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Good morning Superstars.

Here's a sampling of these week's Superstar discussions.

Discussions	Replies	Latest Activity
Credit Repair Business Opportunity Good morning Superstars. Today I want to talk a little bit about Credit Restoration. As many of you may know TLW and I went through a very… Started by you	1	7 seconds ago Reply by Bryant Tutas
Tenant's offer rejected based on "arms length" transaction definition have a short sale where ASC is the first trust. The short sale property has been rented out and the tenant wants to buy it. ASC is saying… Started by Lisa Jalufka	3	2 minutes ago Reply by Bryant Tutas
Who owns the loan? I am buying a short sale. The sellers agent and the company I am using seem to be very unhelpful. I do not even know who has the loan on th… Started by Lauren	5	13 hours ago Reply by Wayne Brooks
How Long? I am buying a short sale and I have my mortgage on track, the inspection done, the deposit down and the offer in the hands of the bank. I r… Started by Lauren	3	19 hours ago Reply by Dirk Jeanis
Evaluating if you have enough time to short How do you evaluate whether or not you have enough time to complete a short sale? For example... if a Seller calls you and the sale date is… Started by Drew Ludlow	5	22 hours ago Reply by Drew Ludlow
Updates on Fannie Mae & Freddie Mac Inflated Value Issues Just looking for any input on others experiencing the Fannie & Freddie inflated value issues. Any recent updates or solutions? I have… Started by Raymond Kennedy	47	yesterday Reply by Dirk Jeanis
Freddie Mac denied PCS orders hardship; payments on time My husband is active duty, we used the PCS orders hardship that came out in August 2012. Today, FM denied our short sale request based on… Started by Darlene Parker	9	yesterday Reply by Ron Scribner

13 Training Sessions

$25 Each

(Audios are 45-90 min each).

• Why a Short Sale?
• Qualifying The Seller
• Pricing and Marketing The Property
• Negotiating Techniques 1
• HUD1 Tips
• Escalation and Communication Tips
• Disputing Bad BPOs
• Cash Contributions and Prom Notes
• Negotiating Junior Liens
• Lead Generation
• 10 Short Sale Mistakes
• VA, HAP and FHA
• Getting Short Sales Closed

• ORDER ALL 13 SESSIONS FOR $147 AFTER THE $50 DISCOUNT

VISIT THE STORE NOW

***Use discount code sss10000 for a $50 instant savings</p

Yucaipa Real Estate Resources - Yucaipa CA REALTORS

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• Yucaipa Short Sales
• Yucaipa Standard Sales
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Let's talk about your specific situation. Call us now at (888) 9-List-It. That's (888) 954-7848.

I don't know what is going on at Bank of America,  but I have two stories to that are eerily similar.  Case number #1:

  One short sale was started June 6, 2012.  The date is right.  It really has been going on a year.  It took 3 cases at HUD to finally get the seller out of " loan modification " status and into "short sale."  I have had the same buyer for a year.   On February 19, 2013 I was delighted to receive the "Welcome to Phase 2"  email  from Bank of America.  Yay!!!  We were in the home stretch.  Since that date I have gone through 4 negotiators and suffered through a reorganization of the FHA short sale department.  I've also received 2 more "Welcome to Phase 2" emails.  Apparently Bank of America thinks it is OK to send me multiple requests to update documents and continually "push" the closing back 30 days each month.  Hey,  Bank of America it is not OK to treat my client like a second class citizen.

I've attempted to open cases at HUD  (The National Service Center) and discovered that there definitely is a problem at Bank of America.  You see,  you can't open a HUD case involving Bank of America until you use the "special"  escalation team at Bank of America.  You talk to HUD and they transfer you to the "escalation team" at Bank of America.  The escalation team transfers you to the Short Sale Department and if you get no resolution,  you have to call HUD back with the name and the employee number of the person you spoke to,  and then HUD will open a case!!! 

