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…
ContinueAdded by Tni LeBlanc (805) 878-9879 on March 20, 2011 at 8:30am — No Comments
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
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
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…
ContinueAdded by Todd J Sullivan J.D. on March 18, 2011 at 11:02am — 3 Comments
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 RealtorsIn a recent study, the Chicago Booth/Kellogg School Financial Trust Index found that a full 36% of… |
Added by Mike Sher on March 17, 2011 at 6:00am — No Comments
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®’…
Added by NextGEN Real Estate Corp. on March 16, 2011 at 11:31am — No Comments
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…
ContinueAdded by Andrew Coppo on March 16, 2011 at 2:17am — No Comments
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…
Added by Bryant Tutas on March 15, 2011 at 11:30am — 1 Comment
Added by Jorge Newbery on March 15, 2011 at 8:49am — No Comments
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…
ContinueAdded by Jennifer Escobar on March 14, 2011 at 4:24pm — No Comments
Added by Jeff Corporon on March 14, 2011 at 12:44pm — 6 Comments
Added by jesse patterson on March 14, 2011 at 11:06am — 1 Comment
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 Bion Grady on March 14, 2011 at 3:12am — 1 Comment
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…
ContinueAdded by dennis on March 12, 2011 at 5:06am — 4 Comments
Added by Bion Grady on March 12, 2011 at 4:24am — No Comments
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…
ContinueAdded by Jennifer Escobar on March 11, 2011 at 8:00am — No Comments
Added by Michelle Kirchwehm on March 10, 2011 at 1:16pm — No Comments
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…
ContinueAdded by Wendy Rulnick on March 10, 2011 at 9:00am — 1 Comment
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