Robo-Signing Settlement is Historic: Not Without Controversy

Robo-Signing Settlement is Historic: Not Without Controversy

On the historic date of February 9th, the United States Justice Department released the details of a $25 billion dollar settlement they reached with 5 major banks. “The settlement occurred because the banks were accused of widespread use of “Robo-signing,” said Donna Tashjian, CDPE with Keller Williams.

Robo-signing is a practice employed by banks to automate the processing and approval of foreclosure proceedings against homeowners. “In many cases,” said Tashjian, “the banks were discovered to have processed thousands of foreclosures in a single day, all signed by one person.”

Donna Tashjian, a Certified Distressed Property Expert (CDPE), believes that the settlement presents a unique opportunity for homeowners who are in danger of losing their home. “The reality is, the banks would rather explore other options than foreclosure and this settlement gives them both the motivation as well as the funding to explore them,” said Tashjian.

Although the settlement is the largest government industry settlement since the $250 billion Big Tobacco settlement in 1998, there has been opposition on the grounds that the settlement does not go far enough to alleviate the $750 billion in negative equity in the country.

The participating banks are Bank of America, Ally, Chase, Citi and Wells Fargo. 5 billion dollars consisting of $2000 payments to borrows who were foreclosed on between Jan 1, 2008 and December 31, 2011 and who were subjected to the fraudulent practices. The other 20 billion will be used towards foreclosure alternatives. It is important to note Fannie Mae and Freddie Mac insured loans are not impacted by this settlement. Money will be distributed differently for the different states.

If you would like more information and contact numbers fore each of the lender, you may contact me if you wish. This is an important time as we all do our part to help homeowners avoid foreclosure. We bring tangible results with knowledge.

To your Success,

Donna

Where is the Real Estate Market Headed in 2012?

Where is the Real Estate Market Headed in 2012? On Thursday, Veros Real Estate Solutions released its VeroFORECAST real estate market forecast  for the 12-month period ending Dec. 1, 2012. Their findings indicate “the national housing recovery will continue to be gradual and slow without any significant changes in markets.” Veros predicts up to four percent appreciation in the strongest markets, including Fargo and Bismark, North Dakota; the Washington, D.C. area; Honolulu, Hawaii; and Anchorage, Alaska. Veros projects the five weakest markets—which include areas of California, Nevada and Florida—to depreciate five to six percent over the next year. While this is welcome news for the country’s strongest markets, the reality is, 1 in 5 homeowners are underwater on their mortgage. For many of them, the recovery isn’t coming quickly enough. Housing prices remain 33% below 2006 levels, so even at four percent appreciation, millions of homeowners remain in serious peril. There is opportunity to help many homeowners with foreclosure advoidance.  We would love to help you here in Grand Rapids Area and beyond. Please check out our websites or call for more information. To Your Success! Rapid Real Estate Team www.ShortSaleRRES.com www.RRES-ManageMyShortSale.com

Take action now to turn it around in 2012

Take action now to turn it around in 2012

Recent economic upheaval has taken a hefty toll. Looking forward to 2012, it’s impossible to know what’s next and the kind of an impact that an upturn or a downturn at the national level stands to have on your family’s finances.

Regardless of what happens in Washington or on Wall Street, two things are very clear: you are not alone and now is the time to prepare for a new normal.

With a national epidemic of unemployment or underemployment, and 25 percent of the homeowners in the country owing more on their home than they could net for it in today’s market, homeownership for many has become a financial liability. Not being able to make payments on a home that you can’t afford to sell feels like an awful trap, but the fact is, there are solutions—and foreclosing on your mortgage is not one of them.

Loan modification is an option for many and banks are increasingly willing to negotiate short sales. In many cases, they’re offering sizable financial incentives to help financially strapped homeowners to get a fresh start on their lives.

As real estate professional who has achieved the Certified Distressed Property Expert (CDPE) designation, it is my mission to give homeowners the gift of a fresh start. 

Contact me TODAY and let’s get started.

