December 2012 Blog Posts (32)

Short Sale With Two Lenders — US Bank & PHH Mortgage Short Sale Successfully Closed

Short Sale With Two Lenders — US Bank & PHH Mortgage Short Sale Successfully Closed

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US Bank PHH Mortgage Short Sale

Short sales with more than one lender are more complex.  These two lender…

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Added by Tni LeBlanc (805) 878-9879 on December 31, 2012 at 11:55am — No Comments

Will Short Sales Be Pushed Off the Fiscal Cliff?

Will Short Sales Be Pushed Off the Fiscal Cliff?

We can’t seem to hear enough about the fiscal cliff these days.  Undoubtedly, the decision to extend the Mortgage Forgiveness Debt Relief Act is bound up in the logjam of the fiscal cliff.  Indeed, given the current financial crisis, even the mortgage interest deduction seems up for grabs.  As a result of Debt…

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Added by Tni LeBlanc (805) 878-9879 on December 31, 2012 at 11:53am — 2 Comments

Is 6 Months Too Long For Short Sale Approval?

Is 6 Months Too Long For Short Sale Approval?

I think 6 months is way too long for short sale approval.  Short sale approval doesn’t happen in one day and buyers need to understand that — I get it.  Lately, I’ve come across several short sale listings where the listing agent asks the buyer to wait…

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Added by Tni LeBlanc (805) 878-9879 on December 31, 2012 at 11:51am — No Comments

CHASE Home Loans & CHASE Home Equity Short Sale Approved in 37 Days!

CHASE Home Loans & CHASE Home Equity Short Sale Approved in 37 Days!

We closed this CHASE short sale in record time – 37 days total for approval.  This short sale was handled well by CHASE – it seems they have made some improvements in their processing, or at least it let’s you know when they want a short sale they know how to manage…

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Added by Tni LeBlanc (805) 878-9879 on December 31, 2012 at 11:49am — No Comments

BofA Introduces “Negotiation Agreement” for Loan Modifications

BofA Introduces “Negotiation Agreement” for Loan Modifications

Recently, I was forwarded a recent loan modification agreement packet sent to a Bank of America borrower.  It included a document I hadn’t seen before.  It is entitled a “negotiation agreement.”  I’m not sure if they are using this agreement throughout the country or just California.…

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Added by Tni LeBlanc (805) 878-9879 on December 31, 2012 at 11:48am — No Comments

Is the Heyday of the Santa Maria Short Sale Over?

Is the Heyday of the Santa Maria Short Sale Over?



Probably not. I think the hey day of the “strategic short sale” is at least taking a breather while the future of the Mortgage Forgiveness Debt Relief Act is still being…

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Added by Tni LeBlanc (805) 878-9879 on December 31, 2012 at 11:47am — No Comments

My Bank Sold My Loan – Can I Still Do A Short Sale?

My Bank Sold My Loan – Can I Still Do A Short Sale?

Has your mortgage loan been sold or “service released?”  This should not affect your ability to apply for a short sale on your property.  As a practical matter, it may cause a delay in processing.  It may also affect your ability to apply for the HAFA program, if your new servicer does not…

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Added by Tni LeBlanc (805) 878-9879 on December 31, 2012 at 11:45am — No Comments

Significant Freddie Mac Short Sale Changes (Part One)

Significant Freddie Mac Short Sale Changes

This week I sat in on a webinar offered by Freddie Mac.  The purpose was to educate short sale agents and would be short sale agents on recent changes Freddie Mac made to the way they handle short sales.  It was overall a useful webinar full of lots of great information.   Notably, in some circumstances, Freddie Mac will approve short sales without a missed payment.  And now, Freddie Mac gives delegated…

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Added by Tni LeBlanc (805) 878-9879 on December 31, 2012 at 11:43am — No Comments

Dear Fannie Mae........

.........if you don't want to do Short Sales…

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Added by Bryant Tutas on December 31, 2012 at 6:27am — 3 Comments

Nationstar mortgage requiring the buyer to get a loan from nationstar to receive 3% credit at closing

Seemed illegal to me so I did some research in anti-competition law and it seems to me that Nationstar's request would be an anti-trust violation. I am guessing there is some banking law that was violated as well. How can the seller's lender or servicer have a rule where they will not pay credits to buyer at closing unless the buyer uses their bank. Whether it not an investor pays closing credits is normally by guideline and it would need to be applied across the hoard, with no exceptions. Has… Continue

Added by Michelle Adams on December 28, 2012 at 5:24pm — No Comments

Are there less short sales these days?

