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Contacted Citi past December to initiate short sale. Submitted all required documents, with offer in January.

They contacted me to meet with appraiser in February.Have continued to stay in touch on a bi-weekly basis.

2 weeks ago when I called to check status, they informed me that the short sale department is no longer authorized to speak with me as the property owner is deceased and the file is with their legal department, which will not speak to me either. Yes, this was of couse part of our initial conversation in the beginning of process. I have worked on this for 7 months and now at a stand still and no one seems to know what to do or where to direct me... This person has been deceased for 3 years and property vacant that long!  Anyone have an idea as to who or what to do at this point?

There is no sale date recorded yet. It was like they were working on it and now just stopped. Needless to say the buyers are getting restless!

Thanks for any direction.  

Specifically...Lender names when talking about experiences with them with regards to Short Sales??? 

I have mixed feelings here.  Yes, I have posted blogs about my own experiences with particular Lenders.  They DO get responses..both from other Short Sale Agents which I find most helpful and even in some cases, the Lenders themselves.  I have had several stalled Short Sales resolved due to the interraction between my posts and the Lenders.  A good thing.

On the other hand, I am told by Agents that the Lenders monitor the blog sites and you don't want to be considered one of the "problem agents."  Hmmm....I think to be a good Short Sale List Agent, we SHOULD be creating "problems" for the Lenders by NOT giving up, going away, hiding our heads, apologizing, or simply accepting lame excuses for not processing our files. 

I have posted blogs on Bank of America, that were scathing, dripping with frustration and wondering why I could not get something resolved.  I have also posted blogs on Bank of America that are high in praise for a specific negotiator or the speed and efficiency that they handled a file.  It DOES happen.  Perhaps because I know it does happen, I find it appalling when there is an example of a REALLY bad Short Sale file.

I appreciate the volumes of files the Lenders have.  I appreciate that Bank of America in particular, due to their numbers of bad notes purchased from Countrywide and otherwise, CANNOT be on top of all their files.  I also read and file with care and believe each of the Agent e-mail updates.  They don't normally happen quickly, but they do show me that someone at Bank of America is trying to expedite the Short Sale process..and that is always good news.

I will continue to post blogs on both the good and the bad.  I think it's equally good for the Lenders to read about their short comings as it is to read about their successes..that's how things get changed.  I suspect that the Lenders DO monitor the blogs and they may put a black mark by my name as a "problem", but I'll take that chance to make it easier and faster for the next Short Sale List Agent that is working a file with them.

Generally speaking, short sales are so much better to handle in 2012 than they were in 2007, 2008 and 2009, that I have extremely optimistic feelings about short sales in 2013-2015.  Maybe they'll be done by then???

Good morning Superstars.

We hope everyone had a productive week helping folks avoid foreclosure. We had a major site redesign yesterday so be sure to pop over and have a look. Let us know what you think.

This Week's Top Short Sale News

FHFA Announces Short Sale Assistance for Military Homeowners with Fannie Mae or Freddie Mac Loans

Great news for our military members!!

June 21, 2012

Under the new policy Fannie Mae and Freddie Mac will not pursue a deficiency judgment or any cash contribution or promissory note from members of the military with a change in duty station for any property purchased on or before June 30, 2012. Service members must have a Fannie Mae or Freddie Mac loan to be eligible.

READ FULL NEWS RELEASE HERE

What To Do If You Can Not Afford To Pay Your Mortgage

Posted by Marcy Moyer on June 22, 2012 at 6:30pm

J. P. Morgan Chase is quickly becoming the bank of the incompetents

Posted by Mike Cooper on June 21, 2012 at 11:09pm

WF new and improved Demand Statement 'Approval Letter"

Posted by Pattilynn Guilford on June 21, 2012 at 1:27pm

Time is Running Out: The Mortgage Debt Relief Act is ending and why you should care!

Posted by Arthur Wainioon June 20, 2012 at 9:35am

This Week's Superstar Tip

What types of transactions are generally not covered under RESPA?

