November 2010 Blog Posts (43)

A Few Examples of Loan Servicers Not Doing Their Job









Most people think the person they mail their mortgage payment to every month is the owner of their loan. Not so.







In fact, most of the time, they are not the owner. As an example, 80% of all loans that Bank of America handles are not owned by Bank of America.…







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Added by Bion Grady on November 29, 2010 at 11:03am — No Comments

Short Sales in Walla Walla, WA 99362

Short Sales in Walla Walla, Washington 99362. Preferred Properties Land and Homes has 4 new Short Sale listings that were added to our office inventory this past week. From $80,000 to $225,000

we have a nice selection. Preferred Properties. . .Your Certified

Short Sale Specialists.

Short Sale Property for $80,000

3 Bedroom, 1 Bath for $80,000 located…

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Added by Trisha Bush on November 27, 2010 at 8:00pm — No Comments

Short Sale Survey - Interesting Feedback

Hello everyone, this site (ShortSaleSuperstars) is awesome! I can't believe that I have not seen it sooner.



Recently I did a survey with agents here in Northern California, and I have to assume that the numbers should be consistent with the US, and one of the questions I asked was how long it takes for a short sale close from beginning to end and the answers were evenly split between 3-5 months and 5-7 months. Each answer got about 35% of the votes so far.



Another question… Continue

Added by Robert Aldana on November 24, 2010 at 9:00am — 8 Comments

Wells Fargo Updated Foreclosure Postponement Guidelines For Short Sales

Well....after all of the hoopla from last month's report that Wells Fargo will no longer postpone foreclosures on short sales, NAR reports that they've been in meetings with Wells (and several other large lenders) to address concerns regarding their short sale processes and REO disposition processes. Now, Wells is reporting that they WILL allow one (1) foreclosure postponement on a short sale if the following conditions are met...

1) Wells Fargo has an APPROVED short sale…

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Added by Vanessa Calhoun on November 24, 2010 at 7:25am — 3 Comments

21 Questions to Ask the Short Sale Seller

Quick! A potential short sale seller calls you to list his property. What questions do you ask? Here are a few to start the conversation....…

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Added by Wendy Rulnick on November 22, 2010 at 3:56pm — No Comments

Question from homeowner: I want to avoid foreclosure, but my lender won’t let me

The Stop Foreclosure Institute recently received a question from Arman. Here is his question.







I am a Seller trying to avoid foreclosure. My agent has a buyer and his offer is with the lender from last seven months. Now the lender told us that Fannie Mae investor refused the short sale offer and the house is going to foreclosure early next week.







Discover how… Continue

Added by Bion Grady on November 22, 2010 at 6:04am — No Comments

Florida leads U.S. in serious mortgage delinquencies

WASHINGTON – Nov. 19, 2010 – Florida still leads the nation in the

percentage of homeowners who are “seriously delinquent” on their loans,

the Mortgage Bankers Association said Thursday.



In the state, 19.52 percent of borrowers were either 90 days past due or

in foreclosure in the third quarter. Add in borrowers who are 30 and 60

days late, and nearly one in four Floridians are behind on their loans.



The good news… Continue

Added by Bryant Tutas on November 19, 2010 at 11:35am — 2 Comments

Story of a Destin Florida - Bank of America Short Sale Approval

Sometimes you only hear the end result of a short sale being approved. Here is the background story of a Bank of America - Destin Florida short sale approval:

Sept 2 - I list a Destin short sale home for $237,900 - difficult to price, with some pending comparable sales higher,…

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Added by Wendy Rulnick on November 18, 2010 at 4:39pm — No Comments

What to do right now if you are facing foreclosure of your Kansas City home

What to do right now if you are facing foreclosure of your Kansas City home. Having assisted numerous individuals and families facing the foreclosure of their Kansas City homes, for both Kansas and Missouri, I have witnessed first hand the need for educating the public as to foreclosures and short sales during what is a difficult and emotional time.



As we continue to hear in the media,…

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Added by Suzanne Hinton on November 17, 2010 at 4:30pm — No Comments

Florida SHIP and Chase Approve VA Compromise Short Sale for Eglin Airman

This property at 310 Evergreen, Mary Esther Florida was just approved as a VA Compromise Short Sale.



