http://www.travelportland.com/

http://www.portlandonline.com/

http://www.portland.com/

http://www.portland-oregon-magazine.com/

http://www.el.com/to/portland/

http://wikitravel.org/en/Portland_%28Oregon%29

PLEASE CHECK OUT OUR WEBSITE http//:www.TonyandLibby.com

It seems that many real estate agents are starting to make complaints about dealing with the second lien holders in a short sale transaction.  If someone is trying to get their bank to agree to a short sale but they have a second mortgage on their house, then negotiations must also be made with the holder of the second lien.

Currently this applies to many, many people.  Of course if the second lien holder won’t agree to anything and it goes into foreclosure then the first bank gets the house and the second lien holder gets nothing.  So to get the second lien holder to play ball the first will throw them a bone.  And why wouldn’t that take it, foreclosure means they get zilch.

But the second mortgage holder is not being given very much most of the time.  Some are asking for some “money on the side” from the real estate agents or the buyers of the property.  They are asking for cash that is not listed on the HUD settlement statement so that the first lien holder does not know.  If the money is not paid they will kill the deal by not agreeing to drop their lien hold.  This is ILLEGAL.

At least 200 agents have said that these requests were made by representatives of Citi Mortgage, JP Morgan Chase, Bank of America and other large banks.  These real estate agents don’t want to go on record because they need these banks to work with them.

This really needs to go under investigation, of course it seems the banking industry needs to be investigated for pretty much everything now-a-days.

http://www.cnbc.com/id/34877347/

PLEASE CHECK OUT OUR WEBSITE http//:www.TonyandLibby.com

While not quite as dramatic as last month, sales activity in the Portland metro area continued to show improvement in January 2010 compared to the same month a year ago. Closed sales were up 34.7% compared to January 2009 and pending sales rose 24.3%. However, new listings fell 6.2%. Pending sales were also up 34.5% (1,535 v. 1,141) when compared to December 2009. On the other hand, closed sales fell 34.5% (986 v. 1,506) and new listings grew 87.1% (3,937 v. 2,104) driving inventory to double digits for the first time since May of 2009. At the month’s rate of sales, it would take approximately 12.6 months to sell the 12,449 active residential listings.

Sale Prices

The average sale pr ice for January 2010 was down 5% compared to January 2009, while the median sale price declined 4%. Compared to December 2009, the average price decreased 3.7% ($282,400 v. $293,300) and the median fell 0.9% ($240,000 v. $242,200).

Counties

The greater Portland Metro area reports in this newsletter include the five counties below. Each year we review the difference between the average sale price in each county.

Average Change Sale Price 08 v. 09

Clackamas $336,100 -10.6%

Columbia $193,300 -16.2%

Multnomah $285,300 -14.0%

Washington $281,300 -11.1%

Yamhill $227,300 -14.8%

PLEASE CHECK OUT OUR WEBSITE http//:www.TonyandLibby.com

One study is suggesting that 5 million of the 7.7 million mortgages that are currently delinquent will go through foreclosure in the next few years.

Home prices had started to increase slightly, and it is thought that the efforts to prevent foreclosure temporarily kept the inventory down.

Luckily people are still looking to buy foreclosures, so as long as interest rates don’t rise and the economy continues upward the home prices could stay steady.  If interest rates jumped up and the economy heads south again, so could prices.

http://online.wsj.com/article_email/SB10001424052748703562404575067452797224606-lMyQjAxMTAwMDEwNjExNDYyWj.html

PLEASE CHECK OUT OUR WEBSITE http//:www.TonyandLibby.com

If your home is taken by the bank and sold at auction, the bank could still demand the difference between what you owed and what they made on the auction sale.

A short sale is when the bank allows you to sell your house for less than what is owed.  People assume that because the bank released the title that they released the debt.  This is not necessarily the case.  Many have had the title released by the bank thinking it was all over only to have the bank or a collection agency come after the difference years later.

