I wish all of you and your families a very Merry Christmas
and Prosperous New Year!

 
P is for Planning
By Kaya Singer

If you are like most businesses you are feeling the end of the year crunch. Maybe December is your busy time or possibly you have the kind of business that is slower in December. Either way it is likely that you are having thoughts like "In January I'll do this or next year I'll do that". I used to cringe at that "P" word. Planning sounded boring and made me want to curl up and take a nap because I tend to be an "S" type personality. "S" is for spontaneous. One of my close friends summed it up when she said, "I never know what I will feel like doing until I get there, so how can I plan?" [Read more]

The Foreclosure Process - Part II

By  Dee Young

We have been discussing the process of  foreclosure in a non-judicial state and how field inspections are utilized during this process to keep the lender/investor informed of the occupancy status and condition of their asset.    As mentioned in our previous Newsletter,  a homeowner who is in default has time to redeem the property up until 5 days prior to the date of sale or Sale Date at which point their right expires.   A Sale Date inspection is ordered on that date to determine the occupancy status of the property.  If  the property is occupied, the name of the occupants will need to be verified.  If the property is vacant, the field inspector would report this information to the lender along with a report of  the condition of the property.   Regardless of the occupancy status, the results need to be reported by the field inspector to their client that day. [Read More]

Common Considerations During the Foreclosure Process
By Nick Adama

Consequences of going into foreclosure include losing the home, not seeing any profits at all from the county sheriff sale, having a scarred credit report with a full foreclosure showing for years, and having to explain to landlords afterwards that the homeowners failed to come to any kind of solution to resolve the foreclosure. This is not to mention having to move furniture where things break, get lost, get stolen, or need to be moved into storage. Thus, avoiding foreclosure is in every homeowner's best interests, if at all possible. But few foreclosure victims really know what to expect when facing foreclosure, how such processes as short sales and deficiency judgments work, and what options they could really qualify for, both in and out of the court system. [Read more]

Mortgage Foreclosures At An All Time High!
- Who Will Clean Up The Mess?
By Richard Weiss

Foreclosure investors take note Every newspaper in the U.S and every TV station is bombarding us with the news that mortgage foreclosures have reached an all time high. The Mortgage Bankers Association said that the percentage of homes that entered foreclosure in the third quarter of 2007 also hit a record at 0.78%. That means the almost 8 out of every 100 households in this country are in foreclosure. That is staggering. Even more unbelievable is the fact that sub prime loans account for 43% of all new foreclosures, even though they comprise just 6.8% of all loans outstanding. [Read more]

Mortgage Field Servicing

By Dee Young

Many mortgage companies/banks have Mortgage Field Servicing Companies that handle their loans that are in default. Some regional and local banking institutions will service their own loans and may not have a large portfolio of real estate owned (REO) properties.  Mortgage Field Servicing is a rather broad term that encompasses many services within the default processes of a loan.  [Read more]

If anyone has a question about mortgage field servicing regarding inspections, property preservation or the business, please submit your questions and we will publish your question and answer in the next newsletter.  Thank you and we wish you all much success!