have a good idea of is if there was any delay in filing the NOD – that’s harder to determine. Based on the default amount of 25k and a loan amount of 825 @6.99% (this is all per records), I’d say the pmt was around $5400-$5500 a month, making them 4 months behind. Add in some late fees, etc. and you get around 25k. So my thinking was the bank waited an extra month to file the NOD.

I don’t have an exact number, but this sort of does not occur often, maybe 10-20% of auctions are this smooth, nor does getting to an REO sale in 2 months happen to much. This was a godsend for this lender in this case, even given the several hundred thousand dollar loss.

[toddt]

Little more interesting. Sale date was 5/2 (which was the original date on the NTS), reverted back to US Bank as issuer. Resold as REO on 7/29, with that recording on 8/13.

This is an example where the filings were timely (~90 days after NOD went NTS) and the public sale occurred w/o delay. What we don’t have a good idea of is if there was any delay in filing the NOD – that’s harder to determine. Based on the default amount of 25k and a loan amount of 825 @6.99% (this is all per records), I’d say the pmt was around $5400-$5500 a month, making them 4 months behind. Add in some late fees, etc. and you get around 25k. So my thinking was the bank waited an extra month to file the NOD.

I don’t have an exact number, but this sort of does not occur often, maybe 10-20% of auctions are this smooth, nor does getting to an REO sale in 2 months happen to much. This was a godsend for this lender in this case, even given the several hundred thousand dollar loss.

[toddt]

Little more interesting. Sale date was 5/2 (which was the original date on the NTS), reverted back to US Bank as issuer. Resold as REO on 7/29, with that recording on 8/13.

This is an example where the filings were timely (~90 days after NOD went NTS) and the public sale occurred w/o delay. What we don’t have a good idea of is if there was any delay in filing the NOD – that’s harder to determine. Based on the default amount of 25k and a loan amount of 825 @6.99% (this is all per records), I’d say the pmt was around $5400-$5500 a month, making them 4 months behind. Add in some late fees, etc. and you get around 25k. So my thinking was the bank waited an extra month to file the NOD.

I don’t have an exact number, but this sort of does not occur often, maybe 10-20% of auctions are this smooth, nor does getting to an REO sale in 2 months happen to much. This was a godsend for this lender in this case, even given the several hundred thousand dollar loss.

[toddt]

This particular property looks to have delayed the public sale until 7/23, with Jim’s public records service picking it the reverting to First Federal on 7/30. The 4/3 date is just the date published on the Notice of Trustee Sale, which is legally the earliest it could happen.

It is not uncommon at all for a trustee sale to delay many times. Lenders try to meet the timeline minimums on filings for legal reasons, but very rarely get properties through the process that quickly.

Sometimes it’s a week at a time, sometimes a month or more, as lenders try to work out all the needed assignments and legal documentation, deal with bankruptcies, and, in the current climate, “hope” that somehow the home will sell or the borrower will cure.

[toddt]

This particular property looks to have delayed the public sale until 7/23, with Jim’s public records service picking it the reverting to First Federal on 7/30. The 4/3 date is just the date published on the Notice of Trustee Sale, which is legally the earliest it could happen.

It is not uncommon at all for a trustee sale to delay many times. Lenders try to meet the timeline minimums on filings for legal reasons, but very rarely get properties through the process that quickly.

Sometimes it’s a week at a time, sometimes a month or more, as lenders try to work out all the needed assignments and legal documentation, deal with bankruptcies, and, in the current climate, “hope” that somehow the home will sell or the borrower will cure.

[toddt]

This particular property looks to have delayed the public sale until 7/23, with Jim’s public records service picking it the reverting to First Federal on 7/30. The 4/3 date is just the date published on the Notice of Trustee Sale, which is legally the earliest it could happen.

It is not uncommon at all for a trustee sale to delay many times. Lenders try to meet the timeline minimums on filings for legal reasons, but very rarely get properties through the process that quickly.