Donna Tashjian

Keller Williams

616-803-9456

DonnaT@grar.com

www.DonnaHelpsHomeowners.INFO

Foreclosure Fears Foster True Grief

Reports of foreclosures by the millions have been in the news so much over the past few years that to some, it might seem like the new normal. 

But as a real estate professional who is in the trenches with financially stressed homeowners every day, it never for a second feels to me like business-as-usual.

The prospect of losing ones home is right up there among the major sources of grief, and often, it goes hand in hand with other tragic setbacks such as the loss of a job, a divorce, death of a loved one, mounting medical bills or skyrocketing mortgage payments.

Unfortunately, the first stage of grief is denial, and that’s even more the case when the threat of foreclosure is looming. No one wants to talk about or admit financial troubles—even when millions of others have founds themselves in a similar spot.  It’s completely understandable, but for homeowners who are behind on mortgage payments, decisive action is often the most critical step toward ensuring the best possible solution.

As a real estate professional who has sought out the Certified Distressed Property Expert (CDPE) designation, I help homeowners to deal with every aspect of the grief and uncertainty that accompanies a mortgage which is no longer manageable. In the process, I help them to get on a path of financial solvency.

If you or someone you care about would like to change the course of a life that’s facing foreclosure, I get it and I can help.

Contact me today at 616-803-9456 or email to DonnaT@grar.com

Donna Tashjian

Keller Williams

630 Kenmoor SE

Grand Rapids, MI  49546

Foreclosure Market Trends-Oct 2011

Nationwide Agent Network Donna Tashjian Keller Williams 630 Kenmoor SE Suite 101, Grand Rapids, MI 49546 “I am able to assist you in the prevention of foreclosure. I can help you find the property best suited to your needs. I am here to act as your local real estate specialist, CDPE. Buying or Selling” Phone: 616-942-9540 Email: DonnaT@grar.com License #: 6501350915 October 2011 Volume 5, Issue 15 Download PDF File 6 month Michigan Foreclosure Trends NOD NTS NFS LIS REO Search for Investment Properties> Michigan Foreclosure Activity Rises in August Foreclosure filings — default notices, scheduled auctions and bank repossessions — rose in Michigan, where 13,016 properties were reported in August, a 19 percent increase from July but 27 percent below the level reported for August 2010, according to the latest RealtyTrac® U.S. Foreclosure Market Report.Complete Story Foreclosure Activity on Slow Burn By RealtyTrac Staff Foreclosure filings — default notices, scheduled auctions and bank repossessions — were reported on 610,337 properties in the third quarter, an increase of less than 1 percent from the previous quarter and a decrease of 34 percent from the third quarter of 2010, according to RealtyTrac. The report shows one in every 213 U.S. housing units with a foreclosure filing during the quarter. Foreclosure filings were reported on 214,855 U.S. properties in September, a 6 percent decrease from August and a 38 percent decrease from September 2010. September marked the 12th straight month where foreclosure activity decreased on a year-over-year basis.Complete Story Here are some of the most recent Investment opportunities in the area. Pre-Foreclosure 5 Mile Rd NE Ada, MI 49301 Amount N/A Beds/Bath Sq. FT 0/0 0 Property Type Address Amount Default Sq. Ft.   Bank-Owned Whitneyville Ave SE, Alto, MI 49302 $220,000 N/A 3,911 GET DETAILS Auction Auction Date: 11/2/11 Egypt Valley Ave NE, Belmont, MI 49306 $53,712 N/A 0 GET DETAILS View more properties in Kent County Slideshow: Why Isn't Real Estate Rebounding? By Jim Saccacio, RealtyTrac CEO In this presentation given to the North Dallas Chamber of Commerce, RealtyTrac CEO James Saccacio shows how the real estate recovery has been stalled by low consumer confidence, weak demand, government intervention, sloppy foreclosure practices and the infamous shadow inventory. The presentation digs into the true numbers behind the shadow inventory and proposes one simple solution from Saccacio to erase a big chunk of the shadow inventory without heavy-handed government intervention. Complete Story FORECLOSURE TRENDS : AUGUST, 2011 NATIONAL MICHIGAN KENT CTY NODs 40,765 5,065 254 NTSs 63,347 3,942 182 NFSs 21,058 0 0 LISs 38,115 0 0 REOs 64,813 4,009 318 Notice of Default (NOD) A non-judicial document filed by a trustee that starts the foreclosure process.More about NOD Lis Penden (LIS) Notification of pending lawsuit. A judicial document filed by an attorney or trustee that starts the foreclosure process. More about LIS Auction / Notice of Trustee's Sale (NTS) A filing by notice announcing a public auction. More about NTS Notice (Judgment) of Foreclosure Sale (NFS) An order signed by a judge directing to sell the property at public auction.More about NFS Real Estate Owned (REO) The final step in foreclosure process in which property ownership returns to lender. More about REOs

