All Forum Posts by: Michelle Lenahan

Originally posted by Takeshi Yashima:

Actually, I had same problem too. I spoke to local title company and replied the same thing (No longer supply the list and they suggested me to use foreclosureradar.com).

You must be in CA. The rules changed on 1/1/09. You will find that our lists are much easier to navigate that the weekly recording list of the title company. Not only that but we have a saved search feature where the system will keep track of your search including the last time you ran it so that you can easily see any new notice that have posted. Great for realtors tracking foreclosures in their farm area.

Hi Everyone,
JCC-Email us at [email protected] and we would be happy to forward your email to the department that handles any affiliate programs.
Shari-We actually track all sales and postponements for all trustees. The site you reference does not have info from all trustees.
Justin-With our site you have access to the 5 states that we cover. I would love to compare notes with you because we do track ALL trustee sales and our research team continues to post opening bids as well as postponement and cancellation information all day every day. I have no idea what area or day you are talking about so I have no way of challenging your data. I would be SHOCKED if those numbers were correct.

We not only track all public record notices (Notice of Default and Notice of Trustee Sale) but we also manually track all sales to provide you with information on postponements, cancellations and opening bids as well as same day auction results. (Yes, you see which properties have become bank owned or sold to a 3rd party the very same day.)
Obviously accuracy is very important to us. Since we were designed by an auction investor and many auction investors use our data to purchase properties at Trustee Sale we make sure that we have all data and post it as quickly as possible.

Does anyone have any experience negotiating short sales with E*Trade when they hold the 2nd. We have a homeowner that is offering to allow them to attach his primary residence and continue to pay on the loan (2nd mortgage) but E*Trade is refusing to approve the short sale. I would love to forward any tips to him otherwise he is headed to foreclosure.

Hi Sam,
Thanks for the reply. That would explain a normal number of cancellations but we are talking about a steady increase. We know that lenders are using foreclosures to manage their balance sheets but are wondering if there is some other reason (reporting the number of active foreclosures to the govt etc) that may be driving this increase.

Check the Trustees Deed. This should be recorded within 15 days of the sale. You will see the actual investor on the Trustees Deed. This will also tell you if the property is owned by Fannie or Freddie. The assigned asset manager is not a matter of public record and can vary from lender to lender based on the investor or reinsurer.
If you are trying to buy properties directly from the bank it may be helpful to know who the players are and who the asset manager may be. On some occasions the Trustee also has an Asset Management Division and you would contact them directly (LPS, First American, Old Republic, Trustee Corps) Some lenders handle the asset management through their own REO Departments (World Savings) and still others may use up to 8 different asset managers depending on the investor (Chase). There are even a few that use one asset management company exclusively (Wells Fargo uses PAS). It will take some tenacity and luck to reach the right person but it can be done.

We continue to see and hear about weird cancellations of Trustee Sales. On many we have confirmed there is not short sale or modification pending and yet the sale is cancelled. Some homeowners are angry because they have moved out and find themselves still responsible to the house when they just want it to be over.
Anyone have an inside track on why this is happening?

Lately I think the real benefit of a short sale is that the homeowner can take some proactive control over when they will be able to restart their lives. We are seeing so many delays in the foreclosure process (postponements, cancellations etc) that homeowners who are looking to restart and rebuild are feeling frustrated. Although the idea of living payment free seems wonderful it takes an emotional toll to live in a home and know that the end is near. I am so glad Realtors are still out there helping homeowners when a short sale is the best option.

From a toxic loan to a toxic modification. When will they learn that it isn't all about the monthly payment!

You will want to look for independent escrow companies. Most are located in So Cal. None of the big title companies will allow their escrow officers to do double escrows (the liability is too great). If you use an independent escrow company they will usually accommodate double escrows.