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Contribution to grant deficiency waiver

Posted by Juan Manuel on December 11, 2010 at 7:34am

I have a SSA specifying that borrower is still responsible for the deficiency of the original loan.

I called Chase to get this removed and they are now requesting a contribution of 20% of the loss (close to $ 30K in my case) to grant the waiver. They also stated that will evaluate any "reasonable" contribution.

This is related to a primary home, one mortgage (never refinanced) and it seems really unusual that they are requesting this 1 month away of the proposed closing date.

I don't know if I should get a lawyer involved to try to get this resolved, but I'm running out of time...

Does anyone has experienced the same? Any ideas of what to do next? What Chase considers 'reasonable'?

Thanks for your help !

After Foreclosure what is the benefit of Short Sale

Posted by Shanti S on December 10, 2010 at 6:04am

After Foreclosure, is it a good idea to do short sale in the redemption period:

1. My house is foreclosed in the month of November, Now I am in the 6 months redemption period. On the sheriff sale date, bank re-purchased with FULL PRICE. What I understand is in Michigan if bank purchased the lone with full price I am not woe any thing to bank. But do I have to pay any tax to IRS for the difference amount?

2. I have a buyer willing to buy the house for short sale, If bank approve the short sale what is the benefit for me. Since bank re-purchased with FULL PRICE of the lone. They can’t come back to me for collection.

If I go for Short Sale, I will get 1099 from IRS, I know upto 2012 I can got exemption for tax.

Please advice me is it a good Idea to do short sale after Foreclosure (Which is fully paid my the Bank in Michigan)

Shanti

Getting Divorced, neither can afford, what to do

Posted by Bion Grady on December 10, 2010 at 6:00am

In this case I would recommend you sell the house. Now, if you are reading this blog, then you must be researching a short sale.

Which means that you are probably upside down on the home. You have three options.

Option #1: Let your lender foreclose on the home. You just stop making the payments and surrender the home to your lender.

Option #2: Short Sale the house and get the debt wiped out. A short sale offers the following benefits over a foreclosure.

Issue: Can I get a Future Fannie Mae Loan?

Foreclosure: The current Fannie Mae Guidelines require you to wait 5-7 years before you can buy another home with a Fannie Mae Loan. Most other banks and lenders have the same or even stricter procedures.

Short Sale: If are back on your feet 2 years after the short sale, then Fannie Mae guidelines allow you to get a loan from them.

Discover how other sellers successfully did a short sale to avoid foreclosure by clicking here.

Issue: Can I get a future loan from any mortgage company?

Foreclosure: Any future application will require you to answer the question, "Have you had property foreclosed upon or given title or deed in lieu thereof in the last 7 years?" you'll have to answer that question yes.

Short Sale: You can state “No” because you short sold your home. You only have to say yes if the bank completes the foreclosure.

Issue: Credit Score Impact.

Foreclosure: Your score is typically lowered by 250 to 300 points, or even more. This often stays on your credit score for over 3 years.

Short Sale: Only late payments show up. After a short sale, the mortgage is normally reported as "paid in full, settled." This lowers your score as little as 50 points if all other payments are being made. Oftentimes, this is off your credit report in as little as 12 months.

Issue: Will I owe the bank any money for the shortfall?

Foreclosure: Many lenders take 12-18 months to foreclose upon a property and resell it. This dramatically increases the loss and makes any deficiency judgment potentially bigger.

Short Sale: Few lenders ask for a promissory note on a short sale. As an example, on one short sale, the bank lost over $120,000. They settled with the seller for $25,000 to be repaid over 15 years with zero interest. The seller's monthly payment was only $138,89. You can often even negotiate and have the promissory note waived.

Option #3: Rent the property. This is a good way to earn some extra money. However, if you are upside down, then it is more than likely that the rent will not cover the mortgage. That means someone will have to write a check each month covering the loss.

Thinking about a short sale? I can help you short sale your property and never pay the bank another penny. Send me an e-mail at bion@bionsellshomes.com. I will contact you for a free consultation.

