April 2010 Blog Posts (25)

Bank Of America Change Of Buyes With Same Terms

Any body know how to go about changing buyers name on previously approved deal.They are telling me thru Equator to start new deal.The only thing is changing the buyer name all the other terms remain the same.

Added by Ray on April 30, 2010 at 5:30pm — 1 Comment

Bank of America Comes Through

In February we had a 10 month-old deal denied by Fannie Mae with NO counter, NO explanation, and NO discussion. Sound familiar? I took the advice of some on the site and e-mailed [email protected] Within two weeks they assigned a resolution specialist, Amy Geimer. Amy went over the deal in detail with me and discovered that the previous negotiator had essentially ignored the most recent BPO. The offer that had been denied was about 5k above the "reserve" amount. I called the… Continue

Added by Brian Garff on April 29, 2010 at 7:00am — 2 Comments

The Political Side of Short Sales-Political Action Committee for the Investor/Buyer Market Makers

The NAR has been an effective political action lobbyist for many years. It seems it is time for the investor/ buyer community to unit and create a community to retain and support lobbyist of our own so our voices are heard in State and Federal lobby forums to communicate and protect our interest as a key component to the economic recovery and survival of the real estate market in the United States.…

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Added by Craig Barry on April 28, 2010 at 9:38am — 1 Comment

Lender Settlement Percentage Benchmarks

BAC has generally settled around 90-92% of BPO value. This issue is their BPO value is always 10-15% higher then true fair market value and doesn't normally reflect true distressed or settlement value which as an investor/buyer we need to see. Keep in mind this is based on loans in the NJ Market where we have been successful obtaining approvals on short sale deals. We have also attempted to re-cert value and perform desktop reviews and this has had little impact with changing BPO value. The… Continue

Added by Craig Barry on April 28, 2010 at 9:09am — No Comments

Distressed Properties Class: Listing Short Sales: Mindsets and The Short Sale Process w/Melissa Polce

Distressed Properties: Listing Short Sales: Mindsets and The Short Sale Process w/Melissa Polce

Wednesday, April 28, 2010

1:00 PM to 3:30 PM EDT

Training Room, Cornelius



Chapters 5 & 6 from the Distressed Properties Handbook:



Listing Short Sales course materials will be covered.



You will learn:

* Know lenders' and Asset Managers mindsets and motivation: Understand where the ultimate sellers are coming from--why they do what they do and… Continue

Added by Melissa Polce on April 28, 2010 at 6:09am — No Comments

programs to orginize progress

Was wondering if anyone could suggest a good program for orginizing my work though the short sale process?

Added by JO ANN VEUTHEY on April 27, 2010 at 11:16pm — 2 Comments

Realtors Wanted for Expanding Short Sale Reatly Office Northern NJ- Bergen County

My Collegue at Concord Realty Group in RIver Edge, NJ is looking for licensed agents to join her firm to focus on current opportunities in Bergen County, NJ. If any community members have friends considering a change to make a move to a more Short Sale Condusive Environment please contact us.

We are looking for candiates with Strong Real Estate and Short Sale Experience interested in joining a professionally positioned short sale firm in Northern NJ TODAY. Please contact me…

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Added by Craig Barry on April 27, 2010 at 10:46am — No Comments

Metlife and First Horizon forwards servicing to IBM's new servicing division called LBPS

Another flavor of the day pops up- IBM's (LBPS) Lender Business Process Services is now servicing 10's of thousands of Metlife and First Horizon loans starting May 1st and June 1st



.