A pledge of collateral and promise to pay off a loan apparently are two different things.  Not knowing this can hurt you in the long run when negotiating a short sale.

Having the bank forgive your debt is up for negotiation during the short sale process.  Have your attorney work it out on your behalf.  If you are in a state that does not require an attorney for a home sale, get one anyway.

http://finance.yahoo.com/news/Mortgage-lenders-pursue-cnnm-3107909798.html?x=0

PLEASE CHECK OUT OUR WEBSITE http//:www.TonyandLibby.com

Apparently there has not been an agreement with the second lien holders which causes the first mortgage to be modified even lower to hit the 31% of pre-tax income mark.

Clearly banks are not eager to modify loan payments at a loss when the second mortgage holder still gets a full payment.  This is also not helping the home owners because how small can a payment get when only one of the two banks is working with you.

The new federal initiative gives incentives to the second mortgage holder to work with the first.  This initiative has been in the works for a while but apparently was difficult to implement.  To help get it going, Bank of America is the first major bank to sign on for this program, and should cause others to follow.

http://money.cnn.com/2010/01/26/real_estate/boost_for_modification_program/index.htm

PLEASE CHECK OUT OUR WEBSITE http//:www.TonyandLibby.com

Because of the bad economy the government had some programs going to get interest rates down.  Those programs are coming to an end and interest rates will head back up.

Rates should also rise as the economy improves.  As people start to borrow money again the rates will increase.  There should be a small jump during the spring home buying season and rise slowly from there.  At least according to CNN.

http://money.cnn.com/2010/01/07/real_estate/last_chance_refinance/index.htm

PLEASE CHECK OUT OUR WEBSITE http//:www.TonyandLibby.com

http://travel.nytimes.com/2009/05/10/travel/10Portland.html?pagewanted=1

PLEASE CHECK OUT OUR WEBSITE http//:www.TonyandLibby.com

Some how they seemed to have finally gotten the message that they should be taking what they can get.  Foreclosures are very costly because of commissions, legal expenses, taxes and the HUGE loss in value of the property that would cause the bank to take a giant hit.

Some home owners are heading to events hosted by the Neighborhood Assistance Corporation of America.  Many lenders from most major banks are in attendance to help restructure loans based on what they could afford.  They say that 40% of borrowers leave these events with a decision made on their loan modification.

Most of the restructured loans result in lower interest rates.  Some even go as low as 2%.  Looks like the banks are finally starting to play ball.  Those working these events will sit down with a borrower and then start at the top and work their way down through the list of possible solutions.  Then the lender decides whether this solution financially benefits the bank over foreclosure.  Especially in the hard-hit areas of the country, foreclosure is just too costly.

http://money.cnn.com/2009/12/16/real_estate/great_mortgage_modifications/index.htm

PLEASE CHECK OUT OUR WEBSITE http//:www.TonyandLibby.com

Many home owners are looking for more space but after looking at the options, decide to remodel instead of buy a new home.  Often they find that they like their home, neighborhood, schools etc…  That is why they bought it!  Many times the numbers come out in favor of remodeling versus moving anyway.

Those in construction say that they are getting many more inquiring phone calls about remodel jobs but, because of the economy, are less likely to become a sale and if they do buy it is usually for less money.  Good news Bad news.  People are not quite able to spend like they did (bad news) but the interest is certainly there (good news).  It is only a matter of time before the economy encourages those people to pull the trigger.

One thing holding back those who are interested in a remodel is financing.  It is still quite difficult to get a loan and many of those having work done are paying in cash.

Another reason to do some updating around the house is the $1,500 federal tax credit for energy efficient home improvements.  Not only will it lower your bills but also improve your tax return.

http://money.cnn.com/2009/12/04/real_estate/remodeling_picks_up/index.htmPLEASE CHECK OUT OUR WEBSITE http//:www.TonyandLibby.com