Too often, many homeowners doing a short sale read up on the internet and speak to friends, coworkers, relatives and anyone else whose done a short sale, about how they received $3000 relocation assistance by doing a HAFA short sale.

Sadly...this is NOT always the case. Simply going into the HAFA short sale program here in CA does NOT guarantee you will walk away with money.

Case in point.....First your realtor needs to determine if your servicer(the one you normally make or…

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The best way to find a Short Sale Realtor .

It's easy to discover a realtor...There everywhere... Here are my suggestions on what you have a look for in a Licensed California Realtor. Confirm they are Licensed!

 The Realtor has CLOSED at least Twenty short sale transactions. Not just listed. I'm seeing folks lose there houses everyday because they employed an inexperienced…

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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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Yes There Are!

 

It's hard to find an article about Short Sales or Foreclosure that does not mention California.  It seems that California, Florida, Nevada, and a occasionally a few other states are often in the news.  As most know, these states have had the highest distress sale problems.

 

But California's a Big State...

and the largest problems have not been in the Coastal Cities. Instead they have been in other areas like Sacramento, Riverside County,…

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First,  I try to purchase the property via short sale. After 6 months of fooling around with the owners to get the paper work into the system the owner got fed up and let the property go into foreclosure. Now the property is been vacant  for over two years and deteriorating. Nobody to contact, no place to go. I have a few friends tracking it down to see if it shows up in the MLS and nothing. It is like lost in space. Anybody has a clue how to figure out what is going on or who to call? If so,… Continue

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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1. Tricks



I don’t know if kids do this anymore, but I remember part of the fun, the anticipation, of Halloween was coming up with a “Trick” to offer in exchange for candy – a joke, rhyme, hand stand, armpit noise or, if you were desperate, a song. Foreclosure prevention is like… Continue

Just one of my normal days selling real estate and short sales in Destin, Florida...



Buyer agent emails me to say buyer is “walking” if no response from Niceville short sale lender this week.



Another buyer agent calls me to say buyer is “walking” by October 31 if no approval given on Destin short sale condo.



Another buyer agent calls and emails me three times asking when the approved Bank of America Santa Rosa Beach short sale can… Continue

I have had much trouble figuring out that question lately. Who am I? Going into Real Estate and leaving behind a world I've called home for the last 18 years has given me the biggest identity crisis I've ever had. I needed to leave nursing and had a Real Estate license, so why not? But try as I might I haden't been able to pull it all together. Then one miraculous day I woke up and realized that I was going about it all wrong. The depression was from not accepting the inevitable, my nursing… Continue

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

Lets face it, most agents cringe when they find out at a listing appointment that the 3rd party is lender is Bank Of America/Countrywide. In many ways, their reputation is well deserved. I was frustrated for many months trying to get 2 separate short sales in Daytona Beach approved with them. Each started in December, and just got approved in September.



Along the way, I dealt with the usual delays, lack of communication, and changes of negotiators. There were so many times that it… Continue