"I hear they've changed the Short Sale Authorization to add assistants and paralegals."
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Richard Zaretsky
- Male
- West Palm Beach, FL
- United States
- FLORIDA
- Blog Posts (6)
- Discussions (18)
- Groups (13)
Richard Zaretsky's Groups
Richard Zaretsky's Discussions
DO WE HAFA HAFA? BOA AND OTHERS RE-INTERPRET HAFA ELIGIBILITY
Started this discussion. Last reply by Kristin Johnsen Oct 10, 2011. 10 Replies 1 Like
Richard Zaretsky's Page
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Cathy Baumbusch replied to Richard Zaretsky's discussion BANK OF AMERICA NEW SHORT SALE CONTRACT PACKAGE in the group Bank of America Short Sales
Richard Zaretsky commented on Wendy Rulnick's group Bank of America Short Sales"Wait a minute Jim - I get it.......... its LAUGH-A
An April Fools joke - no?"
Richard Zaretsky's discussion was featuredBANK OF AMERICA NEW SHORT SALE CONTRACT PACKAGE
BANK OF AMERICA NEW SHORT SALE CONTRACT PACKAGEIn the never-ending revision of lender rules for short sales, Bank of America recently released a new package of documents preliminary to considering a short sale of a mortgage held or serviced by them. This package of documents eliminates the preliminary arms length affidavit that was in use for a period of time in the late Summer 2011through Winter 2012, and essentially was preliminary to a final arms length affidavit about which I have written…See More
Richard Zaretsky added a discussion to the group Bank of America Short Sales
BANK OF AMERICA NEW SHORT SALE CONTRACT PACKAGE
BANK OF AMERICA NEW SHORT SALE CONTRACT PACKAGEIn the never-ending revision of lender rules for short sales, Bank of America recently released a new package of documents preliminary to considering a short sale of a mortgage held or serviced by them. This package of documents eliminates the preliminary arms length affidavit that was in use for a period of time in the late Summer 2011through Winter 2012, and essentially was preliminary to a final arms length affidavit about which I have written…See More
Richard Zaretsky replied to Wendy Rulnick's discussion NEW Bank of America Authorization"The discussion seems to be getting off course.
The issue is what to do about the "new" language in the third party authorization regarding misrepresentation.
Here is the language again: "(ii) shall not knowingly misrepresent…"
Kevin - Greenville, SC commented on Richard Zaretsky's blog post BoA SHORT SALE APPROVAL FORM LETTER - DEFICIENCY WAIVER AND DEFICIENCY NON-WAIVER EXAMPLES"The last couple non-GSE Approvals have read -
If it is subsequently determined that the approval of the short sale was based, in part, oninformation which Bank of America, N.A. later determined to be false or misrepresented orfraudulent, Bank…"
Richard Zaretsky replied to Smitty's discussion Is there a TD BANK group? Can anyone offer insight?"there should be! No info!"
Richard Zaretsky replied to Leah Olson's discussion Chase Arms Length Affidavit in the group Chase"Interestingly, this week on a large foreclosure, Chase provided for the 1st mortgage an arms length affidavit that was on all fours with the new Freddie Mac requirements. But Chase as the 2nd mortgagee provided a different version of the…"
Richard Zaretsky replied to Eddie Kearns's discussion Is it me, or is it the short sale system???"Eddie and All -
Most of you hit the nail on the head, but didn't hammer it in.
Eddie, your sellers are working with you to try to save what credit they have left and walk from their homes with some dignity. 80% of the time you are preventing…"
Richard Zaretsky commented on Bryant Tutas's group Fifth Third Bank"a lot of the fifth third workouts involved promissory notes for the deficiency - more than with any other lender we work with."
Richard Zaretsky replied to Tavo's discussion Commission Dispute"I go with Bryant - I have represented agents with this issue before local real estate boards and the buyer's agent wins everytime."
Richard Zaretsky replied to Christopher Pendleton's discussion Short Sale Approvals with Seller isn't Delinquent"About half of our short sales are not in delinquent status."
Richard Zaretsky commented on Richard Zaretsky's blog post PRINCIPAL REDUCTIONS – WILL THE BANK GUARANTEE THE VALUE OF YOUR HOME?"Mike - good thought, but the tax implication is the same for the short sale as the principal reduction as both are forgiveness of income scenarios. Both might qualify under the 2007 Mortgage Debt Forgiveness Act to disregard the forgiven debt as…"
Michael Schneider commented on Richard Zaretsky's blog post PRINCIPAL REDUCTIONS – WILL THE BANK GUARANTEE THE VALUE OF YOUR HOME?"I think principal write down is a bit of an illusion. It won't really matter to the housing market.
Why? Because, if my mortgage is not affordable for me, I already have much better than principal write down to 110%. I have my…"
Profile Information
- First Name
- RICHARD
- Last Name
- ZARETSKY
- State
- FLORIDA
- City
- WEST PALM BEACH
- My Profile
- Learn more about me at www.florida-counsel.com. We represent distressed borrowers (residential, investment and commercial) as well as commercial lenders.
Richard Zaretsky's Blog
PRINCIPAL REDUCTIONS – WILL THE BANK GUARANTEE THE VALUE OF YOUR HOME?
Posted on January 27, 2012 at 10:35pm 2 Comments 0 Likes
In a briefing by Credit Suisse this week, the financial giant’s opinion was that reducing principal balances of underwater mortgages is a risky idea that has not been shown to keep underwater borrowers from later defaults. In my practice as a Florida real estate lawyer, that opinion flies in the face of borrower sentiment. The guiding force in the Credit Suisse statement seems to be the “…
Continue ARE YOU WILLING TO $$$ GUARANTEE $$$ THE BUYER AND SELLER BEING TRUTHFUL?
Posted on September 30, 2011 at 2:30pm 0 Comments 0 Likes
PRESENTING THE SHORT SALE ADDENDUM YOU CAN'T SIGN! Agents hold on to your wallets as this could cost you big time! This is just too big and important to let one blog article suffice. And developments on this are occurring quickly. The problem was pointed out in my ActiveRain re-blog Freddie Mac Short Sale Addendum - Item #13 - I DON'T THINK…
Continue SHORT SALE SUMMIT BY BANK OF AMERICA - NEW INCENTIVES!
Posted on August 17, 2011 at 9:42pm 2 Comments 0 Likes
Some of my short sale staff and I met with Bank of America in Miami today at their “Short Sale Summit”. We had a nice small group that met twice this afternoon - and I got to ask and have answered several questions which I think are important to those agents who are working short sales. …
BoA SHORT SALE APPROVAL FORM LETTER - DEFICIENCY WAIVER AND DEFICIENCY NON-WAIVER EXAMPLES
Posted on November 16, 2010 at 10:20pm 4 Comments 0 Likes
You may have been reading about Bank of America short sale approval letters and some changes that have occurred. The Bank of America Short Sale Approval Letter has had various versions dealing with deficiency of the promissory note. This article will look at the BoA short sale letter recent changes.
History - Before June 2009
Until June 2009 the typical Bank of America short sale approval letter was not a release of mortgage and a release of…
Continue BACK TO BASICS - A PRIMER REVISED AND REVISITED
Posted on April 18, 2010 at 11:29pm 2 Comments 0 Likes
Short Sale Primer For Brokers, Sellers and Buyers…
ContinueComment Wall (1 comment)
- At 9:37am on August 6, 2009, Wendy Rulnick said…
- Hi Richard - Bryant and I are thrilled to have you on our site! Let us know if you have any questions or suggestions!
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