January 2011 Blog Posts (59)

Are Lender So Desperate that they will accept any offer?









Have you heard the following myths about short sales?







Myth #1: You can buy short sales for dirt cheap and then turn around and resell them for a profit.







Myth #2: Foreclosures, Short Sales, and Bank Owned Homes can be bought for 30 to 50 cents on the dollar with no… Continue

Added by Bion Grady on January 31, 2011 at 8:14am — No Comments

Unpaid HOA fees: HOA is stating that HOA is filing for foreclosure?.Will lenders pay up to avoid such HOA foreclosure?

Property owner has not paid HOOA fees for about 8 months. Owner received notice from HOA that HOA is filing foreclosure. There are two loans on property.  Will lenders pay the HOA to avoid foreclosure by HOA for about  $3,000? Or do the lenders care if HOA forecloses since the lenders maintin their first and second lien position even if HOA forecloses?

Added by Larry Davis on January 29, 2011 at 8:12am — 2 Comments

After servicer advises: " investor approved loss" ?

1--What does "investor approved  loss" mean?  2 -- Is it for a very specific dollar amount from which the servicer cannot vary--meaning very exact? 3--Or, Does it usually have a range of 5 to 10 % variance room by servicer? 4--Have you ever seen such investor approval?  5--Can one get a copy of such approval from the servicer?

Added by Larry Davis on January 29, 2011 at 7:37am — No Comments

Is it legal for a Seller to buy a house he is Short selling?

The Stop Foreclosure Institute recently received a question from Mau. Here is Mau's Question.







"Is it legal for a short sale seller to buy the house he is selling on short to reduce his mortgage loan?” asked Mau.







Discover how other sellers successfully did a short sale… Continue

Added by Bion Grady on January 29, 2011 at 6:04am — No Comments

Who is in charge during a Short Sale

Many home buyers think that the short sale lender is in charge during a short sale. Nothing could be further from the truth.







The short sale lender can only veto short sale offers. They can’t put the property up for sale or decide who to sell it to. Only the home owner can do that. Why is that?







Discover how other sellers successfully did a short sale to avoid foreclosure by clicking… Continue

Added by Bion Grady on January 28, 2011 at 7:59pm — 1 Comment

Okaloosa Island, Fort Walton Beach FL Short Sale Approved - Aurora Loan Services

This Blue Dolphin condo on Okaloosa Island Florida was just approved for short…
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Added by Wendy Rulnick on January 27, 2011 at 3:37pm — 2 Comments

Seven Ways You Benefit From a Short Sale









A home owner thinking of a short sale recently asked us why they should short sale versus just walking away and letting their lender foreclose on the home. We gave them the normal answer: “It’s much better for your credit.”









That was the first thing that popped into our head. But, I knew there are more benefits to a home owner than simply… Continue

Added by Bion Grady on January 27, 2011 at 7:54am — No Comments

Loan Modifications can be a recipe for disaster









The Star Tribune, a newspaper in Minneapolis, recently ran a story about loan modifications. Here is an excerpt from the article:







“Many people who sought help under a federal program created to keep them from losing their homes are instead getting saddled with huge, unexpected bills.







Thousands… Continue

Added by Bion Grady on January 26, 2011 at 3:43pm — No Comments

More Lawsuits Against Countrywide

I received this article through the Florida Association of Realtors(r) newsletter today. It will interesting to see  how this plays out.

Investors allege massive fraud by Countrywide NEW YORK – Jan. 26, 2011 –

A lawsuit alleges Countrywide Financial Corp. and two of its former executives misled institutional investors who were stuck with huge losses from mortgage-related investments that they say were portrayed as…

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Added by Bryant Tutas on January 26, 2011 at 12:56pm — 1 Comment

First Mutual Bank UC3 filing

Dealing with both a 1st and 2nd approved under HAFA guide lines however there is a UC3 filing for new window installation financed thru First Mutual Bank and secured by a UC3.  They have refused to cooperate with HAFA guidelines and want full satisfaction of their lien either by the Seller or the Buyer.  Looking for UC3 guide lines.

