Comments for Boomer's Blog http://www.garyboomershine.com/blog Real World Marketing Strategies for Creative Real Estate Investing Tue, 16 Mar 2010 06:40:12 +0000 http://wordpress.org/?v=2.5.1 Comment on Who’s Outsourcing’s Grandpa? Hint - it’s Not Tim Ferriss by Ned Carey http://www.garyboomershine.com/blog/2009/02/04/whos-outsourcings-grandpa-hint-its-not-tim-ferriss/#comment-685 Ned Carey Thu, 19 Mar 2009 05:15:48 +0000 http://www.garyboomershine.com/blog/?p=174#comment-685 I saw your blog on blog catalog. I read Joe's book "How to sell anything to anybody" perhaps 20 years ago but I still remember many of his suggestions. It was so f good I recently reread it. I saw your blog on blog catalog. I read Joe’s book “How to sell anything to anybody” perhaps 20 years ago but I still remember many of his suggestions. It was so f good I recently reread it.

]]> Comment on Real Estate Investor Alert: Ghost Inventory in the REO Machine Haunts U.S. Housing Markets by Mr Mortgage http://www.garyboomershine.com/blog/2009/02/09/real-estate-investor-alert-ghost-inventory-in-the-reo-machine-haunts-us-housing-markets/#comment-657 Mr Mortgage Fri, 13 Feb 2009 18:14:50 +0000 http://www.garyboomershine.com/blog/?p=175#comment-657 The numbers are a little incorrect. "The value of REO property on the books of FDIC-insured banks at the end of the Q3 rose 21 percent from the previous quarter, to $23 billion." Remember, that is ON THE BOOKS OF BANKS - 80% were sold and securitized so multiply that number by whatever. Remember banks only kept reasonably decent stuff so the 80% if worse. I would say that there is $150bb in foreclosed homes not sold or 667k homes. Of those a certain percentage are not listed - maybe 66%. The numbers are a little incorrect. “The value of REO property on the books of FDIC-insured banks at the end of the Q3 rose 21 percent from the previous quarter, to $23 billion.”

Remember, that is ON THE BOOKS OF BANKS - 80% were sold and securitized so multiply that number by whatever. Remember banks only kept reasonably decent stuff so the 80% if worse. I would say that there is $150bb in foreclosed homes not sold or 667k homes. Of those a certain percentage are not listed - maybe 66%.

]]> Comment on New Law, REO Pro to Aid Pets Abandoned in Foreclosures by admin http://www.garyboomershine.com/blog/2008/05/21/new-law-may-help-pets-abandoned-in-california-foreclosures/#comment-623 admin Sun, 11 Jan 2009 02:19:28 +0000 http://www.garyboomershine.com/blog/?p=78#comment-623 Richard, you set a great example for us all. And I know that Michigan has been really hard hit. That's one lucky cat! And I bet you feel lucky to have such a great (and warm) companion -- especially this time of year in Michigan! For anyone out there who hasn't had the privilege of taking in a rescued pet, in my experience, they're awesome! Usually, they know that you've saved them and they're the most loyal pets you'll ever have. If anyone out there has a soft spot for the thousands of pets that have been abandoned in the housing crisis, I urge you to support No Paws Left Behind or your local humane society. Thanks for sharing your story! -Gary Richard, you set a great example for us all. And I know that Michigan has been really hard hit.

That’s one lucky cat! And I bet you feel lucky to have such a great (and warm) companion — especially this time of year in Michigan!

For anyone out there who hasn’t had the privilege of taking in a rescued pet, in my experience, they’re awesome! Usually, they know that you’ve saved them and they’re the most loyal pets you’ll ever have.

If anyone out there has a soft spot for the thousands of pets that have been abandoned in the housing crisis, I urge you to support No Paws Left Behind or your local humane society.

Thanks for sharing your story!

