10 best and 10 worst performing metros out of the top 200.

Metro Bus
The ranking considers factors such as sales/listing activity and prices, months of remaining inventory (MRI), days on market (DOM), sold-to-list price ratio and foreclosure and REO activity.

Top Metros

  1. Santa Ana-Anaheim-Irvine, California

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New mortgage modification rules

Loan Modification Rules
The rules for mortgage modification have been eased according to FHFA. They would lower the interest rate to 1/2 % below going interest rates. (big deal) but would not include cn. Worse yet, missed payments would be added to the back end of the loan. Sounds like negative amortization to me.

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Loan Modifications- what you need to know.

When talking to sellers who are in trouble, the topic of loan modification will always come up. You need to have some basic information to give to them.
First of all, there are very tight qualifications for this process and it ain’t easy. If you make too much, you are turned down. If you make too little, you are turned down. You have to learn all the ins and outs so you can help the homeowner face reality if they don’t fit.

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Don’t be a foreclosure consultant

California has strict laws about what you can and can not do if someone is in foreclosure. They have a special agreement called an equity purchase agreement and a five day right of rescission. There is a law that will get you in trouble if you violate it. Make sure you read every word of this and understand it.
Don’t tell anyone that you can stop the foreclosure. All you can do is educate or buy their house. Remember you probably know more than they do so try to help- be a friend but don’t make promises about their situation.

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Another foreclosure abuse settlement in the works

This one is different than the last one because the money all goes to homeowners who got the shaft from the banks. Some of the states had used the money earmarked for homeowners to for their treasuries. Not nice!!

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