Hard economy forces families to leave their homes. Eli Tene from I Short Sale message: "You Don't Have to Loose Everything. You need to know your options". Mellisa McCarty from KCAL News reports.
We have all heard about the millions of Americans that are at the risk of losing their most valued possession, their home. But most of us do not know that scammers are actively roaming the neighborhood offering homeowners in trouble all kinds of tempting solutions. www.americanchronicle.com. By: Marc Fischer and Maoz Lev
Los Angelinos may have been startled and shaken up by Tuesday’s earthquake, but a different more powerful shaker is causing panic across the southland.
Prices of single-family homes dropped a record 14.1 percent in the first-quarter in comparison to a year earlier, while U.S. consumer confidence is the lowest in 16 years as a result of escalating gasoline prices.
I Short Sale, Inc. (ishortsale.com), a leading nationwide short sale and loss mitigation advisory firm, has expanded its loan modification department with the addition of several experienced loan modification specialists and support staff.
Fannie Mae plans to roll out a new program in the next few months to encourage short sales of delinquent borrowers' homes, a move that shows mortgage investors may be willing to make further concessions as housing prices fall and the inventory of foreclosed properties continues to grow.
By Peter Y. Hong and Andrea Chang, Los Angeles Times Staff Writers
Home foreclosures in California surge in the fourth quarter of 2007 to more than double the previous record. "Those people overextended to get in to those neighborhoods. I have people in Calabasas, Encino, Woodland Hills, Agoura," Eli Tene said.
Yolanda Arenales, La Opinion
Reportera de NegociosLo que para el sector hipotecario se convirtió en una sacudida sin precedentes, para muchas familias fue o será el fin del ‘sueño americano’
P.J. wrote to ASC as well as to government officials and senators, stating profoundly that "I might lose my life serving our country. Why do you want me to lose my credit as well?" Receiving no positive reply, P.J. left for Iraq, his wife to her parents, and the empty house awaiting the bank's needless foreclosure. It is ironic that a soldier serving his country would receive so little in return.
Eli Tene, founder of I Short Sale, a Woodland Hills-based firm that deals in distressed properties across the country, said the biggest drop in prices has come since October and has not yet shown up on the Case-Shiller index.
As president of I Short Sale Inc., the nation's largest loss mitigation and short-sale advisory firm, he fields about 20 requests a day from real estate agents, brokers and attorneys who have clients they feel are prime candidates for a short sale.
Eli Tene, the President of I Short Sale, Inc., a leading nationwide loss mitigation service provider, believes that the mortgage freeze plan is just another sign that the administration does not have the necessary tools to deal with a crisis. "If the goal is to help distressed homeowners, the mortgage rate freeze is missing the target," says Tene.
We've been very busy," said Eli Tene, president and CEO of Woodland Hills-based iShortSale Inc.
"Every month we get 50 percent more volume," Tene said.
When property owners owe lenders more than the property is worth, short sales can be a reasonable solution to taking the property back through foreclosure.
In an effort to enhance the education of customers, the media, and the real estate industry as a whole, I Short Sale, Inc. today released their market prediction for 2008.
"Ensuring that Realtors are armed with the tools necessary to navigate the current cycle and provide exceptional service to their customers is the key to helping the economy as a whole," states Eli Tene, President.
Now Strategic Asset Solutions website's visitors can search multiple listings by property type, location, price and a number of other search criteria on behalf of their affiliate, I Short Sale, Inc.
Eli Tene, President of I Short Sale, Inc. (ishortsale.com), states, "We see the trend growing daily. People are being choked! We hear disheartening story after story from borrowers that come to us for short sale solutions or that have already been foreclosed upon by their lender, as they were unable to refinance." I Short Sale has quickly become the largest processor of short sales in the country, aiding the millions of Americans faced with losing their homes and damaging their credit. "As rules and regulations continue to tighten, people with the inability to show full documentation are being singled out and washed away."
Under a dark cloud of record-breaking foreclosure rates, real estate lenders, servicers and brokers met with loss mitigation experts to discuss short sales as one of the more effective ways in preventing the dreaded foreclosure.
Lenders of all sizes have been pointed out by experts for irresponsiveness in handling the loss mitigation of delinquent mortgage loans.
Loss mitigation specialists report in some cases spending close to two hours over the phone just to pinpoint the right representative to speak with in the company.
Experts report that the growing inventory of homes on the market has helped in this surge and there is no foreseeable relief in many areas across the country.
Are short sales just an opportunity to bailout homeowners?
... HUD has recently pushed them to pursue these including a pre-foreclosure short sale where the borrower sells the property for its appraised value even though this may result in a "short sale."
.... "I'm familiar with the term in stocks, but not real estate or mortgages."
