Does anyone have a good email address for Freddie Mac disputes? I just sent one to
fmbh@freddiemac.com but was notified that delivery failed. Have a foreclosure date a week out, any assistance would be most helpful. Thank you!
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Fannie Mae and Freddie Mac announced changes to their Servicing Guides aimed at helping more borrowers avoid foreclosure through short sales and deeds-in-lieu of foreclosure (DILs).
Some of the changes are to align with certain Consumer Financial Protection Bureau (CFPB) rules and regulations that implement the mortgage servicing provisions of the Dodd-Frank Act, and some are simply to ease eligibility requirements for liquidation workout options. The new GSE requirements become effective January 10, the same effective date as the CFPB’s new mortgage servicing standards.
Documentation Exceptions. Eligibility for a short sale or DIL with borrower documentation exceptions has been expanded to include borrowers whose mortgage debts have been discharged in a Chapter 7 bankruptcy, regardless of the borrower’s FICO score. Additionally, mortgages that were originated as investment properties are no longer eligible for the exception to borrower documentation. Servicers must now review a complete Borrower Response Package (BRP) / Short Sale Package to evaluate these borrowers for a short sale or DIL.
Cash Reserves. Servicers must now submit a short sale or DIL recommendation to Freddie Mac for approval when the borrower’s cash reserves exceed $50,000.
Foreclosure Delays. Servicers and their counsel must delay the next legal action in the foreclosure process when the first complete BRP is received more than 37 days prior to the scheduled foreclosure sale date and evaluation of the package results in an offer to proceed with a short sale or DIL.
Expedited Reviews. Servicers are no longer required to conduct an expedited review when a completed BRP with a short sale purchase offer is received greater than 37 days prior to a scheduled foreclosure sale date. However, servicers must continue to expedite review of a complete BRP received between 37 days and 15 days prior to a scheduled foreclosure sale date.
Trial Period Plans. If a borrower remains eligible for the original Trial Period Plan (TPP) offer after receiving an appeal decision and accepts the original offer, servicers must reissue the original offer with a new TPP due date. Any delinquent amounts accrued during the appeal review process should be included in the modified principal balance.
If you, or someone you know is considering Buying or Selling a Home in Columbus, Ohio please contact The Opland Group. We offer professional real estate advice and look forward to helping you achieve your real estate goals!
The Opland Group Specializes in Real Estate Sales, Luxury Home Sales, Short Sales in; Bexley Columbus Delaware Downtown Dublin Gahanna Grandview Heights Granville Grove City Groveport Hilliard Lewis Center New Albany Pickerington Polaris Powell Upper Arlington Westerville Worthington
A short sale can be an excellent solution for homeowners who need to sell, and
who owe more on their homes than they are worth. In the past, it was rare for
a bank or lender to accept a short sale. Today, however, due to
overwhelming market changes, banks and lenders have become much
more negotiable when it comes to these transactions. Recent changes in
corporate policy and the Obama administration have also improved the chances of getting a short sale approved.
But to be technical, here's a more official definition:
A homeowner is 'short' when the amount owed on his/her property is
higher than current market value.
A short sale occurs when a negotiation is entered into with the
homeowner's mortgage company (or companies) to accept less
than the full balance of the loan at closing. A buyer closes on the property,
and the property is then 'sold short' of the total value of the mortgage.
For homeowners to qualify for a short sale, they must fall
into any or all of the following circumstances:
Financial Hardship – There is a situation causing you to have trouble
affording your mortgage.
Monthly Income Shortfall – In other words: "You have more month than money."
A lender will want to see that you cannot afford, or soon will not be able to
afford your mortgage.
Insolvency – The lender will want to see that you do not have significant liquid
assets that would allow you to pay down your mortgage.
This seems simple enough, but it is a complicated process that takes the expertise of experienced professionals. I am ready to identify all possible options and, when possible, assist in the quick execution of a short sale transaction. Understanding your options now could mean all the difference in the world.
So my question is why is it that agents individually, continue to have to defend their paycheck against investor’s efforts to reduce commissions below the customary 6% and the never ending interference with a contract of which they are not a legal party to? Why is there not some sort of class action lawsuit on behalf of many thousands of agents that would have a ligament claim? Why is there not some sort of collective representation for real estate agent?
