TenantAccess, an Austin, Texas-based provider of property preservation, management, and leasing services, has expanded its presence with 348 property managers located throughout the United States.
Paul Hayman, president of TenantAccess, explained that previously the company was well represented in the South, but he said, the spatter pattern of vacant homes stretching to every corner of the country meant they needed to have distribution across the United States. By adding more than 300 property managers to its network, the company more than doubled its capacity, and more importantly Hayman said, it gave TenantAccess a presence throughout all 50 states.
These new TenantAccess property managers will be responsible for maintaining the company’s growing portfolio of foreclosed properties, paying bills, collecting rents, and communicating with tenants. The company says its expanded workforce offers servicers, banks, and investors peace-of-mind that their property will be supported and maintained 24/7, no matter where it’s located.
Today’s housing crisis has led to unprecedented numbers of foreclosures nationwide, and TenantAccess says the opportunity to bring financial stability to the market relies on the industry’s ability to quickly occupy this surplus of foreclosed properties. To support this idea, TenantAccess has created an all-inclusive turnkey solution that it says allows property owners, renters, communities, and government agencies to easily and rapidly qualify, rehab, lease, and manage residential properties.
According to Hayman, this approach couldn’t be more timely considering the recent passage of the Protecting Tenants at Foreclosure Act, which requires lenders and servicers to honor any “bona fide” lease agreements in place on foreclosed properties. Hayman says the legislation has thrown financial institutions into the role of defacto landlords, or what he calls “unintentional landlords.”
Hayman explained that the new law has created a lot of uncertainty and many institutions don’t currently have the skillsets to handle property management, but he added, “Because the banks are in this defacto role, I believe it’s going to create new possibilities and new opportunities for dealing with the large numbers of foreclosures out there. The renting option was never on the table before. That’s the most exciting part, especially for communities and families that are trying to stay in their homes.”
In addition, Hayman said, a number of the large institutions are piloting or looking to roll out their own lease-and-hold rental strategies as alternatives to foreclosure. He pointed to the recent announcement of Fannie Mae’s Deed for Lease Program, for example, which enables qualifying homeowners facing foreclosure to remain in their homes as renters if they voluntary transfer the property deed back to the lender.
“TenantAccess was born out of the industry’s need for a single residential rental and property management company,” said Hayman. “Our mission is to maximize portfolio returns for our clients by eliminating the worries of property management.”
Hayman added that through the company’s dedicated, and now expanded, team of local property managers, clients can quickly rent their properties while providing an optimal lessee experience.
“It’s been proven that if renters are happy they are more likely to maintain the property, pay their bills on time, and have greater potential to be the ultimate property buyer,” Hayman said.
Hayman explained that TenantAccess scrutinizes prospective property managers before they are added to the company’s roster. The property management firms must show proof of general liability insurance, errors and omissions (E&O) insurance, as well as meet the specific insurance requirements of the company’s bank clients. In addition, property managers must be licensed in compliance with local requirements, and TenantAccess performs rigorous background and security checks.
“The firms that meet our standards are really an all-star team of property managers,” Hayman said. “On average they have more than 19 years of relevant REO experience and add tremendous local credibility and knowledge to our team.”
As a subsidiary of FirstService Corporation and in partnership with Field Asset Services, TenantAccess says it offers clients more than 30 years of REO, residential property management, and leasing experience, allowing lenders, servicers, and investors to focus on portfolio management, not on property management.
By: Adam Weinstein (DS News)
You might want to sit down for this.
Yes, it's true that Ben Bernanke's Federal Reserve said yesterday that the housing market had show strong signs of recovery and the wider economy was leveling off.
But foreclosures are still going up. In fact, they're in record territory. And that's keeping the housing market wobbly.
http://www.dsnews.com/site/img/catalog/articles/reo.jpg
More than 360,000 properties had foreclosure filings in July - one for every 355 homes in the U.S., according to a report by RealtyTrac. That's 7 percent more than in June, and a third more than there were this time last year. All told, July was the third of the last five months in which
foreclosures set a new all-time high, said James J. Saccacio, RealtyTrac's CEO.
