Indy Mac has put a new policy in place that wastes TONS of money.. probably not hundreds of thousands of dollar but more on the scale of millions of dollars. Indy Mac's new policy is that they will not consider a short sale after sheriff sale.
What does that mean? Well in a redemption state like Minnesota, the current owner retains rights to the property for SIX MONTHS after the sheriff sale. By refusing to do anything after that sheriff sale, they are still accumulating interest, fees, taxes, insurance and all the deferred maintenance expenses on that house during the six month period.
For what? Are they hoping price will be higher in the spring than they are now? Highly unlikely and they cost of holding this on their books, re-keying, hiring an eviction attorney, winterizing and BPOs with be in the thousands for EACH property. Then add more devaluation in the market place (I believe we have quite a way to go STILL before bottom) and this could easily be $100,000 on a single property!
WISE UP IndyMac! WISE UP Goverment! Stop the bleeding and start being proactive!
This is ridiculous!
Friday, October 23, 2009
Monday, September 28, 2009
Redemption.. after the sherif sale
In Minnesota, we have a period of time after the sheriff sale that the homeowner still "owns" the home. During that time, they can "redeem" the property. That means they can pay-off the first mortgage for the amount the property sold for at the sheriff sale and get the property back OR sell the property, pay off the sheriff sale and walk away with any extra. A second mortgage would still need to be dealt with.
For example, we just had a home listed in Brooklyn Park that sold for $46k (he had owed the 1st $178k) at sheriff sale. We sold the property for $130k. He paid off his second mortgage and still walked away with $17k! These sales require no bank approvals (on the seller side) and can happen quickly.
Again, these sales are better for your credit than a full foreclosure. The banks have some latitude on how they report this.. but they can be reported as paid or satisfied. This is a better option than stategic foreclosure!
Call or email me to find out how much your home sold for at sheriff sale or if one of these redemption sales could work for you!
For example, we just had a home listed in Brooklyn Park that sold for $46k (he had owed the 1st $178k) at sheriff sale. We sold the property for $130k. He paid off his second mortgage and still walked away with $17k! These sales require no bank approvals (on the seller side) and can happen quickly.
Again, these sales are better for your credit than a full foreclosure. The banks have some latitude on how they report this.. but they can be reported as paid or satisfied. This is a better option than stategic foreclosure!
Call or email me to find out how much your home sold for at sheriff sale or if one of these redemption sales could work for you!
Tuesday, September 15, 2009
Are you feeling confident? Are things getting better yet?
All the recent talk in the media about recovery doesn't match with what I am seeing and I am wondering how you're feeling.
I am still seeing lay-offs and job cuts, people I know are still nervous about losing jobs, hours and pay. I am still getting calls from people everyday who are struggling and don't think they can make it (don't forget you can email me for help!).
Post a comment and tell us all what you're seeing or send me an email... I want to hear from you what's really going on!
I am still seeing lay-offs and job cuts, people I know are still nervous about losing jobs, hours and pay. I am still getting calls from people everyday who are struggling and don't think they can make it (don't forget you can email me for help!).
Post a comment and tell us all what you're seeing or send me an email... I want to hear from you what's really going on!
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