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Im getting orders from many portals. This reminds me of 3 years ago when everyone was trying to do loan mods (what a joke) Anyway, orders are coming faster than I can handle them and Im having to turn some down. Ive noticed that there is a higher percentage of very hard to do properties as compared to 'the old days'. Many are not worth the time. After 3,000 BPOs Im tired of the entire thing. Yeah, kept the light bill paid but I dont have a new sailboat anchored off the coast of Greece so Im getting out.
Thing is, what is al this activity and will it last? Its because lenders had been standing back watching supreme court decisions and different government agencies that were wading into the fray to put protection measures for consumers. Joke number two. Now the lenders, who had been changing to judicial foreclosure to get around laws designed for auction foreclosure, are brave and starting to fight. They do not and NEVER DID want to loan mod. They do want full non judicial foreclosaure so they can make use of any mortgage insurance and get government backed money thrown at them to keep them healthy.
ANd now another ugly face of theirs is showing---REOS , instead of being placed in the market through real estate brokers, will be sold in bulk as securities to big money concerns. We are becoming a rental nation with huge corps as the landlords. This new flurry is mostly short sale and some full FC, at least thats what mine are with more full interiors than Ive had for a long time.
Going to last? No. Nope. It will start to decline. We also have a few million owners, especially those who actually got loan mods, going back to default but not in numbers weve bee used to. Even FARVV is cutting back and reducing fees to brokers. They see the writing on the wall. These are the beginning death throws, my friends. If you aregoing to depend on BPOS for a living, better have a backup job in plan.