In this case I would recommend you sell the house. Now, if you are reading this blog, then you must be researching a short sale.



Which means that you are probably upside down on the home. You have three options.



Option #1: Let your lender foreclose on the home. You just stop making the payments and surrender the…

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Loan modifications have become a joke. People get turned down for no reason at all.







People really want to keep their home, but just can't figure out what to do. The loan modification negotiators realize how desperate the homeowners are. They use their power over the person to take an ego trip.







Discover how other sellers successfully did a short sale to avoid foreclosure by clicking… Continue

The big banks made mistakes and received a bailout. They have the resources to lobby congress and the courts to have laws written to suit them.









But, what has the little guy received? Nothing. So we decided to put together a Homeowner's Bill of Rights. It's time we had Washington look at what we want, versus taking care of the big… Continue

Wiki leak's Editor, Julian Assange, recently said he would be releasing documents on a large US Bank. We decided to beat him to it and release some information on how a large US Bank caused their client to lose an estimated 40k because of their… Continue

We recently negotiated a short sale on a VA Loan. After the appraisal is complete and all the other necessary document have been received, VA guidelines state the loan servicer should give us an answer within 15 days.





The loan servicer took 65 days to give us an answer. That is a complete violation of VA’s requirements. “Oh, but that’s no big deal”,… Continue

Most people think the person they mail their mortgage payment to every month is the owner of their loan. Not so.







In fact, most of the time, they are not the owner. As an example, 80% of all loans that Bank of America handles are not owned by Bank of America.…







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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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I'm sure you have heard about forensic loan audits. I've heard people say how wonderful they are. "Your lender will approve your short sale right away", claims one.



Discover how other sellers successfully did a short sale and request a free consultation by clicking… Continue

Negotiating short sales is tough. In my opinion, some of the banks are not making good financial decisions. "We won't approve the file without the financials completely filled out," they say.







Or, they tell you the numbers won't work when the investor guidelines actually say to approve the short sale. If the agent doesn't know who owns the loan (or… Continue

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

LPS Applied Analytics recently announced that there are $464 Billion in mortgages currently in Foreclosure and that Americans are now behind on mortgages worth $1.4 Trillion. Several economists believe that

something really bad could be coming down in the coming months. In

fact, leading economists are warning of a new financial crisis brewing

that could possibly be worse than the crisis we faced in 2008 and that

we could see a collapse of some BIG U.S.…

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Short Sale , Deed in Lieu, Loan Modification, Foreclosure, HAMP, HAFA in California and what they mean to you.

Under the HAFA program you have the option of doing a Short Sale or Deed in Lieu. According to current FHA guidelines you can buy another home 2 years after the short sale. The lenders are required to give you at least 120 days to market the home and obtain an offer. The lender does not have to give you more time and you are…

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Many Homeowners Facing Foreclosure as Loan Servicing Guidelines change and this could mean increase in business for those agent that specialize in Short Sales!



Take a Look as many homeowners under the Presidents foreclosure -prevention program may be at risk of foreclosure due to the tightening up of guidelines forcing loan Servicers to make sure all paperwork have been turned in the their files. For those that are missing paperwork they wil get a 30 day notice to complety and… Continue

Loan Modification Program failed miserable in Florida

Florida Homeowners hold on to their property with a needle and a thread, hoping for a loan modification under The Making Homes Affordable program. According to the Florida Realtor’s website, only 8,405 in Florida get mortgage modification. This is simply pathetic!



Here are some basic rules to… Continue

A homeowner recently emailed me quite concerned about a letter she received from Aurora Loan Services. She had a second mortgage with them for $29,700 at 12% interest. She had never been late with her payments and was not selling as a short sale. The Aurora letter stated she could pay her loan off now at about one-third what was owed, and would have no further obligation on the note!



Dear Customer:



Aurora Loan Services, as a servicer of your loan, has been authorized by… Continue

The suit was filed on behalf of homeowners facing foreclosure in NEVADA who say there has been no progress made with regard to negotiations with their lender.



"And that's why what we're calling for in this lawsuit," explains attorney Matthew Q. Callister. "(It) is an automatic stay of any further Bank of America foreclosures until such time as every Southern Nevadan avails himself of his right under federal law to have that fundamental 'good faith' negotiation."



The… Continue

This week happens to have a very important day in it. This Wednesday is Veterans day. A day when we get to remember our nations heros. It's a day to really think about all we have and the small things we take for granted. For instance, going to Starbucks for coffee, being able to go to any house of worship anytime we like, being able to listen to country music at my desk while my neighbor is listening to rock. These things don't seem inportant but someone put their life on the line so we could… Continue

At a recent bi-weekly meeting one of our top agents was asked to speak on the short sale subject. Many of us were frustrated and he seemed to get a high number of his through the system. Well, the first thing he says is "lets just get this foreclosure stuff over with and foreclose on all the houses that are obviously going to get posted" A cheer went up from most of us. He went on to explain that if they were all forclosed on then we could just get on with the work of selling them instead of… Continue

The Short sale and the Sole Proprietor

I have been working on a short sale for several months, and the seller is truly in a hardship position…stuck between a rock and a hard place.



He is paying an interest only note on land at 8%; he was able to arrange a 90% loan when the property was purchased directly from a developer (not from a Realtor) for $400,000 three years ago.



The current market value is approximately half the purchase price, or $160,000 less than the… Continue