Each month the required net changes and I have to redo documents over and over.  What is really strange is that I have documents dated from last year (because the negotiator at BOA says to do it that way)  for forms that did not exist at Bank of America on June 6, 2012.  So,  they redo the "Third Party Authorization Form,  and you have to update your file using the new form but dating it for a date the new form didn't exist.  How does that make any sense?   I opened another case at HUD and am waiting on a variance request from Bank of America.  I'm hopeful that this file will close in June.

*** UPDATE -  6-18-2013.  E-MAIL this morning from negotiator requesting a change that was responded to May 31, 2013.  Someone at Bank of America needs to get this done.  We accepted the counter offer of the ATP on December 21, 2013.  In 6 months I have not gotten an approval letter. 

Case #2

Approval to Participate issued November 23, 2012.   The first buyer backed out after waiting til the end of February for an approval letter.  On March 19, 2013 a cash offer was accepted and sent to Bank of America on March 19, 2013.  All required documentation went in at the same time.  We are also on our third negotiator.  The first negotiator did not understand  the tier structure of the ATP and kept asking for an incorrect "Net"   The second negotiator became ill and her files sat for the better part of a month.  It took using the Social Media Twitter team to get this file assigned to someone who would actually perform their job.  I have opened 2 cases at HUD to get this one moving again and now I'm waiting for someone at HUD to call me so we can get somewhere on this file.   In early May I received a request from the negotiator to update the documents and push the closing back another 30 days!!!  I sent documents on the 12th of May for a closing I scheduled for June 17, 2013.  That is a week from today.  Last Friday I got another request from the negotiator to "move the closing back another 30 days and to update the documents again."  Grrrrrr!!! 

Here is where there is a problem.  I can't do it.  The buyer will walk on June 17 if I can't get them an approval letter.  I've notified the negotiator on Friday and I got another request to move this one back again.  I have had the required net for 3 months.  If  I move this back another 30 days the required net will change again and it will have to come from somewhere?  Next month it will require a variance to close because I will not take this out of my commission to get to the required net.   Today I was sent another form that has been recently modified and I need to again fill out a form that didn't exist when this short sale was started.

Bank of America has a moral and legal obligation to assist the sellers in financial distress.   They've been approved to participate.  If these deals fall apart I intend to file complaints at HUD for interfering and stalling on these files.  There has to be a better way.

***UPDATE - 6-18-2013  This file actually closed yesterday on the very last day of my approval letter which came last Wednesday for a June 17, 2013.  Thanks to Miriam of the Social Media Team.  @B0fA_help.  They can move mountains

Good morning Superstars.

Here's a sampling of this week's Superstar discussions.

Discussions	Replies	Latest Activity
BOA FHA RUNAROUND Thank you for taking the time to read this quick note. I am turning to you as a last resort and i Am baffled at my experiences with boa B… Started by Jusridn	2	13 hours ago Reply by Jusridn
BofA exposed by former employees... What we ALL knew to be true is now in print. How many short sale clients told you this same story??? http://www.huffingtonpost.com/2013/0… Started by Wendy Martin	0	18 hours ago
Timeframe to purchase after a short sale? Does anyone have any information to share as to the time frame to re-purchase after a short sale? Thank you for the info! Started by Kristy Hamilton	11	18 hours ago Reply by Ricky O. Gibson, Sr
Ocwen forcing a executed contract to go to altisource their company auction site Hubzu I put in for third party authorization for a short Sale ocwen owns the first and the second, no sooner did I send over I started to receive… Started by Wayne gebhardt	1	23 hours ago Reply by Wayne Brooks
Freddie Mac Escalation for BofA Short Sale We've had a short sale offer submitted through BofA that has been sent off to Freddie Mac to approve. It's taking a very long time to get… Started by Diane and Doug Briggs	11	yesterday Reply by Ron Scribner
Freddie Mac denied PCS orders hardship; payments on time My husband is active duty, we used the PCS orders hardship that came out in August 2012. Today, FM denied our short sale request based on… Started by Darlene Parker	4	yesterday Reply by Ron Scribner
Issues with Verbiage in Wells Fargo's HAFA Short Sale Approval Letter 1st lien holder = Wells Fargo 2nd lien holder = Chase HAFA short sale currently in escrow to close at the end of the month. Need approval… Started by Jude Cutrone	10	yesterday Reply by Jude Cutrone
Loan modification with principle reduction gives owner equity---Owner says...SELL! An old client recently completed (4 months ago) a loan modification, with a significant principle reduction to his loan, giving him approxi… Started by francisco Ramirez	7	yesterday Reply by Wayne Brooks

13 Training Sessions

$25 Each

(Audios are 45-90 min each).

