New short sale and loan mod rules

Homeowners receiving loan modifications for their primary residence (and noted on their credit report); are now being treated as short sellers by Fannie Mae…even if the homeowner was never late on their mortgage.

Read more on New short sale and loan mod rules…

SB cty wants to seize mortgages.

New half baked idea by govt to “solve” housing problems. San Bernadino county wants to seize underwater mortgages by eminent domain, modify them so homeowners can stay in their house.

I am totally opposed to this. I had a property I owned seized by eminent domain because the city wanted the land to build a cty building. I had no say and the price they gave me was a joke.

Read more on SB cty wants to seize mortgages….

Flipping is dead

Every time you make an offer to  a bank, be prepared to close. There is no assignment regardless of what some “guru” tells you. You can do a double close but it is risky and complicated. Your deposit is at risk unless you have someone who is willing to put up the deposit in the 2nd escrow before the inspection contingency expires. YOU CAN NOT ADD ANOTHER NAME TO THE CONTRACT OR CHANGE IT IN ANY WAY.

Read more on Flipping is dead…

Shortage of homes

Can you believe it? After years of bulging inventory of reos, the days on market has shrunk to an amazing 33 in L.A.

Because of several reasons:

  1. Interest rates so low makes for a positive cash flow situation for buy and hold

Read more on Shortage of homes…