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Name: Michael Lindekugel
Nickname: mlindekugel
Member since: 2009-04-06 12:56:28
Website URL: http://www.facebook.com/profile.php?id=831022467
About me: I have over 18 years experience in public accounting, corporate accounting, taxation, corporate finance, financial management and analysis, project management, and real estate. I spent over nine years of my career working in financial operations at the Microsoft Corporation. I pursued undergraduate degrees in finance, economics, and accounting and a graduate degree in finance. I am a Certified Distressed Property Expert.
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Name: Michael Lindekugel
Nickname: mlindekugel
Member since: 2009-04-06 12:56:28
Website URL: http://www.facebook.com/profile.php?id=831022467
About me: I have over 18 years experience in public accounting, corporate accounting, taxation, corporate finance, financial management and analysis, project management, and real estate. I spent over nine years of my career working in financial operations at the Microsoft Corporation. I pursued undergraduate degrees in finance, economics, and accounting and a graduate degree in finance. I am a Certified Distressed Property Expert.
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- Rhonda Porter: No worries, Craig--
- Jillayne Schlicke: Hi Amy, Excellent!
- Wendy Hughes-Jelen: Ray, we were told if
- Wendy Hughes-Jelen: Hi Jillayne Good
- Craig: AAAAACK! I'm sorry t
it’s important for consumers and all...
Everyone Does Not Qualify for a Loan Mod
July 24th, 2009 at 1:22 pmUnfortunately, loan mod is a false hope for most who get them as they are likely to end up in foreclosure anyway.
According to Comptroller John Dugan, Office of the Comptroller of the Currency, after six months more than 50% of borrowers who received a loan modification re-defaulted. Report
Tales From the Dark Side #1
July 10th, 2009 at 10:28 amPlaying devil’s advocate.
Ardell wrote
“Commission to be reduced from 3% to 1% IF Agent is not PRESENT with their clients at ALL showings prior to offer!”. Completely ridiculous and not enforceable.
Ardell, I didn’t find a specific NWMLS rules that says this is not allowed or unenforceable. I found a NWMLS notice in Discover News> Monday Updat> 2005 Archive, Selling Office Commissions, Selling Office Commission Remarks in which the NWMLS discourages the practice, but again there is no mention the practice violates any specific NWMLS rule.
Ardell wrote
What makes that clause totally ridiculous is NO agents ask “how did the buyer see the house?” when they get an offer from all of the other companies. That makes it unenforceable. When we as listing agents get an offer from an agent, we have no idea if their buyer saw the house at an Open House, nor do we ask, nor do we care. So it’s a “boycott” move, plain and simple, and should not be permitted.
Ardell, how is this different from new construction site registration and an open model home?
Some Short Sale Statistics in West Bellevue
May 23rd, 2009 at 8:52 amquite a few of those SS are with the former Westsound Bank which was taken over by the FDIC and sold to Kitsap Bank(?). Westsound did a lot of financing for McMansion development and high priced acquisitions.
Why are Banks Setting the Opening Auction Bid Below The Principal Balance?
May 9th, 2009 at 12:39 pmRE: #42
gee, look at that…..the FDIC takeover team came knocking just before closing on a friday evening at Westsound.
Why are Banks Setting the Opening Auction Bid Below The Principal Balance?
May 3rd, 2009 at 10:34 amThe banks have financial analysts, statisticians, and software running models to determine the least costly and most profitable way to divest. West of Market in Kirkland has a large number of foreclosures and short sales of recently built million dollar homes. Westsound Bank. developer Lux and other kaput developers.
Joe,
The states are mix by type of sale and which lien holders. Some states are non deficiency states for all loans in a foreclosure and short sale. Some are ND only for foreclosure. WA is non deficiency foreclosure state on the foreclosing lien holder. Most lenders take the non deficiency component into account when making financial decisions. In WA a lender may be better off accepting a short sale as satisfaction in full with non recourse as a foreclosure with no recourse will net the lender less $$.
Why are Banks Setting the Opening Auction Bid Below The Principal Balance?
May 2nd, 2009 at 12:23 pmI am sure the bean counters have a hand in it. REOs net the bank about $.52 on the dollar. the discounted foreclosure price is netting the bank more than an REO.
in addition, an REO may require the bank to maintain additional capital on hand to meet bank regulator stress ratios. Toss in the toxic loans which require additional capital. Banks would rather sell at foreclcousre than get the knock on door ten minutes before closing on a Friday from the FDIC takeover team because the bank failed to raise additional capital.
Bye Bye Countrywide
April 29th, 2009 at 8:03 amTarget is having a sale on small kitchen appliances. buy a toaster and get a free bank.
Bye Bye Countrywide
April 28th, 2009 at 8:25 amthank you for calling Only Bank in America. how can I help you?
New Form to Prevent Mortgage Fraud
April 27th, 2009 at 9:12 amMight be a good idea to have a similar document for sellers compiling a short sale packet.
When is Foreclosure Right for You? Part 2 of 2
April 23rd, 2009 at 10:51 amA foreclosure will likely result in the revocation of a government security clearance and the position likely terminated. Armed Forces, CIA, Boeing, government contractors.
Current and future employers may have the right to run credit checks. A foreclosure may prevent a job candidate from obtaining financially sensitive jobs and current employment may be reassigned or terminated.
Should You Buy a Short Sale Property?
April 20th, 2009 at 8:59 amthe seller or an a person authorized to speak for the seller will have to contact the seller’s IRS agent or Investigator to request a subordination of the Fedral tax lien so the short sale can take place. The documentation will need to show the seller will not recieve any proceeds from the sale. The IRS will want a letter of explanation from the seller and a copy of the preliminary HUD.
Should You Buy a Short Sale Property?
April 19th, 2009 at 10:46 amJackie,
generally, Federal Tax liens can be removed from the title without much difficulty to allow the sale to happen. It is a routine process. It takes about four weeks.
JBA Financial Group: Get Licensed or Get Out of Washington State
April 15th, 2009 at 11:02 amBad Boys. Bad Boys. Watcha gonna do? Watcha gonna do when Jill comes for you?
Pointless Pricing Tricks
April 6th, 2009 at 8:53 amI am sure there is resistance to change to a unified standard from banks as it would cut down on the ability to manipulate rates with creative accounting for marketing.
It almost sounds as if potential homebuyer’s need to bring their CPA along.
Pointless Pricing Tricks
April 6th, 2009 at 8:30 amSeems to me these five LOs are violating the FDIC Law, Regulations, Related Acts, Section 6500 Consumer Protection, Part 226, Regulation Z (otherwise known as TILA) enforced by the Comptroller of Currency Administrator of National Banks.
Is the Fed definition of APR open to interpretation? Is there an enforcement issue? Is there an education issue to acquire the skill set and understanding of proper discounted cash flow techniques?