Friday, 15 October 2010 00:13

Foreclosure Auctions Hit New Record

RealtyTrac says 372,445 foreclosure auctions were scheduled in July, August and September, while 288,345 properties were repossessed by lenders over the same time period. Overall foreclosure filings edged up to 930,437 in the third quarter, a 4% increase from the previous quarter. One in every 139 homeowners received a foreclosure filing during those three months. Bank repossessions, or REOs, also are on the rise. In September, a record 102,134 homes were taken back by banks. It's the first time repos have topped 100,000 in a single month. The uptick is not expected to last, RealtyTrac CEO James Saccacio said in a statement, because several major loan servicers have halted foreclosure sales pending a review of documents. Nevada had the nation's highest foreclosure rate, up 1% from earlier, for the 15th quarter in a row.

One in every 29 Nevada homes received a foreclosure filing during the third quarter. Looking at total numbers of foreclosures, neighboring California was worst, with 191,016, followed by Florida, Arizona, Illinois and Michigan. Combined, the five states accounted for half of all foreclosures last quarter. Of course, once the moratorium ends, we can expect a new tidal wave of foreclosures. John McGeough, a broker, said that the current foreclosure freeze may give distressed homeowners extra time to do a short sale and avoid having their homes repossessed by the banks. "Foreclosure should be the last resort."

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All Rights Reserved.

Published in News Blog
Wednesday, 28 July 2010 16:23

More Homeowners Selling Short

'Distressed' Property Homeowner?
Contact SwingSign today!
We are Loss Mitigation Specialists!

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Published in News Blog

The 30-year, fixed-rate mortgage hit its lowest point in more than 50 years. The Freddie Mac Primary Mortgage Market Survey reported the average rate for a 30-year, fixed-rate mortgage at 4.19% with an average 0.8 origination point for the week ending Oct. 14, down from last week's average of 4.27%. A year ago the average was 4.92%. This is the lowest rate the survey has recorded since its inception in 1971. Mortgage rates were last at this level in April 1951, according to Freddie Mac. The Bankrate survey of large banks and thrifts reported the average rate for a 30-year, fixed mortgage is 4.47% with a 0.32 origination point, slightly above the 25-year-old survey's record low of 4.45% posted last month. Rates for 15-year FRMs are falling steeply, setting a new low for Freddie Mac.

The GSE said the rate was down to 3.62% with an average origination point of 0.8. The rate for a 15-year FRM was 4.37% a year earlier. Bankrate said the average rate for 15-year, FRMs of 3.85% is a new record low and down from 3.87% a week earlier. Frank Nothaft, vice president and chief economist at Freddie Mac, attributed the declining rates to the loss of 95,000 nonfarm payroll jobs in September. The GSE said the average for a 5-year, adjustable-rate mortgage is 3.47% with an average 0.6 origination point, down from 4.38% a year ago. The average remained flat with last week. Bankrate reported the average rate for a 5-year, ARM fell last week to 3.62% from 3.64% previously. The one-year Treasury-indexed ARM averaged 3.43% with an average 0.7 point up slightly from 3.4%. At this time last year, the one-year ARM averaged 4.6%.

Copyright Loss Mitigation Institute LLC 2010.
All Rights Reserved.

Published in News Blog
Friday, 15 October 2010 20:03

WSJ - Foreclosure Disaster Hits Banks

The mortgage-foreclosure crisis spilled into the financial markets on Thursday, driving down bank stocks and weighing on mortgage bonds as investors took a grim view of the potential costs. Shares of U.S. banks fell, while the broader stock market was essentially flat. Bank of America Corp., potentially among the most affected, dropped more than 5%. Bank bonds also fell, and the cost of buying protection against a possible debt default by banks climbed. "The level of uncertainty in the economy is at extraordinarily high levels to begin with," said Jack Scott, chief investment officer at BlackHawk Capital Management, a Charlotte, N.C., money manager that owns mortgage securities. "The foreclosure problem adds another layer of acute uncertainty."

So far, the foreclosure crisis hasn't affected consumer mortgage rates, which remain near record lows. They are closely linked to rates on U.S. Treasurys, which have tumbled in recent months. Until recently, investors hadn't fled financial stocks. If the issues raised about foreclosure practices in recent days are easily resolved technical glitches, with most foreclosures resuming after brief delays, then the impact on most investors would be small. "The [mortgage] market seems to be functioning relatively well, but that could change depending on how we see this play out," said BlackRock Inc. portfolio manager John Vibert. But some fear that it may be difficult to do any foreclosures for a while.

The risk is that foreclosure flaws are so widespread, or the political furor so heated, that the entire process grinds to a halt, as Citigroup analyst Joshua Levin said in a conference call this week. In some cases, that would choke off much of the cash flow used to pay mortgage bondholders. Another concern is that banks could be forced to modify billions of dollars in loans, including reducing principal, which could leave bondholders as big losers. Banks, meanwhile, could be hit with investor lawsuits, and foreclosure delays could bring short-term losses. Some investors are pushing for banks to take back nonperforming mortgages in cases of faulty documentation.

