March 2011 Blog Posts (58)

A Little Known Fact About Short Sale Negotiators

A negotiator at a large bank tried to mislead a Stop Foreclosure Institute Member. She really got on our nerves.







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







You see, we've spent the last few years figuring out all the guidelines for short sales. If the loan being shorted is an FHA Loan, VA Loan, Fannie Mae Loan, or Freddie Mac… Continue

Added by Bion Grady on March 10, 2011 at 7:05am — No Comments

Lenders Loses 50k Turning Down Short Sale

This bank's stockholders are probably unhappy after losing $50,000 over incompetence.






I have a good story today about another bank losing their shirt because their short sale process is so… Continue

Added by Bion Grady on March 9, 2011 at 10:57am — No Comments

Glendale Short Sales: This Short Sale Negotiator Isn't Doing His Job!



 

 

Glendale, CA Real Estate – Glendale CA – Here is a question that I just recieved. “I am in the middle of a very long negotiation with…

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Added by Jennifer Escobar on March 9, 2011 at 10:00am — No Comments

Why Glendale Short Sales Sell For A Higher Price Than A Glendale Foreclosure:

 

Glendale, California Real Estate | Short Sale Specialist | Short Sales | California Free Loan Modifications – People often wonder why their lender will release their debt in a short sale. Most lenders don’t like to release the debt. But, they agree to do it because they know that policy nets them more money.

 

They net more because a home usually sells for more money as a short sale versus after it has been foreclosed upon. Let’s go thru a few examples.

 …

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Added by Jennifer Escobar on March 8, 2011 at 12:30pm — No Comments

Chapter 13 and Short Sale (Advice Please)

A client is in Chapter 13

 

He wants to short sale his rental unit which is in bad condition (currently unrentable)

Comps show upgraded homes in the community as competition sold at average $115

Subject property needs $25-$30 work to bring to comp condition.



Several buyers are interested.

  • Client needs to get an “Affidavit of Abandonment for Real Estate & Asset” from the bankruptcy trustee, (after he decides that he really wants to…
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Added by Bill Travis on March 8, 2011 at 10:04am — 2 Comments

Why Short Sales Sell For A Higher Price Than A Foreclosure

People often wonder why their lender will release their debt in a short sale. Most lenders don't like to release the debt. But, they agree to do it because they know that policy nets them more money.







They net more because a home usually sells for more money as a short sale versus after it has been foreclosed upon. Let's go thru a few examples.







Discover how other sellers successfully… Continue

Added by Bion Grady on March 8, 2011 at 10:00am — No Comments

The State’s Response to a question on 1099c and Collection Activity…

As my readers (and anyone who knows me) know, I am a Short Sale Specialist.  I aggressively fight for the right of home owners to get them out of their unaffordable mortgages all the while with the intent of removing them from future liability.

Please read an email I sent to the Massachusetts Attorney General:

I have a question as to the state’s laws on allowing a lender to proceed…

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Added by Bobbie Files on March 7, 2011 at 11:48am — 5 Comments

This Short Sale Negotiator Isn't Doing His Job











Here is a question that the Stop Foreclosure Institute recently received. "I am in the middle of a very long negotiation with Chase.







The seller had me to put a clause into the contract stating “upon approval of short sale by sellers’ lender, lenders, & or affiliates, client, or heirs will be released from any monetary… Continue

Added by Bion Grady on March 7, 2011 at 11:00am — No Comments

How does the progress of Short Sales compare with stages of a business cycle?

How does the progress of Short Sales compare with stages of a business cycle? Okay, granted, a Short Sale is not a product or a service that a business would seek yet shouldn't it run perhaps parallel to or in sync with the stages of a business cycle?

Stage 1 - Start up or…

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Added by Lynn Pineda on March 7, 2011 at 7:30am — No Comments

Will the Lien holder really modify?

I understand that the lien holder's intent is to collect a debt but the last actions from Chase are really beginning to irritate me.  My sellers have be declined loan mods 5 times already. They are insolvent.  They finally gave up and listed the house.  I have multiple offers on the property and I'm excited to prevent my sellers from foreclosure. My seller receives another HAMP packet via mail.  They'll probably be denied again.  My only problem is that I have vested buyers ready, sellers were… Continue

Added by Trina Gonzales on March 6, 2011 at 1:39pm — 2 Comments

Chase offers my seller up to $30,000. back with short sale closure.

Has anyone seen this? My seller received a letter from Chase saying that they would give her up to $30,000 for moving expenses etc with a successful closing of her home as a shrt sale. I read and reread it and then quickly sent in a package for her. We are going through the process. We have an offer and a full package in. Just want to know if any of you have seen this.

Added by Mary Margaretich on March 6, 2011 at 10:35am — 2 Comments

FTC MARS Checklist for Florida Short Sale Agents

 

On February 25, there was a stir in the Florida real estate world.  The Florida Association of Realtors issued an alert that, yes, we must comply with the new Federal Trade Commission…

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Added by Wendy Rulnick on March 5, 2011 at 5:00am — 2 Comments

BOA Loan paper work held up

I locked in a loan at 4% over 30yrs. Price of the home  was240,000. the 1st  apprisal came back at something. when I called to check on this appraisal the secertary told me that the appraisal was marked complete in the computer but she could not open it. then the loan office got on the phone and said the appraisal was marked incomplete and they were ordering another one. I spoke with the appraiser and she said the appraisal was fine and she was paid for it no question. when  the second…

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Added by Patrick McIntyre on March 4, 2011 at 11:42am — No Comments

How to strong arm your lender on a short sale

Here is a technique you can use to “strong arm” you’re your lender on your short sale. The number one reason people short sale is to salvage their credit.







After all, a short sale has much less of an impact on your credit than a foreclosure. Despite all this, banks still make short sales tough.







How would you feel if you worked hard on a short sale only to watch it fall apart because you lender dragged their… Continue

Added by Bion Grady on March 4, 2011 at 7:07am — No Comments

Why it is cheaper to short sell and rent versus staying









Many people are shocked that it is often cheaper to short sale and rent that staying in your home with a loan modification.







They find it hard to believe that they can rent a comparable or even nicer home for less than their mortgage. Here are the two factors that make it possible.…







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Added by Bion Grady on March 3, 2011 at 6:35am — 1 Comment

NIGHTMARE SUPRISE SHORT SALE!!!!

 

Took the day off work to attend closing on the home of my dreams- All packed and ready to go!

Before I get in the car to leave for the real estate office the listing agent called to say we couldnt close today becuase the sellers bank (Chase) wouldnt provide a payout amount. Days go by before Chase ponies up the payout number. The seller recieves the number and....Whoops! The seller cant afford to sell the place!!! WTF?!

As it turns out the amount of my offer WOULD…

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Added by M. Boblitt on March 1, 2011 at 10:23am — 4 Comments

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