August 2011 Blog Posts (40)

Should I Just Hand the keys Back?

Only if you want to pick the worst choice in a bad situation.  With a foreclosure, your credit will be severely impacted, security clearances can be challenged, your ability to finance ANYTHING in the future will be challenged, and the debt owed will not go away.  When you do a short sale in Virginia, or other states, you will most likely ALWAYS be in a better position.

 …

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Added by Dan Rochon on August 18, 2011 at 4:30am — No Comments

SHORT SALE SUMMIT BY BANK OF AMERICA - NEW INCENTIVES!

Some of my short sale staff and I met with Bank of America in Miami today at their “Short Sale Summit”. We had a nice small group that met twice this afternoon - and I got to ask and have answered several questions which I think are important to those agents who are working short sales. 







THEY SENT THE BIG GUNS



First, we…

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Added by Richard Zaretsky on August 17, 2011 at 2:42pm — 2 Comments

FNMA and BofA file

File went through all the non-HAFA hoops to get started--all cash buyer for last listed price was rejected by FNMA. By this time prices have fallen even more-file re-submitted for FNMA approval at contract price. 30 days later, no response.  I have escalated through Equator, sent e-mail to VP of short sales at FNMA, and file is also escalated at FNMA Business Analysis level (takes 10 days for review, she said).  No response from anyone through Equator, negotiator has been available only…

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Added by Julia Huntsman, 562-896-2609 on August 17, 2011 at 1:19pm — No Comments

East Palo Alto Short Sale West of 101!

 Gorgeous Condo in Secure Building $125,000.00 …
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Added by Marcy Moyer on August 17, 2011 at 11:32am — No Comments

Flashing the Leather

We all live in the same world and we all pretty much see the same news, usually depending on who is delivering that news helps shape our opinions.  There is only so many ways to say we are in a recession or arguably just coming out of one.  Regardless of that news along with our country’s debt and budgetry issues, real estate continues to get a lot…

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Added by Tim Brown on August 15, 2011 at 12:25pm — No Comments

Managing Expectations an Important Part of the Game...

Kevin Post, Business Editor for my local paper, the Atlantic City Press, wrote an article for today’s Sunday edition you can find it here. The article reported that people are LESS satisfied with the process of buying and selling a home.

That makes my head spin for several reasons.  First interest…

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Added by Jim Schroeder on August 14, 2011 at 1:02pm — No Comments

Short Sale Sellers; Check your Listing Agents' References!

Short Sale Sellers; Check your Listing Agents' References! 

Had a listing appointment last week with a potential Short Sale Seller.  He is only 30 days delinquent and his property is spectacular..truly stunning.  The Location is very questionable for a home of this magnitude…

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Added by Kimberley Kelly on August 13, 2011 at 2:30pm — 2 Comments

Freddie Mac - HAFA

I was told today by B of A, that as of July 25th, Freddie Mac is no longer accepting HAFA.  Has anyone else heard of this?

Added by Shannon Noble on August 11, 2011 at 12:43pm — 3 Comments

A Cautionary Tale to Share with Your Clients about Mortgage Predators

The NJ Superior Court Appellate Division recently handed down an interesting ruling in the case of DEUTSCHE BANK NATIONAL TRUST COMPANY v. MITCHELL.  



The Court believes…

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Added by Jim Schroeder on August 10, 2011 at 3:34pm — No Comments

The Cosigner of My Loan Has Never Lived In My Home. Why Are They Involved In My Short Sale Request?

I am currently assisting some Kansas homeowners with a request to Wells Fargo of an approval of a short sale of their home.  Their existing loan is FHA and we have requested a pre approval to participate in the short sale program.  While meeting to discuss the various possible options available, I learned that the homeowner that lived in the home was responsible for making the monthly mortgage payments.  Therefore, according to her, she would be the one to request the short sale approval…

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Added by Suzanne Hinton on August 10, 2011 at 3:00pm — No Comments

Bank of America Closed My File Over An "E"!!

Yesterday I heard the words that make a short sale agent cringe, "Sorry but we have to close the file". This after working on a short sale for over a year. 5 buyers. $33,000 condo. That's right $33,000. If I ever get this closed I'll make a whooping $1,072!!!



