Its important to take a look at the how the recession is doing.  This report shows that it will take will more than likely take 4 to 5 years to come back to the levels of employment before the recession. I found this article very interesting.  You can click on the graphic below to see the full report.

Mark Hanson - Mr. Mortgage Reports:

You have to follow my friend Mark Hanson. He has been reporting on the foreclosure and short sale situation for over 3 years, now.   He has been talking about the "Shadow Inventory" that banks have been keeping at bay because they want to create a flurry of home buyers  to drive up house prices.   They did it last year and they are going to do it again, this year.  You can get Mark's updates here:

Mark Hanson's Blog

Enjoy!

Commercial Short Sales - The Wave is Here:

Commercial properties will be the next huge wave of properties  which fall into one of 3 catagories; commercial loan modification, short sale or foreclosure.  With the global econmic crisis continuing and a major depression in the Uinited States, commerical property owners are feeling the effects.  Tennants are closing down shop and giving back the keys to property owners since they have no business.  Vacantcy rates are at an all time high and will continue that way in the forecable future. 

Since, commercial property owners always get commercial property mortgage loan with terms which are adjustable and usually last between 3, 5, 7, or 10 years (they) will have to find a way to convert those loan when they come due to new loans with other lenders or find some other solution.  The problem is that very few lenders are taking on commercial mortgages because most properties are either upside down or the seller does not have enough rental income to support the property. 

There are only a few solutions to this problem.

1.  The property owner has to negotiate with the lender to modifiy the mortgage loan terms. 

2.  The property owner has to sell the property if they are fortunate enough to have equity to pay commission and costs of sell.

3.  List the property for sale under a "short sale" senario and walk away from the problem with little or no tax or financial libility.

4.  Let the lender foreclose on the property.  This can have a greater negative concequence to the property owner and it will cause the bank to have to put the property in the banks foreclosure portfolio which causes the lender to reduce it's liquity position.  Every time a lender reduces it's liquity position, the lender cannot the dollars it has up to 5 dollars for every 1 dollar it has.

Wachovia is certainly on a mission to clean out their bloated mortgage portfolio.  They have a huge amount of loans that need to be loan modified or converted into short sales.   The faster that they sell the homes in their portfolio the quicker they will recover.   No other lender in America has realized that they need to take action, fast. 

The Hope for Homeowners Program has been a complete disaster.  I own the HopeforHomeownersProgram.org website and have talked to thousands of people for over the last 2 years.  FHA/HUD offered this program to solve the housing problem but the banks chose not to accept or emplement the program.  There is over 300 billion dollars that was allocated to this program, yet, no lenders have  taken the money.  It was supposed to help over 400 households. To date, it is estimated that only a handful of people have actually benefited from the program. 

So, Wachovia is being smart to clear out their portfolio.  In effect, they are doing what the hope for homeowners program couldn't!  Too think they could have had FHA purchase all their bad loans that were upside down and cleared out the problem a long time ago.  Well, it great to see that they have waken up and have decided to get it done thru a "short sale" solution.  

Everyone benefits!  Sellers who have no choice but to sell win because they will not have any debt lilibility.  They can negotiate to release all future debt claims against them in the future.  Most other lenders can go after any defiency for up to 4 years (if the home included a refinance with cash out  for other things above home improvement). Do your research, if you do not understand the last statement.

Well, if you happen to have a Wachovia or World Savings loan, consider yourself lucky. That is, if you cannot qualify for a loan modification with the bank.  Too think,  they are willing to pay you to transation alternative housing. 

If you need any help with a short sale or listing your home for sale, contact

Steve Linnin at 909-895-4074

WachoviaShortSaleDepartment.com

WachoviaShortSaleDepartment.com is an informational website for those who are considering a short sale or other solution. The site is not directly associated with Wachovia Bank.  Do your research, independently.