It can all be summed up with a word, “Panic!”.  Foreclosures and their handling has reared it’s ugly head as of late.  With the banks moving faster, cutting corners, and ignoring what needed to be paid attention to, we are all caught up in the muck.Foreclosure News and the new cutting corners model

Santa Clarita Valley Foreclosures exist. In fact, in a healthy market Foreclosures equate to about 1% of the Housing Listings.  Like I said a “healthy market”, today we are in a very sick state with the economy as a whole.

You will start to see some clever marketing come about, probably not from those that will handle the litigation directly, but those that are getting some kind of compensation, pitching another’s product.

I am skirting around the edges, but it was like in the beginning of the Short Sale Market.  We received many calls a week wanting us to give up our database.  The callers told us that it would be in our clients best interest to pay their company a fee to have a “loan modification” or “principal reduction” handled on their behalf.  What was the fee you might ask, “anywhere from $3000.00 to $4000.00”.

There was compensation promised for each referral.  To Paris and I it was a no brain-er, “No Way were we going to sacrifice our clients”.

After the dust settled, we found that this was mostly a scam and it very rarely worked out to the client’s benefit.  I might add that these clients were experiencing a hardship of unequal proportion.  They were not those “strategic defaulters”, they were experiencing trouble making their minimum payments on the “creative loans” they had acquired.

If you are considering selling your home to get out while you have equity left – then you will want to contact a qualified Real Estate agent or Team to discuss your options.

300HS, 50HP, 100ct Bridging.  Good Morning!

Bair backs ‘safe harbor’ plan on foreclosures – MarketWatch.