Another HAFA Short Sale approved!  Indian Creek Villas, South Palm Desert.  This was a Bank of America, only one loan.  Hardship was death in the family and the emotional toll it took on the homeowner.  Listed and approved in approximately 60 days..we have 45 days..until 12/1 to close it.  Cute Condo that sold at the peak for over $200,000...approved at $58,500.  Hard to believe!  The owners will be primary residents so lucky for…

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If you are selling your home as a short sale and it needs work you may get one or more offers from flippers. These can be contractors or investors who want to buy your home at a discount, fix it up, and then resell it for a profit. I do not believe there is anything unethical about this, and in fact I used to flip homes myself, but that was a different market.

However, there are many banks who disagree and often will…

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New here so I'm sure this has been asked before, I subbmitted a SS package for HAFA at BOA in mid March the investor is Fannie Mae it took forever to get the appraisal done but it has been done now and I was told we were approved, but I still do not have the approval letter and until I get the letter they will not listen to the offer I have (and it is a good cash offer). I have the negotiators direct line and there team leaders I have left about 10 messages on each voice mail and I sent 6…

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Making a move from home renter to a home owner makes a huge difference in the life of a person. While owning a home comes with responsibility, how do you know if you are prepared to purchase a home? Are you prepared to shoulder the expenses in buying a home? Would you be able to stand with all of the complications involved in the process of owning a home?

There are many home buyers out there that are eager and ready to spend a lot just for a home. It’s no wonder the market presently…

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My short sale extension ran out with ocwen. I called to get an extension. I was told I would recieve one within 24-48 hrs. Guess What ? It did not happen. I called later they told me the hud was not legible. this is the same hud submitted for the 1st approval. I sent them a new one with the new coe date. Now I am being told 14 days later short sale letter was cancelled because sellers are qualified for HAFA . My clients declined hafa the first time. I have submitted another hafa denial…

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any one have a good sub2 contract to share.

 

Where the bank countered the offer $100k less than the ALL CASH Offer. Are there any other experiences like this out there....Can you guess the Bank?

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One…

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I am in the process of doing a short sale in tx here  is the problem in TX they have a rule where the property can be sold with out a judgment,  there is a sale date and i need time to arrange

the short sale .the question who do i go to halt the sale date the bank or the trustee

who in charge of liquidating the property. if i do not stop the sale i will not

have time to do all the steps to get the SS approved Ideas i need ideas how can

i cloud the title, I am…

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We have approval from Wells Fargo the first with them providing 7500.00 of the 34K that is being paid to the second mortgage PNC. Upon submittingthe HUD for final approval Wells Fargo states know that the second mortgage cannot receive these funds even if they are voluntary. I called my Real Estate Attorney and he also said that YES they can contribute if it is voluntary. Does anyone have any infor on this or a resource to direct me to. We are suppose to close on…

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After a few months of dealing with Ocwen after saxon sold the loan I was told one week ago that Ocwen has all the paperwork and a relationship manager can call my client on october 25th.  The person in india couldn't tell me what the call would be about or what the status of the short sale is.

 

Is this a good or bad thing and what should i be looking forward to?

 

any help offered would be greatly appreciated.

 

Thanks in advance

I understand why a Short Sale Tenant would be mad about the Sale of the home they are leasing is going down.  But..these tenants were advised the entire way through-by phone and certified letters.  I've met them in person to advise as to COE..have even offered to help find them another Rental. 

They are two months behind in rent and this Short Sale is to record on…

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1115 Madera Ave Menlo Park, CA Menlo Park: Charming…

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Please...can someone help me out there?  I submitted a complete ss packet to BOA in mid August.  I have called many, many times since then and spoken to numerous supervisors.  I was told September 17th (by a supervisor) that they needed updated bank statements and pay stubs and then they could initiate the ss.  I complied.  All last week was told that everything they needed was uploaded on September 27th but it would take 5-7 business days to initiate.  I call again this morning and am now…

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Wells Fargo- has lien on property that was a secured loan...dismissed / charged off in January. (according to everyone at WF)

first mortgage is current.     sales price satisifes first mortgage....but not the WF   LIEN.....the lien....exceeds the sales price and fmv......the lien is from another SS  the sellers successuflly completed in Jan 2011......WF agreed....closed...

but.....since the property closed in January was CROSS collateralized by current property....they placed…

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Hi folks. There's a new Short Sale incentive just rolled out from Bank of America. Florida homeowners facing a Short Sale may qualify for up to $20,000 short sale incentive from Bank of America.

This email was sent out to agents late yesterday. This morning I called… Continue

It would seem that by now the banks would have this system figured out, but alas not yet.

Had a cash offer on my listing, waited 3 months for a HAFA approval from Aurora. Telling them our All Cash buyer for $350K was going to walk if they didn’t move...to approve, wanted one thing after another. Finally we get our approval and the second, credit union, did not want to settle due to the new deficiency law that took affect July 15th. So we lost our cash buyer and Aurora is foreclosing…

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Interesting that they were last minute listings here in the Palm Springs, CA area.  One in North La Quinta and the other in West Indio..both had Sale Dates set of approx. 21 days out.  Both Sellers had been denied Loan Mods and were at wits end and OVER the banks!

Chase has always been tough for me,…

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Have you been sitting on the fence about selling your Destin or Santa Rosa Beach Florida property as a short sale?  Now may be the time to act.  Bank of America has just announced that Florida sellers may be able to receive $5000 to $20,000 cash incentive at closing for completing a short sale.  There are existing Bank of America programs that pay sellers $1500 to… Continue