Showing posts with label Mortgage:Forclosure. Show all posts
Showing posts with label Mortgage:Forclosure. Show all posts

FHA Amends Anti Flipping Rule
POSTED BY Mortgage Guy on 5:22 PM under , ,
FHA Amends Anti-Flipping Rule


On January 15, 2010, FHA made some changes to the June 7, 2006 anti-flipping policy on property flipping.

For the past 3 1/2 years HUD has not allowed the resale of a property within 90 days due to flipping concerns. While the initial intent was to prevent the rapid escalation of the price of homes through questionable flipping of properties, it is now hindering the sale of homes since prices have fallen and more properties are the subject of foreclosure.

While there were several exemptions to the rule, almost all applied to Banks and Financial companies. This change will directly impact the small investor who buys properties cheaply and repairs them for resale.
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Default, Then Rent? What is wrong with people?
POSTED BY Mortgage Guy on 9:27 AM under ,
The Wall Street Journal had a recent article titled, “Default, then Rent”.   What is going on with people values?

What is truly interesting about this article is that people just see it as no big deal to walk away from their obligation. There are no morals. The stories that are highlighted are not the kind that will break your heart. These are not about people that had medical bills, huge unforeseen expense, dry wall problems like those in other parts of the country. No these are people who didn’t care.






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Party in Malibu with Wells Fargo Executive
POSTED BY Mortgage Guy on 2:47 PM under

A Senior VP from Wells Fargo was holding parties at a foreclosed Malibu California home. Wells Fargo, which received $25 billion in government bailout money last October, was criticized earlier this year for planning events at upscale Las Vegas hotels for top mortgage employees. Now the parties are at a Malibu beach home.
Cheronda Guyton, who had been responsible for Wells Fargo's foreclosed commercial properties, used the 3,800-square-foot beachfront house on Malibu Colony Drive on weekends for parties, one of which had guests arriving on a yacht, the Los Angeles Times reported, citing neighbors.
Wells Fargo release a statement saying, "We deeply regret the activities that have taken place as they do not reflect the conduct we expect of our team members."
Some interesting questions arise about this incident is how did she get access to the property? How many parties was she throwing and for how long after the Bank acquired the property in May of 2009.
The fact that a Senior Vice President thought nothing of using this house for her own personal use is just astonishing. I'm surprised she just didn't move in.  Nothing like having a someone else pay the mortgage while you party.

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