Shelley Gross's (shelleyg) Blog

                          Bailouts Which Led to Foreclosures and Short Sales   There have been bailouts during earlier time periods. For example, Lockheed in 1971 and Chrysler in 1980 were accepted because of the fear factor that the administration portrayed. In five out of seven elections from 1...

Reasons for Short Sales, Foreclosures and Defaults   To continue my story on why there are so many foreclosures, short sales and people defaulting on their mortgages ... the banking and lending institutions were no longer policing themselves and the Federal Reserve, which one of their duties incl...

How Did All This Happen to the Housing Market, and How Did So Many Investors Lose Money? I was talking to a client yesterday and he asked the question, "How did this happen to the housing market, and how did so many investors lose money?" I realized that most people understood that people sold un...

Don't be Short Sighted on Short Sales The short sale process will change radically as we proceed into 2010. The change will create a surge in short sales. Let me give you evidence from which I draw that conclusion. 1) Short Sales are already increasing rapidly. Though, according to the Office of ...

Time to Purchase Can Be Now, Find the Right Short Sale and Move! In the 70’s, my father laughed when I bought a house and paid such a high interest rate. I believe it was 8%. When I started in Real Estate in the 80’s the rates were as high as 18%. However, now it is as low as when my father purch...

People Walk, Allowing Their Homes to Foreclose Instead ofChoosing a Short Sale More than 11 million people owed more on their mortgage than their home was worth, causing the spread of strategic default.  Many professors at some of the major universities are studying the walk-away movement and it ...

  Strategic Defaults  Why Walking Away Is Not The Answer Recently, there have been reports claiming that a “strategic default” can be an appropriate and even beneficial reaction to an upside-down mortgage or impending foreclosure. While this idea has spread rapidly, the truth is that a default is...

Foreclosures, Short Sales or Other Alternatives The hot new topic is, "Should the banks be writing down principals."  Many government officials, banks and investors are all weighing the pros and cons of this alternative.  Of course, the bankers and the investors would only proceed with this scena...

Stop Foreclosures - Los Angeles. This weekend I went to a second auction of homes and personal property. The homeowners thought that an auction would be a better way to sell their home. They thought that the auction fever would allow them to net enough money to settle the mortgage payment. Unfort...

Stop Foreclosures - Los Angeles 1 million people walked away and let the banks foreclose. Last year 1 million people made the decision to let the banks foreclose and just walk away. Homeowners who had the money to pay realized that no business person in their right mind would continue paying on a...