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I hope you had a fantastic Memorial Day Weekend. Here in Maryland, the weather finally cleared up (after record setting rain) and we had a terrific, dry, and sunny weekend. At the same time, my friend Amy finally got a hold of her bank and is now going to "short-sell" her home. She told me that all offers have to go through her bank and the bank has final say on everything. Here's hoping her some good luck. I called her this morning to tell her that while home prices are tumbling across the country, existing homes sales jumped unexpectedly in April. Hopefully, that means if the price is right she can get out of her mess without too much long term damage. I am unsure what happens at closing in terms of the existing note and what she has to sign away. If you have any guidance as to what happens (assuming she gets an offer) I would appreciate a phone call.

I also wanted to throw out a big congratulations to last week's winners of our daily sweepstakes. Some of the winners including Todd H. from GamePlan Financial and Mark from Linden Financial. We also called a few others who never picked up the phone! I guess they just didn't want our free prizes. We plan on continuing the sweepstakes for another week or so, stay tuned. Here are the guidelines if you missed the announcement last week....

  1. This contest applies to all existing and new customers that have at least 1 order
  2. Your order must be active when the daily winner is selected
  3. If you receive a call from us it will be during the hours you have set in your order
  4. The call will go just like a regular transfer and you will be informed on the call after the fake transfer has been completed
  5. There is no cost to you, you won't be billed for this fake transfer. You just need to set your hours and make sure you pick up the phone!
  6. We allow multiple winners! The more orders you have and the longer you take calls the better chance you have to win
  7. DoublePositive gets to randomly select which client is going to win and at what time that client is going to be called


Joey Liner

P.S. - I don't know if this counts as irony or not but it looks like congress isn't immune to this whole mortgage mess. Democratic Representative Laura Richardson (California) had her Sacramento home foreclosed upon recently. The house, which she purchased for $535,000, recently sold at auction for $338,000. No wonder she skipped the vote on the Foreclosure Prevention Act of 2008.




YahooNews
S&P: US home prices tumble a record 14.1 pct in 1Q
U.S. home prices dropped at the sharpest rate in two decades during the first quarter, a closely watched index showed Tuesday, a somber indication that the housing slump continues to deepen. Full Story


YahooNews
Home sales post unexpected April increase
Sales of new homes rose in April for the first time in six months although the unexpected increase still left activity near the lowest level in 17 years. Full Story


WSJ
Fannie, Freddie Report Progress In Cutting Some Mortgage Rates
Executives of Fannie Mae and Freddie Mac told Congress they are finally bringing down interest rates on some "jumbo" mortgages. Full Story


WashingtonPost
Rep. Richardson's Mounting Mortgage Disaster
Despite the congresswoman's claim that her second home in Sacramento (which she bought when she was a state assemblywoman) was not in foreclosure and that the bank had not seized it, published reports suggest otherwise. Full Story







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