So HARP 2.0 has launched, but your loan must be owned by Fannie Mae or Freddie Mac to qualify or even get considered. If you want to avoid a 2 hour phone queue with Citi/Chase/ BofA/ Wells just to ask if your loan was sold to them, try these links:
Wow, I assumed my 15 year fixed from 2004 was kept in Citi’s portfolio, but I was just another piece of their chattel that got securitized. Anyway, these links will give you a head start if you are looking to take advantage of the new program.
November foreclose activity:
– NODs increased from 14 in October to 15 in November. Zero of the last 2 months of NODs have been by “real” banks filing against SFR owners. Zero. The new Nevada requirements don’t seem to be too onerous – just document that you have legal right to foreclose. The formwork is attached to this Typical NOD on a pretty interesting property. It doesn’t seem too awfully hard to comply with. Why is it such a problem for the loan servicers? After 2 months of no new NODs and no solution on the horizon, this is going to drastically change the mix of listings in a couple of months.
– NOSs dropped to 372 from 441 in October and 411 in September.
– TDs increased a bit to 233 in October from 210 in October. NRES was active along with their fellow investors, but there seems to be a lot of newbies bidding on the courthouse steps and winning a few. I went to a sale this week, and it definitely isn’t as civil there as when the Investors Club controlled all the action – the newbies just don’t understand that the winning bidder is supposed to be pre-arranged!
OK, Reno just made another list, and the news wasn’t good. In fact, it was sad. Honolulu was rated as the Happiest city in America out of 100 cities in the “study”. Reno rated and F and placed #92 out 100 as one of the Saddest American Cities. I’m too depressed to be angry about our placement.
Jules
“this is going to drastically change the mix of listings in a couple of months.”
Yep. Maybe more than just a couple of months, but I hope Guy and his compatriots have salted away a nice stash of cash because come Springtime we are going to see the sales volume fall through the floor. All that steady supply of $150K REO inventory is going to evaporate. And no matter how low that inventory goes, $150K buyers are not going to be suddenly morphed into $250K buyers. If $15oK is all you can pay, it’s all you can pay.
Walter
I agree with Jules that all you can pay is all you can pay and that is not connected to supply. However, only God knows how many houses the banks have in the foreclosure pipeline in Washoe County. Remember those 12,000 missing NODS? They could still bring thousands of houses to the courthouse steps in the coming many months. It’s hard to know, but we may not see the impact of the new foreclosure law for a lot longer than this coming Spring.
james
It’s too bad we didn’t have way to track pre-approvals on short sales from banks. I suspect they will start to increase dramatically.
Matthew
Jules, you’re thinking too short-term! When the 150k buyers dry up we’ll just approve an initiative to extend government-credit options by 100k; thus solving the problem permanently and for everyone.
inclinejj
The criers conducting most of the sales don’t know how to seperate the lookie loo’s from the real bidders.
The old pro’s did it w/o any confusion and never let anyone bid w/o qualifying first.
Can we say cluster F*^k!