When we talk, I will explain how the process works in detail. If you prefer, then you can call me at 770-875-4268.

Discover how other sellers successfully completed a short sale and request a free consultation by clicking here.

Thinking about a loan modification? Our Powder Springs Loan Modification Kit has the instructions you will need to get a loan modification approved with your lender. Click here to request a copy.

Thanks for reading this, Bion Grady.

Bion is a Real Estate Agent at Maximum One Realty Greater Atlanta.

Phone: 770-875-4268. bion@bionsellshomes.com.

A Better Solution

View My homes for sale at www.bionsellshomes.com.

Bion Grady specializes in loan modification assistance and short sales in Powder Springs Georgia. Powder Springs Loan Modification Help, Powder Springs Short Sales. Powder Springs Short Sale Realtor Short Sale Realtor. Powder Springs GA Short Sales. Powder Springs Realtor.

Copyright 2010 SFI Marketing Institute, LLC. All Rights Reserved. This is not intended as legal, technical, or tax advice. Please speak with a licensed professional before making any decision. Information is deemed reliable but not guaranteed as of the date of writing. The views expressed here are Bion Grady's personal views and do not reflect the views of Maximum One Realty Greater Atlanta. This information on Powder Springs Short Sales: Getting divorced, neither can afford, what to do is provided as a courtesy to our viewers to help them make informed decisions.

Bank of America Approves Crestview FL Short Sale - Waives Deficiency

Posted by Wendy Rulnick on December 9, 2010 at 1:15pm

This lovely home in the Steeplechase subdivision, Crestview, Florida, has just been approved for short sale. Bank of America took 90 days to approve the sale. The delay was caused by Bank of America automatically putting the short sale into the HAFA (Home Affordable Foreclosure Alternatives) program, since it was owner-occupied. It was subsequently removed from HAFA, since all program criteria were not met.

Bank of America approved this Steeplechase, Crestview Florida home and waived the right to seek a deficiency judgment for the unpaid balance.

Bank of America approval no deficiency

There was much negotiation to achieve this short sale approval, which had one investor and Mortgage Insurance. Each party had a separate interest, which required individual negoations through Bank of America (the servicer). Waiver of deficiency is normally a desirable result for a short sale, so the outcome was positive for the seller.

If you need to sell your Crestview Florida home to avoid foreclosure, consider doing a short sale. Even if you've had a Lis Pendens filed, it may not be too late. To improve your chances of success, consultant an attorney and an experienced Crestview FL short sale agent.

It's Wendy!

Wendy Rulnick, Broker, Rulnick Realty, Inc.

Call Wendy toll-free 1-877-487-9639 or 850-650-7883 ext 204

Email Wendy: itswendy@rulnickrealty.com

Crestview Florida FL Real Estate

Crestview Short Sales & Pre Foreclosure Help.

Read Wendy's Crestview FL Real Estate Blog

Wendy is a short sale, pre-foreclosure and HAP specialist and has been featured in "Kiplinger Personal Finance Magazine" and "Florida Realtor Magazine". Call Wendy Rulnick, Broker/Owner,to list and sell your home or condo on the Emerald Coast of Florida in Walton, Okaloosa and Santa Rosa County- Destin, Santa Rosa Beach, Fort Walton Beach, Niceville, Bluewater Bay, Navarre, Seagrove Beach, Watercolor, Sandestin, Seaside, Crestview, Rosemary Beach, Mary Esther, Shalimar, Eglin AFB, Hurlburt Field.

Bankers, can we have more open and transparent loan modifications

Posted by Bion Grady on December 9, 2010 at 5:56am

Loan modifications have become a joke. People get turned down for no reason at all.

People really want to keep their home, but just can't figure out what to do. The loan modification negotiators realize how desperate the homeowners are. They use their power over the person to take an ego trip.

Discover how other sellers successfully did a short sale to avoid foreclosure by clicking here.

"I'm going to make this person beg me personally for their loan modification", they think to themselves. Everything becomes a competition between negotiators on who can squeeze more out of people.

