Brett Goldsmith's Blog (16)

Short Sale Vs Short Pay Off

You often hear the term Short Sale and Short Pay. They both are programs that involve a servicer review and a that a lien holder is being shorted and taking a loss on the mortgage payoff. They are similar in that nature but the outcome is distinguished as one program transfers the home to a new purchaser and the other is a designed for a borrower to retain ownership of their home.

In a short sale you are going through a detailed review with the mortgage servicer(s) and lien holders to…


Added by Brett Goldsmith on April 22, 2020 at 5:00am — 1 Comment

SPS / Chase Backed Asset

Hey everyone!

If you haven't run into this yet, be aware that Select Portfolio Servicing (SPS) with Chase backed assets have a new guideline that can throw a wrench in the transaction. They are only allowing one short sale review! Meaning that if the buyer walks or if the deal is denied for a low offer, you won't be able to try again.

I had an approval and the buyer walked then they would not allow us to submit at the same terms due to this guideline. We also had a…


Added by Brett Goldsmith on October 31, 2019 at 4:08am — 2 Comments

Short Sale Questions Or Help?

If you need short sale help or have questions about a specific short sale transaction please reach out to our community of specialists at 1-888-664-6964. We are happy to answer any questions and help point you in the right direction to accomplish your goals.

Added by Brett Goldsmith on July 15, 2019 at 11:34am — No Comments

Nationstar is now Mr. Cooper!

Nationstar is now Mr. Cooper! They do have a new Mr. Cooper letterhead authorization letter and they are still utilizing equator. Nothing internally has changed to our understanding of the short sale process for now. This was a move to re-brand the company.

[email protected]


Added by Brett Goldsmith on September 12, 2017 at 4:45am — 1 Comment

Short Sale Processing Support

Why Use A Short Sale Processor?

“No one can whistle a symphony. It takes a whole orchestra to play it.” 

Some agents will not touch a short sale file without their processor(s) and others are scared to relinquish any control whatsoever. We come across a mix of both and find that once an agent has a processor who adds enough value to their business they will never turn back.

A processor should know 10X than you about short sales and everything that goes into…


Added by Brett Goldsmith on December 13, 2016 at 12:13pm — 1 Comment

California - Charged Up Front For A Loan Modification Review?

We want to help get homeowners get their money back who were charged upfront for a loan modification review in California. If you know anyone who falls into this category and who would like to try to get their money back please let me know as I can get them free assistance in this matter.


[email protected]

Added by Brett Goldsmith on August 6, 2014 at 12:00pm — No Comments

Ocwen Continues to Grow Buying Rescap's Servicing Platform (GMAC)

Ocwen is continuing to grow as they won an auction for Rescap's mortage servicing and origination assets. Files that were previously being serviced with GMAC will now be serviced by Ocwen. Ocwen is a large servicer who is well known in the short sale community for it's outsourcing and not wanting to postpone sale dates. With that aside Ocwen is a fairly easy lender to deal with if you have contacts and know how to maneuver through their…


Added by Brett Goldsmith on February 26, 2013 at 12:34pm — No Comments

Mortgage Forgiveness Debt Relief Act

The Mortgage Forgiveness Debt Relief Act is a government bill that offers relief to most homeowners who would normally owe taxes on the forgiven debt after performing a short sale. The purpose of this act is to help homeowners avoid additional financial hardship by performing a short sale. This Act became a law in 2007. Prior to this act the borrower would have to pay taxes on their forgiven debt. With this act in place, a borrower does not have to pay income tax on forgiven debt in MOST…


Added by Brett Goldsmith on October 22, 2012 at 5:41pm — No Comments

Chase Short Sale : Just Initiated Into Equator

We've been hearing it a long time, but today a Chase representative actually initiated one of our files into equator today. Chase files will be initiated into equator similar to how GMAC does it. One cannot initiate it into equator themselves and will need the assistance of the short sale department. Let's hope their equator system moves smoothly!

[email protected]


Added by Brett Goldsmith on October 16, 2012 at 7:23am — 5 Comments

What Is A Charge Off And How Can It Affect Processing A Short Sale

When there is a Junior Lien (secondary mortgage) that is delinquent more than 120 -180 days a creditor may choose to charge-off the debt owed. A charge-off is the declaration by a creditor that an amount of debt is unlikely to be collected. In doing so the creditor is able to write off the full amount on their taxes and claim it as a loss. A Charge-Off does hurt your credit and can stay on your credit report for up to 7-10 years.

It’s important to know that it would be rare for a…


Added by Brett Goldsmith on October 9, 2012 at 5:00pm — No Comments

What is Mortgage Insurance And It's Affect On Processing Short Sales?

What is Mortgage Insurance?                        

Mortgage insurance is a financial guaranty for the lender that will help to reduce or eliminate a loss in case the borrower defaults on their mortgage. MI is almost universally required on loans where there is less than twenty percent equity. That means if you are purchasing a home with less than twenty percent down or refinancing to more than eighty percent of your homes value, you are going to be required to pay…


Added by Brett Goldsmith on October 3, 2012 at 5:37pm — No Comments

Short Sales: Review The Preliminary Title Reports, Don’t Just Have Them Pull

What is a Preliminary Title Report?

A title is a legal document listing the history of ownership of a home. After the buyer and seller have reached mutual acceptance, an attorney or title company will pull title on the subject property and review it for any problems that might prevent the home from being legally sold. The results are written up in a preliminary title report.

Review the Title Report – Lesson 1

Throughout the years we have learned that having a Preliminary…


Added by Brett Goldsmith on September 30, 2012 at 8:00am — No Comments

Is Chase Actually Rolling Out Equator Now?

We all have heard for quite some time now that Chase is going to begin using equator, but it has yet to take place. It seems it may be closer now than ever before. A negotiator at Chase yesterday took down our email address and stated that it was for preparation of the equator system taking effect. We proceeded to dig deeper ... For the entire article click here

Added by Brett Goldsmith on September 27, 2012 at 2:26pm — No Comments


Anyone who has participated in a short sale knows that it can be highly stressful and that it is not always a quick process. The fact is processing a short sale efficiently takes a lot of experience and is continuously changing.


There are individuals and companies out there who offer the service of processing a short sale on behalf of the agent/homeowner. Some of the individuals/companies out there…


Added by Brett Goldsmith on September 24, 2012 at 1:55pm — No Comments

BANK OF AMERICA: New Short Sale Process Service Release Policy

Bank of America has and will continue to release pools of loans. No loan is safe from a service release even if it is an already approved short sale. This seems to be even more interesting because the lender the file is going to seems to be largely dependent on the state the property is in. A large amount of the serviced released loans in the state…


Added by Brett Goldsmith on September 19, 2012 at 2:38pm — No Comments

Bank Of America - Pre Foreclosure Sales( FHA short sales ) & Loan Modifications

In processing Bank Of America short sales where borrowers have FHA loans we have seen serious delays in getting files into active short sales where the homeowners have not previously attempted a loan modification. Some people may ask " was a new policy put into effect that in order for a homeowner to do Pre Foreclosure Sale that they must first attempt to do a loan modification ?" In fact this is not a new policy and is a requirement for all FHA loans. The only way to get around from a…


Added by Brett Goldsmith on September 15, 2012 at 2:01pm — 1 Comment


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