OK back to the story. This is a Bank of America HAFA short sale that was submitted through Equator for the 5th time back in… Continue

Added by Bryant Tutas on August 10, 2011 at 4:40am — 8 Comments

MI REQUIRING MARKET VALUE FOR PROPERTY IN EXTREME DISREPAIR....HELP!!!!

 

We recently submitted an offer to ASC for a short sale property at 84k (market value at 115,000 property needing about 20k in repairs) Lender countered at offer of 99k - buyer countered back at 90k. I received an email yesterday from the negotiator that the MI company is now requiring at NET of 96k - Is this deal dead or is there something I can do to counter this??

Added by Stephanie Grantham on August 10, 2011 at 3:38am — 2 Comments

Palo Alto Probate Short Sale: Why bother?

The question of whether to short sell a home in probate used to be rare, but now unfortunately it is not. There are estates where the owner dies, owes more than the house is worth, and a decision needs to be made by the Personal Representative (executor) as to what to do.

My opinion, try it. If it is in the best interest of the bank/investor to short sell rather than foreclose they will do it. If it is not, they won't and will…

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Added by Marcy Moyer on August 7, 2011 at 4:05pm — No Comments

Not Interested In Short Selling My Home. What Else Can I Do?

I recently attended an online seminar regarding short selling and one of the speakers said something that really stuck with me. He said that many times when a homeowner is faced with the possiblity of being unable to make their mortgage payment(s) for whatever reason, they are not interested in learning how to short sell their home. What is important to them is how they can keep their…

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Added by Suzanne Hinton on August 7, 2011 at 1:00pm — 1 Comment

Which do lenders prefer, strategic default or short sale?

 

I got a chance to watch a couple of agents go at it with each other in a real estate forum trying to answer a question about doing short sales.   It was interesting, to say the least.  Besides the two main agents who proclaimed themselves the “experts” and hijacked the conversation, there were a few others who chimed in and made some comments.  But the question was never specifically answered.

 

The question posed was whether a lender will approve a short sale if the…

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Added by Steve Mun Group on August 5, 2011 at 3:00pm — 2 Comments

Question about mold setting in before closing on a shortsale while home is vacant.

Is a Seller required to keep the air-conditioning running (to prevent mold) while the home is vacant before closing?  The home (short sale) I’m due to close on later this month is now vacant.  The tenant transferred the utilities to her new house when she moved out at the end of last month and I’m worried about mold setting in during these HOT Florida temperatures.  There is also a spa that will not be running.  Is there a law requiring the Seller to keep the home safe while vacant or is it…

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Added by Susan Laframboise on August 4, 2011 at 12:53pm — No Comments

Foreclosure Filings Down…Is the Foreclosure Crisis Coming to A Close?

 

 

 

Not by a long shot! Although foreclosure activity has fallen all over the country it’s due to a glut of paperwork problems rather than any kind of improvement in the housing market.

Foreclosure activity has slowed due to scrutiny since last fall when banks had to do damage control over robo-signing scandals. Robo-signing involved allegations that employees were accused of signing legal documents without even a cursory review.

Home prices also continue to…

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Added by NextGEN Real Estate Corp. on August 4, 2011 at 11:40am — 2 Comments

Bank of America Offers To Reduce Principal Balance On Some Loans

This is from the Florida Association of Realtors(R) newsletter:



.........Banks have resisted a push to reduce principal owed by homeowners behind on their payments. One concern is that borrowers in good standing will stop making payments in order to lower their balances.



Bank of America has offered to reduce principal for loans in its own portfolio and for those the bank services for private investors, the person said. Loans owned by…

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Added by Bryant Tutas on August 4, 2011 at 7:30am — 1 Comment

Navigating the Benefits of Short Sale Homes

Short sale homes are some of the most sought properties in the foreclosure market.  They are popular with their affordable and inexpensive price which cause home buyers to prefer them over buying or building a new one.  Even investors spend a huge amount of resources just to find short sale homes.  



Short sale homes can be a profitable investment given in a right circumstances. A short sale means that the owner itself sells the house and apply the proceeds on his loan.  By this…

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Added by Ann Johnson on August 1, 2011 at 6:00pm — No Comments

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