http://bobstahl.topproducerblogs.com Real Estate News from around Phoenix, Scottsdale and Maricopa County Tue, 26 Jan 2010 19:37:46 +0000 hourly 1 http://wordpress.org/?v=3.3.2 http://bobstahl.topproducerblogs.com/?p=374#comment-409 grnrangler Tue, 26 Jan 2010 19:37:46 +0000 http://bobstahl.topproducerblogs.com/?p=374#comment-409 How do you not get bad credit if you let your house foreclose or do a short sale? I don't understand. How do you not get bad credit if you let your house foreclose or do a short sale? I don’t understand.

]]> http://bobstahl.topproducerblogs.com/?p=374#comment-408 Name*AC Tue, 26 Jan 2010 19:17:22 +0000 http://bobstahl.topproducerblogs.com/?p=374#comment-408 I just completed a short sale with Wells Fargo on a home in Las Vegas. It took 8 months to sell for $167,000 that I originally mortgaged @ $340,000. It was a real rocky road and found myself in a financial black hole. The title company has to file a 1099 on the balance of the original loan that was forgiven in the short sale. I was told the 2007 debt relief act forgives the 1099 on the unpaid difference of the original mortgage and the short sale. Does anyone know where I can find something in writing on this? I just completed a short sale with Wells Fargo on a home in Las Vegas. It took 8 months to sell for $167,000 that I originally mortgaged @ $340,000. It was a real rocky road and found myself in a financial black hole. The title company has to file a 1099 on the balance of the original loan that was forgiven in the short sale. I was told the 2007 debt relief act forgives the 1099 on the unpaid difference of the original mortgage and the short sale. Does anyone know where I can find something in writing on this?

]]> http://bobstahl.topproducerblogs.com/?p=369#comment-407 Cindy Tue, 26 Jan 2010 19:05:25 +0000 http://bobstahl.topproducerblogs.com/?p=369#comment-407 My question is shouldn't you also add the monies you put down on the house and all improvements before calculating how much negative equity you really have?? My question is shouldn’t you also add the monies you put down on the house and all improvements before calculating how much negative equity you really have??

]]> http://bobstahl.topproducerblogs.com/?p=374#comment-406 Jorge Yinat Tue, 26 Jan 2010 18:54:51 +0000 http://bobstahl.topproducerblogs.com/?p=374#comment-406 "Strategic Defaults" for upside down mortgages will send a loud and clear message to the abusive banking industry. It will be catastrophe to Real Estate banking Industry and it will put the economy in further jeopardy. I see some benefits to the people in distress with no hope to regain their evaporated equities on their property and for people who will purchase these foreclosed properties. However the economy will suffer, property values will continue to erode and possibly the economy will take longer to recover, but it will recover!. Reals Estate brokers willl have a win-win situation. "Strategic Defaults" for upside down mortgages will send a loud and clear message to the abusive banking industry. It will be catastrophe to Real Estate banking Industry and it will put the economy in further jeopardy. I see some benefits to the people in distress with no hope to regain their evaporated equities on their property and for people who will purchase these foreclosed properties. However the economy will suffer, property values will continue to erode and possibly the economy will take longer to recover, but it will recover!. Reals Estate brokers willl have a win-win situation.

]]> http://bobstahl.topproducerblogs.com/?p=374#comment-405 Name*B.Peppenger Tue, 26 Jan 2010 18:07:22 +0000 http://bobstahl.topproducerblogs.com/?p=374#comment-405 This appear to be food for thought. Maybe, just maybe. The Banks and lenders, might entertain. Of course real estate agents do so hope they will. This appear to be food for thought. Maybe, just maybe. The Banks and lenders, might entertain. Of course real estate agents
do so hope they will.

]]> http://bobstahl.topproducerblogs.com/?p=374#comment-404 Name* adrienne volpe Tue, 26 Jan 2010 17:52:11 +0000 http://bobstahl.topproducerblogs.com/?p=374#comment-404 I agree wholeheartedly! Banks have been baled out but individuals are still the ones taking the hit. Both of my banks have offered me the sol called loan modiification but are adding fees whihc amount to over $40,000 to the loan balances. these properties have lost over 20% of the equity and they will never return to thier former values...I am seriously considering walking away from both and I am an agent! Until the people fight back we are going to keep getting fed the garbaage deals they are trying to make us accept. If i knew others would take this approach I would join on immediately. As far as consulting with legal professionals, I have worked with many clients who have and the lawyers who understand how to work with banks and the process itself are few and far between. I say let's walk. I agree wholeheartedly! Banks have been baled out but individuals are still the ones taking the hit.
Both of my banks have offered me the sol called loan modiification but are adding fees whihc amount to over $40,000 to the loan balances. these properties have lost over 20% of the equity and they will never return to thier former values…I am seriously considering walking away from both and I am an agent!
Until the people fight back we are going to keep getting fed the garbaage deals they are trying to make us accept. If i knew others would take this approach I would join on immediately.
As far as consulting with legal professionals, I have worked with many clients who have and the lawyers who understand how to work with banks and the process itself are few and far between.
I say let’s walk.

