Comments for In my View http://inmyviewblog.com Houston Real Estate Blog Wed, 07 Jan 2009 03:23:31 +0000 http://wordpress.org/?v=2.6 Comment on Blogger beats Business Journal to Turnberry Scoop by Steve Reed http://inmyviewblog.com/blogger-beats-business-journal-to-turnberry-scoop/#comment-129 Steve Reed Mon, 08 Dec 2008 18:04:16 +0000 http://inmyviewblog.com/?p=226#comment-129 Great post, I especially found it useful when you stated who actually broke this story. I hope that Swamplot continues with the great work! Great post, I especially found it useful when you stated who actually broke this story. I hope that Swamplot continues with the great work!

]]> Comment on The voice from the midst of it all by Bill Young http://inmyviewblog.com/the-voice-from-the-midst-of-it-all/#comment-50 Bill Young Sat, 06 Sep 2008 21:16:19 +0000 http://inmyviewblog.com/?p=54#comment-50 I am afraid you are whistling in a dark room! When these mortgages are sold, the terms are contractually locked in. The current owner of the mortgage or the securities that the mortgage supports would sue if the terms were changed. You are not dealing with your friendly banker, Fred. Most likely it is owned by a syndicate or even a foreign country! China and Japan own about 20% of all of our mortgage debt. Do you think they care about Bridget or Marge or Homer? These mortgages violate a basic fiduciary responsibility financial professionals are supposed to adhere to, the doctrine of suitability. These loans are unsuited for needs and comprehension of most of the people they were sold to. That is why the average person cannot buy into a Hedge Fund, they are sold only to investors savvy and rich enough to stand the risks these investments represent. Now, the financial industry is trying to place the blame on the borrowers and say that there hands are tied. As far as going through the process of foreclosure and taking the homes back, you have to realize that many of these loans were priced with No expectation that the loans could be repaid after reset, so the investors have already made their money! Since most of the mortgage investors will not or cannot modify the terms of the loan, these people will lose their homes. I tell my clients that sober fact, but I advise them Not to send their keys to the bank, but Stop throwing good money after bad. They make no more mortgage payments and we show them how to stay in their homes, which they will eventually lose, for up to 2 years while making NO payments! This way, they can at least recoup some of their money and prepare for life afterwards. We have had a couple of the banks Pay our clients to stay in their homes until the final foreclosure could take place. Vacant houses are magnets for vandals, drug dealers, squatters, etc which can greatly increase a bank's liability. It is less costly to pay my clients to stay than it is to pay the cost to refurbish the house after it is vandalized! I know some people will say this is wrong or unethical and they are right, the banks should never have stuck people with these defective loans in the first place! I am afraid you are whistling in a dark room!

When these mortgages are sold, the terms are contractually locked in. The current owner of the mortgage or the securities that the mortgage supports would sue if the terms were changed.

You are not dealing with your friendly banker, Fred. Most likely it is owned by a syndicate or even a foreign country! China and Japan own about 20% of all of our mortgage debt. Do you think they care about Bridget or Marge or Homer?

These mortgages violate a basic fiduciary responsibility financial professionals are supposed to adhere to, the doctrine of suitability. These loans are unsuited for needs and comprehension of most of the people they were sold to.

That is why the average person cannot buy into a Hedge Fund, they are sold only to investors savvy and rich enough to stand the risks these investments represent.

Now, the financial industry is trying to place the blame on the borrowers and say that there hands are tied. As far as going through the process of foreclosure and taking the homes back, you have to realize that many of these loans were priced with No expectation that the loans could be repaid after reset, so the investors have already made their money!

Since most of the mortgage investors will not or cannot modify the terms of the loan, these people will lose their homes. I tell my clients that sober fact, but I advise them Not to send their keys to the bank, but Stop throwing good money after bad. They make no more mortgage payments and we show them how to stay in their homes, which they will eventually lose, for up to 2 years while making NO payments!

This way, they can at least recoup some of their money and prepare for life afterwards. We have had a couple of the banks Pay our clients to stay in their homes until the final foreclosure could take place. Vacant houses are magnets for vandals, drug dealers, squatters, etc which can greatly increase a bank’s liability. It is less costly to pay my clients to stay than it is to pay the cost to refurbish the house after it is vandalized!

I know some people will say this is wrong or unethical and they are right, the banks should never have stuck people with these defective loans in the first place!

