September 2012 Blog Posts (65)

New Third Party Authorization Letters as of 9/1/2012

Any one have the new Auth Letter or can tell me where to find one?

Added by Eric Middlebrook on September 25, 2012 at 5:37am — 4 Comments

WHY AGENTS CHOOSE TO NOT USE SHORT SALE NEGOTIATORS

Anyone who has participated in a short sale knows that it can be highly stressful and that it is not always a quick process. The fact is processing a short sale efficiently takes a lot of experience and is continuously changing.

ARE THERE COMPANIES THAT CAN PROCESS MY SHORT SALE?

There are individuals and companies out there who offer the service of processing a short sale on behalf of the agent/homeowner. Some of the individuals/companies out there…

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Added by Brett Goldsmith on September 24, 2012 at 1:55pm — No Comments

Wells Fargo New Third Party Auth letter

Any one have a new Auth letter as of 9/1/2012.

Or where I can find one?

Added by Eric Middlebrook on September 24, 2012 at 12:56pm — No Comments

Why Is It Smart To Do A Short Sale In Seattle?

Trying to figure out what the best financial option is for your living situation? If you live in Seattle or other major areas in Washington State, some statistics may help you put into better perspective how you should handle your future living situation.

The first nugget of information is from an article by MSN 5 Places Where Renting Beats Owning. Seattle was one of the lucky five stated…

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Added by Peter J Kim on September 24, 2012 at 12:13pm — No Comments

Purchasing a new home before a short sale is approved and closed.

Wife is in the middle of a short sale and husband has nothing to do with that property.  Husband is doing a short sale on another property with Wells Fargo that they own (wife is on title only).  They want to cash in their Retirement Funds to buy another property and purchase the property in a corporate name.    If Wells Fargo doesn't waive the deficiency could they file a judgment against the new property?  They want to close on the new property before the short sales are approved and…

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Added by Geri L. Lewis on September 24, 2012 at 9:01am — No Comments

NEWSLETTER: Is The Buyer Holding Your Short Sale Hostage?

 

Good morning Superstars.

Here are this week's Superstar discussions.

Discussions Replies Latest…
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Added by Bryant Tutas on September 23, 2012 at 2:23am — No Comments

Help! Fannie Mae wants more than appraised value.

Any input is much appreciated.

I have a Green Tree SS (yuck). Green Tree has been difficult with this file. The home was originally a mobile reconstructed to look like a home.   The property appraised value is $72,000.  I spoke to the agent who did the BPO and it came in at $78,000.  The offer is $80,000 and Fannie Mae needs to net $86,000 which means the buyers offer needs to be approx $96,000.  This will never appraise for $96,000.  Have any of you had to deal with Fannie Mae…

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Added by Anita S Zahn on September 21, 2012 at 4:50am — 1 Comment

Is a Loan Modification Right For You? | Carson| Short Sale | Leesa Hammond

Is a Loan Modification Right For You? | Carson | Short Sale | Leesa Hammond

Have the circumstances in your life changed whereby you can’t make the payments? Job layoffs, reduced hours which equates to reduce pay?  Now, you can’t afford your mortgage payments and you are desperate for a solution.

The interesting fact is the banks and the federal government would love for you to believe that a loan modification is the end all to put you back on track to stabilizing your…

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Added by Leesa Hammond on September 20, 2012 at 1:18pm — No Comments

Are You Tired Of Working For Peanuts?

Good morning Superstars,

Are you spending too much time working with buyers who want to look at "cheap" properties? Do you cringe when you look at the size of the co-broke?

Why not utilize a Buyer Broker Agreement?

This post explains one reason…

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Added by Bryant Tutas on September 20, 2012 at 3:00am — No Comments

BANK OF AMERICA: New Short Sale Process Service Release Policy

Bank of America has and will continue to release pools of loans. No loan is safe from a service release even if it is an already approved short sale. This seems to be even more interesting because the lender the file is going to seems to be largely dependent on the state the property is in. A large amount of the serviced released loans in the state…

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Added by Brett Goldsmith on September 19, 2012 at 2:38pm — No Comments

HAP Program Ending September 30 2012 - Other Options For Military

If you were stationed at Eglin Air Force Base, Hurlburt Field or Duke Field, were PCSd and need to sell, your HAP option is about over.  You must act NOW if you think you qualify for the program, to avoid …
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Added by Wendy Rulnick on September 19, 2012 at 11:30am — 2 Comments

