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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

From The Florida Association of Realtor(R)s newsletter today:

AP: Lawyers accused of scam in bank suits COSTA MESA, Calif. – Aug. 19, 2011 – California prosecutors sued several lawyers and call center operators for allegedly duping desperate homeowners across the country into paying thousands of dollars to join dubious lawsuits against big banks.



The complaint unsealed Thursday in Los Angeles County Superior Court…

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Yesterday I heard the words that make a short sale agent cringe, "Sorry but we have to close the file". This after working on a short sale for over a year. 5 buyers. $33,000 condo. That's right $33,000. If I ever get this closed I'll make a whooping $1,072!!!



OK back to the story. This is a Bank of America HAFA short sale that was submitted through Equator for the 5th time back in… Continue

This is from the Florida Association of Realtors(R) newsletter:



.........Banks have resisted a push to reduce principal owed by homeowners behind on their payments. One concern is that borrowers in good standing will stop making payments in order to lower their balances.



Bank of America has offered to reduce principal for loans in its own portfolio and for those the bank services for private investors, the person said. Loans owned by…

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Well this is kind of a big deal and very good news. Read the article from the FTC website here.

http://www.ftc.gov/opa/2011/07/mars.shtm

 

Good thing I didn't spend any money on bulk mailers!!

Personally I think I will keep right on using the disclosures. What about you?

Great article today about the big banks abusing borrowers before and after their HAMP loan mods.

 

Check it out

Hi Broker Bryant. What does MI stand for? And why am I waiting on MI approval?

MI stands for Mortgage Insurance. The Mortgage Insurance Company is a major decision maker with a Short Sale. They are the ones insuring the loss. There are usually 3 entities involved in the…

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Hi folks. Short Sale Designations. How many are there and does having one mean anything? Well there are a whole bunch of designations!!

Having a Short Sale designation means that the agent, at a minimum, knows how to put together a short sale package to send to the lender. They have probably been through several hours of training either…

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Is doing a Strategic Short Sale the right thing to do? First let me define Strategic Short Sale. A Strategic Short Sale is when you can afford your mortgage payments and are making payments on time BUT you owe more than the property is worth. You make a strategic decision to sell the property and offer your Lender less than what is owed as a settlement of your debt. If the Lender accepts your offer you have just completed a Strategic…

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WOW!! Check this out......

 

WASHINGTON – May 24, 2011 – U.S. banks and money lenders now own 872,000 homes, a number that could more than double in the coming years, real estate research firm RealtyTrac said.



The current number of properties owned by banks and lenders is nearly double what they owned in 2007, before the housing market began to collapse, The New York Times reported Monday.



Lenders frequently sell homes at a… Continue

Yes it's true. I didn't think it was when a potential Seller called me in December to see if I could place his Bellalago Short Sale on the market. He said that Chase contactied him and offered him $20,000 to short sale his Florida property. He had 3 days to get it listed and send them the listing agreement. They also told him he didn't have to provide them with any financial information. Just a listing agreement, contract, HUD 1 and a…

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...beware of FIRPTA. Foreign Investment in Real Property Tax Act of 1980

 

In a nutshell, FIRPTA requires the closing agent or buyer to withhold 10% of the amount realized (usually the purchase price) to ensure that the tax due on the sale is given to the IRS. Basically the IRS doesn't want the…

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From the FAR newsletter:

Fla. files lawsuits for foreclosure rescue fraud TALLAHASSEE, Fla. – May 3, 2011 – Florida Attorney General Pam Bondi’s office filed a lawsuit on Friday against three South Florida companies that allegedly charged upfront fees for loan modification services to homeowners facing foreclosure. Charging upfront fees is illegal under Florida Statute 501.1377.



The three companies are:… Continue

Possibly. I had a member of Short Sale Superstars wonder why a Mortgage Insurance Company would let a property go to foreclosure instead of agreeing to a Short Sale now. The property is in a non-recourse State so the Seller is protected from any deficiency judgments after a foreclosure. So why wouldn't the MI just settle now and be done with it?

 …

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I found this in our FAR newsletter today:

NAR: U.S. bill would speed short sales WASHINGTON – April 14, 2011 – A new bill introduced into the U.S. House Tuesday would, if it becomes law, improve the process for approving short sales, bringing relief to distressed homeowners who can’t keep their homes and hope to avoid foreclosure.



The bill, supported by the National Association of Realtors®  (NAR), would impose a 45-day…

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Hi folks. Why would a Lender consider a Strategic Short Sale? This article may help answer that question.

A Strategic Short Sale is a choice. It's a choice made by a seller (borrower) to sell their property to get out from under a mortgage that no longer makes sense and put their money elsewhere. These borrowers do not have a "normal" hardship.…

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