• An all cash sale

• A sale where there's private financing (seller financing, money from a family member).

• A rental property transaction or other business purpose transaction.

Now folks, if you handle Short Sales for a living this can be something you can utilize in your business. When RESPA does not apply is there anything else that would prohibit you from paying the 2nd "Off the HUD"? I don't think so. As long as the 1st agrees to it. And I question whether or not they even have to agree to it. Remember there's a difference between disclosure and agreement.

BUYER TESTIMONIAL

Our family began the journey to buy our home in October.We found a house that was perfect, except it was a short sale. We decided to make an offer. Unfortunately, we had no idea the roller coaster we were boarding. Neither agent had ever closed a Short Sale and it was BofA with a 2nd at a local bank. If we had not found Short Sale Superstars I know we would have walked away. The deal fell through once so we started over in March and finally closed Tuesday! It was wonderful to have such a wealth of information here because every situation we were up against we found information on this site. I'm sure both REALTORS (R) were sick of hearing, "from what I have read we can . . . ". Also a special thank you to Bryant who helped answer many questions in the home stretch. As a buyer of a short sale this website is amazing. Thank you for helping our family buy truly our dream home. Adam S.

Advanced Short Sale Training

This sound familiar? You’ve never had to deal with a short sale in your life – until a few years ago, when foreclosures became so common it was rare that you had a seller without one. Now you can no longer avoid short sales.

So you sign up and get your CDPE and your SFR designations. Maybe you have even closed on dozens of short sales. But still...........

......you're missing something. You are struggling when it comes to dealing with the lenders. You're stressing out over your transactions. And no one seems to be able to tell you how to do it quickly, with no stress.

Well, except us. READ THE FULL ARTICLE

REGrow, LLC and www.ShortSaleSuperstars.com does not necessarily endorse the real estate agents, loan officers, attorneys, real estate brokers and other participants listed on this site. These real estate profiles, blogs, blog entries and forums are provided here as a courtesy to our visitors to help them make an informed decision when buying or selling a short sale. REGrow, LLCtakes no responsibility for the content on these pages that are written by the members of this community.

Great news for our military members!!

June 21, 2012

Washington, DC – Federal Housing Finance Agency (FHFA) Acting Director Edward J. DeMarco today announced changes to short sale policies that will make it easier for military homeowners with Fannie Mae and Freddie Mac loans to honor their financial commitments when they are required to move as part of their duty.

Under the new policy Fannie Mae and Freddie Mac will not pursue a deficiency judgment or any cash contribution or promissory note from members of the military with a change in duty station for any property purchased on or before June 30, 2012. Service members must have a Fannie Mae or Freddie Mac loan to be eligible.

READ FULL NEWS RELEASE HERE

Don't be an ostrich!

If you have an questions about short sales in The Silicon Valley please feel free to contact me.

Marcy Moyer

Keller Williams Realty

marcy@marcymoyer.com

www.marcymoyer.com

650-619-9285

D.R.E.  01191194

J. P. Morgan Chase is quickly becoming the bank of the incompetents.  Not only can they lose 2 billion dollars in investor funds, but they can also turn a $200,000 short sale into a $120,000 REO.  I'm beginning to think the interview process for a Chase job should include an IQ test.

Just when I thought the short sale department of Chase was probably the most ineptbanking sector in the industry, the REO department has jumped ahead.  I've listed and sold a number of Chase short sales and REOs, and one thing has been consistent.  They are all a nightmare.

The most recent, and my last, should have closed today.  As a matter of fact, this particular REO is a cash sale which could have closed more than a month ago, but Chase needed a minimum of 30 days to get it through closing.  After a brief snort and a few minutes of frustration laden blathering I accepted the inevitable. Chase time is not normal time.

Now, this contract was submitted to Chase May 1, 2012.  It took 22 days to get it through ratification.  Why?  A number of unbelievable reasons, but the last one was because the buyers initialed some of the early pages by handwriting, but the later addenda was initialed through electronic signatures.  They have to be the same.  Of course they initialed the last set by electronic signatures because they were traveling on vacation. 

