July 2011 Blog Posts (61)

Wells Fargo & Equator - Are We Valued? Not!

Dear Valued Realtor:Please login to https://www.equator.com to complete a task or review a message that has been assigned to you for Short Sale processing. To reply or contact Wells Fargo via email, please log in and go to the Messages section. Thank you for your cooperation.

The message above was sent to me via Equator so that I could complete a task.  I've gotten a ton of messages from Equator from the good folks at Wells…

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Added by Carol Pease on July 31, 2011 at 6:13pm — No Comments

Golden One2nd lien holder canceled their prosmissory note after the short sale closed in California

     

Because of the new law that was passed in Ca. July 15th, stating that 1st and 2nd lien holders can not pursue a deficiency, ask for cash at closing, or pursue any promissory notes,  Golden One sent my client a new revised approval letter releasing them of any promissory note. We closed the short sale on July 26th and the negotiator called the next day and said they were sending out a new approval…

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Added by Kathy Dyer Realtor Rosevillle Ca on July 31, 2011 at 10:30am — 2 Comments

In my Palm Springs area, Equity Sales outpaced Distressed Sales numbers in June 2011.

Palm Springs, California had some interesting sales statistics for June, 2011.  What intrigued me is that my own Sales number almost directly reflect what the CDAR report states..my own business is running almost equal between Equity Sales and Distressed Sales.  The Equity Sales seem to be in the higher end, which means that median number they always throw around should be going up..if other Agents are seeing the same thing I…

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Added by Kimberley Kelly on July 31, 2011 at 6:09am — No Comments

FTC MARS Exemption: Good Or Bad For Short Sale Agents?

The Federal Trade Commission (FTC) recently issued a statement that it would no longer enforce several provisions of the widely scrutinized Mortgage Assistance Relief Services (MARS)…

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Added by Andrew Coppo on July 29, 2011 at 7:18am — 2 Comments

Who is this Riparian and why does he have rights?

For those real estate agents and professionals that work in areas where there are bodies of water the term Riparian comes up quite a bit.  No, it is not a person but rather a set of rules, regulations and rights that owners have when owning a home or property that is located on the water’s edge.

There are several categories of Riparian Rights…

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Added by Tim Brown on July 28, 2011 at 6:33pm — No Comments

US Bank Short Sale Approved ~ Los Angeles Short Sale Agent

US Bank Short Sale Approved ~ Los Angeles Short Sale Agent

 

US Bank is approving Short Sales. US Bank has listed a Short Sale as an option on their website under Mortgage Help.…

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Added by Sara Mehrpouyan Los Angeles CDPE on July 28, 2011 at 6:10pm — 2 Comments

Franklin Credit Management Copr.

I'm lookimg for a supervisor's phone number at Franklin Credit Managemnet Copr in Jersey City.  If anyone has a number please send it to me...I'm desperately trying to get a hold of a supervisor to save a short sale I'm working on.

 

Thanks!!

Added by Cathy Rojas on July 27, 2011 at 12:22pm — No Comments

BofA Short sale Help

I am under contract with a BofA short sale, the investor is countrywide funding. I think BofA owns them now, will BofA be able to approve the short sale if they now own countywide?

Thanks for your time!!!

Paul

Added by Paul Silva on July 27, 2011 at 10:30am — 2 Comments

Help with Fannie Mae Short Sales & 2nd Liens

Jeremy,

 

Does your MLS offer the Fannie Mae Short Sale Assistance Desk.  If yes, then you may be able to speed up the process.  If the property is backed by a Fannie Mae loan (use the Fannie Mae loan look up tool at http://www.fanniemae.com/loanlookup/ to confirm, and if it meets the eligibility guidelines for submission to Fannie Mae for review (visit …

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Added by Gail Mitkoff on July 26, 2011 at 7:18pm — 4 Comments

CRISNet Offers Fannie Mae Short Sale Desk to Speed Up the Process

If you're having problems with 2nd liens or MI issues, you can escalate the issue to Fannie Mae on the CRISNet MLS site (see info on their site for the Fannie Mae Short Sale Assistance Desk).  It's easy to use and takes a few minutes to complete the questionnaire and submit to Fannie Mae.  You'll need a signed authorization from the homeowner giving you permission to talk with Fannie Mae (the form is on CRISNet's website).  Also, MLSListings, Inc in N. California is offering this service to its… Continue

Added by Gail Mitkoff on July 26, 2011 at 6:52pm — No Comments

Flavor of the Month: 2nd's are Holding Short Sale Deals HOSTAGE

Hi, there are 3 deals that are ready to close, but the 2nd's are asking for 50% of the loan balance, and I just do not know what to do:

 

1) Realtime Resolutions: they have a balance of 140K, and are asking for 80,000 as a payoff. The 1st (B of A) has allotted them $6,000.