Added by Dottie Klein on January 26, 2011 at 10:00am — No Comments

Incarcerated Seller

I have a short sale selling homeowner who finds himself an involuntary guest of the state.  Looks like he may be there for the foreseeable future, likely to be years not months.  He has a conventional FNMA mortgage (and a second mortgage), both with First Franklin.

 

I anticipate and can handle the logistic complications of getting docs signed, etc. but wonder if anyone has had a similar experience with a locked up-seller.  What, if any, impact would that key fact have on the…

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Added by Bill Garrett on January 26, 2011 at 7:25am — 3 Comments

Bloomfield Michigan Short Sale Expert Press Release "Struggling Homeowners Seeking to Work With Lenders to Find Solution" Mike Sher (248) 644-4700x242, Max Broock

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Added by Mike Sher on January 25, 2011 at 1:59pm — No Comments

Do you get a certain discount from consensus BPO price for final price?

Have you been able to negotiate a certain discount off from the consensus BPO price ?  Several brokers/ appraisers told me that the rule off thumb is 10% off from consensus BPO--any thruth to that?

Added by Larry Davis on January 24, 2011 at 8:34am — No Comments

After servicer bank sends contract to investors--do you then negotiate directly with investors?

After several weeks of delays the servicer bank agreed to send contract offer to their investors ( two different loans),  do you only contact the servicer negotiator after that ?  Have you had any success contacting the actual investors and negotiating with investors?

Added by Larry Davis on January 24, 2011 at 8:32am — 2 Comments

Glendale, CA Real Estate | Short Sale Specialist | Short Sales | CA Free Loan Modification: Why Should I Pay Double For My Home?

 

Glendale, CA Real Estate – Jennifer Escobar a Realtor at Qwest Real Estate recently received a question from Luis.…

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Added by Jennifer Escobar on January 20, 2011 at 6:30pm — No Comments

Starting Short Sale with LBPS need to do it ASAP and advice?

Hello,

New to this site but so glad that I found it.  I only have a 1st with them and have an agent who is going to do an auction for us to get an offer asap to get it into LBPS.  My question is anyone out there who has dealt with them and how to go about getting it done quicker rather than having it sit there for 4 or 5 or 6 mths?  I know I am in the same boat as millions of other but I also know I can do things to improve my results.  Anyone out there know of great people to work…

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Added by Jessica on January 20, 2011 at 1:55pm — 1 Comment

Birmingham MI Short sale tip #59, "What do you mean I still owe money?"Mike Sher (248) 644-4700 x242 Max Broock Realtors Certified Distress Property Expert

 Birmingham MI Short sale tip #59, "What do you mean I still owe money?"Mike Sher (248) 644-4700 x242 Max Broock Realtors Certified Distress Property Expert

Often Short Sale sellers are told that in a Short Sale you will not have to pay the bank back any money.  Some times that is true and sometimes it is not.  Remember when you got the loan you signed both a mortgage and a note.  The…

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Added by Mike Sher on January 20, 2011 at 7:40am — No Comments

Approval letter for short sale from servicer bank?

Would you please post samples of actual approval letters recently received?  If you prefer please pm to me.

Added by Larry Davis on January 19, 2011 at 10:53am — 1 Comment

Can I Have the "Flight Plan" to do a Short Sale?

 

 

The other day an agent asked if she could have my “flight plan” to do a short sale. Per Wikipedia, a flight plan is a pilot’s outline of how he will get to his destination, including departure and arrival points, estimated time, alternate airports in case of bad weather, type of flight,…

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Added by Wendy Rulnick on January 17, 2011 at 3:30pm — No Comments

Citi Fax numbers

Just an FYI.  I faxed an LOA into the two numbers listed at the beginning of the Citi section 866-989-2088/2089 and when I called in they have no record and say that is not the fax number.

The SS dept gave me the fax number of 866-641-4350 as the best fax number for LOA and ALL other SS documents.

Added by Scott Taylor on January 17, 2011 at 2:47pm — 1 Comment

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