• Why a Short Sale?
• Qualifying The Seller
• Pricing and Marketing The Property
• Negotiating Techniques 1
• HUD1 Tips
• Escalation and Communication Tips
• Disputing Bad BPOs
• Cash Contributions and Prom Notes
• Negotiating Junior Liens
• Lead Generation
• 10 Short Sale Mistakes
• VA, HAP and FHA
• Getting Short Sales Closed

• ORDER ALL 13 SESSIONS FOR $147 AFTER THE $50 DISCOUNT

VISIT THE STORE NOW

***Use discount code sss10000 for a $50 instant savings

http://youtu.be/dR8AfQJrXSM

I have a HAFA short sale with SPS.  It has taken forever; since August of last year.  Twice SPS set up a foreclosure date even though this is a HAFA SS and both times we submitted a motion to dismiss and the judge cancelled the foreclosure sale.  Finally SPS approved the SS, however, we were not able to close due that the property did not pass inspections and lender did not approve buyer’s financing.  The closing date was scheduled for April 19 and on April 8^th a new offer was submitted (Cash) with no inspections contingency.  We were supposed to receive an approval to close on May 30, due that the only change submitted with the offer was the buyer’s name.  Guess what? Instead of receiving an approval we received a rejection.  The reason given by SPS is that the seller does not qualify for a HAFA SS.  This makes no sense when SPS approved the file just 30 days before this rejection.  We submitted a complaint to different agencies and now SPS is reviewing the file. They said it will take 10 days for them to have a final decision. Any ideas about what else can we do in the event SPS still do not approve the SS? 

Rock Realty Client Testimonials

"Mike Collins was easy to talk to and very good at explaining in detail all aspects of the short sale of the property. With a lot of patience, he walked me through the process of a short sale. He was understanding of my plight and very sympathetic.
Mike was a pleasure to work with and he is a man of his word.
Thank you, Mike, and best of luck to you."

Tom D. (Oxford, WI)
Rock Realty Seller Client

Thanks for the compliments, and Congratulations on your closing Tom!

I have a short sale that I have been working on since Nov. with Seterus. It is a Fannie Mae loan and I have the approval.

Here is the problem.... The first approval letter that I received was for the wrong buyer( and yes, they did have the right info) after a week, I got a corrected approval with the correct buyers names on it BUT the names were spelled wrong!!

I have not been able to reach anyone since Friday evening when I received this latest one and I am freaking out because my buyer is leaving this week on an overseas trip and his lender says that he has to have the corrected approval by today in order to maybe pull docs for him by Thursday.

I have emailed to death, the negotiator, his manager, the closing agent and now have escalated to Fannie Mae. I have called several times starting on Friday night too and they have also sent emails to these folks.

Does anyone have any suggestions on what I can do to get to the person that can change this for me so that we do not lose this deal? 

Thanks

I am working on the short sale for 5 months now. SLS is 1st and GreenTree 2nd. Long story short: SLS asked for 2nd approval before they approve. Both buyer and I had to contribute to the second to get the approval. I submitted to the SLS and guess what they said?! They refused to approve because they don't want GreenTree to get more with any contribution. I am at lost, I worked so hard for 2nd approval and now SLS will not work with me. Why was it not mentioned?  Such a stressful situation. Any advise will be appreciated. 

Good morning Superstars,

Here's a sampling of this week's Superstar discussions.