Stocks are sold short when an investor sells securities that he does not own in anticipation that the price will plummet so that......
"In the last few years we have seen a wave of 100 percent financing, refinancing and cashing out beyond the real affordability level of the buyer," said Eli Tene, CEO of I Short Sale, and a real estate expert with over 16 years experience in the area of short sales.
When property owners owe lenders more than the property is worth, short sales can be a reasonable solution to taking the property back through foreclosure.
Wall Street Journal, P. D1; Simon, Ruth
Moody's Economy.com and Equifax Inc. report a jump in mortgage delinquencies to 2.51 percent in the fourth quarter of 2006 from 2.33 percent during the previous three-month period.
Mt. Pleasant, PA,– The number of housing foreclosures rose sharply across the country in 2006, reported Default Research, the rapidly growing real estate research company for foreclosure properties. The largest increase in foreclosure activity was in Nevada (up 166 percent); while the smallest increase was in Washington State (up only18 percent)
The following information is advice you are unlikely to get from your lender. Property owners who experience payment difficulty or those whose property value have decreased can certainly fight back and reduce their debt while protecting their credit.
Recent public surveys reveal that the majority of borrowers who are behind on their mortgage payments (more than 61%), are unaware that there are ways out of their distressed situation. Although there are viable alternatives, most property owners tend to sit idle when faced with a foreclosure and allow the process to continue despite its serious consequences.
In light of these findings, we interviewed Eli Tene, CEO of iShortsale Inc., from Woodland Hills, CA, a nationally regarded expert in assisting property owners with resolving their distressed situations. We also interviewed Steven Roseman, a renowned real estate attorney and a managing partner of the Roseman & Antoni Law Firm.
La Jolla, CA. - First-quarter foreclosure activity in California increased to the highest level in more than two years, the result of slower home price increases, a real estate information service reported.
Recorded Notice of Defaults were up 23.4% from the prior quarter and up 28.7% from the 1st quarter in 2005 to the 1st quarter in 2006. In the last quarterly report the year over year increase was only up 15.6%. It appears things are changing in a hurry.
For 45 years, Robert and Lorraine Brown have lived in their ranch-style home .... But for the past eight months, the couple have been locked in a sleep-wrecking race to keep up with their rising mortgage bills. They've switched to cheaper phone service, cut back on groceries and sometimes put off ordering medicine.
When they refinanced their home two years ago to pay off some bills, Robert, now 78, was working as a deliveryman. But his employer went out of business last April. Now he and Lorraine, 72, a retired nurse, are both seeking work. The rate on their mortgage has jumped from 7% to 10.5%.
You may have heard commercials telling you that if you lose your home in foreclosure or sell it through a short sale, you can be liable for a substantial amount of income tax on the amount you save through "debt relief." Whichever company is putting out the commercial also claims that they can help you avoid these income taxes when you want to get out from under your house payments.
... HUD has recently pushed them to pursue these including a pre-foreclosure short sale where the borrower sells the property for its appraised value even though this may result in a "short sale."
.... "I'm familiar with the term in stocks, but not real estate or mortgages."
Stocks are sold short when an investor sells securities that he does not own in anticipation that the price will plummet so that......
Hard economy forces families to leave their homes. Eli Tene from I Short Sale message: "You Don't Have to Loose Everything. You need to know your options". Mellisa McCarty from KCAL News reports.
I Short Sale, Inc. 1-877-907-4678 info@ishortsale.com Nationwide Short Sale and Loan Modification Services Woodland Hills, California. Los Angeles, California. Beverly Hills,
California. San Diego, California.
Miami, Florida.
Phoenix, Arizona. Las Vegas, Nevada.
The information contained in this website is intended to be used for informational purposes only and to provide a general overview of the topics described herein. There may be tax and other legal consequences associated with a short sale. I SHORT SALE makes no representations or warranties concerning potential tax or legal consequences relating to any final disposition of any property. Clients are advised to consult with a tax professional regarding the potential tax consequences for their particular situation. I SHORT SALE is providing a service in response to a complex situation and offers a recommended solution where possible. Nothing is represented as tax advise to our clients as every situation may result in different tax consequences. I SHORT SALE is not a law firm or an accounting firm and regarding any specific questions relative to any transaction, I SHORT SALE strongly encourages all parties, agents, and brokers involved in a transaction to seek such advice from a professional advisor. Legal Statement
The information contained in this website
is the sole and exclusive property of I Short Sale, Inc. ("I SHORT SALE")
and may not be reproduced for any purpose whatsoever without the express
written permission I SHORT SALE. Any unauthorized reproduction of these
materials is strictly prohibited.
Download RSS Feed