What's the difference between Short Sale & Foreclosure?

 What is the difference between a Short Sale & Foreclosure?


One of the most frequently ask questions is, "What is the difference between a foreclosure and a short sale?".   Let's take a few minutes to explore this question. 

Foreclosure:  A homeowner who loses a home to foreclosure is ineligible for a Fannie Mae-backed mortgage for a period up to 7 years with some exceptions based on extenuating circumstances. See: efanniemae.com

Short Sale: A homeowner who successfully negotiates and closes a short sale will be eligible for a Fannie Mae-backed mortgage within 2 years.
Foreclosure: An investor who loses a home to foreclosure is ineligible for a Fannie Mae backed mortgage for a period up to 7 years with some exceptions based on extenuating circumstances. See: efanniemae.com


Short Sale: An investor who successfully negotiates and closes a short sale will be eligible for a Fannie Mae-backed investment mortgage within 2 years (see page two for LTV ratios).
Foreclosure: With any Mortgage Company on any future 1003 application, a prospective borrower will have to answer YES to question C in Section VIII of the standard 1003 that asks “Have you had property foreclosed upon or given title or deed-in-lieu thereof in the last 7 years?” This will affect future rates.


Short Sale: With any Mortgage Company there is no similar declaration or question regarding a short sale. FHA – If current at the close of short sale, a homeowner may apply for an FHA loan immediately. If homeowner is late before close of short sale closing, will be eligible for FHA loan after 3 years.

Next time we will review how this effects credit scores.   Stay tuned.

To Your Success!
Donna Tashjian
www.DonnaHelpsHomeowners.INFO
616-803-9456

Renewed Trust For Tough Times

Renewed Trust for Tough Times

 Does it feel like trust is one of the major casualties of the economic meltdown of 2008 – followed by the “Great Recession,” the “Jobless Recovery” and now the threat of a “Double Dip Recession?”
Weren’t we assured that home values were destined to go up and up and up?
There have been lots of promises that help is on the way—and lots of warnings of scams and schemes that have only served to confuse the matter. So where’s a homeowner who’s underwater or overleveraged to turn?
Here’s the bottom line: the choices that homeowners make when they feel they are at the end of their rope will have ramifications for years to come on their ability to qualify for credit, their job prospects, their security clearance and their overall finances. When a family’s financial trajectory is rapidly heading in a negative direction, there’s no substitute for the helping hand of a knowledgeable expert who has the integrity, the experience and the training to reverse the course—someone who is tapped into regulatory initiatives and can separate fact from fiction.
It is my mission to serve as a credible source of information and perspective to homeowners who have found themselves in a tough situation and need help sorting through their options. That’s why I sought out the Certified Distressed Property (CDPE) designation—the most renowned and recognized credential in the distressed property field, and it’s why I continue to stay on top of regulatory and industry developments that impact options available to homeowners who are struggling with their current financial situations.
My message to homeowners who do not know where to turn: there is hope. Foreclosure is not inevitable and neither the government nor your bank wants to see that happen. No one expected to find themselves on the brink of foreclosure, but I have worked with countless clients who have managed to turn their financial trajectory around and get on a path of financial recovery. 
It CAN be done! And it would be my privilege to help.

To your Success!
Donna Tashjian
www.DonnaHelpsHomeowners.INFO