Short Sale Mania - The OC Real Estate Show with Peter Campellone

This week Peter Campellone reviews the stories reported about the Bankruptcy Filing of William Lyon Holmes, Continued Short Sale Mania in Orange County, How to Get Help if You are One of the 245,000 Homeowners whose home is underwater and our nations' Weekly Financial Reports.

William Lyon Homes plans on filing bankruptcy protection to stave off creditors and reorganize its debt holdings with Colony Capital and Colony Financial. Additionally, Luxor Capital (a Freedom Communications company) will gain 28.5% ownership of the company through notes and stock. The retired Air Force Reserve General William Lyon plans to be reorganized and out of bankruptcy in the first quarter of 2012. Peter Campellone suggests General Chairman Lyon to contact the government and cut a deal to help manage the growing REO crisis. The developer can act as a property manager by charging rents which then can be used to reduce the federal deposit insurance legacy expanded to cover the high cost of the foreclosure bailouts. If you have a client interested in prequalifying a prospect for a builder purchase, please contact Peter Campellone at 949-275-3403.

CoreLogic reported that there are over 98,069 underwater homeowners in Orange County. It's time for realtors to overcome their fear of time consuming and complicated work by observing a couple benefits of doing short sales. Two hassle factors that are typical negotiating points have become a sweet shift to the note holders: commission negotiation and sale price point. If you are a realtor interested in the "SECRETS" to this expanding commission base in a short sale market please contact Shelly Gorenstein with Remerge at 949-460-3195; learn the Remerge Way of closing short sales.

HARP was designed to help 5 Million homeowners BUT only a fraction of those intended to be served have actually been helped by the government program. Some call HARP a failure and Orange County homeowners serve as a sample of intended American's yet to be served by the government program. Over 245,000 Orange County homeowners currently have mortgage balances of 95% or exceed 100% of current property values. The program has served only a balance twice the homeowners in Orange County who could qualify in a nation of 350 Million people. If you find yourself, a client or someone you know underwater (if you mortgages exceed the value of your home) with your home and want to stay in your home, you have kept your payments on time and you want to take advantage of lower rates, please call Peter Campellone at 949-275-3403.

Lastly, this week 12 new reports hit the top of the Bloomberg charts that may affect interest rates. The reports whose information has the greatest potential of impacting rates this week includes Petroleum Status and Jobless Claims. Peter Campellone suggests a float on rates this week.

If you need help structuring a loan file or advice on a loan program, Peter Campellone can help you at 949-275-3403.

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