Posted by James Dawson on 10/5/10 1:18pm
Msg #355487

Thinking outside the box..

Has anyone given any thought as to how this recent foreclosure crisis will/can directly effect NSA. We already know any moratorium/freeze on loan processing means no work, but for who. I would like to hear from some seasoned veterans who have worked in the industry if at all possible. I don't know the process but I do know some of you have spent most of your adult lives working in the industry. Personal views please, no articles.

Reply by BrendaTx on 10/5/10 1:23pm
Msg #355488

No articles? Crapola. That means thinking, rather than cutting/pasting.

Reply by James Dawson on 10/5/10 1:35pm
Msg #355491

You're right on it Brenda aren't you LOL.

Reply by 101livescan on 10/5/10 3:18pm
Msg #355498

More effort by banks to modify crappy loans? Maybe we can get some of that bottom feeding work?

Reply by James Dawson on 10/5/10 3:44pm
Msg #355505

Doesn't a freeze affect everyone in the chain? A 30 - 45 day freeze on these these sales would mean less work offered to us (bottom feeders). Less work for TC/SS

Reply by JandB on 10/5/10 10:10pm
Msg #355542

You are just talking about a freeze on forclosures...right?

Reply by ReneeK_MI on 10/6/10 5:36am
Msg #355557

The 'cause' of this moratorium leaves me skeptical

Just my very own little opinion, and it involves things like economics & securities trading - FAR from my intellectual grasp ....but I suspect the discovery of a lack of due diligence in the foreclosure documents, while I don't doubt they exist (and to a vast extent), may have been offered up as a means to an end.

We've seen how Wall Street runs the show. The rate of foreclosure is historic and nothing indicates this will abate any time soon (i.e. years). All those REO's on the housing market have devalued the other properties - which the banks have an interest in, as well. There is only so much that our economics can absorb, and we may have just found that limit. It behooves Wall Street to STOP this (until what, they can find a way to invent jobs?!), even if it's just temporary.

The moratorium on foreclosures isn't going to even dent the rate - there might be 1 in 100,000 that are/were erroneous, but I seriously doubt there are enough to make a bit of difference. It (moratorium) leaves a huge bulge of building pressure in the pipeline, while the banks 'review' their process. Whatever. It leaves the folks who are facing foreclosure IN the house, which certainly saves the banks a lot of cash. They aren't bringing IN cash (no loan pymts being made) but they are at least putting a stop to their own bleeding (mgmt fees, winterizing fees, court fees, & selling at huge losses, etc). And no, Virginia, there is no Santa Clause & there is nothing altruistic about this.

I wonder what will happen next - these are unprecedented times, and there just is nothing to offer us a direct history lesson about it. If they take 60-90 days 'off' & brain-storm, and by "they" I mean Wall Street & Washington, what can they possibly come up with? The only logical cure is jobs. What will happen when the moratorium lifts, and there is THAT flood of REO's back into the market?

I dunno ... anyway, as it relates directly to us, obviously we'll lose the REO sales transactions - temporarily. I'm sure of one thing - bet it increases the BS 'save your home' scams. I personally won't do anything with mods because as someone else said, I'm not spending the time to investigate & weed out the good from the criminal (definitely includes debt consolidation as well).

Reply by C. Rivera Chicago Notary Services on 10/6/10 7:16am
Msg #355563

I believe, that WE will be getting MORE work..think about it

I'm banking (pun intended) on these employees mistakes, in that, these banks may, if they are wise, may seek freelance notaries i.e., (non-employees) to notarization all of those sigs on NEW foreclosure pleadings.

This is going to be very interesting, and I don't know about all of you, but I sure plan on doing some direct marketing today, to anyone and everyone involved in those foreclosure proceedings, from the bank to the TC's that underwrite, attorneys, REO firms, anyone that has ties, and let them know what I can do for them!

Perhaps Negrete can share some of his insight as to why that one potential client of his needs 50 notaries?

I have my guesses.....

Reply by ReneeK_MI on 10/6/10 8:47am
Msg #355567

These are in-house docs, nothing borrowers signed

The affidavits brought into question are statements on behalf of the lender that attest to the facts towards a valid foreclosure. While they were improperly notarized, they were ALSO improperly signed on behalf of the lender, because the files/facts weren't reviewed for validity.

Reply by James Dawson on 10/6/10 9:09am
Msg #355572

Re: The 'cause' of this moratorium leaves me skeptical

Thank you Renee for a very clear personal view. As Brenda stated, it required thinking and you definitely hit the nail on the head IMO. Although my economic training ended with "don't bounce checks" you adequately showed how vast the problem is and the degree it will affect us. I also join you in your feelings expressed in the last paragraph, I won't do them either. Thanks for responding.

Reply by Lee/AR on 10/6/10 10:09am
Msg #355588

Excellent analysis, Renee. Think you nailed it. n/m

Reply by 101livescan on 10/6/10 10:21am
Msg #355596

Re: The 'cause' of this moratorium leaves me skeptical

These days I'm closing more short sale purchase loans than REOs, this recently flipped around from previous REO sales being steady. So maybe this is a sign that lenders are working harder to make short sales happen. I know that BofA at least is taking properties back at auction at retail sales so they aren't getting bought at the courthouse by investors.

One thing about this scenario, it does not bode well for the housing market recovery, and meanwhile the fat cats get fatter.

Reply by ReneeK_MI on 10/6/10 10:29am
Msg #355603

fat cats get fatter - YEP, count on it. n/m

Reply by jnew on 10/6/10 6:58pm
Msg #355717

It is now a political issue, Speaker of the House Pelosi is asking for an investigation into the practices employed by the larger lenders. I hope they are not looking for a pardon to existing foreclosed owners. This would ruin the real estate market and certainly hurt marginally qualified borrowers from mortgage financing, since the lenders would not be giving new loans. One possible reason is the lawsuits based on improper due diligence by the lenders. The old maxim would apply: It you pay you stay, if you don't you won't. If an owner can not pay his mortgage, he certainly can not pay to redeem the property from foreclosure. Most owners understand this when they sign a note and mortgage. The one's that say they did not understand the concept should be signing the mortgage documents with a crayon, since it may be a personal danger for them to hold anything in their hands sharper than that. The market holds the best solutions to the problem. As far as how it affects us, pickem. A whole lot of work for doing third party witnessing in the foreclosure field (possible but improbable) or no new mortgages and no new work (don't want to even think about that possibility)