Sometimes it’s a week at a time, sometimes a month or more, as lenders try to work out all the needed assignments and legal documentation, deal with bankruptcies, and, in the current climate, “hope” that somehow the home will sell or the borrower will cure.

[toddt]

This particular property looks to have delayed the public sale until 7/23, with Jim’s public records service picking it the reverting to First Federal on 7/30. The 4/3 date is just the date published on the Notice of Trustee Sale, which is legally the earliest it could happen.

It is not uncommon at all for a trustee sale to delay many times. Lenders try to meet the timeline minimums on filings for legal reasons, but very rarely get properties through the process that quickly.

Sometimes it’s a week at a time, sometimes a month or more, as lenders try to work out all the needed assignments and legal documentation, deal with bankruptcies, and, in the current climate, “hope” that somehow the home will sell or the borrower will cure.

[toddt]

This particular property looks to have delayed the public sale until 7/23, with Jim’s public records service picking it the reverting to First Federal on 7/30. The 4/3 date is just the date published on the Notice of Trustee Sale, which is legally the earliest it could happen.

It is not uncommon at all for a trustee sale to delay many times. Lenders try to meet the timeline minimums on filings for legal reasons, but very rarely get properties through the process that quickly.

Sometimes it’s a week at a time, sometimes a month or more, as lenders try to work out all the needed assignments and legal documentation, deal with bankruptcies, and, in the current climate, “hope” that somehow the home will sell or the borrower will cure.

[toddt]

I’m a inactive licensed broker and have my license for my personal investments, primarily to research properties and be able to move quickly on them w/o a buy-side agent.

I am of the opinion that agents on both the buy and sell side will never go away. The analogies of the stock broker, recruiter, and accountants for that matter are very relevant, and I agree with them completely.

That said, in this market, I think the value of a good listing agent is enormous. Marketing, networking, and professionalism is tantamount in this market, and I’ve seen a good agent pay more than their worth in higher prices, quicker sales, and the simple equation of the value of my time.

The thing I am hoping does go away is the MLS. It’s a monopolistic and old-school approach in this day of data democratization. I think we’re starting to see this with the CALMLS initiative and other concepts like Google Base and Roost.com. Time will tell, but MLS consolidation and their future irrelevance is in the cards.

[toddt]

I’m a inactive licensed broker and have my license for my personal investments, primarily to research properties and be able to move quickly on them w/o a buy-side agent.

I am of the opinion that agents on both the buy and sell side will never go away. The analogies of the stock broker, recruiter, and accountants for that matter are very relevant, and I agree with them completely.

That said, in this market, I think the value of a good listing agent is enormous. Marketing, networking, and professionalism is tantamount in this market, and I’ve seen a good agent pay more than their worth in higher prices, quicker sales, and the simple equation of the value of my time.

The thing I am hoping does go away is the MLS. It’s a monopolistic and old-school approach in this day of data democratization. I think we’re starting to see this with the CALMLS initiative and other concepts like Google Base and Roost.com. Time will tell, but MLS consolidation and their future irrelevance is in the cards.

[toddt]

I’m a inactive licensed broker and have my license for my personal investments, primarily to research properties and be able to move quickly on them w/o a buy-side agent.

I am of the opinion that agents on both the buy and sell side will never go away. The analogies of the stock broker, recruiter, and accountants for that matter are very relevant, and I agree with them completely.

That said, in this market, I think the value of a good listing agent is enormous. Marketing, networking, and professionalism is tantamount in this market, and I’ve seen a good agent pay more than their worth in higher prices, quicker sales, and the simple equation of the value of my time.

The thing I am hoping does go away is the MLS. It’s a monopolistic and old-school approach in this day of data democratization. I think we’re starting to see this with the CALMLS initiative and other concepts like Google Base and Roost.com. Time will tell, but MLS consolidation and their future irrelevance is in the cards.

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