Our Definition:
- When a seller is in financial distress and a lender approves a sale even though the property will sell for a price less than what is owed to the lender.
- Short sale and Pre-foreclosure sale are synonymous – Pre-foreclosure (PFS for short) is more correct. (As Flight Attendant is more correct than Stewardess)
According to mortgage giant Freddie Mac…“The number of homes entering foreclosure is expected to top 1 million this year, with 60% of those being subprime mortgages.”
The Mortgage Bankers Association predicts that…“Adjustable-rate subprime foreclosures, already at a record, will rise into 2008, affecting borrowers, lenders and such Wall Street firms as Goldman Sachs and Bear Stearns, which packaged subprime loans into bonds.”
Wells Fargo Bank, Loss Mitigation Specialist…“Our borrowers are telling us that Realtors won’t work with them because they’re afraid they won’t get paid…but we pay the standard 6% on closed transactions.”
Here is a great article in the San Francisco Chronicle that describes the lending atmosphere today, markedly different from 10-15 year ago, where lenders are willing to negotiate workouts, loan modifications, forbearance agreements and "Short Sales"; what are now referred to as a Pre-foreclosure sales.
If you are a real estate agent interested in creating a Preforeclosure Strategy for your business of have already started this process. Please share your thoughts about the timing of this market opportunity and what how you have distiguished yourself. Feedback is crucial to making this blog a good resource for all invovled.
4 comments:
Great post Joe and timely too. With NOD recordings on the rise, it's crucial to get this information out there. I look forward to your posts and the information you are sharing here.
Thanks! B-)
Good day !.
You may , perhaps curious to know how one can reach 2000 per day of income .
There is no need to invest much at first. You may begin to receive yields with as small sum of money as 20-100 dollars.
AimTrust is what you need
AimTrust incorporates an offshore structure with advanced asset management technologies in production and delivery of pipes for oil and gas.
Its head office is in Panama with affiliates around the world.
Do you want to become a happy investor?
That`s your chance That`s what you wish in the long run!
I feel good, I started to take up income with the help of this company,
and I invite you to do the same. It`s all about how to select a correct partner utilizes your money in a right way - that`s it!.
I take now up to 2G every day, and my first deposit was 1 grand only!
It`s easy to start , just click this link http://orerybycu.digitalzones.com/ucacydi.html
and lucky you`re! Let`s take this option together to feel the smell of real money
Hi !.
might , probably curious to know how one can reach 2000 per day of income .
There is no need to invest much at first. You may commense to receive yields with as small sum of money as 20-100 dollars.
AimTrust is what you thought of all the time
The firm represents an offshore structure with advanced asset management technologies in production and delivery of pipes for oil and gas.
It is based in Panama with offices everywhere: In USA, Canada, Cyprus.
Do you want to become an affluent person?
That`s your choice That`s what you wish in the long run!
I`m happy and lucky, I began to get real money with the help of this company,
and I invite you to do the same. If it gets down to choose a correct partner utilizes your funds in a right way - that`s AimTrust!.
I earn US$2,000 per day, and my first investment was 500 dollars only!
It`s easy to start , just click this link http://etuganuv.greatnow.com/ujunupe.html
and go! Let`s take our chance together to get rid of nastiness of the life
Post a Comment