If you are in a short sale with these two lenders ask the client to be prepared to receive the RESPA package explaining the servicing change and to send you the new loan # with a new ATR. You can also call in and request the loan # on a three-way the first time. They have not gave out… Continue

Added by Bill Black on April 26, 2010 at 6:11pm — No Comments

Citi setup for docs/client forms

Greetings, just wanted to share or vent???? faxed 60 pages with citi's own forms at the head, just as they ask. Called 48 business hours later, was told they werent all in the system to call back. called back next day? lady said only some were there to call back next day. I even gave her page numbers to help her look. so called back next day, 1st man was rude....says they werent there couldnt tell me what happened, to call back. so I called back, FINALLY< got a young man, who wasnt very…

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Added by Deborah McGraw-McCormick on April 22, 2010 at 9:36am — 2 Comments

American Home Mortgage Corporation - stalled for a month - advice?

I have been stalled for a month on a short-sale with American Home Mortgage Corporation. On 3/26/2010, I received a voice message from the negotiator instructing me to call the general short-sale 800 number which I immediately did (the only communication I have ever received in two months from this negotiator).



The negotiator had updated the notes to the file stating the specific (higher) sales price they require and the additional requirement that the buyer pay a 1% Admin fee. I have… Continue

Added by Wendy Cutrufelli on April 21, 2010 at 10:31am — 2 Comments

HAFA

I did not read anything in the agreements that indicated that the payment would be up to 31%. It does state that a partial mortage payment may be required during the short sale process.

Added by Darlene Krause on April 20, 2010 at 11:57am — 1 Comment

Short Sale Cards

Does anyone know of a good card company offering short sale just listed/sold cards?

Added by Vicki Weeks on April 20, 2010 at 9:59am — 2 Comments

Oregon Senate Bill 628

Anyone have experience demanding a meeting with the lender under SB 628?

Added by wendy burns on April 19, 2010 at 11:46am — No Comments

BACK TO BASICS - A PRIMER REVISED AND REVISITED

Short Sale Primer For Brokers, Sellers and Buyers…

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Added by Richard Zaretsky on April 18, 2010 at 8:29pm — 2 Comments

Hi from Chico, CA

Good morning everyone, today is Sunday and the weather is absolotly beautiful in Chic. Finally Spring is here.

I am plugging in everyday to survive in this kind of a market. I singed up with Res.net, Equiator, and some more and have not recieve no BPO yet. Any Idea what i need to do to get my foot to the door.

Added by Sima Saboury on April 18, 2010 at 8:30am — 1 Comment

Has anyone had BoA come after the deficiancy after the short sale

EVERY other short sale closing I have had the lender waived the right for the deficiency, why is BoA not budging on this, is there something else I should try with them? FYI it's not the Sellers primary residence

Added by Greg Bloss on April 16, 2010 at 3:04pm — 13 Comments

Deficiency Judgment on Second with BofA

My seller has a first and second mortgage on their primary residence. We are in short sale negotiations and have an approved offer from BofA. My sellers are nervous about signing the def judgment waiver to allow BofA to pursue in the fuure. This only pertains to the second, since it was not purchase money. The amount of $44,000 is low, so I have been told that if the seller just waits 3-4 months they can contact the second lien holder and negotiate a lower settlement, say up to 10%, they…

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Added by kathleen shaffer on April 16, 2010 at 11:36am — 5 Comments

Has anyone dealt with Deutsche Bank with a short sale?

I have a Saxon mortgage that was quit claimed to Deutsche Bank - this is a rental property the client wants to short sale...any suggestions or words of wisdom?

Added by Pam Patterson on April 13, 2010 at 1:27pm — No Comments

Here it comes...tax credit deadline crunch yet again...

As the tax credit deadline of contracts signed by April 30th with the close of escrow deadline of June 30th, we are starting to see a lot of questions again about whether or not a buyer in the market now can still take advantage of the Home Buyer tax credit. Here is a post on Trulia bringing up this question.

My…

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Added by DanaVoelzke on April 12, 2010 at 8:21pm — No Comments

Did Bank of America make an error that I should move forward on?

I represent a seller who has a first and a second with B of A. The second is a HELOC. The file is hardly short but just short enough that we needed to request a debt relief on the HELOC.

This file went very smoothly through…

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Added by Diane Wheatley on April 12, 2010 at 9:42am — 1 Comment

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