]]> Comment on Do Open Houses work? by Erion Shehaj http://inmyviewblog.com/do-open-houses-work/#comment-25 Erion Shehaj Sun, 01 Jun 2008 21:25:24 +0000 http://inmyviewblog.com/?p=72#comment-25 Also Read: <a href="http://tinyurl.com/4bz9o2" rel="nofollow">http://tinyurl.com/4bz9o2</a> Also Read:

http://tinyurl.com/4bz9o2

]]> Comment on Selling your home? Know its marketing schedule by Landflip http://inmyviewblog.com/selling-your-home-know-its-marketing-schedule/#comment-23 Landflip Tue, 06 May 2008 05:12:10 +0000 http://inmyviewblog.com/?p=70#comment-23 I think this is a great way to plan for selling a house. It serves as great documentation for the work that has be done for the homeowner. I think more companies need to have a well designed selling plan. Thanks for sharing this information! I think this is a great way to plan for selling a house. It serves as great documentation for the work that has be done for the homeowner. I think more companies need to have a well designed selling plan. Thanks for sharing this information!

]]> Comment on New HAR.com: The Good, the Bad and the Ugly by loren nason http://inmyviewblog.com/new-harcom-the-good-the-bad-and-the-ugly/#comment-20 loren nason Fri, 15 Feb 2008 19:26:15 +0000 http://inmyviewblog.com/?p=60#comment-20 Great write up Erion. I "love" how har.com is trying to do CMA's but are failing at it. What are they trying to do make REALTORS useless? Great write up Erion. I “love” how har.com is trying to do CMA’s but are failing at it.

What are they trying to do make REALTORS useless?

]]> Comment on I’m no structural engineer but… by Tom Burris http://inmyviewblog.com/im-no-structural-engineer-but/#comment-19 Tom Burris Thu, 27 Dec 2007 07:54:13 +0000 http://inmyviewblog.com/?p=58#comment-19 Holy Cow!! I thought we had them bad up here.... Holy Cow!!
I thought we had them bad up here….

]]> Comment on The sad face of foreclosure by Broker Price Opinion http://inmyviewblog.com/the-sad-face-of-foreclosure/#comment-4 Broker Price Opinion Sun, 23 Dec 2007 10:44:24 +0000 http://inmyviewblog.com/?p=4#comment-4 I hope you signed up with enough companies I get choose my locations now. Heres a good resource <a href="http://bpo4agent.com/" rel="nofollow">http://bpo4agent.com/</a> I hope you signed up with enough companies I get choose my locations now. Heres a good resource http://bpo4agent.com/

]]> Comment on The sad face of foreclosure by Broker Price Opinion http://inmyviewblog.com/the-sad-face-of-foreclosure/#comment-3 Broker Price Opinion Sun, 23 Dec 2007 10:41:35 +0000 http://inmyviewblog.com/?p=4#comment-3 Wow 50 miles for BPO. Well sometime they do pay well. That sounds horrible, I feel for you. I also do BPOS. Wow 50 miles for BPO. Well sometime they do pay well. That sounds horrible, I feel for you. I also do BPOS.

]]> Comment on Two kinds of foreclosures by John http://inmyviewblog.com/two-kinds-of-foreclosures/#comment-7 John Thu, 06 Dec 2007 17:31:29 +0000 http://inmyviewblog.com/?p=33#comment-7 For people who cannot afford their monthly payments and cannot refinance, and who owe more than their house is worth, a short sale may be the answer. More about short sales in a moment. Deed in lieu seems preferable. In deed in lieu, you deed your house to your mortgage lender and that ends the foreclosure process. <a href="http://www.thejohnbeck.tv" rel="nofollow">http://www.thejohnbeck.tv</a> For people who cannot afford their monthly payments and cannot refinance, and who owe more than their house is worth, a short sale may be the answer. More about short sales in a moment. Deed in lieu seems preferable. In deed in lieu, you deed your house to your mortgage lender and that ends the foreclosure process.
http://www.thejohnbeck.tv

]]> Comment on How to avoid foreclosure | A HUD Guide by John http://inmyviewblog.com/how-to-avoid-foreclosure-a-hud-guide/#comment-8 John Thu, 06 Dec 2007 17:29:43 +0000 http://inmyviewblog.com/?p=37#comment-8 Late payments can and do affect your credit, but nothing hurts your credit worse than "mortgage lates". If you possibly can you want to pay your mortgage payments on time and in full. If this becomes impossible for you to do it's time to do something serious in order to preserve your credit. At some point saving your home may not be the primary concern. Remember, it's just a house and you can always get another house, but if you damage your credit you may not be able to do that. So make sure you have your priorities in order. <a href="http://www.thejohnbeck.tv" rel="nofollow">http://www.thejohnbeck.tv</a> Late payments can and do affect your credit, but nothing hurts your credit worse than “mortgage lates”. If you possibly can you want to pay your mortgage payments on time and in full. If this becomes impossible for you to do it’s time to do something serious in order to preserve your credit. At some point saving your home may not be the primary concern. Remember, it’s just a house and you can always get another house, but if you damage your credit you may not be able to do that. So make sure you have your priorities in order.
http://www.thejohnbeck.tv

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