September 2011 Blog Posts (46)

HAFA Non-GSE Escalation with the HAMP Solutions Center

This was a Non-GSE mortgage.


Here is the answer: The HAMP Solutions Center is established under Fannie Mae and located in Dallas TX. What I found out was that any email with attachments (I had included an Authorization Form signed by the Borrowers  and a statement of the case history with supporting documentation) originated form a non-company or non-business ISP (gmail, yahoo, cox, verizon, comcast, etc.) is treated by Fannie Mae as unfriendly email and strips off any…


Added by Don Duft on September 30, 2011 at 1:07pm — 1 Comment


PRESENTING THE SHORT SALE ADDENDUM YOU CAN'T SIGN!   Agents hold on to your wallets as this could cost you big time!  This is just too big and important to let one blog article suffice.  And developments on this are occurring quickly.  The problem was pointed out in my ActiveRain re-blog Freddie Mac Short Sale Addendum - Item #13 - I DON'T THINK…


Added by Richard Zaretsky on September 30, 2011 at 11:30am — No Comments

stopped a foreclosure auction

Got an expired listing that was priced too high and scheduled for auction in 20 days. I priced it aggressive, yet competitive. Received an offer within 2 weeks.  The bank cancelled the auction and is negotiating the short sale. Very happy sellers!

Added by Jan Nicola on September 29, 2011 at 2:20pm — No Comments


I recieved a phone call from an old client telling me he had just learned that the court had scheduled the foreclosure auction date on his Cape Coral, FL home and his lawyer advised him to attempt to short sale the property. The auction was scheduled for just 21 days from the afternoon I received his call and my gut instinct was this was a short sale listing that I should NOT take.

The homeowner was extremely stressed and pleaded with me to take the listing, so against my better… Continue

Added by Terry McCarley on September 29, 2011 at 9:16am — No Comments

FHA Short Seller + FHA Buyer = Restrictions

FHA has specific rules when it comes to purchasing a home that is in Pre-Foreclosure with a FHA mortgage on it.  FHA doesn’t make mortgage loans, they Insure them – and so as the Insuring Agency (kinda’ like a PMI company) they get to set the rules!  In those…


Added by eleavor on September 29, 2011 at 8:24am — No Comments

New to short sale

My husband and  are just embarking on the shortsale route. Our home is worth about $30,000. less than we owe. We both get a government pension. Can the bank get any of that money from us? Also what about tax refunds, can the bank take that money? Thanks!

Added by Carol Drinkwater on September 29, 2011 at 7:08am — 1 Comment

Successful IndyMac Short Sale!

Hi Everyone,

I just want to tell everyone about my success with an IndyMac shortsale. The property was in good condition. There were two liens on the property (same bank). I had excellent Sellers because they cooperated in everyway they were asked to. IndyMac was very responsive with responses within 10 days. Midway through, the contact negotiator changed and so then everything had to be resubmitted because it had been some time since the first submission. I used their shortsale…


Added by Camelia Vera, Arcadia, CA on September 28, 2011 at 4:02pm — No Comments

Sold 2 short sale ch 11 bk properties through "Equator".

Sold the above properties representing the bk sellor as "Debtor in Possession". Had several properties to dispose of , all in the state of California and in ch 11 bk. Sold properties were BofA loans from CountryWide and processed through "Equator System". Takes time and patience.  

Added by Dennis Hawes Ballam on September 28, 2011 at 1:51pm — No Comments

Chase is First and Second

Dealing with a short sale where we have waited with our buyers for an approval over three months. We were told it could take up to five months to get an approval or decision. All of a sudden we received a verbal approval last week. Chase Bank is the first and second. We were told from the title company doing the communications that Chase had just recently changed it procedures to have the first tell the second what they will receive thus alleviating the need to wait on a decision from the…


Added by Doris and Gary Peckham on September 28, 2011 at 1:51pm — No Comments

Mortgage Insurance

Hello Group-

I am gathering information on experience with servicers in relation to share best practices when Mortgaghe Insurance is involved. I am hearing some pretty intriguing things that are occuring which SHOULDNT be.... does anyone have anything to share?


Radian requested $40,000 note and ended up killing deal.

Servicer would not share who MI company was.

 MI company stated the decision is based up to servicer.

