December 2010 Blog Posts (34)

How to Identify an MI Company on a Wells Fargo first lien....

Does anyone have any suggestions as to how we would identify the MI Company on a first lien with Wells Fargo?

We would like to speak with them directly but don't know how to get to them.

 

Any input would be greatly appreciated.

Added by Jeanne Johnson on December 30, 2010 at 9:11am — 3 Comments

New Chase Incentive. $10,000 to $20,000 to the Borrower and NO deficiency!!

Hi folks. I had a seller call me earlier this week needing a Short Sale agent ASAP!! He hasn't made payments for many months and had actually already moved out of the property expecting to be foreclosed on any day now. Chase sent him a letter and fortunately instead of just throwing it away thinking it was another collection attempt he opened it.

Inside was an offer he couldn't refuse. Stay in the house, maintain it, bring them a contract at FMV (fair market value) and they will…

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Added by Bryant Tutas on December 30, 2010 at 7:39am — 3 Comments

A Common Loan Modification Mistake and How To Avoid It







Most homeowners negotiating a loan modification are not amazing negotiators. After all, it’s not every American’s job to be a great negotiator.







America is built on hard work and treating people fair. Most stores offer products at a good, fair price. The price is the price. If you don’t like it, then don’t buy… Continue

Added by Bion Grady on December 30, 2010 at 6:30am — No Comments

A Cautionary Tale on Loan Modifications









Loan Modifications are tough. Lenders don’t want to reduce your payment or reduce the amount you owe.







It’s insane. Don’t even get me started on the topic of the nation’s courts being tilted in the favor of the big banks!







Most loan modifications end in failure because the banks are so hard to work… Continue

Added by Bion Grady on December 28, 2010 at 6:26am — No Comments

Will I Owe Income Tax after a Short Sale









This is one of the first questions potential short sale sellers ask us. “I heard of something called “forgiveness of debt income and that it is taxable. How does that work?” they ask.







The following article is my personal opinion only. I recommend that you consult with a competent legal or tax… Continue

Added by Bion Grady on December 27, 2010 at 7:50am — No Comments

Short Sale Negotiator Quit.....PLEASE Help

Hello,

I am a real Estate agent that had a client with a negotiator (she was the CEO of the title company) She became so busy that she basically gave up on our short sale. I have decided to take over the negotiation portion myself and then just use her for title since the buyers money…

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Added by Kimberly Bernheim on December 26, 2010 at 8:36am — 2 Comments

How GMAC Short Sales Work







GMAC, was the financing arm of General Motors. It was taken over by Uncle Sam and has been mostly privatized as Ally Financial.







However, many people still have loans from the original GMAC. Some of these homeowners want to short sale, but are curious about how it works.…







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Added by Bion Grady on December 22, 2010 at 7:26am — No Comments

The Journey Through Short Sales - A New Compass

 In my ten years in general residential brokerage in the Lake Norman area of North Carolina I've seen a major change in the way I need to plan my business. In our region, which includes the Charlotte area, we did not experience the "bubble" to the extent that of other areas of the country did except for the Lake Norman waaterfront community which had a 29% price increase in 2007.  Generating business in multi million production numbers was accomplished if one stayed focused & directed…

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Added by Denyse Naylor on December 21, 2010 at 10:37am — No Comments

An Advanced Strategy To Stop harassing Debt Collector Calls

Many of the short sale sellers we help are selling their home to avoid foreclosure. In addition, they are receiving lots of harassing calls from debt collectors.







These debt collectors seem to think that if you call someone with no extra money, then you can still get them to pay. Here is a little tip on how to stop their phone calls.







Discover how other sellers… Continue

Added by Bion Grady on December 21, 2010 at 8:05am — No Comments

HELP PROVIDENT FUNDING SHORT SALES - DOES ANYONE HAVE ANY SUPERVISOR CONTACTS

We have a client with a sale date of this Wed.  Provident has totally drug their feet with the file and just denied it this am not leaving us much time to meet their new required net.  We have been checking back with them for many weeks with no good communication from them.

Does anyone have any contacts within Provident for quick escalation?  Any names and contact information would be greatly appreciated!

 

Todd Sullivan

Jeanne Johnson

Owens & Perkins…

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Added by Jeanne Johnson on December 20, 2010 at 10:31am — No Comments

Arizona and Nevada Sue Bank of America over Loan Modifications

From the Associated Press.....