Saboteur equals Fannie Mae

Well, today began another day of an outlandish counter from Fannie Mae on another short sale. This now will be my 3rd in the last 2 months that I have fought til the death and Fannie basically said they will not let seller sell for a "fair market value price". I wish instead they would just deny the short sale and save us all the time. One I put back on the market at the price they were requesting and lowered until I received a offer that even a friend appraiser told me he would…

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Added by Lori Eitel on September 19, 2012 at 8:02am — 1 Comment

Looking for a higher up at Wells Fargo who can obtain approval on Freddie Mac loans

If I'm going anywhere to obtain answers to overcome objections in short sale situations it's Short Sale Superstars!. I'm confident that there's someone out there who can assist. My company handles association-owned short sales where the condo or HOA has foreclosed on the unit owner for non-payment of maintenance fees. On behalf of the association as Owner of Record we negotiate short sale settlements with the borrower's lender(s) to release the lien. While we've had tremendous success with…

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Added by Amanda R. Cowan, P.A. on September 16, 2012 at 9:55am — 2 Comments

Trying to buy a short sale that is now a foreclosure.

I am a buyer that has been trying to buy a short sale since May 2012.  The house was abandoned in 2011 and thieves have stolen the copper plumbing and the wiring and the house is a mess.  Regardless of that, we think the house has potential and want to refurb it.  We are not house flippers and have no intention of reselling it.  The problem is that the house was overappraised, and as it sits, it continues to deteriorate but the investor is not yet willing to take our offer.  Our offer is…

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Added by Deanna B on September 16, 2012 at 5:39am — 1 Comment

Freddie mac

I just had an approved price come back At 165k, around 40k high. Seterus tells me that the bpo came in at 145k, but Freddie Mac added to the value. We're disputing the value, not sure how it will workout. Seterus is telling me that Freddy has changed their guidelines and we can only assume that they are adjusting up as if the market is recovering. Any light on this folks??
Also was told that the disputed values are sometimes coming back even higher!
Chad Phillips w/ remax gold

Added by chad phillips on September 16, 2012 at 4:05am — 1 Comment

NEWSLETTER: What Happens When The Debt Relief Act Expires In December?

 

 

Good morning Superstars.

 

Here are some of this week's Superstar discussions.…

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Added by Bryant Tutas on September 16, 2012 at 2:34am — No Comments

Bank Of America - Pre Foreclosure Sales( FHA short sales ) & Loan Modifications

In processing Bank Of America short sales where borrowers have FHA loans we have seen serious delays in getting files into active short sales where the homeowners have not previously attempted a loan modification. Some people may ask " was a new policy put into effect that in order for a homeowner to do Pre Foreclosure Sale that they must first attempt to do a loan modification ?" In fact this is not a new policy and is a requirement for all FHA loans. The only way to get around from a…

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Added by Brett Goldsmith on September 15, 2012 at 2:01pm — 1 Comment

CT Short Sale Specialist, Realtor and Real Estate Broker in Connecticut - Sell Your Home Short Sale - Avoid Foreclosure

CT LICENSED REAL ESTATE BROKER

AND SHORT SALE REALTOR IN CONNECTICUT




Sell Your Home Short Sale: www.shortsalesinct.com/sellyourhome/


    If you are behind on mortgage payments, you will need the services of a Short Sale Realtor…
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Added by TOP END Properties on September 12, 2012 at 6:58pm — No Comments

Sometimes a Blossom Valley Short Sale Is Not The Right Answer

Yesterday I got a call from a client I will never forget. She said "I was able to modify my loan, I can keep my Blossom Valley house, and you were the only one who believed I could do this, so thank you." This made me so incredibly happy.

So what happened was this client and her then husband were pregnant with their first child and ready to buy a home together. They found their dream home in Blossom Valley with my help, purchased it in 2006 with 10%…

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Added by Marcy Moyer on September 12, 2012 at 1:43pm — No Comments

Homeowner Tax Fairness Act | Short Sale | Carson | Leesa Hammond

Homeowner Tax Fairness Act | Short Sale | Carson | Leesa Hammond

Since 2007, homeowners whose banks have forgiven unpaid mortgage loan debt after a short sale, principal reduction or foreclosure have not had to count that money as income on their tax returns.

It’s meant savings of thousands of dollars on the so-called “phantom income” depending on the amount of debt canceled and a person’s tax bracket.

But the Mortgage Forgiveness Debt…

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Added by Leesa Hammond on September 12, 2012 at 1:00pm — 1 Comment

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