Hi Everyone,
Please call the office during business hours tomorrow to receive the alarm code. The alarm will be set Friday night! Thank you so much!!
Thursday, April 30, 2009
New Alarm Code
Congratulations on your Daily Sales!
Congratulations
Ø
Ø Listing price $325,000
Congratulations on your Daily Listings!
Congratulations
Ø
Ø Listing price $475,000
Wednesday, April 29, 2009
Cutting Edge Series
If you plan on attending the cutting edge series; please RSVP for the classes as soon as possible. Please respond to Debra at asc@kwsv.com .
If you are going to attend the CMA field trip led by
If you are going to attend the Listing Presentation and Servicing Sellers class led by
Thank you!!!
Tuesday, April 28, 2009
I would love to host your O/H this weekend. Available both Sat/Sun....price point $500-$700K. Area's 11-15. Thank you!
Rich MacKanin
Real Estate Consultant
Keller Williams Realty
Fantastic article from WSJ. It's a must read!
See a sample reprint in PDF format. Order a reprint of this article now
REAL ESTATE APRIL 15, 2009
Dow Jones Reprints: This copy is for your personal, non-commercial use only. To order presentation-ready copies for distribution to your
colleagues, clients or customers, use the Order Reprints tool at the bottom of any article or visit www.djreprints.com
Banks Ramp Up Foreclosures
Increase Poses Threat to Home Prices; Delinquent Borrowers Face New Scrutiny
By RUTH SIMON
Some of the nation's largest mortgage companies are stepping up foreclosures on delinquent
homeowners. That will likely lead to more Americans losing their homes just as the Obama
administration's housing-rescue plan gets into gear.
J.P. Morgan Chase & Co., Wells Fargo & Co., Fannie Mae and Freddie Mac all say they have increased
foreclosure activity in recent weeks. Those companies say they have lifted internal moratoriums which
temporarily halted foreclosures.
Some mortgage companies had stopped foreclosing on borrowers as they waited for details of the Obama
administration's housing-rescue plan, announced in February, which provides incentives for mortgage
companies and investors to reduce borrowers' payments to affordable levels. Others had temporarily
halted foreclosures while they put their own programs in place, or in response to changes in state laws.
Now, they have begun to determine which troubled borrowers are candidates for help, and to move the
rest through the foreclosure process.
The resulting increase in the supply of foreclosed homes could further depress home prices and put
additional pressure on bank earnings as troubled loans are written off.
Some of the mortgage companies are themselves receiving funds under the government's financialsector
bailout, which could make their actions politically sensitive. But mortgage companies say they are
taking steps to keep borrowers in their homes, and are only resorting to foreclosure when there are no
other options.
Foreclosure sales had dropped in the second half of 2008 as mortgage companies delayed taking action
against delinquent borrowers. But sales have been edging up this year, according to LPS Applied
Analytics, which tracks loan performance. Foreclosure-related filings increased by nearly 6% in
February from the month earlier, and were up almost 30% from February 2008, according to
RealtyTrac. The backlog of seriously delinquent loans has been growing.
In California, notices of trustee sales, which are preludes to foreclosure sales, climbed by more than 80%
to 33,178 in March, from February, according to data from ForeclosureRadar.com and the Field Check
Group. The increase reflects both the expiration of foreclosure moratoriums and a California law enacted
late last year that temporarily delayed default and foreclosure notices, says Mark Hanson, president of
the Field Check Group, a research firm.
Ronald Temple, co-director of research at Lazard Asset Management, expects home prices to fall 22% to
27% from their January levels. More than 2.1 million homes will be lost this year because borrowers can't
Banks Ramp Up Foreclosures - WSJ.com http://online.wsj.com/article/SB123975395670518941-email.html#printMode
1 of 3 4/15/2009 3:58 PM
meet their loan payments, up from about 1.7 million in 2008, according to Moody's Economy.com.
Mortgage-servicing companies, such as J.P. Morgan Chase and Wells Fargo, collect mortgage payments
and work with troubled borrowers, both for loans they own and those held by investors.
J.P. Morgan Chase has increased foreclosure actions since the expiration of a moratorium on new
foreclosures that began on Oct. 31, and a later moratorium put in place at President Obama's request.
The Oct. 31 moratorium delayed foreclosures on more than $22 billion of Chase-owned mortgages
involving more than 80,000 homeowners.
"We had stopped putting additional loans into the foreclosure process so we could be sure that
delinquent borrowers would have every opportunity to take advantage of new initiatives that we were
putting in place," a Chase spokesman says. Borrowers who are now receiving foreclosure-sale notices, he
said, "own vacant properties, have not been in contact with us and/or do not qualify for the modification
programs."
Citigroup Inc. says it stopped all foreclosures until March 12, at the Obama administration's request, on
loans serviced for Fannie and Freddie. Since then, says a spokesman, it has "reverted to our previous
business-as-usual moratorium." Under that policy, it will not initiate a foreclosure sale for any borrower
who is working with Citigroup and is a good candidate for a loan modification, provided Citigroup owns
the loan or has investor approval. "For borrowers who do not qualify under these criteria and where no
other options are available, we will move forward with foreclosures," the spokesman says.
