Every short sale transaction is not the same, and a lender should approach them all differently. HAFA requires the lender to identify the borrowers minimum net proceeds ahead of time, and the guideline requires 120 day period to change that value. So what does this mean, that if a property falls outside of the minimum net proceeds, it isn’t eligible under HAFA. Sounds ridiculous to me. This is such a shame; as a house is worth what a house is worth and no more, and even in the span of 120…

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We had short sale approval through 4-11 frm LBPS.  This is burearcracy at its best.

 

Loan docs signed, loan funded last week.  Title sent the final hud 5 days ahead of time.  NOONE responded.  Wed I call to LBPS to find out why.  LBPS would not approve the hud which was more than the approval letter and ready to close prior to the end date for the approval. WHY couldn't someone have told us. WHY do we have to call in to find this out.  WHY if we follow the approval letter…

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Hi folks. Why would a Lender consider a Strategic Short Sale? This article may help answer that question.

A Strategic Short Sale is a choice. It's a choice made by a seller (borrower) to sell their property to get out from under a mortgage that no longer makes sense and put their money elsewhere. These borrowers do not have a "normal" hardship.…

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Short Sale Not Closing, Is it possible to list it as  REO ? and if so what are the set necessary?

Fannie Mae's Short Sale Assistance Desk ("Assistance Desk") will handle post-offer issues related to the existence of a second lien or issues involving mortgage insurance.  Most cases are resolved in two weeks.  The Assistance Desk is offered by MLSs across the nation, including My FL Regional MLS, N. NV Regional MLS, ARMLS, Tucson, MRED, Intermountain, Pinellas, West Pasco, SE Minnesota, Miami, and coming soon to the New England, Northwest and Southeast markets.

The California…

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A couple of months ago I closed on a short sale with BofA as the 1st and Citizens as the 2nd.  Typical process and timelines.  Citizens got all the client's documentation, had a complete package and submitted the file to a negotiator. GREAT!!!

 

About a week after, I was told they would be assigning a negotiator.  I received a call on my way to the office.  The negotiator called me to introduce himself and let me know that he was overlooking the file and he needed some updated…

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I specialize in educating Connecticut homeowners of the cautions they must take when seeking mortgage relief assistance. If you owe more for your home than it may be worth and are unable to pay your mortgage payments,

please be aware of recent government changes to protect you fron unscrupulous individuals and companies who want to take advantage of your disressed situation.Please be aware of  following red flags: 1. The claim of government affiliation.…

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Glendale, CA Real Estate – I see a lot of agents making mistakes on short sales property valuation. Lenders hire a supposedly impartial third party to value the property.

 

Many of these people are…

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Foreclosure vs. Short Sale: Which Option is Best For My Credit Score?

As someone who deals with homeowners facing foreclosure on a daily basis, I am often asked whether a short sale or foreclosure results in more damage to your credit. Unfortunately, there is no straight- forward answer. The reason why this is such a…

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I have to applaud Bank of America for really trying.  One of my shortsale files was transferred to their third party vendor for their BofA coop program.  It's a very close model to HAFA but it's a BofA product.  The negotiator told me that it would be a 10 day turnaround and I really didn't believe her.  I actually got a counter in 6 days!  They only countered minor things like the buyer's home warranty.  Now we just need to get investor approval. Wow!!!  Has anyone else worked with this… Continue

Short Sale Approval Received in 26 Days from Well Fargo Home Mortgage!

 

I just received short sale approval from Wells Fargo in 26 days!  It was a total of twenty six days from when the short sale application was submitted to the lender until I received the short sale approval letter in my email box.  So much is written about the bad short sales - the ones that drag on for months at a time - that I thought I should…

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Here's what I think......

In Florida it is perfectly legal to give commission rebates. The rebate just has to be disclosed to the parties of the contract (buyer and seller). By the way, 40 States allow commission rebates.…

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Yes There Are!

 

It's hard to find an article about Short Sales or Foreclosure that does not mention California.  It seems that California, Florida, Nevada, and a occasionally a few other states are often in the news.  As most know, these states have had the highest distress sale problems.

 

But California's a Big State...

and the largest problems have not been in the Coastal Cities. Instead they have been in other areas like Sacramento, Riverside County,…

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So you have determined that you owe more on your Kansas City home than it is worth and you need to sell because you cannot afford your home any longer.  You decide to short sale your Kansas City Home. 

There are some tips that I would…

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