All Blog Posts Tagged 'attorney' (5)

PRINCIPAL REDUCTIONS – WILL THE BANK GUARANTEE THE VALUE OF YOUR HOME?

In a briefing by Credit Suisse this week, the financial giant’s opinion was that reducing principal balances of underwater mortgages is a risky idea that has not been shown to keep underwater borrowers from later defaults.  In my practice as a Florida real estate lawyer, that opinion flies in the face of borrower sentiment.  The guiding force in the Credit Suisse statement seems to be the “…

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Added by Richard Zaretsky on January 27, 2012 at 4:35pm — 2 Comments

Florida Short Sale Listings

I am still amazed at the number of REALTORS® that continue to list short sales and either attempt to process the short sale themselves and/or turn the file over to a third party title company. In many of these instances I have noticed the title company charging “short-sale processing fees” at closing in direct violation of the law. In fact, such a charge may be considered a felony as it violates Florida Chapter 494.

 

Federal and Florida laws involving short sales and their…

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Added by Stephen B. McWilliam on July 9, 2011 at 5:00am — 6 Comments

BoA SHORT SALE APPROVAL FORM LETTER - DEFICIENCY WAIVER AND DEFICIENCY NON-WAIVER EXAMPLES

You may have been reading about Bank of America short sale approval letters and some changes that have occurred. The Bank of America Short Sale Approval Letter has had various versions dealing with deficiency of the promissory note. This article will look at the BoA short sale letter recent changes.

History - Before June 2009

Until June 2009 the typical Bank of America short sale approval letter was not a release of mortgage and a release of…

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Added by Richard Zaretsky on November 16, 2010 at 4:20pm — 4 Comments

BACK TO BASICS - A PRIMER REVISED AND REVISITED

Short Sale Primer For Brokers, Sellers and Buyers…

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Added by Richard Zaretsky on April 18, 2010 at 4:29pm — 2 Comments

SHORT SALE LENDER CANNOT REDUCE COMMISSION TO BROKER

One of the great drawbacks to a broker taking on a short sale listing is the fear and often the reality that the short sale lender will demand a reduction in the broker commissions. This has created all sorts of contraptions to make the broker whole.



I have seen contracts that have inflated commissions designed to make the lender reduce it; I have seen deals to have the buyer guarantee the broker commission short fall. There are more and some not yet invented. But this summer a case… Continue

Added by Richard Zaretsky on October 13, 2009 at 12:43am — 1 Comment

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