A closing date was finally set by Chase, and we waited.  A little over a week before closing, a barrage of near panicked emails bombarded my email (as well as the attorneys and closing companies) asking for an immediate closing.  Everyone scrambled to get it done and then nothing.  Finally, an email arrives telling it has been moved up 1 day.  Whew!  Glad we could all drop SELLING AND CLOSING HOUSES what we were doing to accommodate the one day change in closing. 

The buyer's agent and I passed a few "We can't believe this thing is really going to close" emails back and forth, and we waited.  Today, I receive an email stating that Chase wouldn't accept the HUD because it was dated June 21.  That's odd, today is June 21, and it's closing day.  Shouldn't the HUD at least have closing day on it?  Call me crazy.

No, it has to have June 22 on it.  Oh, I see.  A dozen people can race around for a day to get the closing moved up one day only to have the MORONS (and I'm being generous) at Chase decide we can't close one day early because the date on the HUD is the day of closing.  I'm sure in Chase Parallel Universe, that makes sense. 

Now, they want a closing extension for another week.  I'm not sure it will really close in another week.  Actually, I think the buyer's agent and I are being punked.  I keep waiting for a camera crew to jump out and say, "Gotcha!" 

Time is Running Out: How the Mortgage Debt Relief Act can save you!

 In 2007, the Mortgage Debt Relief Act was passed in an attempt to help the millions of homeowners who, due to the housing crisis and economic crash, suddenly found themselves in danger of losing their home to foreclosure.

Many homeowners that are considering a short sale or a loan modification have decided that instead of waiting for the market to come back they are opting to sell their house now.  If you owe more than your house is worth, it will take time to break even.  If you decide to sell your house BEFORE you break even, there will be debt that is settled by the lender.  Pursuit of a short sale AFTER this deadline expires will be subject to additional tax liability.

The act has helped many distressed homeowners find solutions to avoid problems with IRS tax issues after the sale of their home and opened up options to them that were previously unavailable.

However, the Mortgage Debt Relief Act was always intended to be a temporary solution and it is now set to expire at the end of 2012. For distressed homeowners, this means that time is limited for you to take advantage of this program.

YOU DO HAVE OPTIONS!

 If you feel that you are headed toward Foreclosure, and need Foreclosure Solutions, or if you are avoiding facing that fact, the sooner you reach out for help, the better your options.  The impact of Foreclosure in Phoenix, Arizona is huge and the sad fact is that it’s often avoidable with other options and many cases it's usually a Short Sale.  The good news is that there are Foreclosure Solutions!

To find out if a Phoenix Short Sale is right for you..OR...For your Free Report Clickhere ...

It CAN be done! And it would be my privilege to help.

 As a Certified Distressed Property Expert (CDPE) I am uniquely qualified to help determine your eligibility and answer any questions you may have about the settlement. Call me or email me and set up your free, confidential consultation. Let me help you figure out the best foreclosure alternative option for you.

Time is running out. But there is still a chance to change your financial direction and avoid foreclosure.

Arthur Wainio

www.shortsalewitharthur.com

The Wisconsin housing statistics are now in for May of 2012. Here is an excerpt from what the Wisconsin Realtors Association (WRA) had to say:

“Wisconsin home sales recorded strong growth again in May, continuing the trend that began last summer. Sales of existing homes were up 18.9 percent in May 2012 compared to May 2011. In addition, median home prices in the state rose 1.5 percent to $138,000 relative to the same month last year"

“It’s good to see Wisconsin’s housing market continuing a robust rebound from the depressed levels of the recession,” said Rob Keefe, Chairman of the WRA board of directors. He noted that the monthly growth rates have been in the double digits since July 2011, and that year-to-date home sales are up over 20 percent in the state. The South-Central region was up 18.5 percent.

