March 2011 Blog Posts (59)

Can My Sister Buy My Orcutt CA Short Sale?

Can My Sister Buy My Orcutt CA Short Sale?

I am asked this question or a variation of this question all the time.  Strictly speaking, the answer is no.  Banks and investors generally will only approve a short sale if it is an arm’s length transaction.  What does arm’s length mean?   According to the Wells Fargo Banks’ Arm’s Length Affidavit that they ask the buyer, seller, and real estate agents involved to sign, it means:

 

No party…

Continue

Added by Tni LeBlanc (805) 878-9879 on March 20, 2011 at 8:30am — No Comments

Divorced couple, both on mortgage, one on title

If the couple is divorced and only one of them holds title, do both have to fill out the hardship? 

 

Thank you, 

 

Mily 

Added by Mily Arroyo on March 20, 2011 at 3:00am — 1 Comment

One Spouse on Mortgage - Both on Title

If one spouse is on the mortgage, and both are on title, do both have to fill out the hardship, or only the spouse on the mortgage?

 

Thanks,

Bill

Added by Bill Travis on March 19, 2011 at 3:36am — 3 Comments

MARS RULING LEGAL OPINION LETTER ($11,000 per Fine per Day)

 

 

In Arizona, we have been battling over the application of the FTC MARS Ruling to Realtors and/or any other individual or entity handling short sales.  Over the last several weeks, it has become clear that the Rule applies directly to all Realtors and/or Negotiators handling short sales.  I thought I would share my law firms Legal Opinion Letter which includes how to be in compliance with the Rule. I have had half a dozen consultations on brokers inquiring into the rules and…

Continue

Added by Todd J Sullivan J.D. on March 18, 2011 at 11:02am — 3 Comments

Anyone Have Experience writting a QWR?

Does anyone have experience writting a QWR?

 

 

Thanks

 

Dave Haws

Coldwell Banker

Added by David R Haws on March 18, 2011 at 10:38am — 1 Comment

West Bloomfield Short Sale "3 Reasons the Term Strategic Default" Is Misleading Mike Sher (248) 644-4700 x 242 Max Broock Realtors

West Bloomfield Short Sale "3 Reasons the Term "Strategic Default" Is Misleading " Mike Sher (248) 644-4700 x 242 Max Broock Realtors

In a recent study, the Chicago Booth/Kellogg School Financial Trust Index found that a full 36% of…

Continue

Added by Mike Sher on March 17, 2011 at 6:00am — No Comments

A Cry for Help from Realtors to our Government, Lenders and Regulators

Banks drag feet on short sales, survey finds

The CALIFORNIA ASSOCIATION OF REALTOR® (C.A.R.) published its findings of a survey this week, which show that tedious lender requirements and poor communication hamper short sales.

MAKING SENSE OF THE STORY



• Fewer than three of five short sales close in California, illustrating the complexity and difficulty of navigating lenders’ and servicers’ short sale procedures, according to C.A.R.’s survey, which gauged REALTORS®’…

Continue

Added by NextGEN Real Estate Corp. on March 16, 2011 at 11:31am — No Comments

NATIONAL ASSOCIATION OF REALTORS: LIFE ON MARS

 

The National Association of Realtors® (NAR) issued a legal memorandum confirming that all real estate professionals working on short sales are required to make specific disclosures under new federal regulations. NAR’s statement came in response to the Mortgage Assistance…

Continue

Added by Andrew Coppo on March 16, 2011 at 2:17am — No Comments

Legal Actions Against Agents Are On The Rise.

This article is from the Florida Association of REALTORS(R) daily news letter:

More legal snags jeopardize real estate deals NEW YORK – March 15, 2011 – With a real estate market filled with complex deals, legal disputes from real estate transactions are on the rise. Legal snags from short sales, foreclosures, and disclosures are prompting more real estate deals to end up in court.



Legal disputes stemming from…

Continue

Added by Bryant Tutas on March 15, 2011 at 11:30am — 1 Comment

American Homeowner Preservation Buying Pools of Defaulted Mortgages and REOs

When American Homeowner Preservation was first conceived, the vision was a solution which benefited homeowners, investors as well as existing lenders. In practice, homeowners and investors have recognized the advantages and have responded mightily. However, AHP's offers of prompt resolutions which maximize lenders' recovery on their troubled mortgages have generally been poorly received by lenders. As a result, approximately 15% of AHP short… Continue

Added by Jorge Newbery on March 15, 2011 at 8:49am — No Comments

Glendale Short Sales: Another Example Of Lenders Attempting To Abuse Their Power!

