February 2011 Blog Posts (52)

Broker Contributions allowed by Freddie Mac to go to 2nd.

Please Advise. Does Freddie Mac typically allow for Broker contributions to go to the 2nd lien holder? This file is providing sufficient net to the 1st B of A, but the 2nd US Bank has refused to accept the allowed payoff.

 

Thank you.

Added by Paul Aceto on February 28, 2011 at 5:02pm — 1 Comment

Stimulus. . .Coming To An End.

Stimulus. . .Coming to an end. The experts are saying, the shrinkage of government will represent a major drag upon the econUnited States Congress omy during the next few years. This follows a period in which we experienced major economic stimulus from…

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Added by Trisha Bush on February 27, 2011 at 1:12pm — No Comments

Rediculous counter from Bank $100.00 more. How about you? most rediculous counter?

I just recently got a counter on an Avon Indiana short sale I'm handling on the buy side .  Believe it or not the bank countered our full price offer for just $100. more.   My buyer and I had a good Laugh at the ridiculousness of it all, the time wasted and the money spent to collect the one hundred $ bill.

Added by Shannon M Thomas on February 26, 2011 at 9:13am — 3 Comments

What can go bad on a short sale when you hire an agent that doesn't understand short sales









It always amazes me when I hear the stories of agents who talk about horrible short sales are. "Don't waste your time on a short sale", they tell homeowners.







"They are a waste of time. The lenders won't approve them and the process is horrible. The last short sale I worked on took 9 months", they say.…







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Added by Bion Grady on February 25, 2011 at 11:43am — No Comments

FTC MARS Disclosures for Realtors(R)

These FTC Mortgage Assistance Relief Services (MARS) disclosures were put out for Florida Realtors(R) but I'm sure you can adapt them for your use as well. These documents were provided by the Florida Association of REALTORS(R). The package also includes an opinion from NAR and the complete FTC MARS Rule. I hope this helps. …



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Added by Bryant Tutas on February 25, 2011 at 10:06am — 8 Comments

Chase

FYI, If Chase holds both 1st and 2nd liens, 1st TD negotiator will handle both now per Chase.

Added by Bryan Rockwell on February 24, 2011 at 8:43pm — 9 Comments

Is a Streamlined Short Sale of My Kansas City Home A Possibility? Step One.

My first post of  "What To Do Right Now If  You Are Facing Foreclosure of Your Kansas City Home" outlined that there are possible options to foreclosure of your Kansas City…
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Added by Suzanne Hinton on February 24, 2011 at 4:30pm — No Comments

Get Over the Moral Angst of Stopping House Payments on a Bad Loan

If we are to believe the Mortgage Bankers Association, we are out of the quagmire and moving to higher ground in the housing market.  In this same publication the next day, one article referring to the MBA's analysis of the statistics indicates that delinquencies are falling and “Absent a significant economic reversal, the delinquency picture should continue to improve during…

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Added by John P Cadman on February 24, 2011 at 9:17am — 1 Comment

Homeowner Takes On Lender And Wins!

According to the Philadelphia Inquirer [1], Patrick Rodgers of West Philadelphia was able to "file a foreclosure action against Wells Fargo.







Discover how other sellers successfully did a short sale to avoid foreclosure by clicking here.







I bet there are a lot of homeowners facing foreclosure that would love to do the same thing. You work so hard to negotiate a reasonable loan… Continue

Added by Bion Grady on February 24, 2011 at 6:14am — No Comments

Brentwood Governors Club Seeing More Distress Sales

Brentwood Governors Club Seeing More Distress Sales

Well Known Gated Brentwood Tennessee Neighborhood Experiencing Increased Short Sale and Foreclosure Activity



Per my previous blog posts, Financial Distress…

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Added by Jim McCormack on February 23, 2011 at 9:30pm — No Comments

QWR process? How to handle not getting rersponse , or very partial is received?

Any experts on QWRs?  Any reference websites for detailed disussions?