Feels like they isn't as many short sales coming across my desk. Could it be possible that short sales could be going back down to a minimum??

Added by Genie Shook on December 26, 2012 at 1:13pm — No Comments

Christmas Eve Short Sale "Declined" - STRATEGIC DEFAULT

Just received a charming Christmas Eve short sale "decline" after patiently waiting since August 2012 for an approval.  Reason - "strategic default" - DECLINED.  



This loan is through the SchoolsFirst Federal Credit Union formerly the OCFTCU.  My seller had to relocate her mother and father to care for them as her mother was diagnosed with cancer early last year.  She and her parents purchased a home together where they live now.  She is $150,000 upside down on her existing home. …

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Added by Diane Wheatley on December 24, 2012 at 10:19am — 1 Comment

What Is The Latest News In 2012 On HAFA Policy Updates For 2013?

Dedicated to bringing homeowners across the nation the latest news on short sales, we’ve discovered new information on the Home Affordable Foreclosure Alternatives program (HAFA) for 2013. Let’s explore the updates on HAFA’s success for 2012, what these new policies are for 2013, and when they will be in effect.

For those who do not know what HAFA is, it is a…

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Added by Peter J Kim on December 24, 2012 at 12:53am — No Comments

How long should it take to get B of A to sign the estimated settlement statement.....

B of A...Equator...? Why do they make this process so damn difficult!

If anyone has a suggestion to help expedite the approval of he net sheet please advise! B of A approved the short sale last week and the buyers signed right away (cash sale) the estimated settlement statement was sent out (on Equator) 5 days ago and we still do not have anything.


The buyers just want to be in by Christmas...and this final delay is frustrating.

Happy Holidays!

Added by Scott Cary on December 18, 2012 at 7:59am — 1 Comment

Dignified Transition Solutions.

Anybody use this company on Equator for Hafa short sales.

Like, Dislike feedback?

Added by Eric Middlebrook on December 17, 2012 at 3:32pm — 2 Comments

A Step You MUST Take Before Buying Your Next Home: Rebuilding Credit

Whether you are dealing or have dealt with a short sale, foreclosure, BK, delinquency on your mortgage payments, or have a number of late payments elsewhere, your credit score is damaged and your finances are most likely in lockstep. However, recovering with bad credit will be difficult as interest rates inflate the cost of living and affect various…

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Added by Peter J Kim on December 17, 2012 at 1:21am — No Comments

NEWSLETTER:Should The Buyer Get A Copy Of The Short Sale Approval?

 

Good morning Superstars.

 

Here are this week's Superstar discussions.

 

Discussions Replies…
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Added by Bryant Tutas on December 16, 2012 at 5:30am — No Comments

Divorce & Short Sale

I have an upcoming short sale with Ocwen on the 1st and BofA on the 2nd.  The couple has been divorced for at least 4 years. He is living in another state, she is in charge of the residence.  He has really washed his hands of the house.  I am suspecting it will be like pulling teeth to get his paperwork for submitting the short sale. Can he be quit claimed off title hoping that I only need to get her paperwork?  Your experience will be greatly appreciated. Thanks

Added by Christine 'Chryssa' Lightheart on December 15, 2012 at 1:32pm — 2 Comments

Education recommendation to SS Superstars, AgentGPS, Charfen Inst.

Monday and Tues of this week I spend 2 full days at a seminar presented by Alex Charfen of the Charfen Institute.  The seminar is called AgentGPS, which stands for Growth Profitability & Stability.  What a wonderful course.  Instead of a presenter force-feeding you information, Alex presented us with the tools needed to basically either start your business over from scratch or make some minor adjustments to your business to get it to the next level.  The seminar is just the start.  It's…

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Added by Steven Angelil on December 13, 2012 at 1:44pm — No Comments

Banning CA Commercial Real Estate Market Improving?

Communities in Beaumont CA

According to a real estate study conducted by USC, the Southern California commercial real estate market is on the rise, which could include the Banning CA commercial real estate market as well.

According to the article:

"The office and industrial real estate sectors continue to improve for Southern California landlords, a report…

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Added by Garrigus Real Estate Group on December 12, 2012 at 2:30pm — No Comments

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