Discussions	Replies	Latest Activity
FROM NAR: GSE Short Sale Valuation Problems THIS ARTICLE IS FROM NAR Beginning in the latter part of 2012, a number of REALTORS® across the country reported that Fannie Mae had start… Started by you	34	2 hours ago Reply by Kevin - Greenville, SC
REDC Gross Mismanagement of Bank of America file - Escalation? I'm a 3rd party negotiator and I've been working on a HAFA short sale since August, 2012, when I jumped in. File is Bank of America being… Started by Linda Ippolito	2	4 hours ago Reply by Tracy Johnson
Required FHA Repairs & Looming Foreclosure - Workaround? Can anyone think of a way to get around this? The appraiser noted the following FHA required repairs. The short sale bank will not make o… Started by Maria Strong	15	7 hours ago Reply by Tara Semtner
1st lien only giving 10%, 2nd NCI wants 20% .... I'm looking for a contact at NCI Anyone have a contact for escalation at Nationwide Credit (NCI) they took over the 2nd lien from Ocwen, its charged off. Onewest has allow… Started by Marty Macisso	1	yesterday Reply by Wayne Brooks
Nationstar "lien Approval Letter" I am in the beginning stages of imputing a Fannie Mae short sale into equator they are asking for a "lien approval letter". Any idea what t… Started by Mike McGraw	1	yesterday Reply by Marty Macisso
Freddie Mac denied PCS orders hardship; payments on time My husband is active duty, we used the PCS orders hardship that came out in August 2012. Today, FM denied our short sale request based on… Started by Darlene Parker	2	yesterday Reply by Darlene Parker
How long does it take NS Nationstar to issue the written short sale approval letter? Looking for someone with recent experience. Your time line would be most appreciated! On 4/15/13 NS countered the purchase price, to which… Started by L Wall	8	yesterday Reply by Meagan Sabich
FHA Short Sale Now Auction Seller came to me to list his FHA short sale, and he was already 6 months behind in payments at that time -- this past April. FHA Approval… Started by Frank Biganski	3	yesterday Reply by Frank Biganski

13 Training Sessions

$25 Each

(Audios are 45-90 min each).

• Why a Short Sale?
• Qualifying The Seller
• Pricing and Marketing The Property
• Negotiating Techniques 1
• HUD1 Tips
• Escalation and Communication Tips
• Disputing Bad BPOs
• Cash Contributions and Prom Notes
• Negotiating Junior Liens
• Lead Generation
• 10 Short Sale Mistakes
• VA, HAP and FHA
• Getting Short Sales Closed

• ORDER ALL 13 SESSIONS FOR $147 AFTER THE $50 DISCOUNT

VISIT THE STORE NOW

***Use discount code sss10000 for a $50 instant savings

I represent the buyer, and the seller holds a Chase mortgage. Their agents are great, but the negotiator is typically coy, giving no concrete answers.

Buyer has been U/c for $143,000, which was the H& B offer in a multiple offer situation in April
(listed at $149, then $139K for a month) Atlanta real estate market is bouncing UP.

The mortgage balance is from a Chase conventional refi of 201,000 in Feb 2012

Based on BPO, Chase has countered contract for $158,000 (the house is worth it).

If we counter back, it goes back to the investor and might get tied up a lot longer, and the F/C is looming in July/Aug

If we accept, we can be on the road to a closing - IF our buyers can get the money.

This extra $15,000 might not be doable for our clients - they will have to move mountains and we (their agents) will have to give up all of our commission to get them the house at this price, but do not them want to lose it.

Is it worth a shot to counter? What is the typical Chase experience with counteroffers? Once we are at this point in negotiations, do they usually accept or reject counters quickly, or could it be another 2-8 weeks?

Please advise, we need to respond for Monday.

Seller had a second mortgage and showed listing agent a release; so it seems Chase is the sole lienholder

How to Buy Investment Properties with an IRA - Step by Step (Part 4 of 4)

Using a self-directed IRA to buy real estate is a sound investment strategy for many people. The ability to buy assets that can provide strong returns is appealing to a wide range of people. Listed below are the basic steps necessary to buy a property in compliance with the IRS rules governing the use of an IRA account.

1. Contact a financial firm that has experience with self-directed IRA’s. Working with a firm that is familiar with these accounts and the real estate transactions is the most important step.

