June 2012 Blog Posts (44)

NEWSLETTER: How To Remove A Judgment From A Short Sale Property

 

This Week's Popular Short Sale Discussions…

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Added by Bryant Tutas on June 17, 2012 at 12:34am — No Comments

B of A Short Sale updates..critical!

Bank of America has a couple of new and updated news releases they just sent out..

1.  Bank of America Second Lien Release Guidelines: New and enhanced guidelines for Agents handling prperties with second liens on them.

  • The Short Sale must be initiated on or after June 1, 2012.
  • The Second must be attached to the First lien…
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Added by Kimberley Kelly on June 16, 2012 at 2:32am — No Comments

Two Loans with Two Lenders: Short Sale Closed with Bank of America & Greentree Servicing

Two Loans with Two Lenders:  Short Sale Closed with Bank of America & Greentree Servicing

 

This was a pretty difficult short sale, but we got it closed. Short sales with two different lenders can be tricky and time consuming.  Often they have different or unique documentation requirements.  Some lenders,…

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Added by Tni LeBlanc (805) 878-9879 on June 15, 2012 at 5:03am — No Comments

Equator & Short Sales

Equator & Short Sales

You are probably wondering, what isEquator and how does it affect your short sale?  Equator is a web based computer portal/platform that allows your short sale agent to communicate and process your short sale in an efficient and secure fashion across the web.  Most of the major lenders, including Bank…

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Added by Tni LeBlanc (805) 878-9879 on June 15, 2012 at 4:56am — No Comments

Short Sale vs. Foreclosure: The Notice of Default

In California, a Notice of Default will typically be filed by the lender after the third missed payment.  Once a Notice of Default is filed, the lender has begun the formal process of foreclosure.  Three months after a Notice of Default is filed, the lender may file a Notice of Trustee’s Sale setting a foreclosure sale date.  The Notice of Trustee’s Sale can be posted 21 days before the foreclosure auction sale date.  So, in California, once…

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Added by Tni LeBlanc (805) 878-9879 on June 15, 2012 at 4:54am — No Comments

Atlantic Coast Title Group Specializes In Short Sale Processing In Florida

Atlantic Coast Title Group is South Florida's Premier Title & Short Sale Processing Company, Located in Jupiter Florida. 

Why choose ACTG for getting your short sale approved? 

Most short sale processing companies have 100-150 files per processor and many companies have multiple personnel working in each file. This leads to in efficiencies, miss communications, and delay's in getting short sales approved. 

At ACTG we have one highly experienced individual handle the…

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Added by Matthew Krause on June 15, 2012 at 4:48am — No Comments

Gatekeepers of real estate, it’s up to brokers and agents to help distressed homeowners are properly well informed of alternatives.

I think I have figured why most your clients are not having luck with bank run HAFA programs...the difference between the Bank run HAFA program VS. the Non-Profit organization and why banks like to deal with NPO becuase they can write the loss as a charitable dontation to the NPO and it's in black and white in the MHA handbook and from my own experience is as follows...



I took this out directly from the MHA handbook and added my interpretation in the mix of this… Continue

Added by jay grant on June 14, 2012 at 6:53am — 1 Comment

5 Fun Facts About Fannie Mae Short Sales

5 Fun Facts About Fannie Mae Short Sales

Is there anything fun about short sales?  Well probably not a lot.  But certainly, they are more fun when they are approved quickly.  Some of my favorite short sales have been on Fannie Mae loans.  I’ve had a Fannie Mae streamlined short sale with Bank of America that was approved in 22 days with a seller incentive paid and no financial documents required.  And…

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Added by Tni LeBlanc (805) 878-9879 on June 14, 2012 at 4:21am — No Comments

Two Lenders – Bank of America and GMAC – Another Successfully Closed Short Sale!

Two Lenders – Bank of America and GMAC – Another Successfully Closed Short Sale!

This BofA and GMAC short sale took about 67 days for short sale approval.  It could have been a lot quicker but there were a few bumps in the road.  The first loan was owned byFreddie Mac.  I tried to make the…

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Added by Tni LeBlanc (805) 878-9879 on June 13, 2012 at 5:17am — No Comments

Ihave a property near me that I would like to try to buy but would like to have a short sale specialist's help. Mia can you contact me at [email protected], thanks. Otis.

Ihave a property near me that I would like to try to buy but would like to have a short sale specialist's help.

