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FROM www.shamethebanks.org:   Time is running out as Ocwen has upcoming foreclosure sales on homes. There is hope: Ocwen has approved American Homeowner Preservation (AHP) short sales for each of these families, but is insisting that the families move out.

According to the website, AHP works with homeowners' lenders to approve short sales, discounting their loans by an average of over 60%. With these steep discounts, AHP can offer families an affordable lease and an option to repurchase their homes at a fraction of what the family previously owed. Thus, AHP creates equity and the incentive for families to stay and pay, preventing foreclosures and preserving neighborhoods.

You can help. Jorge Newbery from AHP has created a count down of the families that Ocwen will needlessly displace in 2011. You can see it below and we'll be adding homes to it as Ocwen continues to refuse help to homeowners with affordable solutions. 

SEE COUNTDOWN: http://www.shamethebanks.org/richard/ocwen-countdown-to-foreclosure

Does anyone have any suggestions as to how we would identify the MI Company on a first lien with Wells Fargo?

We would like to speak with them directly but don't know how to get to them.

Any input would be greatly appreciated.

Hi folks. I had a seller call me earlier this week needing a Short Sale agent ASAP!! He hasn't made payments for many months and had actually already moved out of the property expecting to be foreclosed on any day now. Chase sent him a letter and fortunately instead of just throwing it away thinking it was another collection attempt he opened it.

Inside was an offer he couldn't refuse. Stay in the house, maintain it, bring them a contract at FMV (fair market value) and they will approve the short sale within 10 days and give him $20,000 at closing for moving expenses!!!

AND...he doesn't have to provide any financial information. No back statements. No financial statement. No tax returns. No hardship letter. Just a listing agreement, contract and a HUD. At least this is what I was told. Should be interesting to see how it plays out

Hello,

I am a real Estate agent that had a client with a negotiator (she was the CEO of the title company) She became so busy that she basically gave up on our short sale. I have decided to take over the negotiation portion myself and then just use her for title since the buyers money is in escrow there. I have never done a short sale before and will be using Equator as BOA has the first and Chase has the second.

Not that it is what we initially wanted, but I have gotten the seller to agree to remain attached to the second (Chase has not been willing to forgive the loan (250K) with the 50K alloted in the purchase price and BOA does not want to give 50K to the second, they want the whole purchase price)!

SO now I am wondering if I must have the old negotiator (head of the title company) close out her file and start a new one of my own, or if there is a way to reasssign what she has already inputted and worked on to my account?????? Any ideas? Also, where can I find BOA's 3rd party Authorization form??

 Thanks!

 In my ten years in general residential brokerage in the Lake Norman area of North Carolina I've seen a major change in the way I need to plan my business. In our region, which includes the Charlotte area, we did not experience the "bubble" to the extent that of other areas of the country did except for the Lake Norman waaterfront community which had a 29% price increase in 2007.  Generating business in multi million production numbers was accomplished if one stayed focused & directed and generally just worked the leads you generated.  Over 70,000 people a year were relocating to the Charlotte/Lake Norman area from less "sticky" states & North Carolina was lucky to be a"sticky" state in itself...not too many people were leaving for other destinations.

As a Realtor who relocated to this area myself, I felt I was in a great postion to both guide clients throught he process & gain their loyalty as future referral sources.  This plan worked very well until the Fall of 2008 when deals began to fall apart right before my eyes because of lending issues. Thankfully, I did have those former client referral sources to keep my business going!

In the past two years I've been in the position to he;lp 2 former clients obtain loan modifications on homes that I helped them to buy...rewarding but also troubling. How many other homeowners needed h elp & did not know how to get it? In my journey to both help distressed homeowners & creat a business model that would work in the current market I needed education!!! So, I began to work on a new "map" with a different "compass" to guide me.

In addition to learning about loan modifications & assisting homeowners with that process I obtained my certification as a Certified Short Sale Specialist - a designation recognized by both the NC Bar Association & the NC Real Estate Commission since it is specific to North Carolina. EArning the designation gave me alot of insight into the mortgage industry as well as tips, techniques & concrete practices for navigating the short sale.

I'm ready to use the new compass to both build my business & help homeowners stay in their homes in 2011!  I feel that if I can help a small number of homeowners avoid foreclosure I will have a small effect on our overall economy. wouldn't it be great if we hada ripple effect as a group of realtors making a difference in the new way to do business, not only helping people to buy a home but to stay in that home as well!

I'd love to hear from you!

We have a client with a sale date of this Wed.  Provident has totally drug their feet with the file and just denied it this am not leaving us much time to meet their new required net.  We have been checking back with them for many weeks with no good communication from them.

Does anyone have any contacts within Provident for quick escalation?  Any names and contact information would be greatly appreciated!

Todd Sullivan

Jeanne Johnson

Owens & Perkins Attorneys at Law

480-994-8824

From the Associated Press.....

