We have a Buyer attempting to purchase a new primary residence; a SFR non-FNMA short sale. We also represent the Seller in the transaction.The Buyer is putting down 80% LTV and has 700+ credit…Continue
Late last year a short sale property in Plantation, FL with a FNMA 1st and SunTrust HELOC received a $295k offer. FNMA servicer counters at $305k based on a bad BPO. SunTrust never acted; Buyer…Continue
Here's the scenario: Homeowner stopped making payments on both first mortgage and HELOC. 18 months later a short sale is approved by both lenders. Lender #1 gets the bulk of the sale and nets $200k…Continue
Recently, I've had a couple of friends that have had to short sale their homes. In fact, one friend lost his home in foreclosure before the short sale was approved. All of them were over 61 years…Continue
I am still amazed at the number of REALTORS® that continue to list short sales and either attempt to process the short sale themselves and/or turn the file over to a third party title company. In many of these instances I have noticed the title company charging “short-sale processing fees” at closing in direct violation of the law. In fact, such a charge may be considered a felony as it violates Florida Chapter 494.
Federal and Florida laws involving short sales and their…Continue