Normally, it's customary that lightning will not strike twice....and I've become accustomed to believing that old addage to be true. In fact, I wouldn't expect anything different.....

HOWEVER, it's happened to me....I mean, the double strike of lightning! Right into my heart, nonetheless!!! First, Bayview fully approves my short sale with a full Seller's release of liability within 22 days....NOW, Greentree has done the same within 30 days!!!

Are these Servicers trying to vy for my affections???? If so, it's definitely working!!! Forget the chocolates, flowers, teddy bears, and all of those other mundane trinkets....the fact that these two Servicers are working with me to ensure that this short sale process moves smoothly is THE perfect Valentine's Day Gift!!! Muah!!!

Rock Realty is proud to announce: Michael Collins has received his Certified Distressed Property Expert designation (CDPE).

This is Michael's second such designation in the distressed property and pre-foreclosure field. He also holds the Short Sales & Foreclosure Resource (SFR) certification. If you are looking for a short sale specialist in the greater Madison & Janesville Wisconsin areas, Michael Collins is the Realtor® for you!

In fact, in 2012 Michael was involved in more short sale single family home & condo closings than any other real estate agent in the South Central Wisconsin MLS! He has represented both buyers and seller clients in Dane, Rock & Green Counties. In 2012 alone, he closed 8 Short Sale homes where he was the listing agent. Click the link below to see those sold listings!

Michael's 2012 Short Sale Closings

Over the past year I have been engaged with Bank of America (“BOA”) in efforts to complete a Short Sale of my home. The Short Sale participation was approved August 23, 2012 and an “estimated closing date” of December 6, 2012 was conveyed. The continuous lack of communication, delay in communication, contradicting/incorrect information has made my experience in this process far less than favorable and severely stressful. This imposed stress was only exacerbated by the sudden and unexpected loss of my Fiancé on November 20, 2012.  After your review of the documentation below, I look forward to your immediate attention to this matter and your assistance in the completion of the Short Sale that was approved by BOA.

I am desperately seeking your assistance with the closure of my short sale.  I strongly feel, as you will see documented below, that I am being treated UNJUST as I attempt to pursue the short sale of my property to avoid a possible foreclosure.  Since my file has been assigned to Kim Foster, BOA Short Sale DIL Specialist, and/or Ebony Bonner, BOA Customer Relationship Manager in the October/November 2012 timeframe the processing of my file has halted, there has been a lack of communication and no sense of providing any type of assistance to complete and close the short sale but rather a sense of making every effort terminate the file.

Due to a hardship, I initially reached out to BOA and requested to participate in the FHA-HAMP in January 2012, approximately a year ago.  Deborah Linzer was the Customer Relationship Manager that was assigned during the HAMP process.  Shortly thereafter, I decided to put my house on the market for sale.  My debt far outweighed my income and due to reduced monthly income and increased financial responsibility, I was becoming overwhelmed.  I received a ratified offer for my home on March 3, 2012. In March 2012, I completed and submitted a BOA Third Party Authorization form for my Agent, Dashaun Lanham, Long & Foster Real Estate, to negotiate and correspond on my behalf with BOA.  In March 2012, I notified Ms. Linzer that I was interested in selling my home, and had received a contract for the sale of my home that yielded less than the full amount owed on the mortgage.  I continued to provide monthly updated financial information, paystubs, tax information as well as a hardship letter to BOA. In April 2012, I was withdrawn from the HAMP and my file became active in BOA's Short Sale Program.  On July 17, 2012 I was assigned and contacted by Sonia Rivera, Short Sale DIL Specialist, to begin the initial review and determine my eligibility for the Short Sale program. 

 On August 17, 2012, I received an email from Sonia Rivera stating Phase I review of my file had completed and I qualified to participate in the Short Sale Program.  On August 23, 2012 I received the HUD Form 90045, Approval to Participate from Ronaleigh Ramp.  During this time, BOA’s secure email system used to grant access to my agent to obtain and upload the HUD Form 90045 was NOT customer friendly.  My agent had major problems with getting access in addition to it taking almost seven days to get BOA to resolve the access issues.  During this time, even though it was documented that my agent was having access issues with BOA’s system and trying to provide the requested documentation, BOA still declined my file on August 31, 2012.  My agent then spoke with Ms. Rivera who was aware of the complications and issues surrounding the access, and she was able to escalate a request to her manager to reopen the file and proceed.  At this time, all of the documentation requested by BOA was submitted as well as the HUD-1 and Purchase Contract for the 1^st buyer. 

