How The Home Affordable Short Sale/DIL Program Works - New Legislation to Understand

Info for a newbie,I would like to know any quick info or a site I can gain information on preforclosures I have some in my neighborhood and would like to give it a whirl ! I just started reading articles on Dean's site and am very excited to work hard and become a successful REI ! Thanks in advance for info and ideas all of you have on this matter !

Happy Holidays ! and investing

I Just posted on my member journal that everything I need is right here! (For my REI business, anyways). I learn some stuff from other websites and talking to other people involved in RE, but there is NOTHING like this dg community! If you can't find the answers you need here, PM someone who seems to be experienced in the subject you are interested in. Wow! This is rich!

I know there is a lot of info here on this website on preforeclosures, also Dean's books address these opportunities.

I've just finished reading Dean's book, P.F.R.E.R.N. There is so much info and it is all new to me. I'm psyched on some days and other days I'm like "what am I doing ,I need a job." (I'm a nurse who just recently got layed off.) I guess I'll reread the books and think of any questions to ask the advisor. I need to do the action steps yet. I still have to figure this "assigning contract" thing out. Once I learn more about it, it sounds like a good way to start out. I have no money of my own to invest and my credit is average...so far.

derling

thanks for the short sale information

Later Fred E

Thanks for update on Short Sale infor. Most investors/agents I've talked to have a bad taste in their mouth from short sales because of the delays/lack of communication ; etc. maybe this new program will help streamline it. Some people really like short sales.

This is great news for investors and troubled homeowners. I have heard from realtors and investors alike of the time it takes to get a short sale approved. I am going to link to get a more info.

Thanks a Million, Coach!!

The Obama Administration has put out allot of so called "programs" but the truth is that over 50 banks have signed a "Shared Loss Agreement" with the FDIC and some have already stopped doing short sales. Not all of the banks are doing this but some are and more may follow. Read this article http://activerain.com/blogsview/1281177/is-the-fdic-killing-short-sales-.

This may begin to hurt the Short Sale industry and maybe even make it obsolete unless more people stand up against these banks. The programs that Obama has put forth thus far to help homeowners has not helped anyone but the banks.

Believe me when I say this concerns me as a homeowner facing foreclosure and a wholesaler. In the past 2 months I have made my money wholesaling Short Sales and this market is one that I wish to focus my energy on since it is the largest deal maker in RE history. But the truth is that banks are becoming greedy at the cost of the homeowner.

You can read more about the banks and my full story at http://homeownerrevolution.com. My foreclosure story can be found on the "Share your story " page of the site. Please feel free to share your story or leave comments.We need homeowners to step up and make their voices heard on this issue.

derling, your posts are very helpful to all of us here. But I think we also need to see the bigger picture. Thank you for this post. Keep feeding us with your knowledge we are a hungry bunch!

freeindeed I am not saying the plan is perfect or that it accomplishes what it sets out to do, I merely wanted to make sure everyone knew about the changes and how it could affect how the short sale process occured.

I agree with you freeindeed that there are a lot of things that have been put into effect that have not accomplished what they were meant to do.

Knowledge is power and being educated in what is taking place from all stand points is priceless.

thanks for your post.

Derling: 12-22-09

Thank you for the post.

I've downloaded the pdf & will flow-chart its' content later this evening.
My first bat with what I've read so far is a way to collect some taxpayer money so I can set it aside & send it back come this April. To set myself up as an "authorized servicer" could be interesting. (Hope one of the requirements isn't to become one of the president's internal volunteers/narks/ss)
ANYTHING this government does, I do not trust or touch. Yet perhaps a uniformity within the contracts/forms could be beneficial interstate. So long as none of said forms go through any bureaucracy, short sale'N could become less time intensive.
In the least, looks like they (the president's admin.) see this upside down RE LTV going on beyond the Myan calender. Is this what the movie & Nostradamus are talking about?

derling, Your right knowledge is power! This is why we must all post what we know so others may learn. Thank you for sharing your knowledge. My concern is that there soon wont be a "short sale process" unless homeowners start coming together and demanding a change. If banks stop approving short sales because they will make more money in their "shared loss agreement" with the FDIC. No one will be reaping the benefits of short sales, homeowners or investors.

There is a great web service call Foreclosure Radar. It does cost money but it is incredible for giving you information about foreclosures and preforclosures. They also send out a great monthly newsletter. I looked for properties that were in preforeclosure but also had some equity. I then sent each of them a letter telling why I was writing; "Your home was listed as being in preforeclosure and being a real estate investor I may be able to help." The addresses and names of the owners are all listed. Sometimes there is even a telephone number. I also give them some other ideas that they might try that don't benefit me at all. This lets them know that I have their best interest at heart. I did receive a couple of calls from that mailing. One was a lady in Ohio who owned a vacant home that her mom had willed to her. She had enough leans on the property that she couldn't afford them. But I could. Unfortunately the foreclosure was too close. So check the dates of proposed sale is and use that in deciding who to send your letters to. I believe the return on mailings is something like 1 to 2%. But if it cost you $100 or less to get a deal that makes you thousands, I would say it is worth it.

Thanks for sharing the information. The more we undertsand the programs and what the government might be doing for the housing arena the better decision we can make as investors. Shorts sales have always been a slow process for most transaction to complete an the more we understand the better prepared we can be as investors. Thanks for sharing the information and hope you have a Happy New Year! Believe and Achieve! - Joe

I was wondering where I could find a copy of the new report for short sale streamlining.