2. Understand the IRS rules. A property bought via the IRA must be an investment home. Second homes, vacation homes and primary residences are strictly prohibited. Furthermore, distributions from the account are not allowed until the owner of the IRA is at least 59 ½

3. Deposit funds into the account. One of the important rules about buying property with an IRA is that all funds for the purchase as well as any other expenses has to come directly from the IRA. The owner cannot chip in extra money to help cover property tax or replacing the roof, in example.

4. All revenue received on the property must be deposited to the IRA account. The revenue cannot be given to the IRA owner or relatives.

5. Take time to preview multiple properties. It is wise to enlist the assistance of a real estate agent who has knowledge with these types of transactions. An agent can recommend properties in areas that have strong rental history. Furthermore, the agent can help calculate the return on investment based on average rent payments for the area.

6. Once you have picked out an investment property it is time to put down an offer. Contact the custodian for your IRA account and tell them you want to buy a property. The custodian will then fill out the necessary forms and sign all real estate documents on the behalf of your IRA account.

7. It is a wise idea to get a contract with a property manager to handle the finances of the property. This will prevent you from collecting the rent payments and making any necessary repairs yourself. A property manager can keep all the transactions clean and legal and free you from the headache of property management.

It is important to understand the rules concerning using an IRA to buy and manage real estate investments. Failing to follow the rules can lead to penalties and possibly loss of the tax advantages associated with an IRA account. When in doubt consult a tax professional before making any decision or transaction with the IRA funds.

This is Part 4 of a 4 Part Series.

Part 1: How a Realtor® can help you invest in your IRA

Part 2: Purchasing Investment Properties for your IRA

Part 3: How to invest in real estate using an IRA

Part 4: Step by Step Guide to Buying Homes with your IRA

Fannie Mae recently introduced a new tool to help short sale real estate specialists successfully close short sales. Short Sale listing agents are now asked to register accepted short sale offers (accepted between the buyer and homeowner) with Fannie Mae to provide greater transparency into the process and allow Fannie Mae to proactively work with the mortgage servicer / lender to finalize the sale. This process is the next step in Fannie Mae’s effort to work more collaboratively with real estate agents on short sales.

“Fannie Mae recognizes the very important role real estate professionals play in the short sale process and we want to work closely with them to get short sales done,” says Jay Ryan, vice president for real estate sales, Fannie Mae. “Our objective is to help stabilize neighborhoods by completing short sales as close to fair market value as possible. We believe this new process will help ensure all parties are in communication early on and are able to come to an agreeable and appropriate sales price. At the end of the day, Fannie Mae wants to get short sales done so that we can prevent foreclosures and help neighborhoods recover.”

Moving forward, agents are asked to provide short sale offer information, such as the property address, MLS listing information, offer details, and subordinate lien information, through Fannie Mae’s Homepathforshortsales.com website. Agents will also be asked to upload scanned copies of the sales contract, estimated net sheet or HUD-1 settlement statement and borrower authorization form. REALTORS® are also encouraged to proactively reach out to Fannie Mae early in the short sale process to request list price guidance to aid in marketing efforts.

Agents who have challenges such as valuation disputes, delays by servicers or uncooperative subordinate lien holders may also use the short sale escalation process on the website to request assistance. Once a case is escalated, Fannie Mae will directly engage with the agent or servicer to address challenges. Since the escalation tool was announced in February 2013, over 10,000 short sale cases have been submitted and successfully closed. In 2012, Fannie Mae completed 73,528 short sales.

For more information, visit www.fanniemae.com.

If you are a homeowner who feels they might qualify for a loan modification or short sale please give us a call as we’d be happy to assist you in your efforts to understand your options and in determining which option is the best for you! All consultations are COMPLETELY CONFIDENTIAL and ABSOLUTELY FREE.

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

Article originally from RisMedia by Keosha Burns - Fannie Mae Takes Additional Steps to Streamline Short Sale Process

 I have a short sale w Ocwen 2nd.  Ocwen  agreed to 10 %, has now switched the amount twice  for much more money.  I have tried the escalation dept. & Ombudsman- need investors to make an exception.  Please send me your suggestions.