On September 26, 2012 my agent spoke with BOA regarding the status of my short sale and was advised that I was in Phase II of the process.  BOA also advised that my short sale was approved to be reviewed by a closing negotiator on September 17^th and it should have been assigned to a negotiator seven days later.  Since we were already past that timeframe another request was made for a closing negotiator to be assigned.  On October 2^nd I contacted BOA for a status.  I was advised by the Customer Service Team that they saw an estimated closing date in their system for December 6, 2012 and they also sent a message to Omega Thompson, Closing Negotiator, to return my phone call regarding more details of the status of my file.  On October 2, 2012 I received an email from Mr. Thompson advising that I was still in Phase II of the program, Review and Negotiations, and Phase III would be closing.  Mr. Thompson requested an addendum (for the seller to forfeit the $1,000 Seller Incentive to be credited towards the shortage) be signed by me and the buyer of which was returned to BOA on October 3, 2012. At this point, there was further communication from Mr. Thompson.  I sent emails to him requesting the status towards the end of October and the beginning of November and there was never a response.  I later learned from Customer Service that Mr. Thompson was no longer in the position. 

Towards the end of November, my agent contacted the newly assigned BOA Negotiator, Kimberly Foster, requested a status and NEVER received a timely response.  In December 2012, the buyer’s contract that I submitted to BOA in August 2012 was withdrawn by the buyer and this was reported accordingly to BOA. On January 17, 2013, my agent sent an email to Kimberly Foster requesting a status AGAIN.  Kimberly Foster then responded stating that the short sale was declined due to the Approval to Participate expiring.  However, she did also state that “once a new offer and HUD-1, that meets the required net, was submitted, a request for the Short Sale to be reopened could be honored”.  My agent then responded to Ms. Foster with concern because according to communication received in November regarding the expiration of my Approval to Participate, Ms. Foster would request a 60 day extension.  This would allow for the new contract HUD-1 to be submitted to BOA since BOA’s delayed processing of the Short Sale caused me to lose the first buyer.  It was also stated during that communication that a variance, for the BOA home appraisal conducted, would be requested.  In this same email communication my agent asked if I would have to go back through the entire process to reopen and get approved to participate in the Short Sale Program again.  Ms. Foster responded in her email, “NO, I would not have to go back through the entire process, once the new offer with the HUD-1 met the net requirements the loan could be reopened”.

On January 18, 2013 BOA mailed correspondence stating that “The current offer on the property is no longer being reviewed because you have requested a different workout option.  If you wish to proceed with a short sale, please submit the purchase contract, HUD-1, and supporting documentation so we may reconsider the short sale transaction”.  I am not sure what was meant by “you have requested a different workout option” but I assume that BOA is speaking of my contract for the 1^st buyer being withdrawn because I didn’t request any other workout options.

 I have made several attempts to contact Ms. Foster via phone and email regarding the status of the 2nd purchase contract, HUD-1 and supporting documentation which was submitted to her on January 19, 2013. To date, I have received no return phone call or email response from Ms. Foster. Due to no response from Ms. Foster and the receipt of the January 18^th BOA letter, I placed a call to BOA’s 800 number and spoke with Ebony Bonner, Customer Relationship Manager.  She stated that I was NOT active in the Short Sale Program, I had been declined, she wasn’t sure why any other guidance would have been provided to me that I could continue in the Short Sale Program and she could only offer that I begin with the HAMP.  Of course, this did not make any sense to me!  After all that I have been through with BOA, beginning in the HAMP and ending in the Short Sale Program, as well as the email trails and correspondence that my agent and I have kept throughout my participation in the Program, her conversation did not mirror any recent communication from BOA

In summary, I am hopeful that BOA will honor its commitment to providing excellent customer service. Please note also, that during this very stressful process and due to BOA’s delay in processing the Short Sale, the original buyer was forced to withdraw their contract on the house. It is imperative that your immediate attention is given to this matter to avoid the loss of the SECOND buyer whose contract was submitted on January 19, 2012!