Below are the number of Home Sales and Median House Prices for the state of Wisconsin, Rock County, and Dane County. These stats include Janesville and Madison. Feel free to contact me if you have any questions pertaining to these figures. As you can see, home sales have been increasing substantially this year. Both Dane and Rock counties are showing marked improvements in the number of homes sold.

If you would like some insight into how much your home is currently worth, I would be happy to provide you with a free comparative market analysis. This is a report that gives a close estimate to what your home might sell for in your current local Wisconsin real estate market. Has your home value fallen below what you currently owe? A short sale may be right for your situation. Visit the following page on Wisconsin Short Sales.

Just one more home loan adjusted, wiped off the books and a new buyer in place here in La Quinta.  This 3 bdrm/2ba courtyard POOL home was built in 1993 and approximately 1550 sf.  Currently has a tenant in place that has signed a lease with the new Buyers. 

Avenida Alvarado in the La Quinta Cove.

Original note value of $386,000.  Purchased in 2007.  Chase was the lienholder.  This home was purchased as an investment property.  No negotiation company used, needed or paid.  I like to have my hands and mind in on every trick for each of my Short Sales.  I love a challenge!

Closed at $141,000.  Seller paid zero, buyer paid zero. 

Listed to Close in Escrow in less than 90 days.   Lender had to have a couple extensions, but a pretty quick close nonetheless. 

La Quinta property values are actually increasing.  The entry level homes ($250,000 or less) have gone up approx. $10/sf since the bottom in the last Q of 2011.  There are multiple offers on almost every entry level home. 

There are still good deals to be had in La Quinta, just not quite as low as 2011.

Questions on your property value?  Give me a call at 760-285-3578 or www.kimberleyjoykelly.com should help..

This charming 3bd/2 bath home is located in the La Quinta Cove.  52255 Avenida Obregon  $148,000.  Well maintained and smartly designed inside with a large kitchen, family room and nice seperation of master bedroom and guest bedrooms.  The front yard features an enclosed, gated courtyard that is lushly landscaped.  Both sideyards are gated and the backyard is a green oasis from the desert heat. 

There is only one note with Chase on this home and the home has been a primary residence.  The borrowers are just delinquent first month in June and their docs are prepared and ready to submit.

Another fantastic Short Sale presented by your La Quinta short sale expert.  For a free consultation, please give me a call at 760-285-3578 or visit my website at www.kimberleyjoykelly.com

This Week's Popular Short Sale Discussions

Mortgage Assigned to Fannie Mae. How do I initiate a short sale? My client is hoping to short sell her home.  In conducting the research I found that her mortgage was assigned by her lender - Amnet Mortga... Started by Tom Murphy	5	1 minute ago Reply by Bryant Tutas
Question on how to remove a seller's judgment from a short sale house in contract Hello, we are in contract to purchase a single home which is in short sale. The seller, and both lenders have approved the sale. We have or... Started by Marta Phillips	5	6 minutes ago Reply by Bryant Tutas
Application to Condo Association I am curious about members experience in how they handle application to an association when lender approval is still pending. In Florida, a... Started by Liz Kenneally	3	11 hours ago Reply by Lillian Blessing
FREE HUD 1 Generator??? are there are free HUD 1 generators or trials out there that you know of? Started by Souzan M	2	13 hours ago Reply by Tom Schoenbeck
NATIONSTAR WAIVER OF DEFICIENCY? I was told yesterday by my negotiator that Nationstar does not waive deficiency and that I need to address with them after the short sale c... Started by Robin Choi	0	18 hours ago
Realtors collecting fees for negotiating short sales. I have previously seen legislation stating that a Realtor could not collect a fee for negotiating a short sale, nor could he collect extra... Started by Wendy Rosenberg	31	18 hours ago Reply by Gail Oleaga
2 Lien PNC Wins Again -Short Sale DEAD Our short sale has reached it's bitter end. After 150 days (that's 6 months!) of riding the short sale roller coaster blind folded, we've c... Started by Sharon Stine	4	18 hours ago Reply by Sharon Stine
Help with large HELOC payoff with Wells Fargo Just got our first $ Million listing here in CA, but it's anti-climatic as the lenders are Wells and Wells HELOC. I need help from the grou... Started by Erik Larson	3	19 hours ago Reply by Erik Larson
Tax lIens I am the buyer on a short sale...6 months in we find out the seller has state and federal tax liens against the property. The house is in O... Started by Kristen tateosian	12	21 hours ago Reply by Kimberley Kelly
BPO COMPLETED 2 weeks after offer was submitted Location Pismo Beach, California I recently sold our house in order to move to a better neighborhood for my young family. Placed an offer... Started by Simon Kurth	5	21 hours ago Reply by Kimberley Kelly