 

ANY ADVICE ON WHAT TO DO?

 

2) Strategic Recovery Group: they have a balance of 120K, and are asking for a $60,000 payoff.

 

3) Indymac: They are doing a BPO (Why…

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Added by Jeremy Stuart on July 26, 2011 at 11:29am — No Comments

Beware of ING Direct Short Sales

This past week, I got an ING Direct Short Sale to closing.  Getting there was full of directives from ING Direct that every Short Sale Agent in this country should be aware of.

For starters, our contract had the Buyer requesting closing cost help from the Seller.  After reviewing the contract, ING Direct, as the Short Sale bank, determined they wanted more money in the sales price and that there would be no closing cost help to the Buyer.  Since my…

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Added by Chris Ann Cleland on July 24, 2011 at 10:06am — 2 Comments

No Short Sales here in Vancouver, BC!

Here I am in beautiful West Vancouver, BC.  I was here last year with clients/friends, but in the Northern Vancouver area.  Both are gorgeous.  As I did last summer, I am experiencing the other side of the Palm Springs, Calif. real estate reality.

No Short Sales!

Strange, but true.  The Banks here are regulated,therefore, no unregulated run up of property value..just a steady, gradual rise.  Now, the Vancouver market appears to be blazing along.  In fact, at a…

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Added by Kimberley Kelly on July 24, 2011 at 6:30am — 1 Comment

Is it healthy for Brokers to charge Upfront Fees?

New post on my blog: www.seattleshortsaleblog.com.



Short sales are unquestionably becoming a viable option for most homeowners and are rapidly becoming popular in our country today. The Federal Trade Commission (FTC) recently cancelled rules set by the Mortgage Assistance Relief Services (MARS). Their reasoning was they did not want to “inadvertently discourage…

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Added by Peter J Kim on July 22, 2011 at 4:30pm — No Comments

WHY Short Sale ~ by Los Angeles Short Sale Agent

WHY Short Sale ~ by Los Angeles Short Sale Agent

Why Short Sale ? These are 3 words that may be on the minds of many people in such difficult…

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Added by Sara Mehrpouyan Los Angeles CDPE on July 22, 2011 at 3:31pm — No Comments

Tell Congress to support the current Federal income tax deduction for interest paid on debt secured by a first or second home.

Received a response for my "CAR - Call To Action" call made and the response I received today!  It really does make a difference when we all take the time to have our voices heard!

 

Dear Estella:

Thank you for…

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Added by Estella Drake, CDPE on July 22, 2011 at 1:25pm — No Comments

Tell Congress to support the current Federal income tax deduction for interest paid on debt secured by a first or second home.

Received a response for my "CAR - Call To Action" call made and the response I received today!  It really does make a difference when we all take the time to have our voices heard!

 

Dear Estella:

Thank you for…

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Added by Estella Drake, CDPE on July 22, 2011 at 1:25pm — No Comments

Short Sale in Rancho Mirage, California...CLOSED!

Closed another Short Sale in Rancho Mirage, California.  Recorded yesterday for $265,000.  Bank of America notes at approximately $485,000.  

 

My Seller is a lovely woman who LOVED this condo.  She and her husband spent many happy years there.  Her husband died a couple years ago, and it just became too emotional for her to live there.  Emotional as well as expensive.  She finally gave in and decided to short sale it with me. 

 

My Buyer is a Canadian who was…

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Added by Kimberley Kelly on July 22, 2011 at 7:30am — No Comments

Short Sale Tip # 61 Birmingham Michigan: Don't wait to start the short sale process. “You HAFA try!!” Mike Sher (248) 496-1572, Max Broock Realtor

Short Sale Tip # 61 Birmingham, Michigan:  Don't wait to start the short sale process. “You HAFA try!!” Mike Sher (248) 496-1572, Max Broock Realtor

 Often real estate agents wait to start the short sale process until they have an offer.  This is a BAD idea and if the seller is not making payments it is a worse idea.  In short sales, time is not on your side.  So why…

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Added by Mike Sher on July 21, 2011 at 12:00pm — No Comments

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