December 2009 Blog Posts (24)

What Makes a Successful Short Sale?

WHAT MAKES A SUCCESSFUL SHORT SALE?



I asked this question on a couple of other group sites. I was surprised at some of the comments and so I am interested in the responses on this site. Maybe the same people are here.



As a new Realtor with some specific training in Short Sales I am curious why the word 'offer' is used interchangeably with the word contract. Please help my understanding. Once an offer is accepted it is a contract and there can only be one contract on a… Continue

Added by Margaret C. Taylor on December 31, 2009 at 8:43pm — 4 Comments

The HAFA program is the government's new short sale/ deed-in- lieu program. The government created the program in an effort to assist homeowners who can no longer afford their home and who want to av…

The HAFA program is the government's new short sale/ deed-in- lieu program. The government created the program in an effort to assist homeowners who can no longer afford their home and who want to avoid the damage a foreclosure does to a borrower's credit. The following is my understanding of the program guidelines as presented in the MAKING AFFORDABLE Supplemental directive 09-09.

The federal government has asked lenders to voluntarily implement a new program called Housing Affordable… Continue

Added by Tracey Martin on December 31, 2009 at 6:00pm — No Comments

CONTEST: What can be done to help make the Short Sale process run smoother? In my opinion...

Banks should hire seasoned agents as consultants to train bank personnel from the ground up. Cross train to ensure everyone is on board, especially when people go on vacation or change departments or move on to other banks. Out-of-state banks need to stop thinking properties are worth much more than they are by holding out for that ‘perfect offer’ that will never come. A universal short sale form packet should be designed for all banks to use – no more than 5 pages. Give a deadline of no more… Continue

Added by Wanda Kubat-Nerdin on December 31, 2009 at 4:55pm — 2 Comments

Win FREE Short Sale Agent Training ***CONTEST***

Hi folks. What better way to bring in the New Year than to have a contest. Wendy and I have been thinking of some ways to give back next year. As you know, both of us have a passion for Short Sales. We LOVE helping folks avoid foreclosure. So we've decided to have a contest and give away some goodies!!…
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Added by Bryant Tutas on December 31, 2009 at 2:50pm — No Comments

Florida requires mediation in foreclosure disputes

NEWS FLASH: A Florida Supreme Court Justice issued an order requiring all foreclosure actions involving Florida homesteaded property to be mediated between the lenders and the Borrowers.

Read more about it: Fort Lauderdale Sun-Sentinel

I would suggest making certain the SS negotiators are aware of this new requirement while in SS process.

Added by Stephen B. McWilliam on December 30, 2009 at 5:30am — 1 Comment

Debt Forgiveness Tax - not necessarily

I continue to experience people, real estate practitioners included, that are under the impression that income tax must be paid on forgiven debt if the debt was not used to acquire their primary residence and as further defined pursuant to The Mortgage Forgiveness Debt Relief Act and Debt Cancellation of 2007.



Long before this was enacted there was, and still is, an insolvency exclusion.… Continue

Added by Stephen B. McWilliam on December 27, 2009 at 9:30am — 1 Comment

Aurora Loan Services Offer - Too Good To Be True?

A homeowner recently emailed me quite concerned about a letter she received from Aurora Loan Services. She had a second mortgage with them for $29,700 at 12% interest. She had never been late with her payments and was not selling as a short sale. The Aurora letter stated she could pay her loan off now at about one-third what was owed, and would have no further obligation on the note!



Dear Customer:



Aurora Loan Services, as a servicer of your loan, has been authorized by…
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Added by Wendy Rulnick on December 27, 2009 at 9:00am — 7 Comments

Note demands by junior lein holders

The knee jerk reaction by many is to refuse to sign a note upon a junior lien holder’s demand. One may successfully argue that position. However, in the end if the junior lien holder will not let up the Borrower is not in any worse position if they sign the note.



First, they already have a note with that lender on which the lender will sue. This new unsecured note replaces the original note that is secured by a mortgage. The Borrower can always attempt to settle that new note at some… Continue

Added by Stephen B. McWilliam on December 26, 2009 at 3:11pm — 3 Comments

Did you Check the MLS before Mailing your Christmas Cards?

I was preparing my (last minute, of course) Christmas cards to clients and past clients at midnight on 12/22/09. For some reason I checked the MLS for an address update on a buyer client I hadn't been in contact with for quite some time. I was surprised to see that his house had recently closed and at first I was pretty upset that he had sold his home without me. My fault though, since I already gave it away that I hadn't followed up with him recently...

Then I saw that it was Lender… Continue

Added by Kelly Meadows on December 23, 2009 at 12:39am — 3 Comments

Equator announces Agent-Initiated Short Sale

BOA is on Equator-Anyone used it yet? Will it help?