Any assistance would be greatly appreciated!

Nashville & surrounding areas...

PDF Version of this article - 10 Underwater Homeowner Options

Slipping toward foreclosure can lead to feelings of anxiety, depression, and loss of self-esteem. Don’t give up. There are options available to help millions of homeowners rescue themselves from the brink. Since it is crucial to act before a foreclosure takes place, now is the most important time for you to review the following options and solutions.

As a Certified Distressed Property Expert (CDPE), I am trained in assessing all foreclosure alternatives and pursuing the best solution for your own financial situation.

1) Short Sale

A short sale allows the homeowner to avoid foreclosure, minimize financial damage and move on from a burdensome, unaffordable mortgage. In many cases, a short sale allows the borrower to qualify for a new mortgage in just 24 months, as opposed to five years or more after a foreclosure.

A trained real estate agent can help facilitate a short sale with your lender if you have three qualifications. First, you must show some type of financial or personal hardship. Second, you must have a monthly shortfall, meaning your monthly expenses are greater than your monthly income. Finally, you need to prove that your debts are greater than the value of your assets (certain investments, property, etc.). These requirements may differ per lender, so check with a distressed property specialist for specific information from your mortgage company.

2) Reinstatement

A reinstatement is the simplest solution for a foreclosure, however it is often the most difficult for homeowners to achieve. The homeowner simply pays the total amount past due (including late fees) to the lender. This solution does not require the lender’s approval and will “reinstate” a mortgage up to the day before the foreclosure sale.

3) Forbearance or Repayment Plan

A forbearance or repayment plan involves negotiating with the mortgage company to allow the homeowner to repay back-payments over a period of time. The homeowner typically makes current mortgage payments in addition to a portion of the back-payments owed. This option requires lender approval.

4) Mortgage Modification

A mortgage modification involves the reduction of one of the following: the interest rate on the loan, the principal balance of the loan, the term of the loan, or any combination of these. These changes require lender approval and typically result in a lower payment for the homeowner and a more affordable mortgage.

5) Rent the Property

This option does not require lender approval, but does require the homeowner’s ability to rent the house for enough money to cover the monthly mortgage payment.

It is important to remember that there may be unexpected costs associated with the maintenance of a rental property in addition to the monthly mortgage payments. Homeowners should take this into consideration when deciding whether this option will work for them.

6) Deed-in-Lieu of Foreclosure

Also known as a “friendly foreclosure,” a deed-in-lieu allows the homeowner to return the property to the lender rather than go through the foreclosure process. Lender approval is required for this option, and the homeowner must also vacate the property. Deed-in-lieu can potentially lessen the damage to a credit score and future loan eligibility, and sometimes the lender will forgo their right to pursue a deficiency judgment, meaning the homeowner will not be responsible for further payments.

7) Bankruptcy

Many have considered and marketed bankruptcy as a “foreclosure solution,” but this is only true in some states and situations. This does not require lender approval, but you must have non-mortgage debts that you claim as a hardship.

Entering bankruptcy can be a risky and costly process. Be sure to seek the advice of a qualified bankruptcy attorney when pursuing this as an option.

8) Refinance

As opposed to mortgage modification, refinancing means you will be acquiring a new loan based on your current credit standing. If you have already missed mortgage payments, your credit score may make it difficult to find a loan with cheaper payments.

9) Sell the Property

Homeowners with sufficient equity can list their property with a qualified agent who understands the foreclosure process in their area. Unfortunately, many homeowners in today’s market have experienced a decline in home value and may owe more than what the home is worth.

10) Servicemembers Civil Relief Act

(Military personnel only)

If a member of the military is experiencing financial distress due to deployment—and that person can show that the debt was entered into prior to deployment—he or she may qualify for relief under the Servicemembers Civil Relief Act. The American Bar Association has a network of attorneys that will work with servicemembers to help qualify them for this relief.

Pull Yourself Back From the Brink

If you are on the edge, you have no time to waste. Call me today; I’m here to lend a hand.