I would like to know. Recently I had the 6% total real estate fees cut to 5% with the typical ultimatum and threat to comply or the short sale would be denied. This was after 5 months with a prior offer approved in writing with an approval letter and paying the 6%. This was a bank owned short sale with Chase and no outside investors or MIP. All done by Chase and they simple said oops, sorry we made a mistake agreeing to the 6% on the first offer. We are reducing your fee to 5%.
So where is the collective effort by real estate agents to defend themselves?
Seriously can we not do better then this.
Is there any current collective efforts being made by somebody somewhere?
Michael
They finally did it! After years of the VA Compromise Sale net requirement being 88.13% of the VA liquidation appraisal value, it has been reduced! It is now 85.05%. The VA Circular 16-13-15, “New Percentage to Determine Net Value” made the change effective October 8, 2013. What does this really mean? If your VA Compromise Sale home in Crestview, Fort Walton Beach, Navarre, Niceville or Destin Florida, appraised for $100,000, the net proceeds from the sale would have to be $85,050. The net proceeds are what is left for the Veterans Administration and your loan servicer (for example, Bank of America), after closing costs are paid. Closing costs can include state transfer taxes, (like documentary stamps on the deed), prorated taxes, Realtor commission, association dues, etc. The previous net requirement would have been $88,130, so there would be more than $3000 extra in this scenario. I think this is a good change. The net allows for higher closing costs. Why is that good? If the service member has a junior lien, there would be more funds available to pay them to allow the short sale. It also allows more closing costs to be able to able to pay some buyer closing costs. In the end, this benefits the service member from Eglin Air Force Base, Hurlburt Field, Duke Field or Whiting NAS airman.
It’s Wendy!
Wendy Rulnick, Broker, Rulnick Realty, Inc.
Call toll-free 1-877-487-9639 or local 850-650-7883 ext 204
Email Wendy: itswendy@rulnickrealty.com
Here is the complete Veterans Administration circular:
Just Sold! 56 Valley Street, Williams Bay, WI
We are happy to announce a recent short sale home closing in Williams Bay, Wisconsin. Due to our extensive online advertising campaigns, we were able to bring in a buyer for this listing. This was a fantastic cozy but open concept home, sold at a great price! I'm sure the buyers will enjoy it for many years to come. Congratulations to everyone involved!
If you are thinking of selling or buying a home in Wisconsin, we would be happy to assist you.
Give Rock Realty a call at 877-774-7625. We are a full service real estate brokerage.
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Bank of America's team of short sale specialists are dedicated to assisting you and your client through the short sale process. Occasionally, an issue arises that demands immediate attention or an escalation. The best way to resolve escalated issues is to follow the steps below:
- Notify Your Short Sale Specialist. Your short sale specialist can resolve most issues that occur during the short sale process. Simply send a message from Equator to your short sale specialist by selecting "negotiator" (or "closing officer") from the drop-down menu in the "To" field and provide the details of the issue. Within two business days, you should receive a response. You can also contact your short sale specialist at the phone number previously provided to you and your client. If you have not received a response after two business days, or if the short sale specialist cannot resolve your issue, then go to step two.
- Notify The Short Sale Team Lead. In those cases where your short sale specialist has not responded, you can contact the Short Sale Team Lead by sending a message from Equator. Select "Team Lead" from the drop-down menu in the "To" field and provide the details of the issue. Within two business days, you should receive a response from the Short Sale Team Lead. In those rare cases where you have not received an answer from the Short Sale Team Lead, or the team lead cannot resolve your issue, then go to step three.
- Contact Short Sale Customer/Agent Care. To escalate the unresolved issue, call 1.866.880.1232 Monday-Friday, 8 a.m. to 10 p.m. and Saturday, 11 a.m. to 4 p.m. Eastern and provide the details to the short sale representative. Customer/Agent Care monitors the response rates for Equator messaging and will provide the best escalation option for your issue. They will ensure the escalation process is followed and tracked.
