3 Big Banks Working on Settlement

3 Big Banks Working on Settlement
End of Dual Tracking Near? Fresh from the Senate Banking Committee’s hearings on the foreclosure crisis, Bank of America, JP Morgan Chase, and Wells Fargo appear to be closer to a settlement which would compensate borrowers whose homes were improperly foreclosed upon. The banks would also agree to end the process of dual tracking. Dual tracking is continuing the foreclosure process despite working with the borrower on a modification. Many borrowers have complained of being foreclosed on despite having a modification in place or currently working with their lender for a modification. If you are...
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Ally CEO- “We Screwed Up”

Ally CEO- “We Screwed Up”
Ally admits to problems in its foreclosure procedures Ally Financial’s GMAC Mortgage subsidiary was among the first mortgage servicers to acknowledge problems in its foreclosure process due to robo signing. Their findings led them to freeze foreclosures and REO sales in several states so they could review the integrity and accuracy of their process. Ally CEO Michael Carpenter recently addressed his company’s issues related to robo signing: “We had a robo-signer affidavit problem. No question about it. We’re embarrassed about it and we fixed it going forward. We’ll be the first to say...
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Shadow Inventory-Economic Recovery’s Ball and Chain

Shadow Inventory-Economic Recovery’s Ball and Chain
Shadow Inventory A Long Term Issue Shadow Inventory is typically defined as loans that are delinquent, in foreclosure, or real-estate-owned (REO) by the servicer. Recently Fitch ratings estimated the shadow inventory to be as much as 7 million homes. More recent reports have pared that number to 4 millions homes. The time between a borrower’s last payment and liquidation has been increasing over the last several year’s and has reached a high of 18 months. That represents the highest figure on record. It is important to note that figure had recently began to decrease. However, the recent...
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Denver/Aurora Short Sales-The Emotional Toll!

Denver/Aurora Short Sales-The Emotional Toll!
I truly enjoy what I do. Being a Realtor who specializes in short sales allows me to help people in what, for many, is their greatest time of need. I get to meet people from all walks of life and different background and they all share a common bond. They all struggle mentally and emotionally with the idea of a short sale or foreclosure. I have seen the mental anguish consume people. It can literally take over a person’s life. Questions like “Why did I have to get sick?” “Why did I even buy this house?” “Why didn’t I work harder? Maybe I wouldn’t have...
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Wall Street to Homeowners: This is ALL your fault!

Wall Street to Homeowners: This is ALL your fault!
I think the picture of this post is the best response to Wall Street and Big Banks! Ok…so it is important to know that it is 1:40 AM MDT time and I am more than a little upset. I just read an article released by Reuters news service. It pins the foreclosure fiasco on the homeowner/borrower. Seriously? Yep! Wow! That is rich. Basically, the article is full of quotes like the follwing: “If you didn’t pay your mortgage, you shouldn’t be in your house. Period. People are getting upset about something that’s just procedural,” said Walter Todd, portfolio manager at...
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Denver & Aurora Short Sales: Should you stop making your mortgage payments?

Denver & Aurora Short Sales: Should you stop making your mortgage payments?
One of the questions I get asked the most is whether or not a borrower should stop making their mortgage payments! I apologize for the obvious disclaimer but it is important. I am not a lawyer and I cannot give you legal advice. I recommend every client consult an attorney. The post below is my own personal opinion and does not represent the views of RE/MAX Unlimited or RE/MAX International. In the not too distant past lenders all but required a borrower to be behind on payments before even considering a short sale. Real estate can be a world of myths and one of the myths still floating around is...
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