Place Your Confidence in CDPE

With the right assistance, the stress of facing foreclosure becomes manageable. CDPE- designated agents have received the knowledge and training necessary to assess all possible foreclosure alternatives and pursue homeowners’ best options. A CDPE- designated agent attends several days of intensive, thorough training on foreclosure avoidance and how to help facilitate a short sale efficiently and ethically. The highly regarded CDPE logo means you are working with the most informed, up-to- date resource available.

Michael Collins, CDPE, SFR, BPOR
Broker - Rock Realty
608-921-8536

If you are wondering if a short sale might be right for your home, please visit our Short Sale Home Evaluation page.

There's nothing like the simple joys of listing a home on the market, securing a buyer, and closing within a relatively short time frame......NOTHING AT ALL! HOWEVER.......I've just recently been afforded the opportunity of handling a short sale with Bayview Loan Servicing in the first lienholder position. What a treat!!!
 
First, we received a wonderful offer on the property within days of market time and submitted the entire short sale package to Bayview on January 25th. The interior BPO was ordered and completed during the first week of February and we received first lien approval on February 12th!!! What's more???? Bayview has agreed to allocating funds to cover 20% of the balance on the second.....20 FREAKING PERCENT!!!
 
Did I die and go to short sale heaven???????

Vanessa M Calhoun, Real Estate Consultant
Better Homes and Gardens Real Estate Metro Brokers
209 Newnan Crossing Bypass
Newnan, GA 30263
404-843-2500 (office)
678-406-8432 (direct)
770-254-4985 (fax)
vanessa.calhoun@metrobrokers.com
www.vanessacalhoun.com

Good morning Superstars.

Here are this week's Superstar discussions.

Discussions	Replies	Latest Activity
What Do You Think About The Short Sale Lease Back Program? Hi guys, Wondering what your thoughts were on the short sale lease back program that is starting gain traction in the short sale arena. Sh… Started by Peter J Kim	8	8 hours ago Reply by Kevin - Greenville, SC
You have GOT to be kidding me- what BofA wants from short sale buyers now So according to my negotiator at Service Link, BofA has a brand new guideline: All short sale buyers must provide proof of funds for Earnes… Started by Wendy Martin	3	yesterday Reply by Patricia Bravo
Will Banks Approve a Sale that includes an IRS 1031 Exchange? Has anybody run into this? Hello Everybody, Just received an offer on a short sale listing (B of A 1st, Chase 2nd). The contract stipulates that the sellers coopera… Started by Beth Larsen	3	12 hours ago Reply by Becky Martin
How is a SS reported to the 3 bureaus Hello: I completed a SS on a rental property I had with chase a few months ago. They are finishing up the necessary stuff on their end and… Started by David	3	15 hours ago Reply by Kevin - Greenville, SC
HAFA??? I am so completely lost about everything that's going on with HAFA. . .Is there a resource that anyone can recommend explaining the Fannie/… Started by Tracie Norman	1	on Wednesday Reply by Brett Goldsmith
Service release four days before foreclosure. . .blessing or curse? We have a foreclosure date of 2/19/13. We just discovered that the home is being service released on 2/15/13. We are TRYING to figure out… Started by Tracie Norman	3	on Wednesday Reply by Edwin Baloloy
First Time Home Buyer Credit I have a Seller who bought her home 2 years and 9 months ago and received a $8K credit as a first time home buyer. I am currently helping… Started by Trong Dang Do You Need More Short Sale Listings? Short Sale Superstars wants to make generating Short Sale leads easier for you. So.....we have partnered with the Short Sale Specialist Network to offer you..... The Short Sale Lead Machine. AND......if you use coupon code SUPERSTAR you will get an additional month for only $1. That means you can have your site set up and use it for two months for only $2! PLUS.....here is a FREE one hour course on Short Sale Lead Generation that may help you. Let's make 2013 a banner year for Short Sales. Together we can help a lot of folks avoid foreclosure. ORDER NOW ***Don't forget to use coupon code SUPERSTAR for the additional discount.	2	on Friday Reply by Joanne Hodge

www.seattleshortsaleblog.com

Short sale lease back programs have been around for quite some time now. In an SSLB program, the homeowner short sells their home and subsequently rents from the new owner upon closing the sale. Most of these type of programs have been fraudulent by nature but now HAFA allows a leaseback program if the homeowner qualifies.