Short Sale Superstars is owned and operated by REGrow, LLC

A Licensed Florida Real Estate Brokerage

ShortSaleSuperStars@gmail.com

DISCLAIMER

REGrow, LLC does not necessarily endorse the real estate agents, loan officers, attorneys, real estate brokers and other participants listed on this site. These real estate profiles, blogs, blog entries and forums are provided here as a courtesy to our visitors to help them make an informed decision when buying or selling a short sale. REGrow, LLC takes no responsibility for the content on these pages that are written by the members of this community

Bank of America has a couple of new and updated news releases they just sent out..

1.  Bank of America Second Lien Release Guidelines: New and enhanced guidelines for Agents handling prperties with second liens on them.

• The Short Sale must be initiated on or after June 1, 2012.
• The Second must be attached to the First lien mortgage owned by B of A.

This Waiver Enhancement is based on the Department of Justice settlement and went into effect June 1, 2012.

2.  HAFA short sale update:  These enhanced HAFA guidelines went into effect 6/1/2012 and apply to current HAFA Short Sales.  The program has been extended to 12/31/2013.  If you write a contract 12/31/2013, it must close no later than September 30/2014.

• Second lien release amount raised from $6,000 to $8,500
• Relocation fee ($3,000) is paid ONLY to primary Residents
• Home can now be occupied by Tenants or relatives and still qualify for HAFA.  Tenants or occupants must vacate by Close of Escrow.

Great additions to Bank of America Short Sale programs.  For more information, give me a call at 760-285-3578 or go to www.kimberleyjoykelly.com 

7 Reasons to Avoid a Foreclosure

Families who typically end up foreclosing on their home often didn’t understand the foreclosure process or simply just gave up because they no longer cared or could handle the stress. The foreclosure process is typically an emotional rollercoaster and it’s not uncommon for us to hear they simply wanted to “wash their hands of the headache”. In situations like this, we urge homeowners to become aware of their options and really understand what a foreclosure means.

We’re prepared a quick list of foreclosure consequences that will help you understand exactly what a foreclosure means.

1)      If your property forecloses, you will be required to disclose this on all future mortgage applications, and on many job applications. This can have an adverse effect on your future mortgage rates.

2)      According to Fair Isaac Corporation, credit scores will be lowered by 300 or more points. A foreclosure is considered the most devastating credit issue in relation to future credit availability and if coupled with bankruptcy can be very hard to recover from.

3)      A foreclosure is very difficult if not impossible to have “repaired” on your credit report.

4)      It could open up the possibility for your mortgage lender to seek a deficiency judgment and attempt to collect the difference not accounted for from the sale of the home.

5)      A foreclosure can put a new job in jeopardy, as many employers are now running credit checks on potential hires.

6)      A current job could be in jeopardy. There are many employers who run credit checks annually to make sure employees are not underwater in their finances.

7)      Government jobs can be jeopardized with a foreclosure showing on a credit report, especially those with security clearances.

With these points in mind, if you find yourself underwater and unable to make a mortgage payment, it’s important to seek out options. One option that will allow you to still exit the home is called a short sale.  A short sale is often the better route and provides a more favorable outcome for both you and your mortgage company. The ability to find experienced short sale team with a proven successful track record will help you protect yourself from a diminished credit score and the possibility of losing employment opportunities.