They talk to their fellow negotiators about what they are able to force people to do. "I saw that one lady had $100 a month for entertainment on her financial statement. I told her she didn't deserve money for entertainment when she owed money to us", they say to them.

Meanwhile, the other negotiator tells their story. "One couple had $200 a month on their financial statement to give to their church. As soon as I saw that, I increased the payment I asked by $200", they say.

Yes, power does corrupt. These loan modification negotiators hold they keys to the homeowners future staying in their home.

Here is what needs to be added to the Homeowner's Bill of Rights.

1. Whenever a homeowner is turned down for a loan modification, the lender shall give them a written, coherent response along with the reason they were turned down. It needs to specifically detail why they were denied and what they can do to be approved.

2. Homeowners are given all the guidelines at the beginning of the loan modification process. They should receive the same guidelines the loan modification negotiator receives. That way they can make sure that they aren't lying to them.

Thinking about a short sale? I can help you short sale your property and never pay the bank another penny. Send me an e-mail at bion@bionsellshomes.com. I will contact you for a free consultation.

When we talk, I will explain how the process works in detail. If you prefer, then you can call me at 770-875-4268.

Discover how other sellers successfully completed a short sale and request a free consultation by clicking here.

Thinking about a loan modification? Our Powder Springs Loan Modification Kit has the instructions you will need to get a loan modification approved with your lender. Click here to request a copy.

Thanks for reading this, Bion Grady.

Bion is a Real Estate Agent at Maximum One Realty Greater Atlanta.

Phone: 770-875-4268. bion@bionsellshomes.com.

A Better Solution

View My homes for sale at www.bionsellshomes.com.

Bion Grady specializes in loan modification assistance and short sales in Powder Springs Georgia. Powder Springs Loan Modification Help, Powder Springs Short Sales. Powder Springs Short Sale Realtor Short Sale Realtor. Powder Springs GA Short Sales. Powder Springs Realtor.

Copyright 2010 SFI Marketing Institute, LLC. All Rights Reserved. This is not intended as legal, technical, or tax advice. Please speak with a licensed professional before making any decision. Information is deemed reliable but not guaranteed as of the date of writing. The views expressed here are Bion Grady's personal views and do not reflect the views of Maximum One Realty Greater Atlanta. This information on Powder Springs Short Sales: Bankers, can we have more open and transparent loan modifications is provided as a courtesy to our viewers to help them make informed decisions.

Chase Approves Ariel Dunes, Miramar Beach FL Short Sale

Posted by Wendy Rulnick on December 7, 2010 at 12:31pm

Chase is getting better as a short sale servicer. They approved an Ariel Dunes, Miramar Beach, Florida condo short sale in 45 days!

The nitty-gritty:

Chase Senior Lien: $500,000 balance

Chase Junior Lien: $70,000 balance

Sale Price: about $300,000

Chase would not pay past due association fees because the association had not filed a lien.

We did obtain a waiver of deficiency (monies owed on the unpaid balance) by settling with a small seller cash contribution at closing. Chase also considered the fact that the HELOC was not used to purchase "toys" and other tricks we'll give to our next Chase short sale seller!

If you need to sell your Miramar Beach Florida condo as a short sale to avoid foreclosure, contact an attorney and an experienced Miramar Beach short sale agent.

It's Wendy!

Wendy Rulnick, Broker, Rulnick Realty, Inc.

Call toll-free 1-877-ITS-WNDY (1-877-487-9639) or local 850-650-7883 ext 204

Email Wendy: itswendy@rulnickrealty.com

Destin FL Real Estate

Destin Short Sales & Pre Foreclosure Help.

Read Wendy's Destin Real Estate Blog

Wendy is a short sale and pre-foreclosure specialist and has been featured in "Kiplinger Personal Finance Magazine" and "Florida Realtor Magazine". Call Wendy Rulnick, Broker/Owner,to list and sell your home or condo on the Emerald Coast of Florida in Walton, Okaloosa and Santa Rosa County- Destin, Santa Rosa Beach, Fort Walton Beach, Niceville, Bluewater Bay, Navarre, Seagrove Beach, