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
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
HUD announced the SAFE Act Final RULE today. …Continue
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
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
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