Lenders are now quietly beginning to do what Captain Obvious predicted not long ago. They’re working with hundreds of their borrowers to ‘work out’ any problems with payments. In some cases they’ll give up to 18 months to catch up. InmanNews has a piece today right on target, especially as it relates to the subprime market. Here’s a short excerpt:
Although statistics are hard to come by, there’s plenty of anecdotal evidence that some lenders are working with borrowers to avoid foreclosure.
Gee, lenders don’t seem to want a bunch of defaulted loans on their books. Who woulda guessed? Captain Obvious, fearless leader of the Duh! Brigade did a while back. I wonder if the next bit of lender news will be tightened underwriting? 
The sun is still setting in the west, right?
Kris Berg over at San Diego Home Blog wrote a piece about Which Offer Is The Best? And she’s right — the last one. Kris and her husband Steve are Realtors in San Diego. They sell a lot of homes, and know some areas very well, including Scripps Ranch. Even though she does houses, a market I avoid like the seven plagues, I read her every day. She not only knows what she’s talking about, but is funny
John Lockwood published some pretty interesting numbers for the Sacramento market. Seems their bubble can’t get off the ground. This is a very informative read, and one which I strongly recommend. You won’t be disappointed. It’s an eye opener.
What I predict will be the fastest growing real estate blog around, Realtor’s Wives (and husbands) ran the first profile of a Realtor’s wife. I happen to know Athol Kay through this blog, and BloodhoundBlog. He’s not only smarter than last year’s computer, but turns out he’s pretty lucky in the romance department too. His wife Jen, is the ultimate keeper. Read about it at Lani’s place.
And tomorrow you’ll be able to catch the second part of Liz Strauss’s interview with me. The second question has to do with the two biggest myths in real estate investing. Hint: Do you have money to invest?
And finally the most important info of the day — the Padres have won their first two series of the season, and to make it even better, the last two wins have been of the walk-off variety. (If you’re not a baseball fan, walk-off will not mean anything to you.)
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About BawldGuy
Padres? eww…
Hey guess what? I have a super secret source in the lending industry that collaborates your theory of underwriting tightening up… don’t tell anyone though, this should really stay hush hush; we wouldn’t want anyone who uses 1% of their brain to figure out this next era of lending…
I’ve also gained a new secret source — in farming. They told me confidentially that they’ll probably harvest their crops this fall.
At least the Padres have actually BEEN in a World Series.
Bawldguy,
Thanks, as always, for the nod.
When I first saw the Inman “lenders working out” headline, I immediately pictured a bunch of sweaty bankers on elliptical machines. Glad to know that it was just fancy “mortgage talk”.
And, while we are telling secrets, it’s my anniversary tomorrow (blog anniversary). Be sure and get me something nice!