July 2014 Blog Posts (11)

how to negotiate with the second when there is some equity in the house

My house is in foreclousure . 1st. is with OCWEN 1,200,000 and second is with Regions Bank 1,050,000. Second has a summary judgment coming up in Oct. Had a short sale offer came in. Regions is saying they had the house appraised for 2,100,000 therefore they would consider $ 1,800,000 . Even this buyer would go up to 1.8M then Regions would only clear $500,000 after paying the first and the closing expenses and commissions etc..

I have a third party (family member who who is willing to…

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Added by BB on July 29, 2014 at 9:21am — No Comments

Need to know if anyone has worked with Spectrum, better known as Chevron Credit Union on a short sale?

Please let me know of your experience in dealing with Spectrum or Chevron Credit Union on a short sale. Would like to know the name of the person you dealt with and if you know of someone to escalate a file too. I am having a terrible problem with their negotiator and not getting any where. This home is set to be sold at the court house in Nov. So if anyone has knowledge let me know. Thanks Julie Wilkinson

Added by Julie Wilkinson on July 28, 2014 at 12:06pm — No Comments

Rushmore Loan Management

Does anyone have history with Rushmore Loan Management and their process for short sales?

Added by Tony Shade on July 28, 2014 at 8:02am — No Comments

Wisconsin June 2014 Housing Statistics

The Wisconsin housing statistics are in for June of 2014. Here is an excerpt from what the Wisconsin Realtors® Association (WRA) had to say:

Existing…

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Added by Michael Collins, CDPE, SFR on July 23, 2014 at 12:02pm — No Comments

2nd borrower problem

The second borrower does not want to participate in the short sale. She never lived in the house. She never made a payment, only her daughter lived there by herself and the daughter made all the payments.The bank advise the daughter to do a quick claim deed and take the mother of the deed. We deed that, its is a FHA mortgage. The file was submitted to HUD for a variance approval. The approval was denied. ANY HELP PLEASE.

Added by osbardo mejil on July 22, 2014 at 10:42am — No Comments

Need help with FHA short sale

First I would like to thank the creators/ membor of this site. As a first time homebuyer of a short shale home, this site has been extremely helpful and there's so much I've been able to walk away with regards to short sale proceedings. That being said, I have just a quick question. From what I understand based off of my online research, I'm in the last process of the short sale. I'm using a VA backed loan to purchase an FHA short sale however FHA does not allow closing cost assistance for non… Continue

Added by Michael Acevedo on July 18, 2014 at 3:59am — No Comments

Bank of America Again

Short Sales with Bank of America have not gotten easier, if anything they seem to take longer then all others, except Ocwen.

I am a buyers agent on a short sale with Bank of America. When our offer was accepted ( we were the back up) on March 3rd, 2014..That it was an approved short sale. Since that date my buyers have completed all the requested documentation. Bank of America has done three appraisals in the past four months. This property is set for TS on August 1st 2014. The…

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Added by Linda Kemppainen on July 16, 2014 at 8:58am — No Comments

Closing now with a filing of chapter 7 bankruptcy

Good morning:
I listed a short sale.  The seller is in Orlando area now.  The loan is with Pentagon Federal Credit Union (PenFed).  They usually ask for a financial work out plan.  She got a cash offer.  She accepted, PenFed accepted, with her bringing NOTHING to the table. They had compassion for her because Seller has had personal crisis in life.  The closing was scheduled for June 20.  The buyer came signed, paid the balance owed.  The seller sent me an email she wanted her…
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Added by Lillian Blessing on July 9, 2014 at 6:12am — No Comments

Help with citi Financail 2nd

Looking for docs & or 3rd party authorization forms for a Citi Financial 2nd ....And any direction on the process with working with Citi Financial as the 2nd with Nationstar.

Added by Robert Drakeley on July 8, 2014 at 6:30pm — 1 Comment

Who Services EMC mortgage loans now ?

If anyone know, the information would be greatly appreciated!

Thank you in advance!

Added by Jacqueline Tabak on July 2, 2014 at 6:38am — No Comments

Buying a Home with Cash

Pros and Cons of Cash Buying

All-cash home purchases hit a record in the first quarter of 2014, reaching 43 percent, according to RealtyTrac, which has been tracking cash-buying trends since 2011. Home-Cash-Purchases This latest figure represents a 19 percent rise from last year—a number industry watchers attribute to stricter mortgage qualification standards…

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Added by Michael Collins, CDPE, SFR on July 1, 2014 at 8:08am — No Comments

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