September 2010 Blog Posts (46)

Short Sale Superstars Website Rocks!!

It has been several months since I signed up for Short Sale Superstars. It is the one site I have found that has information that I like to say "you can sink your teeth in", it is not fluff but real time information to aid all of us with our short sales. I have been referring agents to this site everytime someone asks me a question.

Yesterday an agent in our office, who is on the buying end, was frustrated with an OCWEN short sale. The bank was not responding for an extension.…

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Added by Melanie Ross on September 29, 2010 at 4:14pm — No Comments

Request for copy of BPO denied

I have tried and so has the homeowner to get a copy of the BPO so that we know where BofA is coming up with their numbers. Every time, we are denied. BofA says we can't have a copy or know what it is! I talked to Fannie Mae and they said we should be able to get it, but no luck w/BofA. Any suggestions?

Added by Cindy LaPeer on September 29, 2010 at 2:24pm — 7 Comments

How Often Should You Call The Short Sale Listing Agent?



If you are a short sale buyer’s agent, it can often be frustrating waiting for any scrap of information for your buyer. After all, it might be three to five months before you get short sale approval. You don’t want to lose your buyer. It’s best to give…

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Added by Wendy Rulnick on September 29, 2010 at 7:10am — No Comments

Freddie Mac: Is there a HUMAN there???



Is there a HUMAN at Freddie Mac? As one of your largest investors, (80% of your stock I believe?), I was so hoping for some help with one of my Short Sales. Your CEO's have apparently decided that CHASE is a good investment as a "servicer" of a bunch of those under performing loans that I, and all of my tax-paying fellow-investors, are now holding the bag on.

I am challenging that decision.…

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Added by Kimberley Kelly on September 29, 2010 at 5:36am — No Comments

LBPS

Anyone have any luck getting in touch with a live person from this loan company???

Added by Ryan Ramirez on September 27, 2010 at 1:59pm — 2 Comments

Making Sense Of The Mortgage Crisis-How The FDIC Loss Share Program Is Hurting Homeowners

Making Sense Of The Mortgage Crisis-How The FDIC Loss Share Program Is Hurting Homeowners



In September/2009 I wrote a blog titled "Is The FDIC Killing IndyMac OneWest Bank Short Sales & Loan Modifications?". In February/2010, the folks… Continue

Added by Bob Hertzog on September 27, 2010 at 1:05pm — No Comments

As A Buyer, Who Can I Contact at Capital One to Get a Short Sale Processed?

My husband and I have submitted a fair offer on a property that was approved for short sale with Capital One. A couple of months have gone by and no one has gotten back to our realtor - I'm running out of time but REALLY want to buy this property. Is there some way to get in contact with someone at the bank? If I could just get in touch with someone I feel that I could work my way to the right person to get this moving!! Thanks in advance for any helpful info!!

Added by Jennifer Finn on September 24, 2010 at 7:22pm — 1 Comment

Bank of America Approves HUD Pre Foreclosure Sale - DeFuniak Springs FL

DeFuniak Springs Short Sales



This home at 352 Hwy 2, DeFuniak Springs, Florida has been approved as a…

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Added by Wendy Rulnick on September 24, 2010 at 3:04pm — No Comments

Chase Approves Destin Florida Short Sale - Quick!



Chase has approved the short sale of 1 Pine Ridge Trace, Destin Florida.

Details?…

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Added by Wendy Rulnick on September 23, 2010 at 3:30pm — No Comments

Bank Real Estate Solutions Inc. transformed a vacant house into a marketable home which procured a FULL PRICE contract within 27 days!

Flash back to summer 2009. 11XXX BridgeCreek Dr in Riverview was listed for sale (short sale). The owner could no longer afford to live there, so he moved his family to the panhandle, and left his home in the care of the listing Realtor. The home was empty, the power was off, and the pool started to resemble more of a swamp then an oasis. As the year dragged on, the house sat lonely and empty, no showings, no offers, and the price kept being reduced to try and force a sale. When the listing…

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Added by Angelina Ogle-Clarke on September 23, 2010 at 11:26am — 1 Comment

Statue of limitations in California

Does any one know what the story is on the statues of limitations (in California) for enforcement of deficiency judgments

Added by Nelis Van Rensburg on September 22, 2010 at 9:50am — No Comments

Equator.com CANNOT Deny or Accept a Short Sale

Hi folks. Today I want to clear up one big misunderstanding about the Equator.com system. For those of you that aren't familiar with Equator, Equator is the online portal that Bank of America and GMAC use to help expedite their short sales. Quite often I hear from agents, buyers and sellers that......"Equator accepted our offer" or "Equator denied our short sale." In fact, here's…

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Added by Bryant Tutas on September 21, 2010 at 10:00am — No Comments

The Palms Condo - Destin Florida Short Sale - Approved



This beautiful condo unit at The Palms in Destin Florida was just approved for…

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Added by Wendy Rulnick on September 20, 2010 at 2:00pm — No Comments

Fannie Mae Help - contact needed....total BS...pardon the language, but, I call'm as I see'm

Quickie -

I had a short sale approval in November 2009 WITH 6% to agents, 3% closing cost credits, and $3040 to the second lien. Buyer could not get financing and pulled out.

Approval letter I got today, roughly 8 months later:

5% to agents

2% closing costs

$2080 to second lien

I have spent a GREAT deal of time trying to learn what the issue is and why the BIG change (Wells Fargo is the Servicer and they had no…

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Added by Ben Benita on September 20, 2010 at 11:37am — No Comments

Sell your own short sale?

Does anyone know if I can sell my own home on a short sale in Illinois?

Added by Jane Faber on September 20, 2010 at 10:08am — 4 Comments

Wells Fargo NO LONGER POSTPONING FORECLOSURE ON CONVENTIONAL SHORT SALE??

We recently received an email (below) from a negotiator at WF. I was told FHA is not affected, but they are not detailing what Conventional investors are. Has anyone else received this?

Subject: !!!URGENT!!! New Procedures Regarding Extension and F/C Sale Dates…

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Added by Lisa Smiley-Hayes on September 17, 2010 at 4:49pm — No Comments

BOA - Fannie Mae Short Sale HELP!!!

I have been trying to get a short sale approved on a condo via Equator. I escalated the file and resubmitted and now the counter offer is even higher than the 1st time the file went through. Original counter was $72K now they countered first at $85K and now $75K with a 7K promissory note or 3K cash contribution and not paying a lot of fees - such as lawyer, wire, transfer and 2nd lien because they claim I did not give them 2nd lien holder's info though I put it in the comment section where…

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Added by Evelyn Santiago on September 17, 2010 at 9:51am — 3 Comments

I just purchased this course online and I have no idea when or how I'm going to receive it. Can anybody help?

I just purchased this course online and I have no idea when or how I'm going to receive it. Can anybody help? Continue

Added by Christine Carson on September 16, 2010 at 7:21pm — 1 Comment

PNC

Here we are 15 days away from closing...Wells Fargo 1st (not extending closing dates now), PNC 2nd...Pnc is demanding 25k in their recovery department. We have 17750 to give them...closing is very close...sent email to president of PNC...his office sent email to Tim Seislof (spelling)...still demanding 25k...what else can I do to get this closed?

Added by Mary Lent on September 16, 2010 at 10:22am — 2 Comments

Purchasing after a Short Sale

Is it two years or three years that a person can purchase a home after they sold their home on a short sale?

Added by Albert Marin on September 15, 2010 at 11:26am — 4 Comments

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