Forclosures are climbing!

The biggest single factor behind a home foreclosure is job loss with discontinued income. The second biggest factor is unexpected medical expenses, which extends to other family members like parents. RealtyTrac just reported today that home foreclosures for the first quarter of 2009 are up 24% from a year ago. In California, where the moratorium has lifted, foreclosures rose by 80% from February to March, hitting 50 thousand!!!

Source:

http://www.marketoracle.co.uk/index.php?name=News&file=article&sid=10074

See the Video!

Commercial Real Estate is beginning to hit the Wall!

http://www.cnbc.com/id/15840232?video=1104894248&play=1

FDIC Chairman talking about the state of economy!

http://www.cnbc.com/id/15840232?video=1104738725&play=1

Insight on participation in the government's public-private investment program, with Wilbur Ross, WL Ross & Co. chairman/CEO and Richard LeFrak, LeFrak Organization president.

http://www.cnbc.com/id/15840232?video=1104531018&play=1

The Congressional Oversight panel is pushing for answers on the absence of credit and now wants a better metric for measuring bank lending, with Richard Neiman, NY State Superintendent of Banks former/TD Bank CEO and John Sununu, former senator (R-NH).
http://www.cnbc.com/id/15840232?video=1104513556&play=1

CNBC's Diana Olick takes an in-depth look at this week's housing data.
http://www.cnbc.com/id/15840232?video=1100520772&play=1

The startup process in REO and NOTE deals!

Greetings,
It was great talking to you last week about the REO and NPN (Non-performing Notes) business. I have added you to the list of interested parties. Beginning this week you will receive by email a summary of related opportunities.
You and your clients will be asked to sign a Non-Circumvention and Non-Disclosure (NCND) agreement. You want to be paid and so do we, and this NCND agreement is binding and is designed to setup a ongoing payment arrangement.
Many clients will not have any issues with this NCND, but some will balk at signing any fee agreement that ensures the payment of fees for service. No client will receive details of any package without signing our agreement. Our agreements are designed to protect the intermediaries and their clients.
Please note these NCND agreements represent the best efforts of our attorneys to ensure you receive payment for any contract drawn up as a result of your efforts to connect the Buyers with the Sellers. Often, a Seller has sold a package the Buyer is interested in, and in the event the Buyer and Seller contract on a replacement or other type of package with our agreements in place you will be entitled to be paid.
To buy any package you must be either the “Buyer” or the Buyers Representative. You can not do any form of an assignment in these transaction. The Buyer may use a corporation but the documents must be consistent with the same signatures.
TYPES OF PROPERTIES
1) Non-Performing and performing Notes.
a. Commercial
b. Industrial
c. Retail
d. Hospitality
e. Sub-division
f. Raw Land
2) Real Estate Owned by a Bank and Private Investors (REO)
a. SFR properties
b. Commercial
c. Land
d. Incomplete Commercial projects
Many of you have clients that would like to buy some or all of these properties. The Key is that you understand how these Sales opportunities work.
When you see our “tape” summary arrive by email you must remember that 90% of all tapes are all sold on a “buyer must take all items on the tape” basis. If this is not the case the Tape will have a bolded note stating what can be purchased independently.
The 1st key to success is speed. These tapes sell in hours! Get your clients to approve a letter of Interest if they are Note purchasers. If they are REO purchasers they should be ready to prepare and submit a “Letter of Intent”.
When you receive an Tape update from us you have about 24 to 48 hours to submit the letter.
If your client wants a NON-Performing Note package they must submit a “Letter of Interest”. Note package summaries are very light on details and this is done because of Federal disclosure laws related to the release of borrower personal information. After a “Letter of Interest” is on file, the Bank’s Sellers representative will be able to provide you with more information regarding the properties.
If your client is interested in a REO package they must submit a “Letter of Intent” and be prepared to provide proof of funds to pay for the entire Tape. The best method to do this is to include the name and contact information of your attorney in the “Letter of Intent”.

