| I have a client who is dire need of a Short Sale to get out from under her mortgages. She's upside down primarily due to the reasons I explained in my post, "You Can't Fix LTV". In simplest terms, her homes value has dropped dramatically because the homes around her have drastically dropped in value. Yes, she has no income. Yes, she has no chance to loan modify. Yes, she bought at the market high with the wrong loans and little to nothing down. But as I started looking at the "other" reasons why the neighborhood is in such decline and found a horrid tale that can only be described as Ugly, Ugly, Ugly! How Ugly is UGLY?There are currently 82 REOs in the neighborhood.
There are 139 NODs (soon to be REOs)
How about the record high HOMICIDES last year? What about the other nicer crimes? How does 631 separate incidents in the last 90 days sound?
My package includes over 300 recent news stories about this neighborhood. I don't know about you, but if I was a Loss Mitigation Specialist and had an offer presented that would keep my company from owning this potential soon to be REO, I'd take pretty much anything that came my way. We shall see. The Listing Agent has a couple of real offers and I'm putting the Short Sale Package together today.
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Posted Thursday Feb 28
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Hi Mike - yikes! I hope for that lady's sake that bank really gives serious thought to those offers. And with your packaging of that short sale packaging, no doubt you'll get that message across to them. I wish all of you involved in this the best of luck!
Ann
Wow Mike! That is unbelievable. I can't even imagine all of those in one place. It really is saddest for the homeowners involved. I hope you can get it all worked out quickly!
Pittsburg? Richmond?
Ann - Only time will tell.
Vickie - Me too.
Janet - You guessed it. I purposely tried to keep the city or area out of the post, but those of us who know the areas can easily guess. I have great Altos charts that paint stronger pictures - but didn't show them here because I they prominently label the city. All the white space (lavender) in the map is industrial.
Sign Rider you'll probably not see... "Honey, stop the car!"
Mike, Wow.. You are right U-G-L-Y Now that really is very ugly. I think we are going to see more and more of this.
Wow, I thought for a minute I was looking at our area. We have these problems too. Very badly.
Yes, that is definitely an ugly scenerio. Unfortunately she may just have to walk-away and attempt to start over.
Mike,
Those statistics are SAD ! Looks like you've uncovered a whole new income stream for yourself. My heart goes out to the folks in those neighborhoods.