Arizona, Nevada sue BofA over loan modifications PHOENIX – Dec. 20, 2010 – Attorneys general in Arizona and Nevada filed civil lawsuits Friday against Bank of America Corp., alleging that the lender is misleading and deceiving homeowners who have tried to modify mortgages in two of the nation’s most foreclosure-damaged states.

Bank of America violated Arizona’s consumer fraud law by misleading consumers who tried to reduce their monthly payments to keep their homes, state Attorney General Terry Goddard said. The bank also violated the terms of a 2009 consent agreement requiring its Countrywide mortgage subsidiary to implement a loan modification program, the Arizona lawsuit alleges. READ THE REST

I have searched through this site and cannot find the answer I am looking for, so perhaps collectively we can use what we have learned  and post the data here..

I am looking for a list that shows what % on average each 1st lender will pay out to 2nds, and what each 2nd on average will accept to release their lien.

If noone has this info compiled, then perhaps each of you can weigh in on this with your recent experiences and let's get some data going that we can all use..

Thanks guys..

How To Make A Buyer Walk - Destin, FL Short Sales

Click the link below to search Destin and Santa Rosa Beach, FL Short Sales.

Destin and Santa Rosa Beach Short Sale Search

Short Sales are very complex transactions but they can reap incredible rewards. I specialize in short sale properties and work primarily with short sale buyers. I do like to carry a few short sale listings but I often find myself on the buyer's side of the transaction.

Characteristics of a Good Short Sale Agent

1. A good short sale agent will give realistic expectations. I tell my buyers to expect to wait 90 days to 6 months for the transaction to close. In some cases they close sooner, but in most cases they take 90 days to 6 months. If they close sooner, we can celebrate.

2. A good short sale listing agent will gather information from the seller up front and forward all documentation to the short sale lender within a few days of the offer being accepted. Sometimes short sales are slow because the seller or seller's agent waits weeks or months to submit the paperwork.

2. A good short sale listing agent will follow up with all parties regularly to update everyone on the progress. As a Destin Short Sale Buyer's Agent, I like to know when all paperwork has been submitted; I like to know when the BPO has been ordered; I like to know if the servicer has countered the offer or terms; I like to know if the file has been submitted to the investor; I like to know if the negotiator is not returning calls; and I like to know when we can expect an approval letter. I also appreciate a follow up stating that we are at the same stage we were at last week. I really just appreciate the communication, it makes me feel good about the deal.

3. A good short sale agent will submit a contract that the lender will accept. Short Sale Lenders do have requirements. Most lenders will not pay buyer's side closing costs. Most lenders will require that the property close within 45 days of lender acceptance or less. I write up all offers with the seller/lender paying title insurance and doc stamps. This will normally work. You will run into a problem if you require the lender to pay buyer's mortgage related expenses. If your buyer is using an FHA loan, you may be able to have the short sale lender pay buyer's closing costs but this is the only situation where I have seen this happen and of course it depends on the lender. Do your research. www.shortsalesuperstars.com is a great resource.

How To Make a Buyer Walk.

1. Setting unrealistic expectations. You always see language "Buyer Walked, Can Be Closed Quickly". I have had a couple of situations like this where the buyer was given unrealistic expectations and when the 45 days was up, they walked. There is such a thing as a Pre-Approved short sale but there are also many false imitations.

2. Failure to return phone calls and emails. This one drives me crazy. My buyer client wants an update and I call the listing agent. The listing agent will not return my call. When the buyer finds out that I cannot get a call back, we start to discuss other options. In my opinion if the L.A. cannot return a simple call or email, there is no way he can perform the follow up that is necessary to see a short sale transaction to the finish line. This is a Big RED FLAG!

3. Way under priced! Short Sale Sellers and Listing Agents set the list price, not the bank (in most cases). Unless you are dealing with a FHA or HAFA pre-approved short sale. When the short sale lender receives an offer, they order an appraisal or BPO. You may be able to get the property at 5% or 10% less than appraisal but in most cases they want appraised value. If the property is ridiculously under priced, the bank will counter and in many cases the buyer will walk!

Short Sales are like anything, If you have experience and education, you will be successful. If you are trying to wing it, you will most likely fail. Hire an experienced short sale agent and you will have a strong chance of success.

Clayton Bonjean, Broker - President, MBA, CDPE

BrokerClayton@Gmail.com

850-585-1284

www.mainsailrealtycompany.com

Has anyone had any luck with Key Bank on their short sales? Supposedly they need lender specific paperwork for their short sales, but won't send it out until the homeowner calls in and verbally agress to a deficiency...does anyone have a key bank short sale packet? They are like PNC with wanting the homeowner to agree to a deficiency right off the bat...trying to find a way around it! Any tips are appreciated.

Thank you :)

Has anyone had any experience with Provident as the first? Do you have any contacts to whom one can escalate a file? (supervisor, manager, etc.)

We have a sale date of 12/22/10 and the negotiator does not appear to be doing anything with the file and they say they won't postpone sale dates without approvals. We already have the approval from the second which they have. The negotiator is NOT answering any of my emails.

Thanks for any input you may have.

Jeanne Johnson

jeanne@oplaw.com