Thanks for your interest and please send me any questions you may have reading the REO/NPN business. For other sources of information you can use the following online sources to gain additional information.

http://reobulksales.blogspot.com/
FaceBook.com
Group
- Landmark REO Club - Bulk Foreclosures

REO and Notes Keep on coming

This is the current April 8th summary of available packages for sale.

Make an offer in the form or a Letter of Interest and be prepared to provide Soft Proof of funds to the bank.

Make an offer regardless of the sales price or asking price!

Trade Special

Locomotive ready for export! 18,000 hours left on engine and chassis!!! Owner will take Real Estate, COINS, CARS, RV, LAND, DIAMOND, WINE, GUNS, AMMO, METALS

sw1200 locomotive 12-567-BC has been complete rebuilt and has 1,500 hours on the clock (it is a switch engine with 1200 horse power) estimated value $120,000.00, good condition ($850,000 NEW) and stored in San Francisco CA. Make offer or exchange!

Photo Link: http://norriscoit.com/locomotive/
contact Paul Lucero
========================================================

NOTES
PACKAGE # 1 – STATUS – UPDATED 4/07/09
Non Performing Notes

8 hotels - Loans values are variable many different position
Submit a letter of Interest for more information or sign a NCND.

1) 361 units - Loan value - $89,250,000
Location: St.Petersberg FL
As Is value:
112,000,000

2) 560 Units - Loan value - $87,975,000

Location: Esmeralda CA
As is value:
112,000,000

3) 144 Units - Loan value - $31,000,000
Location: Berkeley CA
As Is Value
26,000,000

4) 199 Units - Loan value - $16,250,490
Location: Portland OR
As Is Value
40,100,000

5) 182 Units - Loan value - $8,450,000
Location: Metairie LA
As Is Value
25,000,000

6) 665 Units - Loan value - $6,324,000
Location: Vacaville CA
As is Value
77,500,000

7) 315 Units - Loan value - $78,500,000
Location: Rockville MD
As is Value
98,000,000

8) NA Unit count - Loan value - $3,763,000
Location: Plainville NY
As is Value
7,400,000

PACKAGE # 2 – STATUS – available 4/07/09

Non Performing Commercial properties

Original BPO was $1,362,760,000

Loan Value is $430,000,000.00

City Parkway
Flagstone Apartments
Hacienda Terrace
Lembi Bridge 11 Portfolio
Lembi Bridge 11 Portfolio (Mezzanine Loan)
Lembi Bridge 4 Portfolio
Lembi Bridge 4 Portfolio (Mezzanine Loan)
Plaza at San Ramon (A2-Note)*
Wateridge Plaza (A3-Note)**
Merritt Crossing
The Piers at Caesars (B1-Note)
The Piers at Caesars (B2-Note)
Ventana Village Apartments
Hacienda Terrace
Lembi Bridge 11 Portfolio
Lembi Bridge 11 Portfolio (Mezzanine Loan)
Lembi Bridge 4 Portfolio
Lembi Bridge 4 Portfolio (Mezzanine Loan)
Plaza at San Ramon (A2-Note)*
Wateridge Plaza (A3-Note)**
Merritt Crossing
The Piers at Caesars (B1-Note)
The Piers at Caesars (B2-Note)

PACKAGE # 3 – STATUS – SOLD 4/07/09
Non-Performing Notes for Sale in one package
The follow is available based on a current BPO of 435K for total package price of 120K.

1) (2) Vero Beach FL - SFR - 222K
2) (1) Vero Beach FL - Condo -130K
3) (1) Youngstown OH - SFR - 15K
4) (1) Riverside CA - SFR - 250K
5) (1) Palm Bay FL - SFR - 259K
6) (1) Ocala FL - SFR - 52K

Present a letter of intent and proof of fund and all details delivered in 24 hours. Remember these are NON- Performing notes!