Wells Fargo has also increased foreclosure actions since the expiration of its foreclosure moratorium,
put into place while it awaited details on the administration's plan. Wells Fargo "will continue to work
with our customers to find solutions up to the actual point of a foreclosure sale," a Wells Fargo
spokesman says. "But the expiration of foreclosure moratoriums is having an impact."
Both Fannie and Freddie have stepped up sales of foreclosed properties since their moratoriums ended
on March 31. Freddie says it has started to complete some foreclosure sales, such as those involving
investment properties or second homes, though it continues to delay foreclosures on loans that may be
eligible for modification under the Obama plan.
Fannie has told servicers that "a foreclosure sale may not occur on a Fannie Mae loan until the loan
servicer verifies that the borrower is ineligible" for a loan modification under the Obama
administration's plan, "and all other foreclosure prevention alternatives have been exhausted," a Fannie
spokeswoman says.
GMAC's mortgage division, which had temporarily halted foreclosures while awaiting details of the
Obama plan, is now reviewing loans to see which ones will qualify under the program. So far, about 10%
of borrowers in some stage of foreclosure appear to be eligible for the federal program, a company
spokeswoman says. Although GMAC may be able to work with investors who own these loans to come up
with another solution, she says, many borrowers who don't qualify for help under the federal program
are likely to wind up in foreclosure.
Mortgage companies are sorting through loan files to determine which borrowers are candidates for
help. "At the time a moratorium expires, we have a team of folks who will pore through all of those loans
where borrowers have not paid before we will take the next step in the process," says Jim Davis, executive
vice president for American Home Mortgage Servicing Inc. "If there is any borrower contact, we will hold
off on the foreclosure process until we've exhausted every effort to assist that borrower."
Banks Ramp Up Foreclosures - WSJ.com http://online.wsj.com/article/SB123975395670518941-email.html#printMode
2 of 3 4/15/2009 3:58 PM
Printed in The Wall Street Journal, page A1
Copyright 2008 Dow Jones & Company, Inc. All Rights Reserved
This copy is for your personal, non-commercial use only. Distribution and use of this material are governed by our Subscriber Agreement and
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Still, some borrowers who are currently talking to their mortgage companies are also likely to wind up in
foreclosure once their files are reviewed. "We are getting so many of these cases where people don't fit
the new [Obama] program," says Michael Thompson, director of Iowa Mediation Service, which works
with troubled borrowers. Many borrowers are unemployed or underemployed or have credit problems
that go well beyond their mortgage troubles, he says.
Many have been "playing for time" while the moratoriums have been in place, he says. But the delays
have only increased the amount of interest and fees they owe, making their loans "nonviable in the long
run."
Many troubled loans will ultimately wind up in foreclosure because the borrower doesn't have sufficient
income to make even a reduced mortgage payment, or doesn't respond to the mortgage company's
requests for information. "Certainly half of the loans that would have wound up in foreclosure before the
foreclosure moratoriums went in place" will ultimately wind up in foreclosure, says Michael Brauneis,
director of regulatory risk consulting at Protiviti Inc., a consulting firm.
While many troubled loans are held by hedge funds, pension funds and other investors, the expiration of
foreclosure moratoriums could also put a dent in bank profits, says Frederick Cannon, an analyst with
Keefe, Bruyette & Woods. The moratoriums "have to some degree postponed the realization of problems"
and "may help bank earnings in the first quarter" by delaying charge-offs of some troubled loans, he
says.
Write to Ruth Simon at ruth.simon@wsj.com
Banks Ramp Up Foreclosures - WSJ.com http://online.wsj.com/article/SB123975395670518941-email.html#printMode
3 of 3 4/15/2009 3:58 PM
Rich MacKanin
Real Estate Consultant
Keller Williams Realty
Team Meeting 4/28/09
Here is the link to today Team Meeting 4/28/09
https://www.onlinefilefolder.com/2s5lpxojWIc4Lm
Thanks and Have a Great Day,
Agent Services Coordinator
Keller Williams
(Phone) 408-583-3619
(Fax) 408-583-3620
(Email) asc@kwsv.com
Congratulations on your Daily Listings!
Congratulations
Ø
Ø Listing price $359,000
Congratulations
Ø 1213 Woodlawn Avenue, San Jose Ca 95128
Ø Listing price $739,000
Congratulations on your Daily Sales!
Congratulations
Ø
Ø Listing price $1,198,000
Congratulations
Ø
Ø Listing price $199,000
Congratulations
Ø
Ø Listing price $207,900
Congratulations
Ø 5521 Spinnaker #1,
Ø Listing price $225,000
Congratulations
Ø
Ø Listing price $1,198,000
Congratulations Kimberly Leal
Ø
Ø Listing price $190,000
Congratulations
Ø 86
Ø Listing price $1,050,000
Thanks and Have a Great Day,
Agent Services Coordinator
Keller Williams
(Phone) 408-583-3619
(Fax) 408-583-3620
(Email) asc@kwsv.com
Red Day t-shirts
Hi KWSV~
If you would like to volunteer for Red Day and have not paid $10 for your t-shirt, please do so today (Tues 4/28) or tomorrow (Wed 4/29). Please give all payments (cash or check payable to: Edith Espinola) to Lauren Bienenfeld.