Published in News Blog
The Treasury published the outcomes of failed HAMP trials that were canceled because of insufficient documents. Of the 148,129 Home Affordable Modification Program trials Bank of America (BoA) has canceled through August, more than 63,000, or 43%, still await additional loss mitigation action, according to Treasury Department data. The Treasury also included data on the amount of foreclosure starts for these canceled trials. BoA has started the foreclosure process on 8,062 of its 148,000 canceled trials, or 5.4%, half of the industry average of 11%. Wells Fargo has started 17,882 foreclosures, and JPMorgan Chase started 16,089 foreclosures on these canceled trials. Citi started 6,351 foreclosures on its canceled trials. BoA holds 383,482 mortgages that are eligible for a HAMP trial, according to the Treasury, nearly double the 201,771 held by JPMorgan Chase, the next highest.

BofA serviced $2.1 trillion in mortgages in 2009 overall, a 5% increase from the year before. Of the other "big-four" lenders, only Wells had a yearly increase at 0.9%. Both Chase and Citi saw decreases. Simon said Bank of America is working through the backlog of its HAMP trials that are still awaiting action. "Progress has been made by Bank of America as we have focused on getting through the backlog of aged trial modifications over the past three months and completing actions on the ineligible mortgages will begin to show up in coming reports," Richard Simon, a spokesman for BoA said. "Until then, any conclusions seem premature." But HAMP may only be a microcosm of the issues in loss mitigation. Lender Processing Services’ Applied Analytics division reported in August that more than 2.6 million mortgage loans are 90+ days delinquent and not yet in foreclosure, the heart of the shadow inventory of homes waiting to hit a troubled market.

Published in Homepage News
Monday, 11 October 2010 14:53

Buying Foreclosed Homes

In the series, How Low Can You Go, Contributor Vera Gibbons spoke to Chris Wragge about finding great deals on foreclosed homes.

Published in Investor News
Thursday, 01 July 2010 20:53

Short Sale Negotiation Services

Call SwingSign for your Transactional Funding needs.

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Are you an Investor looking for a professional team to negotiate with your Short Sale Lenders? We offer affordable fee structures for our Short Sale Negotiation Services.

Give us a call today and let us help you CLOSE those tough Short Sales!

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Published in Investors
Thursday, 01 July 2010 20:53

Transactional Funding Services

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ATTENTION INVESTORS!
Are you an Investor looking for short term Transactional Funding for your Real Estate purchases?

Give us a call today and let us help you fund your next 'closing'!

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Transactional Funding

Whether you are a new or seasoned Investor interested in purchasing Short Sale or Real Estate Owned (REO) properties, then you should explore SwingSign's Transactional Funding Services for your closings. SwingSign can provide competitive funding options and rates for your transactions too.

If you are new to Real Estate Investing, you need to understand the basics of transactional funding and how it relates to your real estate transactions. Simply stated, transactional funding refers to the funds borrowed for a very short period (sometimes called: 'bridge funding' or 'flash cash') to transfer a property from the current owner, to the transaction coordinator (usually an attorney or title company), then to the new owner.

The use of transactional funding allows the short sale closing process to take place more smoothly.

The basic premise for this type of a loan is that once the original owner is ready to sell and the buyer is ready to take over the property (usually with a standard mortgage), there is a short term loan needed to facilitate the transfer period. This means that the transactional funding is a loan that exists for just a few hours, before being recovered when the final property owner pays for the property.

Transactional funding works not only for short sale transactions but a savvy investor can structure the use of a short term loan to easily carry out purchases of real estate owned (REO) properties, or any other real estate transaction that is based around a double closing.

To achieve success in todays real estate investing, it pays to fully understand the different options available to you and how to use them to your advantage. Transactional funding is just one tool in your investment toolkit. Once you understand how this financial 'tool' can be fully leveraged, you'll be on track to achieving financial security through real estate investment.

If you would like to find out how to close deals with Transactional Funding without using any of your own money or credit.

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Published in Investors
Thursday, 01 July 2010 20:53

Investor Inquiry Form

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Published in Investors
SwingSign Solutions


Investors come in all shapes and sizes, whether you are a novice or a seasoned professional you can always use the expertise of a Realtor®. All real estate licensees are not the same. Only real estate licensees who are members of the NATIONAL ASSOCIATION OF REALTORS® can be called a REALTOR®.

SwingSign can help you choose a REALTOR® that is experienced in working with Investors in your state!

REALTORS® are committed to treat all parties to a transaction honestly and owe their clients fiduciary responsibilities that include obedience, loyalty, disclosure, confidentiality, accountability, and reasonable care. REALTORS® subscribe to a strict “Code of Ethics” and are expected to maintain a higher level of knowledge of the process of buying and selling real estate.