"Despite continued efforts by the federal government and state governments to patch together a safety net for distressed homeowners, we're seeing significant growth in both the initial notices of default and in the bank repossessions."
Many industry professionals and analysts were anticipating the up tempo, because foreclosure moratoriums imposed by state governments and private lenders are starting to expire.
Another factor is the recent resets on more adjustable rate loans, "which are failing due to job losses," said RealtyTrac spokesman Rick Sharga.
The result is a total of 464,058 REOs added to the books since 2009 began - an additional drain on home values as the available housing stock snowballs.
But, on the good side, this might all be a matter of the hottest markets coming back to earth, where the less overpriced markets have almost completed their own corrections.
"We're seeing the highest levels of foreclosures in the markets that had the highest appreciation and the worst lending practices," said Sharga.
Daily Real Estate News August 6, 2009
Banks Express Hope for Fed Short-Sale Effort
The federal government is launching a program to simplify and speed up the short-sale process by providing standardized documentation, cash incentives to lenders, and a $1,500 moving allowance to borrowers. Holders of second liens will get up to $1,000 to relinquish their claims.
Banks say the short-sale process has been taking so long because both their employees and real estate practitioners are learning as they go.
David Sunlin, vice president in charge of short sales at Bank of America, says he hopes the new government plan will help. "About half of short sales never close. We see it as a big lost opportunity, and we need to improve the rate we close them," he says.
Wells Fargo says it has cut its short sale average turnaround time from 90 days to 30 days by preparing a guide from real estate practitioners and putting in place procedures to handle short-sale requests.
[Editor's note: The federal government announced its short sales initiative in May at the annual Washington meetings of the NATIONAL ASSOCIATION OF REALTORSR and the association maintains <http://www.realtor.org/archives/shortsales200805> short-sale resources for practioners.
Source: USA Today, Stephanie Armour (08/05/2009)
Bonnie Godwin Elite CDRS, e-PRO, GRI
Crye-Leike®, Realtors®
11600 Kanis Rd., Ste. 400
Little Rock, Arkansas 72211
501-960-2788
News Release December 18, 2008
Streamlined Modification Program (SMP) Now Available to BorrowersProgram Part of Ongoing Effort to Prevent Foreclosures WASHINGTON, DC
-- Fannie Mae (FNM/NYSE), today said that the Streamlined Modification Program (SMP) announced by the Federal Housing Finance Agency (FHFA) in November is now available to Fannie Mae servicers and borrowers as an option to help prevent foreclosures.
Fannie Mae on December 12, 2008, provided information and guidelines to its servicers regarding the implementation of the SMP. The SMP is designed to be a streamlined process for modifying the loans of a large number of borrowers who are delinquent in their mortgage payment and may be able to avoid a foreclosure through the program.
As FHFA has indicated, SMP was intended to help set standards in the mortgage servicing industry for conducting loan modification programs on a large scale as a foreclosure prevention measure. Fannie Mae has been working with FHFA and 27 lenders and servicers in the HOPE NOW alliance to implement the SMP.
Under the program, borrowers who meet certain eligibility criteria and demonstrate financial hardship may be eligible for a loan modification that reduces their monthly principal and interest payment. The streamlined process allows a borrower to sign a single document at the outset of the workout process that both establishes a new monthly payment during a three-month trial period, and sets forth the modification terms that will take effect if the borrower makes the new payments during the trial period. The program is available to borrowers who have missed at least three monthly payments on their existing mortgages.
"By bringing the collective efforts of FHFA, Treasury, HOPE NOW, Fannie Mae, Freddie Mac and other mortgage industry participants together through the SMP to confront the foreclosure challenge, we'll be able to help more families across America stay in their homes," said Herb Allison, Fannie Mae president and CEO. "Along with other recently announced initiatives by Fannie Mae to reach and help financially troubled borrowers earlier, including our Early Workout program, the SMP is a critical component of our company's foreclosure prevention efforts. These efforts are helping more than 10,000 delinquent borrowers every month get back on track."
