REO Assignments To Decrease!

Heard from a very reliable source that REO assignments have been decreasing and will continue to decrease for a top 4 financial institution. Their inventory has been steadily decreasing for months! Due to HAMP, other programs and compliance issues there is a backlog of homes waiting to be foreclosed. Furthermore, most banks have good systems in place which have enabled them to write off a tremendous amount of assets. Add to that the holiday season when most banks have an unwritten moratorium and that pretty much ruins any hopes of increased assignments in the near future. The good news is that there expecting assignments to increase in the first quarter of 2010.

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  • Hey Everyone, just received 7 new assignments from Fannie Mae in the last week, so Here in Sunny Dade City Florida things are still going strong and I don't see a slow down anytime soon. We did have a small slowdown for about 2 weeks but that just allowed me to catch up on my fair market property. I too hope the pickup stays strong. If anyone has any contacts for BOFA I really would love to get in with them and American General. I have not been able to tap into those two.
  • I think my buyers are ready to give up home buying all together (and forego their tax credit if not extended) if the inventory doesn't shape up.
  • We have heard the same, nevertheless I am monitoring what is on NOD and loan balance (unpaid loan) are increasing each months attaining some $ 95,000 in some case. Some borrower did pay for months and I don't really see how and the good reason they will be able to catch up. I have heard as well as a high percentage of loan modification are failing within a few months. Finally there are a new wave of NOD as high end priced property due to the lack of loan midification by their owner.
  • Well business has picked up for me the last month. I hope it continues on this way.

    Stephanie
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