Senior Lien: JP Mortgage Chase, loan type - VA…

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Added by Wendy Rulnick on November 17, 2010 at 4:14pm — No Comments

SHORT SALE FRAUD

Need copy of the B of A short sale "ARM LENGTH TRANSACTION AGREEMENT"
Could you post a link or send one by email to [email protected]box.com THANKS "O"

Added by LARRY OLIVER on November 17, 2010 at 12:24pm — 3 Comments

Link to the latest BofA Webinar

Bank of America short sale webinars – were you able to attend? We

hope you were able to attend the short sale webinar and that you found

it valuable, providing the kind of insights that will make the short

sale process clearer, more manageable, and more efficient for you and

your clients.



If you were unable to attend the webinar, a replay can be viewed at…

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Added by Bryant Tutas on November 17, 2010 at 6:30am — No Comments

BoA SHORT SALE APPROVAL FORM LETTER - DEFICIENCY WAIVER AND DEFICIENCY NON-WAIVER EXAMPLES

You may have been reading about Bank of America short sale approval letters and some changes that have occurred. The Bank of America Short Sale Approval Letter has had various versions dealing with deficiency of the promissory note. This article will look at the BoA short sale letter recent changes.

History - Before June 2009

Until June 2009 the typical Bank of America short sale approval letter was not a release of mortgage and a release of…

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Added by Richard Zaretsky on November 16, 2010 at 7:20pm — 4 Comments

Properties Deleted from Equator

Has anyone had properties deleted from Equator? I had this happen today and it happened about a week ago. Both were BofA_Hafa entries. BofA doesn't know why - they just are gone.

Added by Susan Ferguson on November 16, 2010 at 5:11pm — 1 Comment

If No Real Estate Agent Will Help You Short Sale, Don't Give Up!

One of my Crestview Florida short sale sellers just emailed me:

“My wife and I…

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Added by Wendy Rulnick on November 16, 2010 at 2:30pm — 1 Comment

I thought it would work, but it didn't







I'm sure you have heard about forensic loan audits. I've heard people say how wonderful they are. "Your lender will approve your short sale right away", claims one.



Discover how other sellers successfully did a short sale and request a free consultation by clicking… Continue

Added by Bion Grady on November 16, 2010 at 7:58am — No Comments

Indymac Serviceres over step their bounds

Indymac...wow...

I was having trouble with Indymac. First it was sending and resending ALL of the documents for the short sale. After 4 events of this, they finally said they have them. I started sending them the documents on October 4th. On November 4th, they said they have them. Then they decided to play legal counsel. They started with, we want the state of Minnesota added to all of the pages, we did. That change was made and after getting ahold of the seller who was out of…

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Added by Keith Maahs on November 15, 2010 at 3:07pm — No Comments

How to know when the short sale negotiator is lying to you









Negotiating short sales is tough. In my opinion, some of the banks are not making good financial decisions. "We won't approve the file without the financials completely filled out," they say.







Or, they tell you the numbers won't work when the investor guidelines actually say to approve the short sale. If the agent doesn't know who owns the loan (or… Continue

Added by Bion Grady on November 15, 2010 at 8:30am — No Comments

21st Century Mortgage --- What a nightmare

Has anyone ever dealt with 21st Centruy Mortgage? They are the 2nd lender and they are demanding to take to the same percentage loss as the first. This meand they are wanting to get around 30K. Has anyone had any experience with this company. Please help.

Added by Mellanda Reese on November 15, 2010 at 8:00am — No Comments

Bailouts? Voice Your Opinion!

So you've probably heard that Freddie Mac is once again asking for federal aid. They showed a $4.1 billion loss in the third quarter and are now requesting another $100 million in aid. All told, it's estimated that the bailouts will cost taxpayers $259 billion.

As an agent that focuses largely on short sales, I continually see the ways that Freddie Mac gets in their own way. They are asking for this aid, but they have put themselves i nto the situation that…

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Added by VIctor T. Gurrola on November 12, 2010 at 3:25pm — No Comments

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