Foreclosures Halting… Now What??!!!@#$%^&*

Half million dollar house in Salinas, Californ...

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HELLLLLOOOO My Wonderful – Beautiful Bay Area… The news is out… A number of major banks have volunteered to temporarily suspend foreclosures in 23 states and Bank of America is temporarily suspending foreclosures nationwide…

This situation is changing daily… this is just part of what we know so far… so far only Bank of America has extended its foreclosure moratorium to California, where the vast majority of foreclosures are conducted without a court order… the other 22 states are processed through the court system.  However non-judicial foreclosures in California do have legal requirements that lenders must follow… Other lenders and servicers placing foreclosure moratoriums are… Goldman Sachs Group Inc’s Litton Loan Servicing, Ally Financial Inc‘s GMAC Mortgage unit, JPMorgan Chase and PNC Financial… please keep in mind they are only Temporarily halting the foreclosure process until they have reviewed whether some lenders/servicers were following correct procedures prior to foreclosing on properties.  This is all taking place voluntarily there has not been any mandates by either State or Federal entities. The bigger question is… just how long will it really take to straighten this mess up??!!!

The immediate impact of this moratorium on your transactions may cause delays and may even remove the listed foreclosures.

Lets all hope these latest events will be resolved swiftly to minimize the impact on our housing market in the Bay Area!

Stay tuned in and check back for updates as they become available…

Isi

Isi Wu… the realtor for you

Serving Clients All Over the Eastbay!

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Near Foreclosure… Families Burn Their Homes!!…

land fire

Greetings to You My Beautiful Wonderful Bay Area… The  Thanksgiving Holiday has come and gone… hope it was spent the way you wanted!  It always takes me awhile during and after the holidays to come back to full work mode… its always a special time for reflection and its a great way for me to just take it all in… whatever that might be… but you’re never ever far from my mind…

Today I want to share this with you… Its something that came across the news yesterday…  There’s a growing epidemic of people across this country… about to be foreclosed on who have resorted to burning down their homes!!… mostly out of sheer desperation because they cant get help from their banks… many resort to this with the misguided understanding that by losing their homes to fire their home insurance will pay off their mortgages!!…  Some may look at this as not being desperate, but being spiteful and destructive and greedy. The fact is… its happening… right or wrong… (its not the issue)
http://bit.ly/7zUIUI      and       http://bit.ly/8cX1lv

Its a terrible terrible situation… this problem obviously is too large for any one of us (as individuals) to fix…but we need to remember that there are so many others with much bigger problems than we have… whether they brought it upon themselves or not… I surely dont know what the solution is or if there ever will be…

I just hope we can keep in mind the “reason for the season”… and work towards a better future for all.

Thanks for checking in… your comments are always welcome… Come back and visit all the time!!…

Isi

Isi Wu… the realtor for you…

Serving Clients All Over the Eastbay…

 

LOAN MODIFICATION ATTORNEYS UNDER INVESTIGATION

I’m sure the thought has entered our minds… just when the “bad guys” were going to pop into the picture… in the rush to save their homes and reaching out to those “legal eagles” who have made themselves available to the homeowner in trouble… Consumers Beware…


The State Bar of California has recently launched numerous investigations against attorneys for misconduct related to loan modifications. In a rare move, the State Bar has released the names of 16 attorneys under investigation, by opting to waive investigation confidentiality in favor of public protection. These attorneys have allegedly taken fees for promised services, but failed to perform those services or even communicate with their clients who face the possible loss of their homes. Their non-attorney staff may also be under investigation for unlawfully practicing law.
Not all attorneys engaged in loan modifications are unscrupulous. However, this announcement from the State Bar serves as a good reminder for REALTORS® and their clients to be careful when dealing with attorneys and others for loan modifications. Scam artists may intentionally associate or affiliate themselves with attorneys in an attempt to lend credence to their fraudulent schemes. The list of attorneys currently under investigation is available at http://calbar.ca.gov/state/calbar/calbar_generic.jsp?cid=10144&n=96395