Real estate transactions involve one of the biggest financial investments most people experience in their lifetime. Transactions today usually exceed $250,000. If you had a $250,000 income tax problem, would you attempt to deal with it without the help of a CPA? If you had a $250,000 law suit, would you deal with it without the help of an attorney? Considering the fact that a Realtor® is an asset would you want to take on the liabilities of doing it on your own, it would be foolish to consider a deal in real estate without the professional assistance of a REALTOR®.

But if you’re still not convinced of the value of a REALTOR®, here are a few more reasons to use one:

1. Your REALTOR® can help you determine your buying power and plan for your investment. Lack of a plan is the biggest mistake we see new investors make. The first step is to develop a plan based on what you can afford and how long you can afford it. In today’s market, holding times have increased therefore a contingency plan must be in place in order to survive. If you give a REALTOR® some basic information about your available savings, income and current debt, he or she can help you to develop a long term strategic plan to make your investments successful.

2. Your REALTOR® has many resources to assist you in your home search. Sometimes the property you are seeking is available but not actively advertised in the market, and it will take some investigation by your agent to find all available properties. Realtors® have the resources to target specific areas or property types to match the investor with a suitable property.

3. Your REALTOR® can assist you in the selection process by providing objective information about each property. Real estate isn’t easy. Investors don’t make money because they pay too much for their properties. Agents who are REALTORS® have access to a variety of informational resources. REALTORS® can provide local community information on utilities, zoning. Schools, taxes, existing mortgages etc. There are two things you’ll want to know. First, will the property provide the environment I want for an investment? Second, will the property have resale value when I am ready to sell?

4. Your REALTOR® can help you negotiate. There are myriad negotiating factors, including but not limited to price, financing, terms, date of possession and often the inclusion or exclusion of repairs and furnishings or equipment. The purchase agreement should provide a period of time for you to complete appropriate inspections and investigations of the property before you are bound to complete the purchase. Your agent can advise you as to which investigations and inspections are recommended or required.

5. Your REALTOR® provides due diligence during the evaluation of the property. Depending on the area and property, this could include inspections for termites, dry rot, asbestos, faulty structure, roof condition, septic tank and well tests, just to name a few. Your REALTOR® can assist you in finding qualified responsible professionals to do most of these investigations and provide you with written reports. You will also want to see a preliminary report on the title of the property. Title indicates ownership of property and can be mired in confusing status of past owners or rights of access. The title to most properties will have some limitations; for example, easements (access rights) for utilities. Your REALTOR®, title company or attorney can help you resolve issues that might cause problems at a later date.

6. Your REALTOR® can help you in understanding different financing options and in identifying qualified lenders. Numerous properties are in need of work. It is ideal for an investor to work with a purchase rehab lender to insure that the property can be financed.

7. Your REALTOR® can guide you through the closing process and make sure everything flows together smoothly. Closing the deal always comes with some anxiety. A Realtor® has experience in different situations and can always shed a positive light as to what is going on until the very end.

8. When selling your home, your REALTOR® can give you up-to-date information on what is happening in the marketplace and the price, financing, terms and condition of competing properties. These are key factors to getting your property sold for the best price, quickly and with minimum hassle.

9. Your REALTOR® markets your property to other real estate agents and the public. Your REALTOR® can recommend repairs or cosmetic work that will significantly enhance the salability of your property. Your REALTOR® markets your property to other real estate agents and the public. In many markets across the country, over 50% of real estate sales are cooperative sales; that is, a real estate agent other than yours brings in the buyer. Your REALTOR® acts as the marketing coordinator, disbursing information about your property to other real estate agents through a Multiple Listing Service or other cooperative marketing networks, open houses for agents, etc.

10. Your REALTOR® can help close the sale of your home. A key to your success is building the right team of professionals. You need a good relationship with at least one Realtor®. It is impossible to build a business as an investor if you’re spending all of your time sitting at an open house. Between the initial sales agreement and closing (or settlement), questions may arise. For example, unexpected repairs are required to obtain financing or a cloud in the title is discovered. The required paperwork alone is overwhelming for most sellers. Your REALTOR® is the best person to objectively help you resolve these issues and move the transaction to closing (or settlement).

Contact SwingSign today for help in choosing an experienced REALTOR®!

CLICK HERE for more information on how you can join The Private Lenders Club!



Would you like more information on how you can benefit from the current preforeclosure/short sale market?

(866) 631-1015 Toll-Free
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Click On Your State and Fill Out The Simple Form!

Alabama
Alaska
Arizona
Arkansas
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Colorado
Connecticut
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Florida
Georgia
Hawaii
Idaho
Illinois
Indiana
Iowa
Kansas
Kentucky
Louisiana
Maine
Maryland
Massachusetts
Michigan
Minnesota
Mississippi
Missouri
Montana
Nebraska
Nevada
New Hampshire
New Jersey
New Mexico
New York
North Carolina
North Dakota
Ohio
Oklahoma
Oregon
Pennsylvania
Rhode Island
South Carolina
South Dakota
Tennessee
Texas
Utah
Vermont
Virginia
Washington
West Virginia
Wisconsin
Wyoming

SwingSign Corporation ©2000 – 2012 All Rights Reserved

Published in Investors
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