We are here to help – call us today – 888-746-7820. 

www.shortsaleapprovals.com

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, such as Greentree Servicingrequire that their own forms be used, so the homeowner can be required to submit their financial information on two forms and in two different formats.  Also some lenders, when they have a junior lien, will refuse to process the short sale until approval from the senior lien holder is received.  And, then they often regard the amount offered from the 1st short sale lender as the first step in negotiation.  Of course, if additional sums are requested by the 2nd short sale lender, it requires a complete re-approval from the 1st short sale lender.  Greentree Servicing operates that way (they wait to process) and their processing is slow in addition to it all (30-45 days) which makes them one of the most difficult short sale lenders.  You are often chasing your tail on Greentree short sales.

One thing is for sure, short sales with two loans and two different lenders require a committed buyer and seller and a determined short sale agent.

Before deciding whether to short sell your home, it is essential that you obtain legal and tax advice, and consult with an experienced local short sale agent. If you are considering a short sale of yourSanta Maria, Orcutt, or Nipomo home and would like a short sale consultation, please call my office to schedule a meeting or a telephone consultation at (805) 938-9950.

Tni LeBlanc is an independent Real Estate Broker, Attorney, and Short Sale Agent. She is a Certified Distressed Property Expert (CDPE), Short Sale and Foreclosure Resource (SFR) and Certified HAFA Specialist (CHS) serving the Santa Maria, Orcutt and Five Cities area of the Central Coast of California.

* Nothing in this article is intended to solicit listings currently under contract with another broker. This article offers no legal or tax advice. Those considering a short sale are advised to consult with their own attorney for legal advice, and their tax professional for tax advice prior to entering into a short sale listing agreement.

Copyright© 2012 Tni LeBlanc *Two Loans with Two Lenders:  Short Sale Closed with Bank of America & Greentree Servicing*

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 of America, Wells Fargo & GMAC (with the notable exception ofCHASE) are now using this technology, although some are making better use of it than others.

Either the short sale lender or the short sale agent will initiate a short sale in Equator and then complete a series of tasks or steps.  Usually the first will be a validation of the Agent’s authority to receive and convey information on behalf of the homeowner.  Some short sale lenders (including Bank of America) have their own specific form that the homeowner must sign, and often they will also want a copy of the listing agreement in place between the real estate agent and home owner.

After the short sale agent’s identity and authority is properly validated, most lenders will then move on to offer submission and/or a valuation of the subject property.  They will do this either through an appraisal or a BPO (Broker Price Opinion) and the Equator status will usually read “BPO ordered” or “Valuations.”  After the valuation is received by the lender, the buyer’s identity validated, and the offer reviewed, many short sale lenders will issue a counter offer  or response through a “worksheet” on the Equator system.

The short sale lender can also communicate with the agent through secure messages in the Equator system.  Once the parties have completed price negotiations, the short sale approval letter will often be sent in the secure Equator system.  And, once the transaction is underway, preliminary and final closing statements will often be submitted for review to the lender through Equator.

As a short sale agent, I do like the Equator system, although it has it’s downfalls.  It has cut down tremendously on the “we never received that fax” dance that is so common, and still goes on with many lenders.  For example, when you call Bank of America’s short sale customer service line, the customer service representative can view the Equator file, so they know exactly where you are in processing, the messages sent and the documents submitted.  Overall, I think Equator based short sales run a lot smoother and at a quicker pace when you are dealing with a large institution.  Before deciding whether to short sell your home, it is essential that you obtain legal and tax advice, and consult with an experienced local short sale agent.

If you are considering a short sale of your Santa Maria, Orcutt, or Nipomo home and would like a short sale consultation, please call my office to schedule a meeting or a telephone consultation at (805) 938-9950.

