February 2014 Blog Posts (17)

Seterus Short Sales

Does anyone have a name of someone higher up...I have a FHA I'm trying to do and Fannie is coming back wanting Full price of what is owed even with showing to model matches that are way under. Need some help???? 

Added by Darla Espinoza on February 26, 2014 at 5:24pm — 3 Comments

Teacher Credit Union first and second mortgage

I am wondering if anyone has ever done a short sale with Teachers Credit Union? It is not a huge branch but they are not small either.

I was told by the mortgage department (since they don't have a loss mitigation dept) that they will not accept an offer for less than $200,000 since their unpaid balance is $230,000. They are not going to entertain any lower value. They also never waive the deficiency.

I am looking for some good news from anyone who has dealt…

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Added by Ashley Den Uyl on February 26, 2014 at 12:48pm — No Comments

FHA short sale help

We have a first with Midland (FHA) and a second with Navy Federal

Midland won't work a short sale without an approval in writing from Navy Federal accepting $1500 (balance is aprox. $70k).

Navy Federal won't look at the short sale without an approval in writing from Midland showing what offer they will accept and what Midland will approve for Navy Federal.  Navy Federal will not order a BPO until they have the Midland approval in hand.

Any ideas?

Added by Marcia Vollmer on February 25, 2014 at 10:53am — 3 Comments

what if 2nd lien does not accept $6000 for GSE?

I, the buyer, have received approval for a short sale that is HAFA II. The only problem is that the 2nd lien holder wants more than $6000 for a GSE.  The first lien holder is claiming it is illegal to ask for more than $6000. But it is my understanding that the 2nd lien is "offered $6000", but is not forced to accept only $6000? Also how do you handle this? Fannie Mae's instructions state no one (buyer, seller,...) can pay the extra amount.

Added by bob on February 24, 2014 at 8:22am — 4 Comments

Short Sale Approvals - How to properly read a short sale approval letter

Understanding a short sale approval letter is a critical skill for a real estate agent, homeowner selling on a short sale, investor buying on a short sale, and anyone affected by a particular short sale transaction.

Most banks approving short sales are national.  This means they have loans in most states.  However, they often have legal council for the states they have loans in.  Because of this, often they will adjust their short sale approvals based on what works on the…

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Added by Oscar Morante on February 19, 2014 at 11:43am — No Comments

Typical "Short Sale or Not" Questions and Answer - Portland

Because I am very active in Short Sales in the Portland, OR metro area, I get all kinds of questions by email and phone.

As much as possible, I try to keep the questions and answer in email form.  One of the most common questions I get is:

"should I short sale or not".  My answer is almost always "it depends".  Basically, whether a short sale is a good strategy to unload a property, or not, depends on the specific situation.  The email sequence below is a good example of…

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Added by Oscar Morante on February 19, 2014 at 10:58am — No Comments

Need Help with Nationstar.

Hi all, I have been doing a short sale with Nationstar and its been in equator for quite a long time now. They promised us the approval letter when we met the net they required. It was in November 2013 and since then there hasn't been any response from them. I tried emailing negotiators and managers in equator, tried calling them, but no response at all. Does anyone know somebody at the top level who can help me get an update on the file and keep it moving.

Please share your…

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Added by Vishnu Nair on February 18, 2014 at 8:49am — No Comments

California Foreclosure Spike .. Look at the FED RESERVE NUMBERS... Its not a surprise to this professional

Spiking Foreclosure and the Statistics, those pesky little numbers! Can consumer emotions be tied to those same numbers?  As a Realtor®, businessman I look at the statistics and then try and apply them to my client and community needs.  For some time  strong honest market influences have been advising the public to research the market and if they are considering short…

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Added by George Kenner on February 17, 2014 at 5:08pm — No Comments

Give Us Hope, Mr. Lawsky!

Where would you like to be when you are old? I don't know how to read minds but I am sure you don't want to be homeless. I am sure you don't want to helplessly see your home foreclosed by a bunch of crooks driven by greed.

Many old people, cancer patients, newly married couples, single moms, among others have been evicted by the loan servicer Ocwen. Many have seen their short sale requests turned down only to watch their homes sold for lower prices to builders and investors. As per…

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Added by Saurabh Singh on February 13, 2014 at 12:24pm — No Comments

The Woman Who Will Battle Ocwen

According to Forbes, Kathy Patrick is the woman wall street fears most. “The toughest lawyer you will see,” works out of an unassuming 33-lawyer Houston firm. She teaches Bible study on Sundays and sings in her church band, while raising two teenage boys with her husband.  Her $8.5 billion Bank of America settlement over bad mortgage deals was just the beginning. "Who else has ever gotten $8.5 billion out of anyone? Go find a settlement where anybody in history got $8.5 billion in a private…

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Added by Saurabh Singh on February 13, 2014 at 7:48am — 1 Comment

You May Take Your Ocwen Complaint To The DFS

Superintendent Benjamin Lawsky's office at the Department of Financial Services have raised certain concerns about Ocwen's ability to service mortgages and have halted indefinitely a $2.7 billion deal by Ocwen Financial Corp. to purchase mortgage-servicing rights from Wells Fargo.

Ocwen typically acquire loan servicing rights from lenders like Wells Fargo, Deutsche Bank, Bank of America, Chase, HSBC etc. and by acquiring companies like Homeward, Litton etc. who possess such loan…

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Added by Saurabh Singh on February 13, 2014 at 6:37am — 2 Comments

FHA Back to Work Program

Exciting News! FHA Is Allowing People that Suffered through Recent Economic Hardships to Apply for a Home Loan with the FHA Back to Work Program.…

photo credit: Daquella manera via photopin cc
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Added by Michael Collins, CDPE, SFR on February 11, 2014 at 11:36am — No Comments

If You Have Issues with FNNMA Foreclosing Over An Inflated Value Post Here

Hi guys,

If you some good examples of issues with FNNMA please post in the comment section. Thanks

Added by Bryant Tutas on February 7, 2014 at 10:06am — No Comments

Seller Forced into foreclosure with high Fannie Mae pay off

I have a property in Oakdale that only 170,000 was owed. The servicer  added attorney fees and processing fees that took it way up.. it was a short sale with squatters in it. It took me 4 months to get them out, of which I paid. the bank said they would take 159,000.. but when we got an offer for 159,000.. they countered with 184,000.. then when we got an offer for 184,000.. they countered at 201,000.. This house is not  livable, flooring all gone, stove damaged, dishwasher damaged, master…

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Added by Linda Kemppainen on February 6, 2014 at 9:37am — 6 Comments

Simple Ways to Get Your Home Ready to Sell

Simple Ways to Get Your Home Ready to Sell

photo credit: Neil Kremer via photopin cc
photo credit: Neil Kremer via photopin …
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Added by Michael Collins, CDPE, SFR on February 5, 2014 at 8:25am — No Comments

Who are best NOD/preforeclosure listing services?

I have been using a service for past few years and their data is often outdated and has errors. I am looking for a best service. Any suggestions based on your experience? Thank you in advanced.

Added by Bill Green on February 4, 2014 at 9:07am — No Comments

Can The Junior Lien Holder Recieve More Than Apporved By The Short Sale Lender?

There are many lenders and investors that have no issue with any party to the transaction, including the agents, making payments to junior liens or other expenses not approved by the short sale lender. In fact BofA and other large servicers place this right in their approval letters.

  • "Please be aware that any additional fees that were not approved on January 14, 2013 will not be covered by Bank of…
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Added by Bryant Tutas on February 3, 2014 at 8:30am — No Comments

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