Modification Options
Through the SMP, servicers may change the terms of a loan to reduce a borrower's first lien monthly mortgage payment, including taxes, insurance and homeowners association payments, to an amount equal to 38 percent of gross monthly income. The changes in terms may include one or more of the following: Adding the accrued interest, escrow advances and costs to the principal balance of the loan, if allowed by state law; Extending the length of the mortgage loan as appropriate; Reducing the mortgage loan interest rate in increments of 0.125 percent to an interest rate that is not less than 3 percent. If the new rate is set below the market interest rate, after five years it will step up in annual increments to either the original loan interest rate or the market interest rate at the time of the modification, whichever is lower;
Forbearing on a portion of the principal, which will require the borrower to make a balloon payment when the loan matures, is paid off, or is refinanced. Eligibility Highlights of the SMP's eligibility requirements communicated to servicers include: Conforming conventional and jumbo conforming mortgage loans originated on or before January 1, 2008; Borrowers who are at least three or more payments past due and are not currently in bankruptcy;
Only one-unit, owner-occupied, primary residences; and Current mark-to-market loan-to-value ratio of 90 percent or more. Servicers will be sending modification solicitation letters beginning this month to thousands of borrowers believed to be eligible for the program. It is critical that eligible borrowers respond to these letters and reach out to their servicers to determine if they can receive SMP assistance. Also, borrowers who don't receive a letter are encouraged to contact their servicer to see if they may be eligible for SMP help. Fannie Mae will be working with servicers to monitor and improve implementation of the program as necessary.
Fannie Mae exists to expand affordable housing and bring global capital to local communities in order to serve the U.S. housing market. Fannie Mae has a federal charter and operates in America's secondary mortgage market to enhance the liquidity of the mortgage market by providing funds to mortgage bankers and other lenders so that they may lend to home buyers. In 2008, we mark our 70th year of service to America's housing market. Our job is to help those who house America. Fannie Mae Resource Center Telephone 1-800-7FANNIE(1-800-732-6643)
December 18, 2008 Contact: corprel@freddiemac.com or (703) 903-3933
Washington, DC – Seriously delinquent borrowers with mortgages owned by Freddie Mac or Fannie Mae can now take advantage of a new Streamlined Modification Program designed to make mortgage payments more affordable so more families can avoid foreclosure and stay in their homes. The Streamlined Mod Program officially went into effect on December 15, three days after Freddie Mac sent detailed implementation instructions to its servicers.
Announced on November 11, 2008 with the Federal Housing Finance Agency (FHFA), Fannie Mae and the HOPE Now Alliance, the Streamlined Modification Program replaces several time-consuming steps in a traditional loan modification with a faster uniform process that uses standard eligibility requirements and documents.
“This initiative builds on Freddie Mac's current loss mitigation efforts, which are on track to provide three out of five of our seriously delinquent borrowers with a workout this year,” said David M. Moffett, Freddie Mac's Chief Executive Officer. “Our alliance with FHFA, Fannie Mae, and the HOPE Now Alliance will help our industry bring relief to thousands of distressed homeowners.”
Under the Streamlined Modification Program, mortgage and escrow payments can be cut to 38 percent or less of an eligible borrower's gross monthly income by one or more of the following steps as necessary: reducing mortgage rates, extending the mortgage term up to 40 years, or forbearing part of the principal. To be eligible, borrowers must own and occupy the property as a primary residence, have missed at least three mortgage payments and not filed for bankruptcy.
Borrowers should contact their servicers if they think they may qualify. At the same time, servicers will be identifying eligible borrowers and reaching out to them through the mail.
If an affordable payment cannot be achieved through the Streamlined Modification Program, servicers will evaluate borrowers through the traditional modification process. Servicers will also continue reaching out to distressed borrowers as early as possible to determine their eligibility for a workout or other foreclosure alternative.
Freddie Mac was established by Congress in 1970 to provide liquidity, stability and affordability to the nation's residential mortgage markets. Freddie Mac supports communities across the nation by providing mortgage capital to lenders. Over the years, Freddie Mac has made home possible for one in six homebuyers and more than five million renters.