PACKAGE # 4 – STATUS – SOLD - 4/07/09
Notes Non-Performing 38 homes
Single Family Homes Florida

PACKAGE # 5 – STATUS – Available 4/07/09
Non Performing Note Package
Multi-family & Commercial assets including:
States and quantities in those states: CT (7), FL (2), IL (3) , NJ (12), NY(22), PA(2)
Apartments, Multi-family plus small retail, and office
49 notes valued at $57,044,686
LTV average 70%
Priced at 81 cents on the dollar = $46,206,196
To review tape make an offer in the form of an LOI and provide SPOF contact information in the LOI

PACKAGE # 6 – STATUS – available 4/07/09
Two Performing Hotel 1st Trust Deeds for sale both borrowers
1) 5.2 million note, rate 6.612, 10 year with balloon, LTV 67.00% Discounted to $4,228,200
2) 3.054 million note , rate 6.642, 10 year with balloon, LTV 63.00% Discounted to
$2,473,910
Available for 81 cents on the dollar.
To review tape:
Make an offer in LOI for and include contract POF information.

PACKAGE # 7 – STATUS – available 4/07/09
Multi Family Package
Performing and Non Performing (NPA) Commercial properties
Original loan Balance average LTV between 63- 77%
1) 144 Unit Apartments - IN (Performing)
2) 196 Unit Apartments - OH (NPA)
3) 248 Unit Apartments -OH (NPA)
4) 420 Units Student Housing - LA (NPA)
5) 900K Sq.ft Office - IL (NPA)
6) 27K Sq.ft. Office Medical - NJ (NPA)
7) 110K Sq. ft. Office - NJ (NPA)
8) 130K Sq. ft. Shopping Center - AZ (Performing)
9) 56K Sq. ft. Shopping Center - CA (NPA)
10) 11K Sq. ft. Office Medical - OH (NPA)

PACKAGE # 8 – STATUS – available 4/07/09
Performing Hotel Notes for Sale
220 room Hotel - NC

PACKAGE # 9 – STATUS– available 4/07/09
Performing Hotel Notes for Sale
250 room Hotel - FL 160 million notes available for discount

PACKAGE # 10 – STATUS – available 4/07/09
Performing Hotel Notes for Sale
220 room Hotel - NC

PACKAGE # 11 – STATUS – available 4/07/09
Performing Hotel Notes for Sale
717 hotel rooms - cross-collateralized/cross-defaulted, full service hotels in D.C. and CA.

PACKAGE # 12 – STATUS – available 4/07/09
Performing Hotel Notes for Sale
300+ room Hotel - Cayman Islands -13 million in Notes Including the A series

PACKAGE # 13 – STATUS – available 4/07/09
Performing Hotel Notes for Sale
350+ room Hotel - FL - 49 million 1st

PACKAGE # 14 – STATUS – available 4/07/09
Performing Hotel Notes for Sale
190+ room Hotel - MA -

PACKAGE # 15 – STATUS – available 4/07/09
REO California and Hawaii
1 SFR 3914 sq.ft. Kailua-Kona HI
1 – 1900 sq.ft. SFR Lancaster, CA

PACKAGE # 16 – STATUS – available 4/07/09
Residential Construction – Los Angeles County
8 SFR – 72% complete
23 unit 82% Complete- Condo Project
25 unit 86% % Complete- Condo Project
25 unit 28% % Complete- Condo Project
12 unit 99% % Complete- Condo Project
30 unit 86% % Complete- Condo Project
4 unit 98% % Complete- Condo Project
7 unit 97% % Complete- Condo Project

PACKAGE # 17 – STATUS – available 4/07/09
Residential Land – Southern California
36 potential lots SFR- Cucamonga CA
195 units – Apple Valley, CA
28 Lots SFR- Riverside, CA
49 units Perris, CA
42 lost SFR Lancaster, CA
70 raw lots – Wildomar CA
285 lots – Corona, CA
40+ acres zoned 120+ SFR – Meifree CA
4 lots – Temcula, CA