Arizona, Nevada sue BofA over loan modifications PHOENIX – Dec. 20, 2010 – Attorneys general in Arizona and Nevada filed civil lawsuits Friday against Bank of America Corp., alleging that the lender is misleading and deceiving homeowners who have tried to modify mortgages in two of the nation’s most foreclosure-damaged states.



Bank of America violated Arizona’s consumer fraud…

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Added by Bryant Tutas on December 20, 2010 at 9:07am — No Comments

Bluewater Bay Florida Home Approved For VA Compromise Sale

Wells Fargo just approved this home in The Woodlands, Bluewater Bay, Niceville Florida, for a VA Compromise…

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Added by Wendy Rulnick on December 16, 2010 at 3:47pm — No Comments

Negotiating 2nd Liens

I have searched through this site and cannot find the answer I am looking for, so perhaps collectively we can use what we have learned  and post the data here..

 

I am looking for a list that shows what % on average each 1st lender will pay out to 2nds, and what each 2nd on average will accept to release their lien.…



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Added by Pat Glenn on December 16, 2010 at 12:30pm — No Comments

Renters Trashed my house. What should I do?









The Stop Foreclosure Institute recently received a question from Richard. “I accepted a job transfer and had to move. Unfortunately we were upside down on the house.







I decided to rent it out rather than short sale it. The renters just moved out. I just checked the house. They trashed it!







I could rent the house out again,… Continue

Added by Bion Grady on December 16, 2010 at 5:18am — No Comments

Can I buy again right after a Short Sale? You Decide









We get this question a lot from people. “I am upside down and need to move. I would like to buy another home. Can I do that?” they ask us.







Today they can. FHA (the Federal Housing Administration) has a new program that enables you to short sale your existing home and buy a new home at today’s reduced prices.…







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Added by Bion Grady on December 15, 2010 at 10:48am — No Comments

How To Make A Buyer Walk - Destin, FL Short Sales

How To Make A Buyer Walk - Destin, FL Short Sales

Click the link below to search Destin and Santa Rosa Beach, FL Short Sales.

Destin and Santa Rosa Beach Short Sale…

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Added by Clayton Bonjean on December 14, 2010 at 4:30pm — 7 Comments

Key Bank Short Sale Packet

Has anyone had any luck with Key Bank on their short sales? Supposedly they need lender specific paperwork for their short sales, but won't send it out until the homeowner calls in and verbally agress to a deficiency...does anyone have a key bank short sale packet? They are like PNC with wanting the homeowner to agree to a deficiency right off the bat...trying to find a way around it! Any tips are appreciated.

Thank you :)

Added by Corinn on December 13, 2010 at 1:00pm — 8 Comments

Provident Funding as the First Lien Holder

Has anyone had any experience with Provident as the first? Do you have any contacts to whom one can escalate a file? (supervisor, manager, etc.)

We have a sale date of 12/22/10 and the negotiator does not appear to be doing anything with the file and they say they won't postpone sale dates without approvals. We already have the approval from the second which they have. The negotiator is NOT answering any of my emails.

Thanks for any input you may…

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Added by Jeanne Johnson on December 13, 2010 at 10:53am — 2 Comments

My Realtor hasn't talked to me about a Short Sale & I'm not even getting a showing. I think I might be upside down. What do I do









The Stop Foreclosure Institute recently received a question from Jennifer. She is having a hard time selling her home.











“I have had my house for sale for a little while, but it hasn’t sold. No buyers have come to look at it. At first I thought the price was fair. But, now that no one has come to see the home, I am beginning to… Continue

Added by Bion Grady on December 13, 2010 at 9:24am — No Comments

Contribution to grant deficiency waiver

I have a SSA specifying that borrower is still responsible for the deficiency of the original loan.

I called Chase to get this removed and they are now requesting a contribution of 20% of the loss (close to $ 30K in my case) to grant the waiver. They also stated that will evaluate any "reasonable" contribution.

This is related to a primary home, one mortgage (never refinanced) and it seems really unusual that they are requesting this 1 month away of the proposed closing…

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Added by Juan Manuel on December 11, 2010 at 10:34am — 1 Comment

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