RobertLarsen_IHB
New member
[quote author="irvine_home_owner" date=1258685399][quote author="RoLar_USC" date=1258683768]They're releasing them at the quickest speed that they can. They are not holding on to them and setting a date to "open up the flood gates." Maybe they're expanding their loss mitigation department to process them faster, but no one is voluntarily holding onto property.</blockquote>
Do you know this as a fact? So people have been in there homes for months even years from the first NOD and you think there's no shenanigans going on at the banks?</blockquote>
I know a person can live in a house without paying a mortgage for easily 6-9 months claiming a short sale. After that, they claim to be attempting a loan modification which probably can get them another 6 months. If the loan modification does not work, they stay quiet right up until their sale date and then they file bankruptcy, which would probably push them past 2 years. I'm sure there's even more methods that i don't know about to extend a rent free living situation. If a short sale cannot be completed, the banks want you out of the home - plain and simple.
Take a look at Graphrix' number, and let's conservative say that there is a 5 month delay in hitting the market. Look at the correlation between the DQ REOs (Pink) and Sale (blue) and keep in mind these are only the sales on the MLS. I'm not sure what percentage of homes are sold on the MLS, but keep in mind bulk sales. Not to mention modifications.
<strong>Home Sale Numbers Delayed 5 Months</strong>
<img src="http://occoastalnews.com/wp-content/uploads/2009/11/5-month-delay.jpg" alt="" />
Incompetence? Probably. Wasteful government red-tape? Yes. Shenanigans? No.
Do you know this as a fact? So people have been in there homes for months even years from the first NOD and you think there's no shenanigans going on at the banks?</blockquote>
I know a person can live in a house without paying a mortgage for easily 6-9 months claiming a short sale. After that, they claim to be attempting a loan modification which probably can get them another 6 months. If the loan modification does not work, they stay quiet right up until their sale date and then they file bankruptcy, which would probably push them past 2 years. I'm sure there's even more methods that i don't know about to extend a rent free living situation. If a short sale cannot be completed, the banks want you out of the home - plain and simple.
Take a look at Graphrix' number, and let's conservative say that there is a 5 month delay in hitting the market. Look at the correlation between the DQ REOs (Pink) and Sale (blue) and keep in mind these are only the sales on the MLS. I'm not sure what percentage of homes are sold on the MLS, but keep in mind bulk sales. Not to mention modifications.
<strong>Home Sale Numbers Delayed 5 Months</strong>
<img src="http://occoastalnews.com/wp-content/uploads/2009/11/5-month-delay.jpg" alt="" />
Incompetence? Probably. Wasteful government red-tape? Yes. Shenanigans? No.