 

Glendale, CA Real Estate – I recently received a short sale question from a client of mine, Julia. Here’s Julia’s question.

 

“We have American Home Mortgage Servicing, a loan processor for a Mortgage held by Deutche Bank, adding a 1% “processing fee” that ONLY the buyer can pay at…

Continue

Added by Jennifer Escobar on March 14, 2011 at 4:24pm — No Comments

GMAC Short Sale

Has anyone heard that GMAC is using Zillow to determine if a property should be accepted into the HUD/FHA Pre Foreclosure Sale ("PFS") Program?

Added by Jeff Corporon on March 14, 2011 at 12:44pm — 6 Comments

sellers agent not returning buyers agents calls or emails.

I am in the middle of a short sale in California.  We are 4 months into the process.  2.5 months in the primary lean holder (wells Fargo) asked us to sign two contract addendums and then asked us to put down an earnest deposit (which we did.)  After that our agent was told by the listing agent that we were close to getting all the approvals (that was a month ago).  Since then the sellers agent will not return my agents calls or emails.  Our agent has gone so far as contact the home owner, they… Continue

Added by jesse patterson on March 14, 2011 at 11:06am — 1 Comment

2nd Trust not allowing 6% commission ? Anyone dealt with this ?

So our second loan was charged off and a law firm is now collecting.  They are the ones that will issue the approval letter through Citi Mortgage.  They are saying Citi will not allow 6% commission unless its Fannie or Freddie.  They will only approve 5%

 

Well the 1st loan is with BOA and they have approved 6% 

 

Anybody dealt with this and have suggestions ?

 

Thanks

Added by Nate on March 14, 2011 at 9:30am — 1 Comment

Another Example Of Lenders Attempting To Abuse Their Power

The Stop Foreclosure Institute recently received a question from Durry. Here was Durry’s Question.







"We have American Home Mortgage Servicing, a loan processor for a Mortgage held by Deutche Bank, adding a 1% “processing fee” that ONLY the buyer can pay at closing.







This was never revealed until we received the short sale approval letter. The buyer is upset.” Durry.…







Continue

Added by Bion Grady on March 14, 2011 at 3:12am — 1 Comment

Waiting for response from BoA

We are the buyers.  made offer the first of December, Did all the paperwork and BoA accepted the price Feb 7.  We were told it was going to investor.  Since then scant news.  I know as the buyer we don't have much standing in all of this.  Here are the question:  We did hear that it was at a BoA executive to approve the letter. not sure what this means,  Is it the last step, or does it then go to the investor.  How do we move this along.  We recently sold our house (in a few weeks for the…

Continue

Added by dennis on March 12, 2011 at 5:06am — 4 Comments

I can't afford my home. What should I do?









The Stop Foreclosure Institute recently received a question from Steve. Here is Steve's Question.







"I divorced six years ago. We had had our home on the market for some time, but it wasn't selling. My ex needed money to buy another home.







Since it wasn't selling, we refinanced and split the equity. She used… Continue

Added by Bion Grady on March 12, 2011 at 4:24am — No Comments

Los Angeles: How One Agent Overcame The Odds

 

 

Los Angeles, CA – Sometimes it seems like short sales are tough. “Don’t try to short sale your house. Short Sales never go thru”, people tell…

Continue

Added by Jennifer Escobar on March 11, 2011 at 8:00am — No Comments

Does Saxon Mortgage offer cash for keys?

Does anyone know if Saxon Mortgage has a cash for keys program?

Added by Michelle Kirchwehm on March 10, 2011 at 1:16pm — No Comments

Not All Short Sale Sellers Want Deficiency Waiver

Today’s trend in short sales is "waiver of deficiency”.  A short sale is where a property is sold without enough proceeds to pay off the mortgage debt. A "waiver of deficiency” is what happens if the lender accepts the short sale proceeds…

Continue

Added by Wendy Rulnick on March 10, 2011 at 9:00am — 1 Comment

Monthly Archives

2023

2022

2021

2020

2019

2018

2017

2016

2015

2014

2013

2012

2011

2010

2009

Members

© 2024   Created by Brett Goldsmith.   Powered by

Badges  |  Report an Issue  |  Terms of Service

********************************** like buttons ************************