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'New IndyMac' to continue loan mods

By Inman News, Monday, January 5, 2009.

A group of investors who have agreed to put up $1.3 billion in cash to acquire IndyMac Bank are expected to continue an FDIC mortgage loan modification program that's aimed at helping nearly 50,000 borrowers avoid foreclosure.

The FDIC said it will continue to share losses on loans made by IndyMac and provide secured financing to the new owners, who are expected acquire the failed bank's $16 billion loan portfolio and $6.9 billion in securities in late January or early February.  more...

The truth about loan mods

By Tara-Nicholle Nelson, Monday, January 5, 2009.

Q: When I'm driving to work, it seems like every five minutes I hear another advertisement for loan modification services on the radio. I'm not behind on my mortgage, but it is set to adjust next year -- will my mortgage company actually work with me to stop that from happening? I'm also upside down by about $75,000 -- will they reduce the amount I owe, too? If so, will they charge me points like when I refinanced? Can I do it myself or do I need to hire one of those services?

A: Believe me -- we've all heard those ads! And they are not all scams. Loan modification is a legitimate possibility, and there are do-it-yourself options as well as legitimate loan modification consultants with successful track records at helping their clients obtain modified mortgage terms that work for them.  more...

Buyers cancel purchase for odd reasons

By Benny Kass, Monday, January 5, 2009.

DEAR BENNY: I had a few acres of rural property that I put on the market. I received an acceptable offer along with a deposit. Before the closing, the buyer withdrew the offer for a reason that was not listed on the contract. The buyer's Realtor requested the deposit back, and my Realtor told me it wouldn't be worth fighting, so I followed her advice. Later, I received another acceptable offer, but the same thing happened, as the buyer withdrew for a lame reason. Again the listing had been removed, and the deposit was returned.  more...

Expect Fed to take more giant steps

By Lou Barnes, Monday, January 5, 2009.
Flickr photo by <a href="http://flickr.com/photos/wheatfields/3102519250/in/photostream/" target=blank>net_efekt</a>.

Offer "Happy New Year!" to a friend, and you'll get, "Same to you," followed by an unprintable reference to 2008. Inquire about plans for 2009 -- corporate or personal -- and replies go like this:

"Ummm ... I was thinking about adding another layer of sandbags to the bunker, maybe some wire, and ... Hey, have you seen my helmet around here, anywhere?"  more...

Xobni integrates inbox with networking Premium Content

By Glenn Roberts Jr., Monday, January 5, 2009.

Xobni is an e-mail and social networking mashup, a sort of master control center for managing contacts and communications.

And while the freely downloadable Xobni application -- its name is "inbox" spelled backwards -- is still in its infancy, it's no surprise to find real estate professionals among its early adopters.  more...

Market calls for creativity, quick thinking Premium Content

By Inman News, Monday, January 5, 2009.

Jacky Teplitzky is a managing director at Manhattan-based brokerage company Prudential Douglas Elliman, and she is also the leader for a real estate team.

She has sold more than $500 million worth of Manhattan properties and is ranked among the top 1 percent of New York City brokers. Born in Chile and raised in Israel, Teplitzky also lived in Spain and England before moving to New York City in 1989. She speaks English, Spanish and Hebrew.  more...

Resolving the resolutions dilemma Premium Content

By Kris Berg, Monday, January 5, 2009.
Flickr image by <a href="http://www.flickr.com/photos/34409164@N06/3208609896">castielli</a>.

This time of year it seems that resolutions are all the rage. Everyone is doing it, and even if you find yourself feeling that not much in your life truly needs resolving, the peer pressure is enormous. No one wants to be the one loser in the neighborhood without a fatal flaw and a plan to fix it.  more...

'Cramdowns' on tap in 2009?

By Inman News, Monday, January 5, 2009.

Democrats are planning to reintroduce legislation that would allow bankruptcy judges to modify the terms of troubled borrowers' loans -- a move that industry opponents say will lead to higher interest rates and down payments for all borrowers.  more...