2:12:02 PM Monday, December 22, 2008
Little Rock, North Little Rock, Maumelle, Conway, Mayflower, Benton, Bryant, Hot Springs, Jacksonville, Sherwood Arkansas
brought to you by Stan Kitchens of Cornerstone Mortgage
This week expect to see 30 year fixed
5% to 5.5% depending on loan size, type and lock period
Halted!
State Housing Assistance Propgram Halted
ADRA has effectively shut down it's mortgage bond loan program along with it's down payment assistance program. A lack of liquidity in the bond market caused the move. It was reported that they may be back in business if the bond market improves.
300 Shackleford 501-993-9028 stan@cornerstone mortgage.com Little Rock, Ar 72111
Monday, November 17, 2008
A $ 1 Trillion US Budget DeficitDeepening recession and falling profits are widening the budget imbalance dramatically, primarily by weakening revenues. The new fiscal stimulus program to be debated by Congress is expected to cost about $300 billion, driving the budget deficit up toward $1 trillion, or nearly 7% of GDP. The dramatic increase in indebtedness will exert financial burdens. US Treasury interest rates are very low, reflecting recession and recent declines in inflationary expectations. Eventually, rates will rise to reflect the ballooning Treasury borrowing requirements, a shrinking of the recent excess global savings and US economic recovery. Mickey LevyChief EconomistBank of America
Saturday, November 15, 2008
New Rates-5.875 to 6.50% Depending on Loan size, type and lock period.
FHA Loan Limits for the rest of 2008
One unit-$271,050
Two Units-$347,000
Three Units-$419,400
Four Units, $521,250
Thanks for visiting our investor's blog. My name is Bonnie Godwin, and I am the owner/broker for Tristar Financial Resources, RE Investments. Our company specializing in working with investors looking for property that is priced below retail.
In regards to the economy and the presidential election, do you think that now is the time to bail, hold, or buy, buy, buy? I have heard a great deal of opinions, some educated, and of course opinions that were not based on experience. Personally, I can not offer an opinion without having had experience.
I lived through the 1986-7 Savings and Loan fiasco, however, I was very naive and asleep. I had a new home, purchased at the top of a hot market. Thirty days later, POW! The bottom fell out. No, it plummeted. My home dropped in value by about $25,000 to $30,000 practically overnight.
Then I lost my job. At some point after I received the Lis Pendens, or Notice of foreclosure, I decided to move. I walked away. Little did I know, I had a choice. I could have opted to sell the house, and save myself from a big fat credit ding of having a FORECLOSURE on my credit report. It was over 8 years before I recovered.
Here we are in 2008. For the last three years, I have been listening to a real estate coach warning that this foreclosure disaster was coming. They were telling us that this issue would be worth many trillions of dollars. You would think that if 'they' knew the national economy was going to bomb, that our elected officials would also know and, well, here we are today. Don't get me started...
I received an interesting email today from NAFEP. All this real estate investing stuff is very confusing to me at times, even though I work in this business every day. For that reason, I surround myself with other very smart people. NAFEP is one of the companies that I have on my 'power team'. I thought you might like to read why they think this is the best time to buy real estate. Here it is in it's entirely, including contact information.
