http://blownmortgage.com/2007/06/14/how-to-mitigate-the-foreclosure-explosion/ #1 Free Home Loan Modification & Debt Relief Help For US Home Owners - Truths, Facts & News About the Mortgage Industry Sun, 08 Nov 2009 16:51:22 -0700 http://wordpress.org/?v=2.8.3 hourly 1 http://blownmortgage.com/2007/06/14/how-to-mitigate-the-foreclosure-explosion/comment-page-1/#comment-298 Tim Abbott Thu, 14 Jun 2007 19:36:48 +0000 http://blownmortgage.dreamhosters.com/?p=388#comment-298 This goes hand in hand with number five - the short sale process needs to be streamlined and/or these servicers need to step up staffing in their loss mitigation departments. I understand this is cyclical but I have spoken with numerous folks who had what I consider to be viable offers (within 10% of the loan amount owed) for a short sale. Most of these folks couldn't keep the deal together because the potential buyers were tired of waiting around for weeks to get an answer. It seems awfully short sighted to me to lose a potential short sale and have to incur the costs of a foreclosure with an unknown carrying cost. But hey, what do I know. This goes hand in hand with number five – the short sale process needs to be streamlined and/or these servicers need to step up staffing in their loss mitigation departments. I understand this is cyclical but I have spoken with numerous folks who had what I consider to be viable offers (within 10% of the loan amount owed) for a short sale. Most of these folks couldn’t keep the deal together because the potential buyers were tired of waiting around for weeks to get an answer. It seems awfully short sighted to me to lose a potential short sale and have to incur the costs of a foreclosure with an unknown carrying cost. But hey, what do I know.

]]> http://blownmortgage.com/2007/06/14/how-to-mitigate-the-foreclosure-explosion/comment-page-1/#comment-299 Economic Despair Thu, 14 Jun 2007 17:53:21 +0000 http://blownmortgage.dreamhosters.com/?p=388#comment-299 Nice advice, but it will probably only help the borrower with limited payments difficulties. Many housing speculators are so deep in debt that they can't see daylight. Nothing can save them. Nice advice, but it will probably only help the borrower with limited payments difficulties. Many housing speculators are so deep in debt that they can’t see daylight. Nothing can save them.

]]> http://blownmortgage.com/2007/06/14/how-to-mitigate-the-foreclosure-explosion/comment-page-1/#comment-300 www.BetterVillage.com Thu, 14 Jun 2007 15:55:31 +0000 http://blownmortgage.dreamhosters.com/?p=388#comment-300 Morgan: Great suggestions. While the powers that be work on dealing with the cleanup, the source of the contamination is still working away - underwriting has tightened up, but I wonder how many folks are still being sold or given option arms and 100% stated deals. We've taken a stand, but I hardly think the majority in the lending community is ready to give up so easily on easy money. Morgan: Great suggestions. While the powers that be work on dealing with the cleanup, the source of the contamination is still working away – underwriting has tightened up, but I wonder how many folks are still being sold or given option arms and 100% stated deals. We’ve taken a stand, but I hardly think the majority in the lending community is ready to give up so easily on easy money.

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