]]> http://bobstahl.topproducerblogs.com/?p=374#comment-403 Lynda Tue, 26 Jan 2010 16:04:59 +0000 http://bobstahl.topproducerblogs.com/?p=374#comment-403 I am a Realtor and the banks WILL NOT accept a short sale IF you are current w payments.......they just won't.........so that part of the article I disagree with.........but alot of it is good and true info.....ps dealing with the banksis a nightmare., they are horrible....... I am a Realtor and the banks WILL NOT accept a short sale IF you are current w payments…….they just won’t………so that part of the article I disagree with………but alot of it is good and true info…..ps dealing with the banksis a nightmare., they are horrible…….

]]> http://bobstahl.topproducerblogs.com/?p=370#comment-402 Harto Tue, 26 Jan 2010 15:54:17 +0000 http://bobstahl.topproducerblogs.com/?p=370#comment-402 Randy what Bank do you work for? Your Black Ball thing is not worth spouting about. This stragetic default thing is the American way and very disturbing. People today just flat refuse to expect that they made a mistake. It is this scary lack of taking ownership of mistakes that is sure to led to the downfall of the American society as we know it. It was greed and incredible lack of oversight that force housing market higher and it was reality that says what goes up must come down. Real estate agents, banks, appraisers, and polictians all with no idea of the realities of market ebbs and flows caused this beginning of the end. However the biggest problem is the public at large...without any of the restraints of our forefathers of just the last generation; we caused this and we will suffer under its wieght. Randy what Bank do you work for? Your Black Ball thing is not worth spouting about.
This stragetic default thing is the American way and very disturbing. People today just flat refuse to expect that they made a mistake. It is this scary lack of taking ownership of mistakes that is sure to led to the downfall of the American society as we know it.
It was greed and incredible lack of oversight that force housing market higher and it was reality that says what goes up must come down. Real estate agents, banks, appraisers, and polictians all with no idea of the realities of market ebbs and flows caused this beginning of the end. However the biggest problem is the public at large…without any of the restraints of our forefathers of just the last generation; we caused this and we will suffer under its wieght.

]]> http://bobstahl.topproducerblogs.com/?p=374#comment-401 Name*Ben Trovato Tue, 26 Jan 2010 15:48:19 +0000 http://bobstahl.topproducerblogs.com/?p=374#comment-401 Lending instutions aren't really smart but they're greedy, and in their greed they lose sight of the fact that they are bound to lose all the interest that they've collected for the past few years because of the rigmarole they must go through and the costs involved. Costs which can easily equal the worth of the abandoned property. The original lending institutions do not lose a thing; the truly greedy "big guys" are the ones which buy up mortgages by the thousands are the most desreving to go belly up. However, Bush decided that they shouldn't so he bailed them out - with Obama giving in to further accomodate them. C'est la vie. Lending instutions aren’t really smart but they’re greedy, and in their greed they lose sight of the fact that they are bound to lose all the interest that they’ve collected for the past few years because of the rigmarole they must go through and the costs involved. Costs which can easily equal the worth of the abandoned property. The original lending institutions do not lose a thing; the truly greedy "big guys" are the ones which buy up mortgages by the thousands are the most desreving to go belly up. However, Bush decided that they shouldn’t so he bailed them out – with Obama giving in to further accomodate them. C’est la vie.

]]> http://bobstahl.topproducerblogs.com/?p=374#comment-400 Name*katrina Tue, 26 Jan 2010 15:23:25 +0000 http://bobstahl.topproducerblogs.com/?p=374#comment-400 I agree w/ everything in this article! I am a real estate agent in Indiana and hate doing short sales just because of the banks, i have 3 in the works now and spend most of my time on them on the phone and had one this week do into forcloser! I SAY ALL AGENT SHOULD BOYCOTT SHORT SALES UNTIL BANKS START WORKING BETTER W/ AGENTS and relize that we are helping them out as well as the owners! I agree w/ everything in this article! I am a real estate agent in Indiana and hate doing short sales just because of the banks, i have 3 in the works now and spend most of my time on them on the phone and had one this week do into forcloser! I SAY ALL AGENT SHOULD BOYCOTT SHORT SALES UNTIL BANKS START WORKING BETTER W/ AGENTS and relize that we are helping them out as well as the owners!

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