More PreForeclosure Short Sale Banking News
How do preforeclosure short sales fit into the banks new plans?
The banks are hurting and they aren't rolling over easily. They are looking at many possibilities.
Large companies such as Citibank, Citimortgage - Actually CitiGroup is getting pressure to break up into smaller banks...they way they were...So that when they fall or get more defaulted loans than one bank should be allowed to have, it doesn't shattered 1/2 of the world.
If smaller banks fell apart, the damage would be contained.
The banking industry is pretty powerful. I do see them splitting due to pressure but I don't see if hurting the preforeclosure short sale world. So we can feel good about that.
It's bank's like Ocwen (which I reported in my last blog) refusing to do short sales that are the banks that don't make any sense. We should be worried about that. This will hurt the economy much more than banks splitting up into smaller units.
I heard another rumor today. Looks like Countrywide may not be doing short sales for investor loans anymore.
That would hurt. But what I did hear is that the loans were "disapproved". I'm not sure what that means. Ocwen is telling you immediately that they won't accept short sales. Don't waste your time sending in paperwork. Disapproved sounds like the bank may have looked at the file then "disapproved" it. So maybe it is a case by case basis. And I didn't hear what the value was. Maybe it was really low.
More on this as I hear about it.
The tough news this week is serious. Stewart Title will not be insuring any more short sales period. This is serious. Not just double closes, short sales period. that means that the title companies, escrow companies and lawyers who close loans and use Stewart Title to guarantee with title insurance will NOT be doing so on short sales.
There is apparently a lawsuit going on in Indianapolis that is accusing fraud. So Stewart is writing an across the board statement - no closing short sales.
We/investors and short sales can save the financial world but they just won't let us. What is wrong with this picture?
Stay tuned. I have a great topic for next time and a homework assignment for you too! (that just might help save the world - financial world that is)
Get Preforclosure Short Sale Coaching from the best and for less than $7 a day! Sign up here!
The Short Sale Queen’s Coaching
Deb McMillan
The Short Sale Queen
Keeping you informed of the latest in getting short sales closed everywhere!
The banks are hurting and they aren't rolling over easily. They are looking at many possibilities.
Large companies such as Citibank, Citimortgage - Actually CitiGroup is getting pressure to break up into smaller banks...they way they were...So that when they fall or get more defaulted loans than one bank should be allowed to have, it doesn't shattered 1/2 of the world.
If smaller banks fell apart, the damage would be contained.
The banking industry is pretty powerful. I do see them splitting due to pressure but I don't see if hurting the preforeclosure short sale world. So we can feel good about that.
It's bank's like Ocwen (which I reported in my last blog) refusing to do short sales that are the banks that don't make any sense. We should be worried about that. This will hurt the economy much more than banks splitting up into smaller units.
I heard another rumor today. Looks like Countrywide may not be doing short sales for investor loans anymore.
That would hurt. But what I did hear is that the loans were "disapproved". I'm not sure what that means. Ocwen is telling you immediately that they won't accept short sales. Don't waste your time sending in paperwork. Disapproved sounds like the bank may have looked at the file then "disapproved" it. So maybe it is a case by case basis. And I didn't hear what the value was. Maybe it was really low.
More on this as I hear about it.
The tough news this week is serious. Stewart Title will not be insuring any more short sales period. This is serious. Not just double closes, short sales period. that means that the title companies, escrow companies and lawyers who close loans and use Stewart Title to guarantee with title insurance will NOT be doing so on short sales.
There is apparently a lawsuit going on in Indianapolis that is accusing fraud. So Stewart is writing an across the board statement - no closing short sales.
We/investors and short sales can save the financial world but they just won't let us. What is wrong with this picture?
Stay tuned. I have a great topic for next time and a homework assignment for you too! (that just might help save the world - financial world that is)
Get Preforclosure Short Sale Coaching from the best and for less than $7 a day! Sign up here!
The Short Sale Queen’s Coaching
Deb McMillan
The Short Sale Queen
Keeping you informed of the latest in getting short sales closed everywhere!
posted by Deb at 8:14 PM
0 comments