________________________________________________________________
Subject: 700 Billion dollar bailout provides opportunities for self-directed IRA investors 700 Billion dollar bailout provides opportunities for self-directed IRA investorsThere is a huge problem out in the self-directed IRA community and that is paralysis because of a lack of perspective. Today is a great day for investing in hard assets such as real estate in your self-directed IRA. Even though no one knows where the true bottom is most investors will miss the opportunity and not capture the full potential of a rebounding market. So let's take today's news and put it into perspective.Everyone is in anticipation of some sort of bailout for the failed mortgage industry and its financier Wall Street. Included in the bail out is insurance giant AIG. What is the difference in the bailout between AIG and a Wall Street Firm? What will become of the markets? What opportunities does this provide the beleaguered investor? First of all, there will be a transformation to more regulated business models that require deposits rather than reliance on market confidence for example; the two largest securities brokers in the U.S. had applied to become bank holding companies, gaining approval on Sunday to transform themselves into deposit-taking institutions. The bailout has two very different faces to it. AIG has a short term capital problem and AIG has hard assets and supposedly the feds are going to keep their feet to the fire on a two year repayment schedule. Wall Street firms such as Bear Stearns heavily rely on investor confidence. Bear Stearns suffered from a confidence problem causing a hemorrhage of cash flow and no credit availability to stem the bleeding. Fortunately for Bear Stearns they were first and the grace of the feds was upon them. Lehman Brothers also relies on investor confidence so the feds had to flip a coin and decide who the favorite child would be Lehman Brothers or AIG? Hard assets win out again.Wall Street's mortgage conduit Fannie Mae and Freddie Mac had to be salvaged to maintain order in the markets without aid to these entities home borrowers, lenders and investors the stock market would have been completely confused and certain loss of confidence would have caused chaos in the market. With that, Wall Street was gone, a victim of the mortgage-fueled credit crisis it helped to create. And helped it did by pressing lenders to loosen standards and then creating gains on the sale side of the business through REITs and other real estate related investments it created its own little vacuum that was certainly heading towards implosion. The democratic senate and house will begin to look after those that currently are in trouble and it is yet to be determined if the Pelosi/Reid version of the rescue will prevail or if more conservative approach to conserving mortgages will prevail. In any case this consumer protection should provide stabilization to the market and reduce the next wave of doomed mortgages in January. The end result should be a stabilization of the real estate market and a more predictable rate of return. The day of the grab and flip investor escalating market values is over and a more reasonable appreciation rate in the housing market should take over. In fact, many areas that have been hit hard such as San Diego County are seeing an increase in sales but with deflated sales pricing about 20% under their value two to three years ago. That is beginning to look like a bottoming of the market slide for real estate market. That is good news for the self-directed IRA investor looking for steady rate of return and a so very important attribute "hard assets" to rely upon rather than market confidence. And that is exactly where the "wall street investment community has fled to is hard assets!" Why shouldn't you be there as well? I see the point but I'm not quite ready.Ok so let's say you are not quite ready to pounce upon the golden egg. Asset Exchange Group through its sister company has two programs you can take advantage of today. Our secured money that is presently gaining about 3% without fees or depending on the term selected our High Yield Fund that is presently up to 6%. So at least you can wait and grow rather than wait and moan.I'm ready to go.Real Estate - In contrast to the market today there are loans available for real estate purchase in your IRA at a 60% loan to value. There is no lack of short sale opportunities for your IRA (a short sale is the purchase of a property near foreclosure a discounted price). And there is no shortage of foreclosures at bargain prices. Call us to help you identify those opportunities and get a loan for your IRA. Private Loans - There obviously a great need for funds on a short term basis. Your IRA could be obtaining a return on investment up to 21% A.P.R. by loaning to real estate investors at a 60% LTV secured by real estate. Call us and we'll show you how you can profit from this commercial problem. Futures - Remember when gas prices at the pump spiked. Your IRA could have profited from market instability through futures. Whenever there is instability in Wall Street futures markets or commodities often do very well. It is best to designate a small amount of your IRA and to use a managed account in this market when first starting out. There are managers that have returned 2% to 4% per month in this economy. Call us and we'll provide you with contacts in this field. Today is the day to quit watching CNBC and talking with your portfolio manager who is only telling you to ride it out, the market always comes back. Well since they are still getting a fee whether you are up or down why not ride it out. Does this require all of your IRA? No take a portion ease into this new method if you are unsure. Take small steps, we are confident that small steps in this direction will provide a profitable return. In a short while hard asset opportunities will be the primary investment and the stock market will be the "me too" investment. This is the type of service that can't be found by using a self-directed custodian or a retirement facilitator. Let Asset Exchange Group and its family of companies help you see light in your tunnel today. Talk to us we'll help you move forward, talk to Chuck and you may not get anywhere. Best Regards,Daniel Cordoba, CEA512 616-1500 Direct dial866-683-5228 x301www.myrealestateira.com
11600 Kanis Rd, Ste 400 Little Rock, Arkansas 72211 501-954-9500
Bonnie Godwin 501-960-2788
GRI e-PRO CDRS Elite
Arkansas Real Estate Associate Broker
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