Is it a good idea to lease back to homeowners who were not able to pay the mortgage payments in the first place? At the same time, isn’t it much easier to rent your own home until you repurchase another home? Let’s review once and for all, the Short Sale Lease Back Program.

This pilot for this leaseback program started in California and is starting to gain attention. The most recent headline stated that Wells Fargo is now endorsing the notion of the SSLB. The way the program works is, treasury issued a supplement to HAFA guidelines allowing “servicers the discretion to approve sales to non-profit organizations with the stated purpose that the property will be rented or resold to the borrower, so long as all other HAFA program requirements are met.”

In other words, if you or your agent is able to find a non-profit organization willing to purchase your home and lease it back to you, you may obtain a minimum 3 year lease to stay in the home while having the option to buy back your home at a set price. The rental rate will be based off the comparable market rental rates in your area.

What do you think about this program? Our experiences with these types of programs have been abysmal as we have seen cases of homeowners who joined the leaseback program but immediately struggled with an increase in rental rate forcing them to vacate due to non-payment. Many of these situations were fraudulent and those involved were penalized.

We are not claiming that this is what the non-profit companies would do but in our opinion, one of the mains reasons to short sale is to lower your monthly house payments by temporarily downgrading your living situation in order to rebuild credit and save up for your next home. If you decide to remain in your home, you will most likely have a small discrepancy between your previous & new payment amount.

Thoughts? Do you think the Short Sale Leaseback Program is a viable option for homeowners? Post your comments below!

www.seattleshortsaleblog.com

Beaumont Short Sale REALTORS

We've listed a new short sale property for sale in Beaumont CA, located in the beautiful Oak Valley Greens area. The home is located right on the Oak Valley Golf course view a view. The home has four bedrooms and three baths, a three car garage, and is close to many shopping centers.

Property is listed for $199,900, located at 1771 Long Drive, in Beaumont.

Do you need to short sale your home? Call us and let's talk:

Call Now: (888) 9-List-It.

That's (888) 954-7848.

Beaumont Short Sale and Pre-Foreclosure Homes

Are you facing foreclosure on your Beaumont CA Home?

To best navigate your situation, you must know all your options:

• Are you behind on your mortgage payments, or about to be?
• Do you owe more than your Beaumont home is worth?
• Do you have an adjustable rate that is about to adjust?
• Are you worried about the affects of foreclosure on your credit?

Our short sale services are free - we will NEVER charge you a dime!

So call us today and let's talk:

Call Now: (888) 9-List-It.

That's (888) 954-7848.

Click here to search Beaumont homes for sale

FINALLY!!!! The day has come where the stars and moon have all aligned and you have all of your ducks in a row! You've secured a wonderful lender, an exceptional Buyer's Agent, you've saved ample funds, you have your list of all that you could ever want and desire in a home, and you've found at least six within your preferred area that meet your criteria!! You pick on the phone to contact your agent and quickly provide them with the list. Your agent advises that they're going to check availability and call you back.

Within minutes, your phone rings and your agents voice is no longer draped with enthusiasm! Oh no!!! You quickly pickup on the notion that something's wrong so, with much trepidation, you ask..."what's wrong"? Your agent informs you that of the six properties that you've found, only one is still available and is already in a multiple offer situation. Your agent goes on to explain that the inventory levels are low within your area and, combined with buyer demand and low interest rates, many buyers are finding themselves fighting for homes!

Instantly, your mind toggles back to the latest news report that you heard last night that stated that we were still in a buyer's market....but this certainly doesn't feel like one! What now???

Unfortunately, this is a scenario shared by many buyers in the Coweta County or Newnan, Georgia real estate market today. In fact, as of today, we have a 4.7 months supply of inventory. Which basically means that we're now in what's considered to be a Seller's market! Within the past year, we've sold 1872 homes and currently have 728 on the market! Pretty scary news if you're a buyer. We're averaging selling homes at a rate of 156 per month! However, it doesn't mean that all hope is lost if you're looking to purchase a new home. There are some steps that you can take to help prepare you for battle!

* BE REALISTIC - Be certain that your agent is well aware of the current market conditions and are able to appropriately convey them to you. If homes are selling like hotcakes in your market, then you certainly need to know! This will directly affect your negotiating leverage position! Don't waste your time and risk the possibility of losing the home by submitting a "low-ball" offer...just know that if you want the home, there's a high likelihood that there are other buyers who want it, too.

