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

US Bank PHH Mortgage Short Sale

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

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…

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…

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…

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.…

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…

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…

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…