Tni LeBlanc is an independent Real Estate Broker, Attorney, and Short Sale Agent. She is a Certified Distressed Property Expert (CDPE), Short Sale and Foreclosure Resource (SFR) and Certified HAFA Specialist (CHS) serving the Santa Maria, Orcutt and Five Cities area of the Central Coast of California.

* Nothing in this article is intended to solicit listings currently under contract with another broker. This article offers no legal or tax advice. Those considering a short sale are advised to consult with their own attorney for legal advice, and their tax professional for tax advice prior to entering into a short sale listing agreement.

Copyright© 2012 Tni LeBlanc *Equator & Short Sales*

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 a Notice of Default is filed, the foreclosure process can be concluded in just under 4 months.

One of the biggest mistakes I see homeowners indefault make is ignoring a Notice of Default, or minimizing its importance.  If a lender has no plans to foreclose on a property, they clearly do not have to file a Notice of Default.  Indeed, I have completed short sales where payments have not been made for months or even years and no Notice of Default was ever filed by the lender.  However, I’ve found that in most instances, if they can file one, they will.  And if the lender takes the trouble to file a Notice of Default, they are clearly reserving their right to foreclose on the property, and that has significance.

The typical scenario I encounter is where the homeowner is in the process of applying for or negotiating a loan modification and the lender files a Notice of Default.  The homeowner for the most part ignores the notice believing that the loan modification will resolve the issue.   The negotiations stretch on for months more and the homeowner is lulled into a false sense of normalcy about their situation.  Then, one day a Notice of Trustee’s Sale is posted on their door.  Now the homeowner may have just under three weeks to come up with a new plan.  Worse yet, the homeowner may get accustomed to requesting extensions of the foreclosure auction date, and then one day (probably a week or so before the new auction date) they realize they aren’t getting another extension and the rug is pulled out from under them.

Clearly, once a Notice of Trustee’s Sale is posted, the homeowner is living on borrowed time and it may indeed be too late for a short sale of their property.  Indeed, I have had lenders deny homeowners entry into the HAFA short sale program after a Notice of Trustee’s Sale is filed, and also been told that certain investors will not consider a short sale if the file is within 30 days of a scheduled foreclosure sale.  And, I continue to see short sales fail for that reason — there is simply not enough time by the time the homeowner contacts a short sale agent. If you have received a Notice of Defaultand you are serious about a short sale of your home vs. a foreclosure, clearly you should begin your research about that process sooner rather than later.  A Notice of Default begins your foreclosure time clock, and you should take it seriously.  Once you receive a Notice of Default, if you have not already, you should immediately take action and seek the advice of legal and tax professionals to determine your best course of action, whether that be foreclosure, short sale, deed in lieu foreclosure, bankruptcy, etc.

Before deciding whether to short sell your home, it is essential that you obtain legal and tax advice, and consult with an experienced local short sale agent. If you are considering a short sale of yourSanta Maria, Orcutt, or Nipomo home and would like a short sale consultation, please call my office to schedule a meeting or a telephone consultation at (805) 938-9950.

Tni LeBlanc is an independent Real Estate Broker, Attorney, and Short Sale Agent. She is a Certified Distressed Property Expert (CDPE), Short Sale and Foreclosure Resource (SFR) and Certified HAFA Specialist (CHS) serving the Santa Maria, Orcutt and Five Cities area of the Central Coast of California.

* Nothing in this article is intended to solicit listings currently under contract with another broker. This article offers no legal or tax advice. Those considering a short sale are advised to consult with their own attorney for legal advice, and their tax professional for tax advice prior to entering into a short sale listing agreement.

Copyright© 2012 Tni LeBlanc *Short Sale vs. Foreclosure:  The Notice of Default*

Atlantic Coast Title Group is South Florida's Premier Title & Short Sale Processing Company, Located in Jupiter Florida. 

Why choose ACTG for getting your short sale approved? 

Most short sale processing companies have 100-150 files per processor and many companies have multiple personnel working in each file. This leads to in efficiencies, miss communications, and delay's in getting short sales approved. 