PACKAGE # 18 – STATUS – available 4/07/09
Commercial Land – CA and NV
16 acres – Long Beach, CA
36 acres – Redding, CA
23 acres – Las Vegas, NV
3 acre – Las Vegas, NV
29 acres – Hesperia, CA
18 acres – Yucaipa, CA
17 acres – Las Vegas, NV
2.+ acres – North Las Vegas

PACKAGE # 19 – STATUS NEW – available 4/07/09
Residential REO
Estimated Current BPO: $5,582,000
Asking Price: $3,070,000
City
St
Zip
Property Type
LOS ANGELES
CA
90018
Ranch
LOS ANGELES
CA
90059
MFD/2 unit
COMPTON
CA
90220
Condo
LOS ANGELES
CA
91331
Ranch
SAN GABRIEL
CA
91776
Ranch
CHULA VISTA
CA
91915
Condo
INDIO
CA
92201
Ranch
DESERT HOT SPRINGS
CA
92240
Ranch
APPLE VALLEY
CA
92308
Ranch
BLOOMINGTON
CA
92316
1 story/bnglw
FONTANA
CA
92336
1 story/bnglw
HESPERIA
CA
92345
Ranch
RIALTO
CA
92376
MFD 2 unit
VICTORVILLE
CA
92392
2 story
SAN BERNARDINO
CA
92405
Ranch
SAN BERNARDINO
CA
92410
Land Only
RIVERSIDE
CA
92506
2 story
RIVERSIDE
CA
92507
MFD - 2 unit
LAKE ELSINORE
CA
92530
Ranch
MORENO VALLEY
CA
92551
2 story
SAN JACINTO
CA
92583
Ranch
HANFORD
CA
93230
Bungalow
WASCO
CA
93280
Ranch
BAKERSFIELD
CA
93301
Ranch
BAKERSFIELD
CA
93306
Ranch
BAKERSFIELD
CA
93306
Ranch
BAKERSFIELD
CA
93306
Ranch
BAKERSFIELD
CA
93308
Ranch
BAKERSFIELD
CA
93309
Ranch
CALIFORNIA CITY
CA
93505
Ranch
CALIFORNIA CITY
CA
93505
Ranch
CALIFORNIA CITY
CA
93505
Ranch
PALMDALE CITY
CA
93550
Ranch
PALMDALE AREA
CA
93551
2 story

PACKAGE # 20 – STATUS NEW – available 4/07/09
Residential REO
219 Single Family Homes in Los Angeles (69), Riverside (64), Orange (1), Ventura (1) and San Bernardino (85) CA

Non-Performing Notes Available 4/01/09

Non Performing Notes

9 hotels Total Loans values are variable

Many different positions in the value tree.

Make an offer Provide LOI and proof of funds

1) 361 units - Loan value $89,250,000 Location: St.Petersberg FL As Is value: 112,000,000

2) 560 Units - Loan value - $87,975,000 Location: Esmeralda CA - As is value: 112,000,000

3) 140+ Units - Loan value - $31,000,000 Location: Berkeley CA - As Is Value 26,000,000

4) 190+ Units - Loan value - $16,250,490 Location: Portland OR - As Is Value 40,100,000

5) 170+ Units - Loan value - $8,450,000 Location: Metairie LA - As Is Value 25,000,000

6) 80+ Units - Loan value - $7,680,000 Location: Winston-Salem NC - As Is Value 11,100,000

7) 665 Units - Loan value - $6,324,000 Location: Vacaville CA - As is Value 77,500,000

8) 315 Units - Loan value - $78,500,000 Location: Rockville MD - As is Value 98,000,000

9) NA Unit count - Loan value - $3,763,000 Location: Plainville NY -As is Value - 7,400,000