Barack Obama was elected for his second term as president of the United States and now it’s time for action especially in the distressed housing sector which has affected millions of Americans around the nation. Both houses of congress unanimously agree that the mortgage forgiveness debt relief act is a good policy and support an extension. However, there is no concrete evidence of an extension yet which will be detrimental to all distressed homeowners. How and when will this policy be…

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This is common question asked by our clients here in Texas. In this article, I want to give you some things to think about if your client is asking this question..  In deciding whether you should or should not recommend that your client stop making your mortgage payments, these are things we have learned from experience and face every day with our clients.

To begin, you should never recommend that someone stop making a mortgage payment. Its not ethical and lenders would not be happy. …

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Good morning Superstars.

 

Here are this week's top short sale discussions.

 

Discussions	Replies…

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was trying to buy a short sale in new hampshire that just got foreclosed on yesterday. no one bid so it went back to the bank. we started this 8 months ago(in those 8 months had a verbal approval from both banks that had liens but never saw paperwork), everything that was asked of me was completed and turned in on time. my loan approved all the through underwriting,appraisal,insurance binder all completed. problem was there were two banks with liens and they couldn't get there stuff together…

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I have a client who wants to short sale but their foreclosure date is Dec 4th which is very little time. Is the only way to stop the foreclosure date with a contract? The home is not in good condition but the owner is willing to do a little work which should help get it sold quicker. Please advise...Wells is the servicer which I have heard bad things about!

HELP... I am representing a buyer for a short sale that was advertised for $109,900 in Orlando, FL on MLS per the following: "BPO COMPLETED AND BANK IS READY TO GO! PRICE ACCEPTED BY BANK!" My buyer offered $110K conventional loan with $30K down. Listing…

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This is a great site and a great resource. Thank you to all the experts providing their time and knowledge to help. New here so forgive my lengthy post.



I would very much appreciate some guidance with the early stages of a short sale process with Green Tree.



Some quick facts:



• Short sale paperwork submitted two weeks ago for one property, 2nd to follow shortly.

• Only response from GT so far was to request payment. After refusal from seller, GT… Continue

 

Good question. My opinion is..........…

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Great site! You guys are the best.



I have two condos in Greenacres, Florida. Approximate market price right now is about $50k each. Purchase price was $165k and $190k in 2005.



Can no longer make payments. Have buyer interested in both via the realtor. Short sale package submitted to Green Tree about a month ago.



Have run into aggressive rep handling file. Wants payment and said this may be rejected unless hardship case is made. Both units are rented and HOA fees… Continue

Does anyone know whether the law that allows the sellers on our short sales not to have to pay the loss reported on the 1099 they get after the closing of their property if it was their primary residence?

*These are facts and statements produced by each party. I am not endorsing one political party over the other.

Tomorrow is the election day of our presidential candidates and homeowners all across the nation are waiting in anticipation for their respective candidate to rescue us from our current economic crisis.…

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My family if 5 bought a short sale home and Nationstar is the bank who is handling the transaction. We have reached out to them, my lawyers have reached out, the realtor and the sellers attorney. Silence..no answer..it's like they don't exist. I am so upset by this whole process I can't even explain. My family and I have been displaced for 4 months waiting for Nationstar to approve everything. They finally approved, did their appraisal. Their appraisal is now stuck in quality control for… Continue

 

Good morning Superstars.

 

Here are this week's Superstar discussions.…

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I'm a buyer who has been waiting PATIENTLY for the lender, the servicer and now Freddie Mac to approve the short sale.  I've been waiting since early August and have been told by the listing agent that we're only about a week away from a final approval.  Does anyone know if Freddie Mac will apply the new guidelines to short sale applications already in progress?