* BE PREPARED TO PAY YOUR OWN CLOSING COSTS - Now I'm well aware that in previous years, buyers could ask for the world on a silver platter in the form of seller paid concessions and would pretty much get it. HOWEVER.....that was the, and this is now! Keep in mind that it will be up to you to make the best possible offer if you really want the home. This may mean footing your own closing costs (isn't that a novel idea)! If you're a little tight on funds, then you may be able to increase the offer amount by the amount of the closing cost contribution that you're asking of the Seller. If you decide to take this route, be sure to have a conversation with your agent about the possibility of running into appraisal issues.

 * MAKE YOUR FIRST OFFER YOUR HIGHEST AND BEST OFFER - This actually goes without saying..... If you want the home, act like it! You may not have the opportunity to provide a counteroffer in the event that another Buyer's offer is accepted over yours. Do not automatically assume that the Seller will come back and make a call for "highest and best". This isn't ground in stone and if there's no call, your low-ball offer will probably be rejected and you'll lose the property.

* LISTEN TO YOUR AGENT* - You've contracted with your agent for a reason....USE THEM! They're traipsing in this market on a daily basis and have successfully navigated through several transactions that are similar to yours. They're trained to know the market and to be able to interpret the information relating to the market. They're going to be your main source of information, so don't be afraid to ask questions.....especially if there's something that you don't understand. Trust me, they want you to find your new home just as much as you want to find it.

Finding a new home does not have to be an arduous task....as long as you're equipped with the necessary tools to reach your goal!

Happy Home Hunting!!!

Good morning Superstars.

Good morning Superstars,

Here are this week's top Superstar discussions.

Discussions	Replies	Latest Activity
Can a Bank set their own HAFA Program Guidelines?!!! Hello, We have been negotiating a Short Sale that had originally both mortgages with Homeward Residential. Now, the 2nd was transferred to … Started by Jorge Mier	10	yesterday Reply by Jorge Mier
PLEASE HELP!!! Wells Fargo decline SS with unrealistic value and many red flags that was never addressed!!! Situation: Property Listed since 09/18/2012 at $280K and since dropped to $260K, I had 4 buyers with 3 mutuals, first 2 was offer at $255K… Started by Trong Dang	5	13 hours ago Reply by Trong Dang
Question - Can a real estate agent BUYING an FHA short sale property (Seller has an FHA Loan that is being shorted), get paid a commission? I have been doing short sales for more than 8 years now for agents all over the country and EVERY time a Servicer has known the Buyer is a… Started by Ben Benita	10	12 hours ago Reply by Smitty
GreenTree 3rd/FannieMae 1st - Closing today at 3pm EST - Hellllllllllllllp! Short sale with 3 mtgs. 1st: Fannie Mae; 2nd: GMAC; 3rd: GreenTree. Have all approvals. 1st and 2nd waive deficiency. 3rd states that… Started by Kristy Hamilton	6	yesterday Reply by Justin Berry
Fannie Mae fixed pricing Yes, we have been experiencing the same fixed pricing attempts by FM as well here is N. Florida. Its very disheartening to a seller who has… Started by Kiann Lewis	1	on Thursday Reply by Sheyenne Schultz
Sign The Fannie Mae Petition Here Good morning Superstars. As most of you know Fannie Mae is creating havoc in the short sale world with their new way of placing values on… Started by you	2	yesterday Reply by Kevin - Greenville, SC
MUST READ: Pennymac Short Sale Supervisor Says He Knows & Doesn't Like the Buyer ?? I had to write about this-- maybe because of freedom of speech or just to see if anyone else finds this to be strange. I have been working… Started by Sara Mehrpouyan Los Angeles CDPE	1	on Wednesday Reply by Kevin - Greenville, SC

Do You Need More Short Sale Listings?

Short Sale Superstars wants to make generating Short Sale leads easier for you. So.....we have partnered with the Short Sale Specialist Network to offer you.....

The Short Sale Lead Machine.

AND......if you use coupon code SUPERSTAR you will get an additional month for only $1. That means you can have your site set up and use it for two months for only $2!

