Hi folks. Just when I think I have this Short Sale stuff figured out I run across another issue that has the potential to really place my sellers, the buyers and the agents in a difficult quandary.



Yesterday I received a phone message from Chase in relation to a Short Sale we closed on almost two weeks ago. It went something like this "Hi this is Sarah from Chase calling on LN# 11324567. I am preparing the post closing package to send off to the Investor and noticed that I… Continue

Ann Arbor Foreclosures Lower than the National Rate, but Delinquency Rates Increase.



Many sellers ask me should we sell now or wait until the market comes back? I answer by telling them two things.



* Why are they selling?

* How do any of us know when the market is coming back?



According to recent data from First… Continue

What should you do if you live in Michigan and are in a lease with a landlord who goes into foreclosure?

The Scenario



In good faith you have signed a lease. One day you come home from work or classes and see a notice of foreclosure on the door.



First, don't panic. According to Michigan law the mortgage company must post this on your door at least 15 days before advertising in the papers a notice of foreclosure.



After the 6 weeks of being posted… Continue

Ok, I have to give credit to Robin Rowland for tipping us off to this originally. I made a few calls and here is what I've found out.....







Bank of America has contracted withREDCto process their Fannie Mae Short Sales using the REOtrans/Equator portal.



They also will be working some of Wells Fargo short sales, Metlife short sales and GMAC short sales as well.



The idea is to help… Continue

The suit was filed on behalf of homeowners facing foreclosure in NEVADA who say there has been no progress made with regard to negotiations with their lender.



"And that's why what we're calling for in this lawsuit," explains attorney Matthew Q. Callister. "(It) is an automatic stay of any further Bank of America foreclosures until such time as every Southern Nevadan avails himself of his right under federal law to have that fundamental 'good faith' negotiation."



The… Continue

Titanium Solutions is currently processing Bank Of America Short Sales that are Freddie Mac loans.



Bank of America has contracted with Titanium and Bank of America assigns the short sale to Titanium Solutions.



So you could be months into a deal and get a call from Titanium as I did. It is supposed to help speed up the process, but no guarantee of course.



You will have to sumbit the whole package again to… Continue

If you are in the process of buying a house, keep checking on the progress, monitor your credit scores because the lenders have once again tightened their standards. Improve your credit profile by doing the following:

• Review your credit reports for errors. Visit AnnualCreditReport.com and order your credit reports from the three main credit-reporting bureaus: Experian, TransUnion and Equifax. You’re entitled to a free credit report once a year if you go through this website. Review your… Continue

Doing Wachovia short sales in the Central Valley.. The local field manager has extended the Wachovia Short Sale Program - Fast Track, with a streamline process.



Here is what he sent to me today!



Wachovia Short Sale made easier!

1. Obtain listing agreement

2. Contact local short sale manager - Chris A Hall as soon as you get the listing

3. ** New** An appraisal will be ordered, based on the condition of the home AT LISTING

4. When you receive an… Continue

As you may have heard on the news, the U.S. Treasury is trying to make short sales, well, shorter! Many homeowners and buyers have been plagued for waiting months for short sale approvals. Realtors are at their wits end. Lenders are overloaded with requests. Waiting five months for a short sale approval is becoming…

Continue

Hi Folks. A few weeks ago I decided to start asking my past Short Sale Sellers to send me the Release of Mortgage notice once they received it from their lender after the short sale was completed.



I’m just getting started on my quest but have received several “Release of Mortgage” notices thus far. As I was reading through them I noticed 2 things that were the same even though the Lenders were completely different.



First… Continue

Remember to ad the title company to the authorization so they can get your sale approved.

Michigan Foreclosure Law is somewhat different than other states I have been reading about on Short Sale Superstars.



I'll make it easy by going step by step:



1) Home owners misses 3 mortgage payments.



2) 15 days before it goes in the newspaper, a notice of foreclosure is placed on the… Continue

I edited this post now that I have read through the document. I highlighted my comments on the doc. Here it is.

hamp_new.pdf

Short Sale approval with GMAC and Bank of America in 53 days.

Location: Vista Lakes Village Orlando Fl

• Listed with Tutas Towne Realty on May 18th at $275,000.

Liens:

• 1st Mortgage with GMAC with a balance of $420,000

• 2nd Mortgage with…

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Ring ring ring ring. Thank you for calling Short Sale. For priority service, please enter your 10-digit account number followed by the pound sign.



88302720572#



Please enter the last four digits of your social security number followed by the pound…

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Possibly. I have found that more times than not the Seller is not only willing to but wants to make a cash contribution or sign a note to get the deal done. It helps them to feel better about their situation. Most people WANT to pay their bills and honor their obligations.



Our job as Short Sale Agents is to give the Seller the facts and let them make the decision.



Here are two responses recently received from… Continue

Another Short sale story...where a BPO done from a-far was the kiss of death



Working on a short sale in a project where the last sale was over a year ago, I advised the seller of the likely selling price and asked for the price adjustment...subject to his lenders acceptance on a short sale offer.



90 days from listing date (showing this was still not a give away price) a 90% offer is made, with the only condition being the seller lender accepting the short sale. Two months… Continue

I have a BOA Short Sale on a vacant piece of land that I have been working on myself.

The owners owed money to the HOA and our in house short sale specialist that I would normaly have working on this was told by her attorney boss that unless the sellers sign a waver and pay the HOA fees she had to stop what she was doing with the file. The attorney also handle the HOA and does the leins for them.



So of course I'm not going to let a good offer go South. I submitted and completted… Continue

Hi folks. We now have goodies! T-shirts, hats, mugs and tote bags. Quality items designed by Wendy and ready just in time for Christmas.



Go check it out. Just click on the tee.

All proceeds go to maintaining and paying for this site. There are real costs involved with keeping this site running so if you think you are getting value pop on… Continue

Need direction...have a Bank of America Short Sale in process and they called me...Good Right? Well...they gave me the website REOTrans.com to sign in as an agent...all well and good but it does not link me with my current offer...mind you I am the listing agent on the Short Sale...it did however give me access and let me list it on the site, I have offers in on the property and want to get this baby off my books....anyone have any calls on BofA properties, specifically Short… Continue