Thank you and have a wonmderful day,
~Lauren
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Saturday, April 25, 2009
Free Tool to convert any Document to a .PDF file
The Adobe .PDF file is a universal file that is normally acceptable by anyones computer because the reader is free from Adobe.
The writer which converts any document to .PDF is not free from Adobe but it is free from a website called www.CutePDF.com
Go to the website, downloand and install to be able to convert all your documents to .PDF.
The writer which converts any document to .PDF is not free from Adobe but it is free from a website called www.CutePDF.com
Go to the website, downloand and install to be able to convert all your documents to .PDF.
Friday, April 24, 2009
Education Schedule for 4/27-5/1
Monday:
#6 Cutting Edge Series-Buyers Presentation w/Julie Crisafulli
9:00-12:00
Accountability Meeting w/
12:00-1:00
Tuesday:
Team Meeting w/
9:00-10:00
How to do BPO's w/
1:00-2:00
Wednesday:
FHA Mortgages What Are They w/Turnkey Mortgage
10:00-11:30
Thursday:
Seller Master Step 4/Servicing & Marketing
10:00-12:00 @Gateway
Thanks and Have a Great Day,
Agent Services Coordinator
Keller Williams
(Phone) 408-583-3619
(Fax) 408-583-3620
(Email) asc@kwsv.com
Thursday, April 23, 2009
Congratulations on your daily Listings!
Congratulations
Ø
Ø Listing price $899,000
Congratulations
Ø
Ø Listing price $259,900
Congratulations
Ø
Ø Listing price $425,000
Congratulations
Ø 371 Via Loma,
Ø Listing price $599,900
Congratulations on your daily sales!
Congratulations
Ø
Ø Listing price $649,000
Congratulations
Ø
Ø Listing price $1,000,000
Congratulations
Ø 17885 Calle Tierra, San Jose Ca 95037
Ø Listing price $549,000
Congratulations Gouri Richards
Ø
Ø Listing price $895,000
Congratulations
Ø
Ø Listing price $524,000
Congratulations
Ø
Ø Listing price $524,999
Wednesday, April 22, 2009
Information on the tour for Foreclosures in Campbell this weekend
This is what was post on Craigslist for this weekends tour of all the foreclosures in Campbell this weekend.
You can call your clients and let them know that this is available. It is a great excuse to call and create interest.
You can call your clients and let them know that this is available. It is a great excuse to call and create interest.
http://jmyrick.vflyer.com/home/flyer/home/2447087
If you don't see the link, or if you click on the link and it appears broken, please copy and paste the URL into a new browser window.
If you don't see the link, or if you click on the link and it appears broken, please copy and paste the URL into a new browser window.
Unsubscribe This email was sent to generalblog@kwsv.com by jim@jimmyrick.com If you think this is spam or if you wish to no longer receive emails, please unsubscribe here.
2110 S. Bascom Ave. | Campbell | Ca | 95008
Privacy | Email Marketing - Powered by vFlyer.com
Short Sale & Team Leader Call on Web Office
If you missed the
The short sale call
You can listen to the recording now!!
Click on the link below to our Web Office – Log in and go to Documents. Our weekly calls are in the folder labeled “Team Leader Calls”. The Short Sale Conference Call is in the folder labeled “Recordings”.
http://kwrg21.webexone.com/login.asp?loc=&link=
Thanks and Have a Great Day,
Agent Services Coordinator
Keller Williams
(Phone) 408-583-3619
(Fax) 408-583-3620
(Email) asc@kwsv.com
If you care, we're looking for you!
If you CARE about people and making a difference in people’s lives, join the KW Care committee! Our next meeting is next Tuesday, April 28th, at 10:00 a.m. (right after the Team Meeting) Join us!!!
Excellent opportunity to volunteer in Campbell!!
The Campbell Chamber of Commerce is holding a two day festival in May called “Boogie on the Bayou”. It’s the 16th and 17th of May (Saturday and Sunday) in downtown
I am in charge of rounding up volunteers to work in the ticket-selling booths at the “Boogie”. If you would like to be a part of this really fun weekend, please let me know! (Volunteers receive a free souvenir glass and tickets for a free beverage of their choice.)
Please contact me to sign up for a shift or two!
Pam Finch
(408) 439-1370
Tuesday, April 21, 2009
New Office Conference Room Naming Contest
Hi KWSV~
Welcome to our new office! We are holding a Conference Room Naming Contest for the 4 conference rooms.
Please email all submissions to Lauren Bienenfeld lauren@edithespinola.com by Friday, May 15th.
The winning names will be announced shortly after that date.
Thank you,
Lauren
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