http://www.mortgage-mod-monster.com/my-local-newspaper-reports-on-the-treachery-of-the-mortgage-servicers-and-lenders/ Mortgage Modification, Short Sales, and Broken Chain of Title Tue, 31 Jan 2012 15:39:15 +0000 hourly 1 http://wordpress.org/?v=3.3.1 http://www.mortgage-mod-monster.com/my-local-newspaper-reports-on-the-treachery-of-the-mortgage-servicers-and-lenders/comment-page-1/#comment-1571 www.monex.com Fri, 25 Mar 2011 22:04:25 +0000 http://mortgage-mod-monster.com/?p=399#comment-1571 .............Short Sale Foreclosure........................... . .FORECLOSURES .Also known as REOs Real Estate Owned - by the bank . .When a lending institution forecloses on a property - that is takes ownership of it back from the borrower - it will first send it to a trustee sale public auction. Surprisingly only a small percentage of those properties are actually sold at auction - particularly in Mesa County. Thats because the banks tend to establish the minimum auction price at the loan amount. Not too many buyers at that level because usually the home is worth less than the loan amount. Once it clears auction the property will come back to the MLS as a more-or-less normal listing. Certainly more normal than a short-sale. .The difference between an REO and a conventional sale is that in addition to the standard statewide real estate contract the lending institution will send along an addendum to the sales contract. Ive seen them range from 5 to 18 pages long. The addenda tend to take away rights that the buyer would have according to the standard contract. For starters the buyer will need to sign an As Is adddendum. When the home inspection reports various parts of the house in need of repair the bank insists that it will not make any. The buyers options are to either take responsibility for the repairs or just cancel the contract..The bank also often reserves the right to cancel the contract at any point before Close of Escrow and take another offer..SHORT-SALES.A short-sale is a pre-foreclosure situation in which the lender agrees to accept a price loan pay-off that is below the current loan amount - essentially to keep it from going to foreclosure. ………….Short Sale Foreclosure……………………… . .FORECLOSURES .Also known as REOs Real Estate Owned – by the bank . .When a lending institution forecloses on a property – that is takes ownership of it back from the borrower – it will first send it to a trustee sale public auction. Surprisingly only a small percentage of those properties are actually sold at auction – particularly in Mesa County. Thats because the banks tend to establish the minimum auction price at the loan amount. Not too many buyers at that level because usually the home is worth less than the loan amount. Once it clears auction the property will come back to the MLS as a more-or-less normal listing. Certainly more normal than a short-sale. .The difference between an REO and a conventional sale is that in addition to the standard statewide real estate contract the lending institution will send along an addendum to the sales contract. Ive seen them range from 5 to 18 pages long. The addenda tend to take away rights that the buyer would have according to the standard contract. For starters the buyer will need to sign an As Is adddendum. When the home inspection reports various parts of the house in need of repair the bank insists that it will not make any. The buyers options are to either take responsibility for the repairs or just cancel the contract..The bank also often reserves the right to cancel the contract at any point before Close of Escrow and take another offer..SHORT-SALES.A short-sale is a pre-foreclosure situation in which the lender agrees to accept a price loan pay-off that is below the current loan amount – essentially to keep it from going to foreclosure.

]]> http://www.mortgage-mod-monster.com/my-local-newspaper-reports-on-the-treachery-of-the-mortgage-servicers-and-lenders/comment-page-1/#comment-1569 chris dix (@Mod_Monster) (@Mod_Monster) Fri, 25 Mar 2011 17:42:05 +0000 http://mortgage-mod-monster.com/?p=399#comment-1569 New blog post for Mortgage Mod Monster: My local newspaper reports on the treachery of the mortgage servicers http://bit.ly/hT9n8v New blog post for Mortgage Mod Monster: My local newspaper reports on the treachery of the mortgage servicers http://bit.ly/hT9n8v

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