October 2010 Blog Posts (36)

Last week, my seller (BofA borrower) forwarded me a letter he had received from BofA about his participation in the HAFA program. The letter stated: "if we do not hear from you by October 9, 2010, we…

Last week, my seller (BofA borrower) forwarded me a letter he had received from BofA about his participation in the HAFA program.

The letter stated:

"if we do not hear from you by October 9, 2010, we will continue processing the short sales as a standard short sale". (meaning non-HAFA)

When I finally reached the negotiator on this file today, she informed me that my seller (BofA borrower) needs to call their toll-free number and let them know that the WILL NOT BE…

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Added by Alison P. Terry on October 12, 2010 at 9:35am — 2 Comments

Jon Stewart on the Foreclosure Crisis..

Jon Stewart at it again...this is so funny and pretty much captures the "Foreclosure Crisis" in a rather lewd way...

Added by Kimberley Kelly on October 12, 2010 at 4:00am — 2 Comments

HAFA Short Sales

I have been HAFA approved for over a month. We are working to get our Short Sale inventory Short Sale approved. Who here has had some success in getting properties HAFA approved? Please call me at 510.523.5673 to give our team an update on the HAFA process.

Added by Jose Cerda-Zein on October 11, 2010 at 11:30am — 1 Comment

Condo Association Fees In Foreclosure

When Homeowners have financial troubles, the last thing they fall behind on is the mortgage, but the first thing they stop paying is Association dues. Because of this, many Condo & Homeowner Associations in Florida are squeezed for funds and have become aggressive in pursuing every penny. They now have legal representation, have been successful in litigating similar cases, and are not as likely to back off.



What bank negotiators don’t… Continue

Added by Jennie Blackburn on October 9, 2010 at 7:50am — 2 Comments

Impact on short sales from bankruptcy problems

What I can see it that prices may go up if there is less inventory from bankruptcies. However, I also see banks wanting to close short sales since bankruptcies are going to take longer and be more expensive.

What do you think?

Blair

Added by blb on October 8, 2010 at 5:32pm — No Comments

Unrealistic BPO

Anyone here know what the buzz words are with Citi to get them to order a new BPO or at least contest the one they have. I do not believe they are even reading my email that states their BPO is wrong.



They have asked me to counter a buyer's offer with a number 30,000 higher than FMV. That 30,000 is 15% higher than active comps. Of course the buyer refused the offer. Larry Sykes at Citi, said go find another buyer, but no body will pay 30,000 more for a home when there are many to… Continue

Added by Randall Scruggs JD on October 7, 2010 at 12:18pm — 3 Comments

Short Sales in 23 States Are Starting To Look Far More Attractive Than Foreclosures

Hi folks. If you have been paying attention to the news over the last couple of weeks then you know that Chase, GMAC and Bank of America have suspended foreclosures in 23 States, including Florida. This is all related to employees signing documents and submitting them to the courts even though they never read them.

On top of this, the Attorney General in Florida is investigating 4 law firms for filing fraudulent…

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Added by Bryant Tutas on October 6, 2010 at 11:00pm — 3 Comments

Financial Storm Looming on the Horizon for 2011!

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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Added by Ray Wright on October 6, 2010 at 7:14pm — 1 Comment

Indymac reduce commission

Just got a 1st td approval letter from Indymac, where they have reduced the commission to 5%. Has anyone had any luck going back at this point and getting the commission back up to 6% after getting the approval letter with Indymac?

Bob

Added by Bob Kelly on October 6, 2010 at 10:02am — 1 Comment

Why You Should Get a Title Search on Your Destin Florida Short Sale

Title Search

If you are selling a short sale in Destin Florida, it’s wise to have a title search as soon as you list.…

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Added by Wendy Rulnick on October 4, 2010 at 7:37am — No Comments

Farmington Hills Michigan, Short Sales increase by 126% in 2Q 2010. "Each Short Sale is One Less Foreclosure" Say Mike Sher, CDPE



Farmington Hills, MI Short Sales increase by 126% in 2Q 2010. "Each Short Sale is One Less Foreclosure" Says Mike Sher, CDPE (Certified Distress Property Expert) Max Broock Realtors (248) 644-4700 x242 or

www.ShortSaleOaklandCounty.com

This U.S. Treasury 2Q 2010 Mortgage Metrics Report below clearly shows that our distress real estate market will continue to be with us for…

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Added by Mike Sher on October 4, 2010 at 6:30am — No Comments

BOA FHA short sale

I have done 2 FHA short sales with BOA, if anyone has any questions, I can help.

Added by Michael Miller on October 3, 2010 at 11:02am — 3 Comments

Crestview and Navarre Florida VA Compromise Sales: Will VA Pursue You for Deficiency?



PSCing to a new base? If you are an Eglin Air Force Base or Hurlburt Field airman and own your home, this could be a problem. You may very well be…

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Added by Wendy Rulnick on October 1, 2010 at 7:37am — No Comments

FHA Loans; Myth or Fact, this is good for a laugh!

Part of rebuilding New Orleans caused residents often to be challenged with the task of tracing home titles back potentially hundreds of years. With a community rich with history stretching back over two centuries, houses have been passed along through generations of family, sometimes making it quite difficult to establish ownership. Here’s a great letter an attorney wrote to the FHA on behalf of a client:



You have to love this lawyer……..



A New Orleans lawyer sought an FHA… Continue

Added by Kimberley Kelly on October 1, 2010 at 1:45am — No Comments

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