Short Sale With Two Lenders — US Bank & PHH Mortgage Short Sale Successfully Closed
Short sales with more than one lender are more complex. These two lender…
ContinueAdded by Tni LeBlanc (805) 878-9879 on December 31, 2012 at 8:55am — No Comments
Will Short Sales Be Pushed Off the Fiscal Cliff?
We can’t seem to hear enough about the fiscal cliff these days. Undoubtedly, the decision to extend the Mortgage Forgiveness Debt Relief Act is bound up in the logjam of the fiscal cliff. Indeed, given the current financial crisis, even the mortgage interest deduction seems up for grabs. As a result of Debt…
ContinueAdded by Tni LeBlanc (805) 878-9879 on December 31, 2012 at 8:53am — 2 Comments
Is 6 Months Too Long For Short Sale Approval?
I think 6 months is way too long for short sale approval. Short sale approval doesn’t happen in one day and buyers need to understand that — I get it. Lately, I’ve come across several short sale listings where the listing agent asks the buyer to wait…
ContinueAdded by Tni LeBlanc (805) 878-9879 on December 31, 2012 at 8:51am — No Comments
CHASE Home Loans & CHASE Home Equity Short Sale Approved in 37 Days!
We closed this CHASE short sale in record time – 37 days total for approval. This short sale was handled well by CHASE – it seems they have made some improvements in their processing, or at least it let’s you know when they want a short sale they know how to manage…
ContinueAdded by Tni LeBlanc (805) 878-9879 on December 31, 2012 at 8:49am — No Comments
BofA Introduces “Negotiation Agreement” for Loan Modifications
Recently, I was forwarded a recent loan modification agreement packet sent to a Bank of America borrower. It included a document I hadn’t seen before. It is entitled a “negotiation agreement.” I’m not sure if they are using this agreement throughout the country or just California.…
ContinueAdded by Tni LeBlanc (805) 878-9879 on December 31, 2012 at 8:48am — No Comments
Probably not. I think the hey day of the “strategic short sale” is at least taking a breather while the future of the Mortgage Forgiveness Debt Relief Act is still being…
Added by Tni LeBlanc (805) 878-9879 on December 31, 2012 at 8:47am — No Comments
My Bank Sold My Loan – Can I Still Do A Short Sale?
Has your mortgage loan been sold or “service released?” This should not affect your ability to apply for a short sale on your property. As a practical matter, it may cause a delay in processing. It may also affect your ability to apply for the HAFA program, if your new servicer does not…
ContinueAdded by Tni LeBlanc (805) 878-9879 on December 31, 2012 at 8:45am — No Comments
Significant Freddie Mac Short Sale Changes
This week I sat in on a webinar offered by Freddie Mac. The purpose was to educate short sale agents and would be short sale agents on recent changes Freddie Mac made to the way they handle short sales. It was overall a useful webinar full of lots of great information. Notably, in some circumstances, Freddie Mac will approve short sales without a missed payment. And now, Freddie Mac gives delegated…
ContinueAdded by Tni LeBlanc (805) 878-9879 on December 31, 2012 at 8:43am — No Comments
Santa Maria – Orcutt CA Wells Fargo Short Sale Approved in 31 Days! HAFA Approval Received in 18 Days!
Yes, Santa Maria – Orcutt CA short sales can be short! And yes, HAFA short sales can be short! In fact, this one was approved very quickly. HAFA short sales allow the seller to receive a $3000 relocation incentive at the completion of the short…
ContinueAdded by Tni LeBlanc (805) 878-9879 on November 23, 2012 at 5:11am — No Comments
Will My Bank Pay Me Cash to Do A Short Sale? Short Sale Seller Relocation Incentive Information
The short answer is maybe. Most of the major lenders do offer seller relocation incentives on at least some of their short sale files. What does this mean? Upon successfully closing the short sale the seller will be given a cash…
ContinueAdded by Tni LeBlanc (805) 878-9879 on November 23, 2012 at 5:09am — 2 Comments
A Short Sale is not for Everyone
There are a lot of people jumping on theshort sale bandwagon. Their friends and friends of a friend did a short sale, so they think “why not me?” Like so many others, they are underwater and their payments are not comfortable, especially with the cost of gas, food and health care spiraling…
Added by Tni LeBlanc (805) 878-9879 on November 23, 2012 at 5:07am — No Comments
Can I Rent My Home After A Short Sale?
Generally speaking the answer is no. Once you miss enough payments for your lender to file aNotice of Default, you will be contacted by a bunch of different people and entities that promise “foreclosure help.” One of the offers you might receive goes something like this: An investor will buy your…
ContinueAdded by Tni LeBlanc (805) 878-9879 on November 23, 2012 at 5:05am — No Comments
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,…
ContinueAdded by Tni LeBlanc (805) 878-9879 on June 15, 2012 at 5:03am — No Comments
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…
ContinueAdded by Tni LeBlanc (805) 878-9879 on June 15, 2012 at 4:56am — No Comments
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…
ContinueAdded by Tni LeBlanc (805) 878-9879 on June 15, 2012 at 4:54am — No Comments
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…
ContinueAdded 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!
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…
ContinueAdded by Tni LeBlanc (805) 878-9879 on June 13, 2012 at 5:17am — No Comments
5 Reasons to Consider a HAFA Short Sale
The Home Affordable Foreclosure Alternatives (HAFA) program is a subset of the federal Home…
ContinueAdded by Tni LeBlanc (805) 878-9879 on April 14, 2012 at 5:00am — No Comments
Is Bank of America Still Terrible at Short Sales?
I would have to reluctantly say no. Bank of America is no longer terrible at short sales. This coming year will mark four years since my first Bank of America short sale, and as critical as I am of Bank of America, I must admit they they…
ContinueAdded by Tni LeBlanc (805) 878-9879 on December 4, 2011 at 9:12am — No Comments
Let me begin with the fact that I have never been a dual agent on a traditional equity sale. The only sales I have ever “double ended” were short sales. In fact, I…
Added by Tni LeBlanc (805) 878-9879 on July 21, 2011 at 6:30am — 3 Comments
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