Added by Larry Davis on February 23, 2011 at 3:26pm — 1 Comment

short sale PNC

Does anyone know on average how long PNC will list a short sale before it goes up for auction?

Added by paige merrill on February 23, 2011 at 12:52pm — No Comments

The Average Homeowner Can Live 492 Days Rent Free





According to the Wall Street Journal [1], the average homeowner with a home in foreclosure hasn't made a payment in 492 days. What's even crazier is that those homes are still in the foreclosure process.



That means that a homeowner can live rent free for even longer than 492 days. How long could they potentially live rent free? …



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Added by Bion Grady on February 23, 2011 at 7:58am — No Comments

If You Bought At The Market’s Peak, Does It Make Sense To Short Sale Your Home?









Many homeowners bought their home at the peak of the market. In the hardest hit areas, they paid $500,000 for homes that are not selling for $250,000 (or even less.)







Their home is costing them $4,000 a month. (That is the total after paying property taxes and insurance.) Renters have moved into the neighborhood and are paying less than… Continue

Added by Bion Grady on February 22, 2011 at 7:33am — No Comments

Nashville Brentwood Franklin Foreclosure Help and Short Sale Help

Nashville Foreclosure and Short Sale Help from a Nashville Foreclosure and Short Sale Expert. Brentwood, Franklin, Cool Springs, Nolensville, Murfreesboro & Smyrna Real Estate. Pre-foreclosure and preforeclosure help and counseling. Golf course homes and luxury homes. Serving Brentwood, Franklin, Cool Springs, Nolensville, Murfreesboro, Smyrna, Nashville and Surrounding Communities in Metro Nashville, Davidson County, Williamson County, Rutherford… Continue

Added by Jim McCormack on February 21, 2011 at 5:44pm — No Comments

FHA Insured Mortgage Foreclosure Help

FHA Insured Mortgage Foreclosure Help

How to Stop Foreclosure If You Have an FHA Insured Mortgage Loan

FHA Insured Mortgage Loan Short Sales (HUD Pre-Foreclosure Sales Program)




Missing a mortgage payment (i.e. defaulting on your mortgage loan) creates a lot of personal and financial stress. This stress is even worse if the financially distressed homeowner and borrower receives a foreclosure notice, Notice of Default, or Notice of Trustee's Sale (or…

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Added by Jim McCormack on February 21, 2011 at 5:39pm — No Comments

Financial Distress Hitting Affluent Towns and Neighborhoods

Financial Distress Hitting Affluent Towns and Neighborhoods



Per my previous blog posts, Brentwood Distressed Sales Activity Increasing and…

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Added by Jim McCormack on February 21, 2011 at 5:34pm — No Comments

BoA Short-Sale Questions from Buyer

Good afternoon, all!

 

I apologize if this is not the proper forum for my questions, as this is all completely new to me.  I am an anxious first time home buyer who just entered into a contract on a home that is a short-sale with BoA, and am really hoping for a smooth process.

 

I will attempt to be as brief as possible.  Here is the scenario....

 

Home was listed 1 week ago as a short-sale.  The seller's lender is BoA, and appears to be the only…

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Added by David Lessard on February 21, 2011 at 12:37pm — 2 Comments

One Upside To The Horrible Housing Market

If you are a homeowner, then the housing crisis has decimated the equity in your home. Many families have watched years of hard work spent building their equity go down the drain.







Discover how other sellers successfully did a short sale to avoid foreclosure by clicking here.







But, there is one group benefitting from the crisis: Home Buyers. They are able to buy a home at a… Continue

Added by Bion Grady on February 21, 2011 at 7:44am — No Comments

How To Avoid Any Surprises When Selling A Short Sale

"What? I Didnt Know We Had To Pay That Fee?!!"







Many agents and buyers are scared of short sales. Here is something that I do to make the short sale process easier for the home seller.







Before I start negotiations with your lender, I will order a complete title search. Here is why I do that. I want to know all the costs upfront,… Continue

Added by Bion Grady on February 20, 2011 at 4:25pm — No Comments

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