-Gary

]]> Comment on New Law, REO Pro to Aid Pets Abandoned in Foreclosures by Richard Stewart http://www.garyboomershine.com/blog/2008/05/21/new-law-may-help-pets-abandoned-in-california-foreclosures/#comment-620 Richard Stewart Sat, 10 Jan 2009 06:02:21 +0000 http://www.garyboomershine.com/blog/?p=78#comment-620 As an REO agent in Kalamazoo Michigan, I am a first responder to many abandoned/foreclosed homes in Kalamazoo Michigan area. While servicing foreclosures from Wells Fargo, Ocwen, Homeq and Fannie Mae I have found the problem of abandoned pets increasing in my area. I am proud to say that one of the abandoned cats that was rescued from a foreclosure has become a valued member of my own family. Richard Stewart Kalamazoo Michigan www.REOmamma.com As an REO agent in Kalamazoo Michigan, I am a first responder to many abandoned/foreclosed homes in Kalamazoo Michigan area. While servicing foreclosures from Wells Fargo, Ocwen, Homeq and Fannie Mae I have found the problem of abandoned pets increasing in my area. I am proud to say that one of the abandoned cats that was rescued from a foreclosure has become a valued member of my own family.

Richard Stewart
Kalamazoo Michigan
http://www.REOmamma.com

]]> Comment on Mortgage Re-Defaults Soar Despite Loan Modification Push and $300 Billion Fed ‘Hope for Homeowners’ Plan by admin http://www.garyboomershine.com/blog/2009/01/05/mortgage-re-default-soar-despite-home-loan-modification-push-fed-hope-for-homeowners-plan/#comment-615 admin Tue, 06 Jan 2009 16:31:07 +0000 http://www.garyboomershine.com/blog/?p=166#comment-615 Thanks Robert, for sharing your "in-the-trenches" perspective with the rest of us. Apparently, it takes a lot of "geniuses" to run this circus. Thanks Robert, for sharing your “in-the-trenches” perspective with the rest of us. Apparently, it takes a lot of “geniuses” to run this circus.

]]> Comment on Mortgage Re-Defaults Soar Despite Loan Modification Push and $300 Billion Fed ‘Hope for Homeowners’ Plan by Robert http://www.garyboomershine.com/blog/2009/01/05/mortgage-re-default-soar-despite-home-loan-modification-push-fed-hope-for-homeowners-plan/#comment-614 Robert Tue, 06 Jan 2009 15:08:59 +0000 http://www.garyboomershine.com/blog/?p=166#comment-614 I am a Mortgage Lender and on the Hope for Homeowners list of Approved lenders. The reason the banks are unwilling to take losses is because they guaranteed the principle balances to their investors through credit derivitives which is an insurance the investor purchased. (Aig is the largest seller of this product) so the banks would have to take the losses and thus go out of business. The investors have no incentive to take losses that banks guaranteed. Thus the Tarp program was spent on making banks more stable. FHA didn't consider this along with law makers when designing the program, which is why it's a massive failure. Hopefully Obama will legislate mandatory participation with banks who took Tarp money. On the re defaults of current modifications this is what the banks want you to believe that modification won't work, however what they don't tell you is that their modification departments are collection agents first, they want you to get caught up on you payments within 4 months so if you are behind 2 Mortgage payments of $2000 a month, thats $4,000 they want back asap and they spread this over your next 4 payments so your new payment is $3,000 a month over the next 4 months so you can get caught up. This is the worst thing the banks could do and they wonder why the customer can't keep up with their payments. Hey Geniuses if the customer has trouble making his current payment, how is he or she going to keep up with your new payment which is 50% higher. Banks are not thinking past the next 6 months, they are not structuring modifications for the next 3-5 years, in most cases they are not lowering the interest rate and the biggest reason is a customer will always walk away from an asset that is $100k underwater and sinking deeper every month. Even Suze Orman says when your underwater to this extent give the house back and wait the 4 years and rent. Banks are going to have to do a lot more to save themselves and housing at the same time. I am a Mortgage Lender and on the Hope for Homeowners list of Approved lenders. The reason the banks are unwilling to take losses is because they guaranteed the principle balances to their investors through credit derivitives which is an insurance the investor purchased. (Aig is the largest seller of this product) so the banks would have to take the losses and thus go out of business. The investors have no incentive to take losses that banks guaranteed. Thus the Tarp program was spent on making banks more stable. FHA didn’t consider this along with law makers when designing the program, which is why it’s a massive failure. Hopefully Obama will legislate mandatory participation with banks who took Tarp money.