MI companies have over 100…


Added by William C. Black on September 28, 2011 at 1:07pm — 3 Comments

Denial Not an Option for Sellers

Janet and I have been doing shout sales for over 3 years now and have a 98% success rate to approval.


What we…


Added by Richard OBrian on September 28, 2011 at 12:30pm — No Comments

Milpitas Ca. Short Sale vs Bank Owned Transactions

Milpitas Single Family homes

Active Short Sale Listings:  23

Active Bank Owned Homes: 9

Pending Short Sale Homes: 49

Pending Bank Owned Homes: 11

Sold Short Sale Homes: Last 6 months 23

Sold Bank Owned Homes: 19


Milpitas Condo Townhomes

Active Short Sale Listings: 12

Active Bank Owned…


Added by Marcy Moyer on September 27, 2011 at 11:49am — No Comments

Novi MI MACPA's Short Sale Guru, Mike Sher to teach at The Michigan Association of Certified Public Accountant's Construction Industry Conference In Novi September 27, 2011

Novi MI MACPA's Short Sale Guru, Mike Sher to teach at The Michigan Association of Certified Public Accountant's Construction Industry Conference

In Novi September 27, 2011

Mike Sher will be this years Short Sale Expert Speaker for the MACPA's Michigan Conference September 27th in Novi MI

Mike will be speaking about the Strategies Short of…


Added by Mike Sher on September 27, 2011 at 6:35am — No Comments

1099 and Full Waiver of Deficiency



If you receive an approval letter stating the following -- will you still be 1099'd as income on the it:


Upon receipt of the agreed amount, BAC Loan Servicing and/or its investors will waive the remaining balance due on the above referenced loan and release the borrower from further obligagion therein, and waive all rights to pursue further judgment or deficiency.


Added by RoJane Maybee on September 26, 2011 at 2:53pm — 2 Comments


This is a BofA Short Sale.  Should get an offer tomorrow, but have 30 days to bring it to closing.  Seller moving and will not be back for at least a year or mayble more.  No family to assign power of attorney.  Any ideas, comments, solutions for this critical scenario.  Help...

Added by Wilma Hebrank on September 26, 2011 at 1:52pm — 1 Comment

Indymac timeline


Anyone out there have a comment about how long it takes to be assigned an negotiaor from Indymac. I received seller acceptance for a SS offer on 7/12/11 The complete package was submitted days later and still no negotiator.  I read other posts that said they are 90 days behind.  

Added by Mark Meiser on September 25, 2011 at 5:00pm — 2 Comments

B of A short sale success

Real Estate Guy Team are happy to announce yet another successful short sale closing.   We were able to help Jeff and Heidi R and their 3 children out from under a noose of 2 mortgages.  Better still they walked away with $2400 cash thanks to the Obama administration’s HAFA program to help home ownership.

Difficulty began the same…


Added by Guy Lofts CRS on September 23, 2011 at 9:14pm — 1 Comment

Colorado Deficiency Question

Any Arvada Agents out there listening? I am out here in San Diego and a gentleman was transferred here for his job and is upside down on his home in Arvada. One loan and is worried about deficiency and pursuit by the bank. I would like to help him find a home here, so he may just decide to rent the house out, but if the market doesn't improve, he may not be able to hold onto that house in Arvada since the rent will probably not cover the payments. 

Here in CA, we have laws protecting…


Added by John P Cadman on September 23, 2011 at 6:21pm — 2 Comments

Five Listing Agent Tips To Ensure Short Sale Approval


According to a recent report by California based RealtyTrac, distressed properties accounted for one third of all US housing sales in the second quarter of 2011. The glut of inventory is only going to increase as lenders slowly bounce back from the robosigning crisis and foreclosure filings begin to pick up around the country. A large portion of distressed sales are…


Added by Andrew Coppo on September 23, 2011 at 2:36pm — 1 Comment

Approved Sun Trust short sale inspection uncovered additional repairs--What is the best approach ???

I have an approved Sun Trust short sale that is on day 6 of the 12 day inspection period.  My buyers factored necessary repairs into their bid price however additional unforseen repairs have been uncovered via inspection.  If we knew about these additional repairs, the offer would have been for about $20,000 less.  


Are we able to reduce our offer price at this point in the short sale process, or will Sun Trust pay/send out their own people to complete the…


Added by Melanie on September 22, 2011 at 12:23pm — 1 Comment

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