At ACTG we have one highly experienced individual handle the file from start to finish. This allows for greater efficiency and faster approvals. 

The negotiators tend to react better when you respond quickly to their request. Waiting days or weeks to upload documents or answer questions is a sure way to place the negotiator into a complacent attitude which slows down the desired result of a approval. 

At ACTG we have the ability to review each file daily! This allows us to keep the negotiator on task and moving forward without having to stop and start and the end result of our system is faster approval!

Considering buyers walk from short sales due to a lack of activity and by allowing us to get approval faster the likelihood of a successful close is greater with our proven system

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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 my best CHASE short sale to date was on a Fannie Mae file.  I’ve also received prompt approvals on Fannie Mae short sales serviced by Rabobank, Seterus, and Wells Fargo.  The key difference between a Fannie Mae short sale and a short sale with a different investor is that Fannie Mae demands accountability and responsiveness from servicers when processing their short sale files, and that makes Fannie Mae short sales more fun than your average short sale. Here are 5 Fun Facts About Fannie Mae Short Sales:

1. Fannie Mae Loan Look Up Tool - Unlike other short sales where determining who the investor is can be a challenge, Fannie Mae makes it easy and with their Loan Look Up Tool which is right on the web.  Your loan may be serviced by Wells Fargo, Nationstar or Bank of America, but the identiity of the investor is often difficult information to obtain quickly.  However, Fannie Mae makes this information easily accessible.

2. Fannie Mae Resource Center - Yes, Fannie Mae has a resource center help desk!  And, they are helpful!  I’ve called several times and also directed clients to call over servicer related issues, and we received quick responses and results!   And in addition to the consumer Resource Center, Fannie Mae rolled out the Fannie Mae Short Sale Assistance Desk for cooperating MLSs so that real estate agents can have even more direct access to them on their short sale files.

3. 30 Day Response Time. That’s right, Fannie Mae does not believe in a never ending short sale approval cycle.  On April 25, 2012, they issued new guidelines for servicers that require that a response be issued within 30 days of receipt of a complete short sale application.  That response can be a counter offer, a notification that the file is still under review, an approval, or an approval with conditions.  But it requires a RESPONSE of some kind within 30 days.
4. Fannie Mae will pay 6% commission to your short sale agent. There is no guessing game with regard to agent commission on Fannie Mae short sales.  They will allow your real estate agent to be paid up to 6% commission as a part of the transaction.  No arguing, fussing and fighting about it.  It is a published guideline that servicers must follow and they do not allow them to negotiate the fee below 6%.

5. Fannie Mae has a formula for paying second mortgages.  Fannie Mae will pay a second lien holder 6% of their unpaid balance (up to a maximum of $6000) to participate in the short sale.  Because these guidelines are published and well known it makes the negotiation process with second fairly easy where Fannie Mae owns the first mortgage.  Once you prove to the second lien holder that Fannie Mae owns the first mortgage, they know exactly how much they will receive if they accept the short sale.  They either will or they won’t, and my experience says most will.

Before deciding whether to short sell your home, it is essential that you obtain legal and tax advice, and consult with an experienced local short sale agent. If you are considering a short sale of your Santa Maria, Orcutt, or Nipomo home and would like a short sale consultation, please call my office to schedule a meeting or a telephone consultation at (805) 938-9950.

Tni LeBlanc is an independent Real Estate Broker, Attorney, and Short Sale Agent. She is a Certified Distressed Property Expert (CDPE), Short Sale and Foreclosure Resource (SFR) and Certified HAFA Specialist (CHS) serving the Santa Maria, Orcutt and Five Cities area of the Central Coast of California.

* Nothing in this article is intended to solicit listings currently under contract with another broker. This article offers no legal or tax advice. Those considering a short sale are advised to consult with their own attorney for legal advice, and their tax professional for tax advice prior to entering into a short sale listing agreement.

Copyright© 2012 Tni LeBlanc *5 Fun Facts About Fannie Mae Short Sales*