On the re defaults of current modifications this is what the banks want you to believe that modification won’t work, however what they don’t tell you is that their modification departments are collection agents first, they want you to get caught up on you payments within 4 months so if you are behind 2 Mortgage payments of $2000 a month, thats $4,000 they want back asap and they spread this over your next 4 payments so your new payment is $3,000 a month over the next 4 months so you can get caught up. This is the worst thing the banks could do and they wonder why the customer can’t keep up with their payments. Hey Geniuses if the customer has trouble making his current payment, how is he or she going to keep up with your new payment which is 50% higher.

Banks are not thinking past the next 6 months, they are not structuring modifications for the next 3-5 years, in most cases they are not lowering the interest rate and the biggest reason is a customer will always walk away from an asset that is $100k underwater and sinking deeper every month. Even Suze Orman says when your underwater to this extent give the house back and wait the 4 years and rent. Banks are going to have to do a lot more to save themselves and housing at the same time.

]]> Comment on What Have REI Investors Learned from Get Smart!? by makatOnaKarty http://www.garyboomershine.com/blog/2008/06/06/what-have-rei-investors-learned-from-get-smart/#comment-606 makatOnaKarty Sat, 20 Dec 2008 03:41:10 +0000 http://www.garyboomershine.com/blog/?p=77#comment-606 The good resource should be brought in bookmarks The good resource should be brought in bookmarks

]]> Comment on 20% of U.S. Mortgages in Negative Equity as More U.S. Homeowners Slip Under Mortgage Water by Job Creation, Not Loan Mods, Should Be Next Step | Bear Market Investments http://www.garyboomershine.com/blog/2008/11/07/20-of-us-mortgages-in-negative-equity-as-even-landlocked-states-slip-under-mortgage-water/#comment-593 Job Creation, Not Loan Mods, Should Be Next Step | Bear Market Investments Thu, 11 Dec 2008 16:16:07 +0000 http://www.garyboomershine.com/blog/?p=155#comment-593 [...] major contributing factor in the downward spiral of the housing market, right? Beyond ARM’s, the statistics on houses currently in or nearing negative equity, in which a house is worth less than it was originally mortgaged for, are no less than staggering. [...] [...] major contributing factor in the downward spiral of the housing market, right? Beyond ARM’s, the statistics on houses currently in or nearing negative equity, in which a house is worth less than it was originally mortgaged for, are no less than staggering. [...]

]]> Comment on 20% of U.S. Mortgages in Negative Equity as More U.S. Homeowners Slip Under Mortgage Water by Job Creation, Not Loan Mods, Should Be Next Step http://www.garyboomershine.com/blog/2008/11/07/20-of-us-mortgages-in-negative-equity-as-even-landlocked-states-slip-under-mortgage-water/#comment-591 Job Creation, Not Loan Mods, Should Be Next Step Thu, 11 Dec 2008 00:59:26 +0000 http://www.garyboomershine.com/blog/?p=155#comment-591 [...] major contributing factor in the downward spiral of the housing market, right? Beyond ARM’s, the statistics on houses currently in or nearing negative equity, in which a house is worth less than it was originally mortgaged for, are no less than staggering. [...] [...] major contributing factor in the downward spiral of the housing market, right? Beyond ARM’s, the statistics on houses currently in or nearing negative equity, in which a house is worth less than it was originally mortgaged for, are no less than staggering. [...]

]]> Comment on Forbes: Buy Real Estate Now by Ned Carey http://www.garyboomershine.com/blog/2008/11/05/forbes-buy-real-estate-now/#comment-584 Ned Carey Wed, 03 Dec 2008 06:05:48 +0000 http://www.garyboomershine.com/blog/?p=154#comment-584 It seems obvious to me that now is the time to buy. There ia a lot of really good deals out there now. But as you point out you need to know what you are doing. It seems obvious to me that now is the time to buy. There ia a lot of really good deals out there now. But as you point out you need to know what you are doing.

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