Beaumont real estate

• $450,000
• 4,240 SF
• $106.13
• Industrial
• Office Showroom
• Vacant/Owner-User
• 3%
• 20 ft.
• 418-091-006
• • Electricity/Power

Ready to move in. Great Location. Beaumont is one of the fasted growing cities in the Inland Empire.Few retail properties available in area.
Seller is highly motivated !!

On Corner of Beaumont's main streets(Beaumont Ave & California).
Between 2 major on/off ramps(I10). Visible from I10 freeway.

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In the oftentimes chaotic world of short sales, the road from initial list to closing is filled with rough terrain, speedbumps, wrong turns, u-turns, no turns, stop signs, and many detours. Nary a day I fail to hear the laments of yet another agent succumbing to the trials and toils of short sales. In fact, in my 7 years of selling everything from normal market re-sales to REO and short sales, I've dealt with many different (and often frustrating) short sale transactions. In fact, I've had too many to count! I must say, however, that when I first found out about FHA's Pre-Foreclosure Sales Program....I instantly fell in love! It was Short Sale Xanadu!!!

The FHA Pre-Foreclosure Sales Program enables a home owner to short sell his property (provided he has a FHA loan, of course) with a very little amount of fuss and muss. Prior to being officially enrolled into the program, an appraisal is conducted on the property to establish fair market value. Once that magic number arrives on the desk of the Negotiator from the Appraiser, it becomes the list price...VOILA!!! No more guesswork on how much the bank will require for the sale of the property! Not only that, this program takes it a step furthr and gives you their secret formula of how much the bank must net as the market time increases! In addition to letting the listing agent in on the holy grail secret of what the bank has established as market value, the program also has other benefits:

*Up to $1000 in Seller Relocation Assistance (reduced to $750 if it takes more than 3 months to close)

*Pays up to 1% in buyer's closing costs as long as the buyer's using an FHA mortgage (Sometimes they'll pay up to 3% regardless of financing as long as their warm fuzzy number's met. Ask for a variance)

*Allows up to 6% sales commission for agents (yep, we actually get paid for what we do....what a novel idea!)

*Allows up to $1500 towards junior lien discharge

The benefit of knowing EXACTLY what you're dealing with even before the property technically hits the market makes the listing agent more knowledgeable about the short sale process AND makes the property more marketable to the buyer. For these reasons, my love affair with the FHA Pre-Foreclosure Sales Program will never end!

Happy Selling

I am trying to find a 2nd lien that is on title, title shows MILA they went out in 2007.  clients say willshire, they sold off to BOA, BOA doesn't have them.  I ran through fannie, freddie and mers.. no luck any other ideas out there???

Are Short Sales are becoming a thing of the past? It seems like this is the way the market is moving. Fannie Mae and Freddie Mac own or guarantee $5.2 trillion of mortgages, more than half the outstanding U.S. home loans.

Starting in March Non-delinquent borrowers with illness, job changes or other reasons they need to move will become eligible to apply for a deed-in-lieu transaction that erases the shortfall between a property’s value and the size of its mortgage.

READ THE ARTICLE

Team this with the fact that Fannie Mae is now artificially inflating property values through their high Short Sale counters and their Homepath program and you can see that Short Sales are no longer the first option for these two mortgage giants.

It’s clear that the goal is to take over ownership of properties so they can sell them once the values increase. Or the properties can just be sold through Homepath at a higher than market price since an appraisal is not needed with this program.

Short Sales are drying up:

• There are about 7 million underwater properties, worth less than the mortgages on them, down from 11 million in 2011, according to JPMorgan Chase & Co. (JPM) Within two years, the number of upside-down home loans could drop to 4 million, the New York bank said.

So....if you handle Short Sales for a living it is time to start looking for alternative income streams. I know I am.

What say you?

Just received from NATIONSTAR MORTGAGE the complaint and notice of lis pendens for my mother's property located in North Miami Beach, FL where I live with my sister and her children. I know there is a 20 day response window but my mother doesn't want to keep the property anymore. Property is worth about $23k and $109k is the balance owed. My mother would like to consult with an experienced real estate attorney before making her final decision. Any recommendations for an attorney located in North Miami Beach, Hallandale Beach or Aventura area?