Following up to to my recent post, I looked at my notes and just had to add a few more things. The other post was so long that I knew you needed a break.
Dr. Choi made the comment that the majority of foreclosures were coming from brokers that had worked with the banks (as opposed to their own company lenders). Mortgage fraud was not apparent until 22 months after the fact. It is still hard to determine if fraud was intential or not and there is a lot being reviewed. The bank has hired some retired former FBI agents on their staff.
A question was asked about borrowers having to be subjected to deficiency judgments--paying the money back. It was stated the bank does not, at least at this time, have the resources and costs to go after them. Besides, the owners who have lost the property will not have the resources to pay anyway.
It has been researched and stated that the $320,000 price range is where most of the high multiple offers have been generated. I certainly have found that true in Orange County, specifically in Anaheim where I have been looking with clients.
When a property has a tenant in the residence, the new owner has to wait 6 months before he can evict them. The banks look at loans wehre the buyer is to occupy the property. They are not looking at risky products but are, instead, wanting to expand their jumbo loan product.
He also made the comment that if and when wholesale lending comes back, it will be highly regulated at Bank of America. That is no surprise, says me.
Also interesting is that when they work with negotiating companies, Acorn and Neighborhoodwork are there. The success rate on negotiating short sales with Bank of America are very low.
As I said in prior post, this was a great meeting. It was a lot of good information but it is only accurate as to the time it was said. This industry and waht is happening out there is in continual change. None of us have seen anything like this and we all have a lot of stories and new experiences in trying to help buyers and sellers.
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