Short Sale Superstars
Providing you with the knowledge and tools needed to succeed with Short Sales
Do You Need More Short Sale Listings?
Short Sale Superstars wants to make generating Short Sale leads easier for you. So.....
.....here is a FREE one hour course on Short Sale Lead Generation that may help you.
Let's make 2013 a banner year for Short Sales. Together we can help a lot of folks avoid foreclosure.
*Use coupon code SUPERSTAR for an additional month at only $1.
That means you can have your site set up and use it for two months for only $2!
Full Release and satisfaction of 2nd mortgages under HAFA
Will the second mortgage give full release and satisfaction to the borrower instead of pursuing a payment plan, turning it over to collections, and/or suing for deficiency?
Thanks!
Nate
Replies to This Discussion
-
Permalink Reply by Alan Remigio on -
Here's the short answer: The second lien holder will also have to agree to participation in the HAFA program. If the second lien holder will not release the lien the sale will not qualify for HAFA, the borrower may still qualify for a "traditional" short sale, however.
It is not always a "done deal" that second lien holders are going to participate in HAFA sales since it requires a complete release of lien with a capped payment to them of $6,000. In many cases, many second lien holders want or at least will attempt to demand more in the form of cash, continuation of payment or modification of the loan to release the lien to allow a short sale to take place.
Technique...since many are now using a formula based on a percentage, see if it is equal to or below the cap. Negotiate from there. -
(Audios are 45-90 min each).
- Why a Short Sale?
- Qualifying The Seller
- Pricing and Marketing The Property
- Negotiating Techniques 1
- HUD1 Tips
- Escalation and Communication Tips
- Disputing Bad BPOs
- Cash Contributions and Prom Notes
- Negotiating Junior Liens
- Lead Generation
- 10 Short Sale Mistakes
- VA, HAP and FHA
- Getting Short Sales Closed
***Use discount code sss10000 for a $50 instant savings
Members
SITE FOUNDERS
MODERATOR
Badge
© 2013 Created by Bryant Tutas.
Powered by
REGrow, LLC and www.ShortSaleSuperstars.com does not necessarily endorse the real estate agents, loan officers, attorneys, real estate brokers and other participants listed on this site. These real estate profiles, blogs, blog entries and forums are provided here as a courtesy to our visitors to help them make an informed decision when buying or selling a short sale. REGrow, LLC takes no responsibility for the content on these pages that are written by the members of this community.
REGrow, LLC
A Licensed Florida Real Estate Brokerage
628 Grand Canal Dr
Poinciana FL 34759
407-873-2747
**********************************
like buttons