Most issues in the short sale process can be prevented by following the tips below:
- Ensure Documents are Error-Free. Document errors are the main reason an issue occurs in the short sale process. To avoid document errors, make sure you are:
- Using the correct form.
- Including all signatures, printed names, and initials in every applicable space on each page of your documents.
- Checking that signatures are in the proper format. Most issues arise if a document does not allow electronic signatures. If it does not, handwritten signatures and dates will be needed before the documents can be submitted.
- Providing complete, consistent buyer and seller information. Names, addresses, zip codes, and other information must be consistent on each document and on the HUD-1 or the seller's tax forms.
- Submitting clear and legible documents and a complete short sale package including a signed and dated hardship letter. Enter as much information electronically before you print the document.
- Including all agent information. Be sure to provide the names and license numbers for both buyer's and seller's agents.
- Submitting all requested documents on the same day. Each time documents are requested by your short sale specialist or Equator task, be sure to collect and submit them right away to expedite the process.
- Keeping the original title of each document. For faster processing, keep the original name of the document you download from the Agent Resource Center to refer to when discussing with your short sale specialist.
- Be Aware of Deadlines. Many steps in the short sale process are time-sensitive. Check for Equator tasks daily and make note of deadlines provided by your short sale specialist. By using Equator for all communications, you can keep track of all communications and responses.
- Understand the Equator Processing System. Equator is the best way to communicate with your short sale specialist and track the progress of the short sale. If you are not familiar with the Equator Processing System, education guides are available in the Agent Resource Center to assist you with the steps to complete a short sale.
Your short sale specialist is available to assist you and your client through the short sale process. For more information, please visit bankofamerica.com/shortsaleagent or call 1.866.880.1232.
They told me I do not need to bid and the highest bid will be offer to me first.
Now the investment company from TX where the Nationstar is located is buying this property in LA.
If you read the Real Estate book you will know that Real Estate broker / Agent have moral and Ethical obligation to General Public and if you cheat them and do not treat them within your obligation you can be prosecuted and if find guilty be fine or go to jail.
Nationstar is a mortgage company and is license with NMLS
As well they are acting as Re\al Estate agent.
They are also working with Auction.com and pushing all shortsale to Auction.com
Hi
If you have issue with Nationstar mortgage / Auction.com
contact
Attorney General office
and
Department of Business Oversight
consumer service office
and file your complain
Hi Nancy,
I just want to follow up with you on your file to see if NationStar plan to close the sale with your buyer or not.
With my situation it is 9 days now and my last call to nationstar was on Thursday which I spoked with assistant VP as well as the asset manager manager.
They told me that if the bidder did not close they will offer the property with the highest bid to me.
It is 9 days pasted and the bidder does not look like is closing.
No one contacted the listing agent.
Plz let me know how is your transaction.
Thank you
We do not know what to do but wait.
Im in a tough situation with an FHA backed SS. The second lien is a grant form the city but its backed by HUD. They are sticking to full payoff. Do you know if the new HUD guidelines changed the max allowance to junior lien holders or if its still 1500 plus the 1k from the seller incentive? The FCSLDT is scheduled for December 12th. Any help is greatly appreciated!Thanks a million!
Does anyone have a contact at Hudson City Savings? I have a short sale that was approved once through Citi as the servicer, but now have a new buyer and the new negotiator has said that the investor (Hudson City Savings) wants a full payoff. I have a hard time believing that they have been approached with the deal because the new negotiator came back with an answer as soon as she received the file.
4136 N River Rd, Janesville, WI 53545 - $190,000
2500 Square Foot Home on Waterfront Acreage
Well maintained riverfront property. With 2500 s/f and over an acre lot, this will not last long! Call Michael Collins at 608-921-8536 to schedule your showing! Click any image below to see additional details. Previously sold for $278,000 back in 2003!
Property Highlights
- 2 Car Garage
- Lot is on the River
- Over an Acre lot
- Fireplace
- Central Air
- Great Location
Features
- Bedrooms: 3
- Bathrooms: 3
- Home Size: 2500 sq.ft.
- Garage: 2
- Lot Size: 1.2 Acres
- County: Rock
- Property Type: Single Family Home
Click here for additional homes for sale in Janesville: Janesville Wisconsin Homes for Sale
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