Michael Schneider
  • Male
  • New Haven, CT
  • United States
  • Connecticut
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Michael Schneider's Discussions

Deed in Lieu: How many have you worked?

Started this discussion. Last reply by James Miner Feb 27, 2012. 17 Replies

We all know what a deed-in-lieu is.  The question is:  How often does a DIL occur?  In 80 short sales, I have zero DILs, as far as I know.  I would like to know other people's experiences.  I have a…Continue

Judgment Liens!!

Started this discussion. Last reply by Michael Schneider Feb 1, 2012. 6 Replies

I thought I'd initiate a session to vent about the handling of judgment liens in a short sale process. There really is no good way to handle these liens.  You need to wait until you know the property…Continue

Short Sale Specialists and the SAFE ACT or the Consumer Protection Bureau

Started this discussion. Last reply by Wendy Rulnick Jun 30, 2011. 5 Replies

HUD announced the SAFE Act Final RULE today. …Continue

Two Names on Note, One on Deed: Who is on the contract and the HUD?

Started this discussion. Last reply by Lillie Handy Dominguez May 2, 2011. 4 Replies

Husband and wife on the mortgage note.  Husband only on the deed.  They divorced, she quitclaimed the house to him.  House is short.  SSA makes the sale contingent on bank approval.BofA is stating…Continue

 

Michael Schneider's Page

Latest Activity

Diana L Brandi left a comment for Michael Schneider
"I can just stay on this web-site all day! So many intelligent people ,so much to learn,"
Jan 29, 2013
Michael Schneider commented on Wendy Rulnick's group Bank of America Short Sales
"They have come a long way, since 4Q09.  But, those were dark days.  On FHAs they seem to have moved backwards.  And, the FHA has made the program more burdensome, not less.  (eg, Requiring a letter from sellers to pay various…"
Jul 24, 2012
Michael Schneider replied to Melinda Speth's discussion Bank of America FHA Files... Still a mess
"No question that an FHA short sale at BofA must be managed every step of the way, constantly, more so than with any other Investor/Insurer.  This is not unique to BofA, it is characteristic of every FHA short sale, in my experience. Same…"
Jul 22, 2012
Michael Schneider commented on Wendy Rulnick's group Bank of America Short Sales
"A short sale is in some cases an alternative to BK.  Basically, if elimination of the "mortgage problem" make BK unnecessary, then a short sale is probably a better alternative IMHO. The flip side is that if the BK has been or is…"
Jul 17, 2012
Michael Schneider replied to Adriano Tori's discussion FHA SHORT SALE PROCESSING INCLUDING JUNIOR LIENS
"I've done FHA short sales with subordinate liens that are:  Settled with an additional payment, Agreed to with prom note, and left unresolved.  Good question if you can force the 1st to accept the release. I would think that you could…"
Jul 16, 2012
Michael Schneider commented on Wendy Rulnick's group Bank of America Short Sales
"@Smitty  "Appraisal prior to Offer" is definitely a mixed-bag.  In the case of an FHA, it is a potential deal-killer.  And I agree, it should be avoided, even at the cost of having less favorable net-proceeds tiers.…"
Jul 11, 2012
Michael Schneider commented on Stephanie Lim's group FHA - HUD Short Sales
"In my experience, FHAs have become increasingly difficult to manage, not only at BofA.  My last two were a nightmare to push through, and that's what you need to to do, push constantly.  Plus the FHA has imposed increasingly stupid…"
Jul 10, 2012
Michael Schneider commented on Wendy Rulnick's group GMAC
"Just  a name change for the Bank, I think, which was a different entity from GMAC Mortgage.   GMAC Bank, NA was tainted, I think."
Jun 25, 2012
Michael Schneider commented on Wendy Rulnick's group GMAC
"GMAC initiates, presumably after qualifying the sellers.  You call them first, at least, that is what I've done.  FHAs handled in EQ, also."
Jun 25, 2012
Michael Schneider commented on Wendy Rulnick's group GMAC
"Anything is possible, Deb, particularly with distressed assets. I have two GMACs in process, no change or mention of change, so far.  Somehow one feels I think, that the restructuring of their debts should be well above our activities."
Jun 6, 2012
Michael Schneider commented on Wendy Rulnick's group GMAC
"I wondered that too.  I don't really see why the ResCap BK filing should affect short-sales, positively or negatively."
Jun 6, 2012
Michael Schneider commented on Wendy Rulnick's group Bank of America Short Sales
"Jeff, I have two payoff demands like this, both files are in Equator.  Isn't the 5 day limit a not sooner than 5 days before closing requirement?  Both of these seem to be "not later than" requirements.  I've…"
May 22, 2012
Michael Schneider commented on Wendy Rulnick's group Bank of America Short Sales
"I'm confused by BofA's "new?" payoff demand letter. Can someone clarify this? Clause 3 reads: A preliminary HUD-1 Settlement Statement must be provided to BAC Home Loans Servicing, LP no later than one business day before…"
May 22, 2012
Michael Schneider joined Jim Schneider's group
May 15, 2012
Michael Schneider replied to Paul Antonelli's discussion I need a Broker in Greater Hartford Ct.
"Wow.  What nice words.  Thanks Jim.  Paul.  I work in CT.  Lets connect: 203-848-5201."
May 11, 2012
Michael Schneider commented on Stephanie Lim's group FHA - HUD Short Sales
"@Pat. From ML 08-43 (this is all you get, as far as I know) Mortgagors, acting in good faith, who successfully sell their properties using this option are relieved of their mortgage obligation Some servicers will add explicit waiver language in the…"
May 9, 2012

Profile Information

First Name
Michael
Last Name
Schneider
Are you a...
3rd Party Negotiator
State
Connecticut
City
New Haven
My Profile
Michael Schneider
[email protected]
www.newhavenllc.com

Short Sale Negotiation, Portfolio Management , and Management Consulting

Deep background in Real Estate, Distressed Assets, Lending, Portfolio Management, and Default Services

Licensed in CT and NY.

Michael Schneider's Blog

Fannie HAFA: Foreclosure Alternative or Foreclosure Inducement?

Posted on June 2, 2010 at 7:22am 1 Comment

Colleagues,

I read through the Fannie/Freddie HAFA programs released yesterday afternoon.

Overall, on first (and quick) read, the program reads like it was designed by analysts without a deep understanding of the issues and realities of the short sale process.

A program designed in the clouds for implementation here on planet Earth.

It may have the effect of reducing the return for transacting a short sale property, and therefore…

Continue

Payment to a subordinate lien holder to secure release

Posted on May 1, 2010 at 1:18pm 5 Comments

Team,

There is lots of discussion regarding payments to secure release of various subordinate liens. Second mortgage, tax lien, HOA, water etc.

Anyone who works with short sales knows the problem.

And, one hears quite frequently: "It's illegal!! Clearly, a violation of RESPA."

I am not an attorney nor a RESPA expert, by any means, but I have actually read RESPA and parts of the CFR. I find no reference nor have I seen anyone cite a…

Continue

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At 4:56pm on January 29, 2013, Diana L Brandi said…

I can just stay on this web-site all day! So many intelligent people ,so much to learn,

 
 
 

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