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How is the short sale process different for a homeowner versus a rental property? Is the owner of a rental property more likely to have a deficiency judgment and/or be taxed on the deficiency than a someone short selling their own home? Brett."
Here was our answer to Brett's question Yes, short selling a rental property is much different.
(The scenarios below are for a property you bought as a rental, not a property you bought to live in and then started to rent…
Added by Donna M Bishop on March 2, 2015 at 9:21am — No Comments
The Wisconsin housing statistics are in for this January of 2015. Here is an excerpt from what the Wisconsin Realtors® Association (WRA) had to say:
Existing home sales fell in January but median prices rose at a healthy…
Added by Michael Collins, CDPE, SFR on February 26, 2015 at 8:16am — No Comments
is anyone aware of how much the 2nd lien holder gets, I was told by one lender the amount is 12,500.00
Real estate agents are small business owners trying to earn an income and gain wealth. They have to steer their business through rough waters, deal with decreases in commission, handle difficult clients and compete with hundreds of other agents in the industry. You need a road map for success so you don’t get…Continue
Added by Heather on February 8, 2015 at 2:08pm — No Comments
Finding that Elusive Starter Home
The past few years have brought several changes in the real estate industry. The housing bust of 2006-08 led many people to either sell or walk away from their home. As the market is continuing to rebound, many investors have scooped up homes at affordable prices and are offering them as rental properties. In addition, other…Continue
Added by Michael Collins, CDPE, SFR on February 4, 2015 at 8:38am — No Comments
The processor sent me another blank Request for Mortgage Assistance pkg(RMA) and says that the RFI PARTIAL LETTER is included in the income doc package? I can't find this form in the pkg? No response to my email or voice mail message to her. I called the liquidation dept and they said they could only send a message to processor to contact me. Anyone know what this document is? Appreciate it!
Added by Eileen Johnson on January 28, 2015 at 11:37am — No Comments
The Wisconsin housing statistics are in for this December of 2014. Here is an excerpt from what the Wisconsin Realtors® Association (WRA) had to say:
The housing market ended 2014 on a strong note with both existing home sales and…
Added by Michael Collins, CDPE, SFR on January 20, 2015 at 10:30am — No Comments
Hi folks. Good news for folks that qualify for a HAFA Short Sale. As of February 1, 2015 the relocation incentive available to the occupant/borrower is increasing from $3,000 to $10,000!!
That’s right we may be able to get you $10,000 to assist you with moving from your property once the HAFA Short Sale is completed. These funds are paid to the OCCUPANT of the property even if they are not the owner/borrower.
Effective February 1, 2015, if short sale is approved through HAFA, $10,000 relocation assistance funds will be paid to property occupant. This has been increased from $3,000. Also, new directive states senior lien can allow up to $12,000 to junior lien up from $8,500 in the past. Treasury will reimburse first lien $2 for every $3 they provide to junior lien at short sale closing. All the HAFA changes are available on the link below:…Continue
Added by Wendy Haisley on January 15, 2015 at 9:23am — No Comments
finally spoke with someone at SPS who knew what she was talking about. She said a deceased person doesn't and wouldn't qualify for HAFA. I would just have to have the PR, Executor or POA to sign the Hardship affidavit. The bank still does a BPO and credit check -good luck with the credit check! At least the issue has been resolved.
Added by Kathi on January 14, 2015 at 9:33am — No Comments
I have question.
I had a seller to call me about short selling her home. she was granted a modification a few months ago (which she accepted). Now she has decided she no longer wishes to proceed with the modification and wishes to apply for a short sale. Has anyone had this situation before and what are the chances of getting the short sale approved,being that they have already approved the modification?
I am not licensed in Dayton, Ohio. I have a client that just relocated to Michigan but needs to short sale a house in Ohio. Please email me if you are interested in a referral, [email protected] Please include a description of your process, success rate and possible referral fee.
Added by Ashley Den Uyl on December 30, 2014 at 8:53am — No Comments
The Wisconsin housing statistics are in for this November of 2014. Here is an excerpt from what the Wisconsin Realtors® Association (WRA) had to say:
Existing home sales in Wisconsin fell in November compared to the same month last year, but home prices increased over the same period,…
Added by Michael Collins, CDPE, SFR on December 26, 2014 at 11:47am — No Comments
First-Time Homebuyers Discounts through FHA
People in the market for their first home can take advantage of a new offer from FHA. This new initiative aims to provide more information to buyers though classroom education and will reward them with a reduction in the premiums paid towards mortgage insurance.
HAWK to the…Continue
Added by Michael Collins, CDPE, SFR on December 15, 2014 at 11:39am — No Comments
Most Short sales once approved, go off without a hitch...however there are those few agents who like to buck the trend, who think they are doing their buyers some good use when trying to extend or back out Closing Dates that must be met...I for one have 1 of those right now...who keeps sending an addendum to extend, who wants to try and protect the buyers Earnest Money...JUST STOP I want to say...why don't you just focus on getting your buyers loan closed..
"This is short sales, they…Continue
Added by Melissa Polce on December 8, 2014 at 8:40am — No Comments
In a long expected vote by the House of Representatives, HR 5771 was passed today just after 3 pm ET. HR 5771 in section 102 provides for the extension of the presently expired Mortgage Debt Forgiveness Act, which expired at the stroke of midnight December 31, 2013. The law is now extended though December 31, 2014. Efforts to have the extension for 2 years failed. Interestingly the bill, introduced just days ago, was given a 10% chance of passage on Monday by Govtrack.US…Continue