Equator, the default-servicing industry technology leader is pleased to announce the launch of its new Agent-Initiated Short Sale feature. Starting December 8th, Agents have the ability to request a Short Sale through the Agent Portal on www.equator.com. Only certain industry leading Lenders are currently allowing Agents to initiate Short Sales through Equator. Since it is such a great way… Continue

Added by Rita Legan CDPE (440) 227-4461 on December 22, 2009 at 7:10am — 1 Comment

HUD issues FHA lender guidance on short sales

I just watched a video announcing some new HUD guidelines with respect to borrowers looking to obtain FHA loans after having completed a short sale. It makes a distinction between borrowers who were delinquent at the time of the short sale those that… Continue

Added by DanaVoelzke on December 21, 2009 at 8:49am — 2 Comments

Chase After The Short Sale Chasing Additional Documents.

Hi folks. Just when I think I have this Short Sale stuff figured out I run across another issue that has the potential to really place my sellers, the buyers and the agents in a difficult quandary.



Yesterday I received a phone message from Chase in relation to a Short Sale we closed on almost two weeks ago. It went something like this "Hi this is Sarah from Chase calling on LN# 11324567. I am preparing the post closing package to send off to the Investor and noticed that I… Continue

Added by Bryant Tutas on December 19, 2009 at 11:43am — 4 Comments

Ann Arbor Foreclosures Lower than the National Rate, but Delinquency Rates Increase

Ann Arbor Foreclosures Lower than the National Rate, but Delinquency Rates Increase.



Many sellers ask me should we sell now or wait until the market comes back? I answer by telling them two things.



* Why are they selling?

* How do any of us know when the market is coming back?



According to recent data from First… Continue

Added by Missy Caulk on December 18, 2009 at 7:32am — No Comments

What to do in Michigan if Your Landlord Goes into Foreclosure?

What should you do if you live in Michigan and are in a lease with a landlord who goes into foreclosure?

The Scenario



In good faith you have signed a lease. One day you come home from work or classes and see a notice of foreclosure on the door.



First, don't panic. According to Michigan law the mortgage company must post this on your door at least 15 days before advertising in the papers a notice of foreclosure.



After the 6 weeks of being posted… Continue

Added by Missy Caulk on December 18, 2009 at 7:25am — 1 Comment

BANK OF AMERICA, Fannie Mae, REO Trans & REDC processing Short Sales

Ok, I have to give credit to Robin Rowland for tipping us off to this originally. I made a few calls and here is what I've found out.....







Bank of America has contracted withREDCto process their Fannie Mae Short Sales using the REOtrans/Equator portal.



They also will be working some of Wells Fargo short sales, Metlife short sales and GMAC short sales as well.



The idea is to help… Continue

Added by Dawn Barrier Prominent Realty Gr on December 17, 2009 at 2:56pm — 4 Comments

Bank of America Lawsuit..Las Vegas Attorney Files Class-action suit against Bank of America regarding Loan Modifications

The suit was filed on behalf of homeowners facing foreclosure in NEVADA who say there has been no progress made with regard to negotiations with their lender.



"And that's why what we're calling for in this lawsuit," explains attorney Matthew Q. Callister. "(It) is an automatic stay of any further Bank of America foreclosures until such time as every Southern Nevadan avails himself of his right under federal law to have that fundamental 'good faith' negotiation."



The… Continue

Added by Dawn Barrier Prominent Realty Gr on December 17, 2009 at 2:02pm — No Comments

Titanium Solutions is processing Bank of America Short Sales

Titanium Solutions is currently processing Bank Of America Short Sales that are Freddie Mac loans.



Bank of America has contracted with Titanium and Bank of America assigns the short sale to Titanium Solutions.



So you could be months into a deal and get a call from Titanium as I did. It is supposed to help speed up the process, but no guarantee of course.



You will have to sumbit the whole package again to… Continue

Added by Dawn Barrier Prominent Realty Gr on December 17, 2009 at 1:30pm — 1 Comment

Positive Sign of Mortgage Lending? Sounds like things might be loosening up a bit?

If you are in the process of buying a house, keep checking on the progress, monitor your credit scores because the lenders have once again tightened their standards. Improve your credit profile by doing the following:

• Review your credit reports for errors. Visit AnnualCreditReport.com and order your credit reports from the three main credit-reporting bureaus: Experian, TransUnion and Equifax. You’re entitled to a free credit report once a year if you go through this website. Review your… Continue

Added by John Susan Karen on December 16, 2009 at 1:11pm — No Comments

Wachovia Short Sales Made Easier! ~ Fast Track

Doing Wachovia short sales in the Central Valley.. The local field manager has extended the Wachovia Short Sale Program - Fast Track, with a streamline process.



Here is what he sent to me today!



Wachovia Short Sale made easier!

1. Obtain listing agreement

2. Contact local short sale manager - Chris A Hall as soon as you get the listing

3. ** New** An appraisal will be ordered, based on the condition of the home AT LISTING

4. When you receive an… Continue

Added by Rosemary Brooks on December 14, 2009 at 6:33pm — 3 Comments

What is All the Hullabaloo about HAFA and Short Sales?

As you may have heard on the news, the U.S. Treasury is trying to make short sales, well, shorter! Many homeowners and buyers have been plagued for waiting months for short sale approvals. Realtors are at their wits end. Lenders are overloaded with requests. Waiting five months for a short sale approval is becoming…

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Added by Wendy Rulnick on December 10, 2009 at 4:00pm — 6 Comments

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