Unfortunately for mortgage companies, this is not a new trend, but one that TransUnion has been consistently finding in its surveys for the past three years. The only slight positive TransUnion could report is that the number of consumers current on credit cards, but delinquent on their mortgages had slightly declined. The number, however, is still more than 70% higher than at the start of what’s now being called the “Great Recession.”

“The percentage of consumers current on their credit card payments and delinquent on their mortgages first surpassed the percentage of consumers current on their mortgages and delinquent on credit cards in the Q1 2008,” the company said in a statement. “Although many industry analysts believed that a reversion to the conventional payment hierarchy would ensue once the recession had concluded, this has not been the case.”

Apparently, current economic and housing environment has consumers reevaluating their priorities.

Treasury reports that as of the end of February, 4,488 homeowners completed a short sale or deed-in-lieu under the Home Affordable Foreclosure Alternatives (HAFA) program. The federal program provides up to $3,000 for relocation assistance after a homeowner exits the home.

Another 10,177 homeowners have agreements in place with their servicers for HAFA short sale transactions. Treasury notes in its report that the HAFA short sale timeline “lasts at least 120 days,” and requires the cooperation of junior lien holders in order to complete the transaction.

I suspect Bank of America CEO Brian Moynihan might be able to answer that as he now finds himself in that situation. Moynihan is not alone, however, as the lawsuit also names the board of directors and other bank executives.

Shareholders are claiming BofA leaders failed to disclose billions (yes, with a B) of dollars in hidden debt as well improperly recorded mortgages. The lawsuit was filed in a New York state court this week and covers the bank’s actions from January 20-October 19, 2010. Among other things, shareholders experienced a major decline in the value of the bank’s stocks. Plaintiffs are contending BofA stock lost nearly 42% of its value in 2010.

Bank of America had no comment when asked about the lawsuit. Or maybe, like Charlie Sheen, they can’t get a PR firm to stick with them. Hard to know but one thing is certain, BofA has had more bad press coverage than just about any of the other mega banks.

Another accusation in the shareholder suit is that BofA did not “have adequate personnel to process the large numbers of foreclosed loans in its portfolio.” Well, gee, that shouldn’t be too hard to prove! Just ask anyone who deals with short sales or REOs!

Shareholders shouldn’t have a lot of difficulty proving these accusations. It’s pretty sad when your own shareholders want to haul you into court!

The latest performance report shows that nearly half of the homeowners approved for trial modifications have fallen out of the program. As of the end of July, 616,839 HAMP trials have been canceled, out of the 1,307,489 trials started since the program began.

The government and “distressed” homeowners are seeing Short Sales more and more as a viable option. Statistics like these released Friday compliment our feelings that the free market and capitalism will ultimately provide the solution to this unprecedented market correction.

Tammy was one of Tom Ferry’s top coaches and trained with Tom for over 5 years before launching her own business.

This is a very special treat for us because Tammy has completed over 9,000 coaching calls! Tammy knows the inside-skinny on what works right here and right now in THIS market!

We were lucky to get Tammy because she is a very ‘hard-to-get lady’. Not only is she busy speaking and training all over the country, she’s also been on Dr. Phil!

Listen HERE Tammy Burnell Call

INTRO VIDEO – Legal Short Sale Flipping

Video 1 – The Trust Explained

Video 2 – Is Flipping Legal?

Video 3 – Is everything Fully Disclosed?

Video 4 – Do we use Separate Funds for each transaction?

These two videos cover Short Sale Pros Wine and Cheese Realtor Appreciation Night on 10/22/09 at the Legends Condos Downtown San Diego, featuring outtakes from Short Sale Pros CEO Michael Corradini, an owner of an Escrow company, and a Title company addressing the Short Sale Pros model.

Is it Legal? YES. It is ethical. YES. Is it fully transparent and disclosed to all paries? YES

PART I

PART II

790AM Radio Interview with CEO Michael Corradini on the top rated JT Foxx Show