Mia can you contact me at [email protected], thanks. Otis.

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Added by OTILIO BURGOS on June 13, 2012 at 5:15am — No Comments

Advanced Question - What is the difference between the Investor and the Trustee on the note?

I am working on a NIGHTMARE short sale with........



Can anyone guess?



Bank Of America - WINNER WINNER WINNER



I was told the Investor on the note is Bank of NY.

Contacted them directly, and, they said they are the "Trustee" on the loan and that B of A has final and sole decision making power?



Huh, anyone know the difference or can better explain what the "Trustee's" role is on the loan or short sale?



I have calls in to the 3 persons I… Continue

Added by Ben Benita on June 12, 2012 at 6:10am — 4 Comments

Key Bank Short Sale Package

Hello,

Can you please forward me a copy of the Key Bank Short Sale Package?

Thanks so much!

Dee Psarros

602.486.5363

[email protected]

Added by Dee Psarros on June 11, 2012 at 12:42pm — 1 Comment

Short Sale – The Advantages and Disadvantages – REVEALED!

Do you have a client walking the fine line between foreclosure and a short sale? They may have several questions regarding their predicament that you might not know the best way to answer. The good news is that’s what we are here for! We have compiled a few key points that should be made to a wavering client regarding their decision to short sale or not.

First, let’s start with the definition of a short sale:

In simple terms, a…

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Added by Short Sale Experts, Inc. on June 11, 2012 at 5:20am — No Comments

Fraud or Misrepresentation?

Four months ago, I sold and close a condo owned by Fannie Mae-the buyer called me asking if she has ground to file a complaint against the selleer- who made her sign a disclaimer property sold "as is"

According to the buyer, she discovered the house was burnt and was rebuilt and put in the market, but she is now found out the floors was covered up by new carpets was all burnt wood underneth.  She first suspected it when after a month she start seeing black soot coming out of the…

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Added by Lilibeth Rose on June 10, 2012 at 10:12am — 2 Comments

NEWS LETTER: Can Agents Charge A Fee For Short Sale Negotiations?

This Week's Popular Discussions

 

Discussions Replies Latest Activity…
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Added by Bryant Tutas on June 10, 2012 at 12:00am — No Comments

La Quinta Short Sale; CLOSED!

Another La Quinta Short Sale listed, negotiated and CLOSED!  Cute as a button 3bd/2ba single family in the La Quinta Cove.  Seller paid $318,000 in 2006, then added granite counter tops, 18 by 18 ceramic tiles floors with hardwood floors in the bedrooms and even a custom fireplace mantle!  One note with Carrington Mortgage and SOLD for…

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Added by Kimberley Kelly on June 9, 2012 at 10:18am — No Comments

Bank of America foreclosure Waiver

I have a short sale approved with Bank of America here in Maine and the title attorney noticed the judgement period lapsed 2 yrs ago, but the foreclosure was put on hold due to the affidavit review. Now we are in need of a Waiver of Foreclosure, as the seller isnt technically a vested owner, I have submitted this to BOA and am waiting on them to sign off on it. We're getting a little nervous as its been over 2 weeks now.....Anyone experience this before? What is the likelihood they refuse to…

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Added by Marty Macisso on June 8, 2012 at 3:53am — No Comments

Bank of America

We've been working on a shortsale since March.  This is a $50,000 sale that they have countered and it is now at

$55,000.  We have been going back and forth and since the Buyer is a LLC, they have made several changes regarding the signing of the participant of the LLC. We are hoping that they have finally gotten this on the right track and approve it already.  This one has taken longer than expected. I tend to think the negotiator doesn't have the experience to really move it…

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Added by Sharon Glick on June 6, 2012 at 5:05pm — No Comments

M & I Short sale Question and concern over $1 Million

Good morning All!

 

We sent a contract on our listing to M & I and they demanded that the commission be reduced to 4% total, due to property price being over a Million, Can anyone help us please to what we should do to get the 6% ?

is this the norm and can they get away with it even if we argue and fight it

 

Thank you so much

Added by Ed Shalabi on June 5, 2012 at 6:50am — No Comments

M & I

Can we argue a 4% comission being offerd VS 6% on an M & I $1 Million contract we sent ( short sale )..

How can we get %6 ?  

Added by Ed Shalabi on June 5, 2012 at 5:54am — No Comments

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