Loan Modifications – Are the Banks Really doing them…?

I got a chuckle out of this article in Sunday’s Sacramento Bee….

Because…..?  Again when it comes to real estate news, all you have to do is speak with any Real Estate Professional that is “active” in the business and you will most likely feel that you’ve heard these stories before.

For the last 18 months or so I have been working with Titanium Solutions as an HRC… “Home Retention Consultant” .  What Titanium does is hire Real Estate Brokers and Agents to make contact with Homeowners who are behind on their mortgages.  

Our assignment is to get them back in contact with their Lender to either help them work out a “Short Sale” or a “loan modification”.   We get a small fee for making these contacts and in addition if the owners can not make further payments or they’ve elected to “walk away”, we’re then encouraged to take a “short sale” listing.  In the real estate business we call that “a lead”.

The Banks Don’t Want the House Back.

That’s the message we got in the HRC training we all had to go through.  I have noticed recently,  when speaking with homeowners,  that it seems while the “lenders” are pursuing modifications, they don’t seem to be really approving any permanently.

More than one homeowner told me that they had “sent all the paper work” in weeks ago and were somewhat stunned that I was at their door looking to get the same information they had already sent in.   One of them told me of being on a “trial modification” for almost 6 months.

On one occasion I went to a home that had been listed since last August and was in the middle of the “short sale process”.

I have also spoken to some friends regarding real estate and the subject of “loan modifications” has come up.  In those cases I heard the exact same thing.  Two of them had been on “trial modifications” for 4 – 6 months.  They get requests from the Lenders for some of the same paper work that they had already sent in.  It seems to be a “never ending process” according to my friends in this situation.

Loan Modificiation Bottom Line…..?

In my opinion, just hang in there and work with your Lender….  because..?  I believe  eventually..,  as the SacBee article states,  they will get it right.

However……As Dennis Miller might say on Saturday Night Live    “I could be wrong”….



Make it a Great Day

Ed Favinger – 916-203-1260 Mobile,

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Hey It’s Some Good News From The Sacramento Bee

Of Course Those of Us in the Business Already Know.

Click here for the latest in today’s Sacramento Bee


Make it a Great Day.

Ed Favinger – – Mobile 916-203-1260

I Like This Duplex – Carmichael – On a Tree Lined Country Street.


Listed just a day ago – I wonder how many offers it will get & how high will be the price.

I’m going to post hopefully soon the Duplex Comparable Sales data for the area from October 1st to date.  I’ve already accumulated the data, it’s just a matter of putting it into a nice format that can be read here.

The reason I bring this up is because just about every offer I’ve made on behalf of several buyers on various Duplexes in the area have been in competition with other Buyers looking for the same kind of deal.   It’s amazing that there is this much of a pent up demand with the comparable sales figures lagging a bit.  When I post those you will be amazed at how many are over list price when they closed escrow.

This one here is no exception.   It’s a short sale and the “pro-forma” cash flow information is below.   Keep in mind these are estimates only.

6001-6003 Stanley Avenue, Carmichael, Ca 95608 – 3/2/1 & 2/1/1

I’ve got a video of the exterior and surrounding area to give you an idea of what the neighborhood looks like.

Click Here for the Video of Property

This is a nice area of Duplexes that rarely come on the market.  Rates are low and that’s probably the best reason to pick something like this up.

Make it a Great Day

Ed Favinger – – Mobile – 916-203-1260


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Plumbing Leak Follow Up – What We Did To Clean Up


A Follow Up to my post of December 6th …..

While I did give you a tip regarding shutting of water supply lines when you are going to be absent for a long period of time and you don’t have a “house sitter”, I didn’t tell you what we did to clean up the mess.

The Problem…?

Was that a water supply line to the upstairs Master Bathroom Toilet broke and the resident there said she estimated it leaked out for at least 20 minutes before she noticed water dripping down stairs through an “air vent”. 

She immediately turned off the water supply line located just below the toilet and then got out her trusty old  “shop j0349397vac” to get the water up.


While she did what she could, we had to call out a professional carpet cleaning company to extract the water that had filled up a large master bathroom that was carpeted and then traveled further to about 2 or 3 feet into the bedroom itself.

The Solution…..

Our experience tells us just extracting as much water as you can, you never get it all.  The carpet and pad will be wet and will cause a mold and mildew problem if not properly treated and dried quickly.

Advanced Carpet, our “preferred vendor”  extracted all the water that they could, then set up huge fans to speed up the evaporation process to get the area dry.   The next day they came out and cleaned the carpet of any residue or coloring.

While she was inconvienced by it all, the resident thought they had done a great job in restoring the area back to it’s previous condition.  

We’ve been using this company for about a year now.  You can find them on the web here at  Advanced Carpet & Upholstery Cleaning and their local phone number is 916-989-2146.   They’ve got a “helpful hints page” that you might want to also check out. 

If you call them for service and mention our property management company’s name, Haven Properties, they will offer you further discounts beyond their posted coupon prices. 

Finally, let me tell you that we think Advanced Carpet’s pricing is just about the best in the area so check them out for your “Christmas Party” carpet cleaning or call them in an emergency for water extraction if this problem ever happens to you.

Make it a Great Day – Mobile 916-203-1260


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Plumbing Leaks Can Ruin A Vacation – Here’s a Tip to Avoid a Mess

What Happens When A Water Supply Line Leaks & You’re Not Home…?

Before I answer that question, let me implore you to obtain and maintain a Hazard Insurance policy for your rental properties that does cover water leaks.

So now let me answer the question…    The Answer is..?   There’s gonna be a whole lot of water spilling into the room and spreading throuthumbnailCA5LCWSF - aghout the house until it’s turned off.

If this is a leak for example,  from a Toilet Water Supply line in an upstairs bathroom,  which recently occured in a rental home here in Folsom that we manage, the water will find a way downstairs…  In this case, it came through a vent and dripped in an area right below.

We were lucky because the tenant was home and was able to turn off the water supply valve.   This lady estimated that the water had to have been leaking for about 20 minutes.

An emergency call went out to one of our vendors to extract all the water we could and place fans to dry up the carpet to prevent mold and mildew from forming.

We were lucky because this lady just happened  to be home.

So here’s the tip… If you are going to be gone for several days and do not have a house sitter, you might want to consider turning off the water supply lines in the house,  or… just turning off the water supply line at the gate valve.

I can’t imagine the damage that would have occured if this tenant had not been home and even if you have insurance, there is the hassle of dealing with it all.

Make it a Great Day


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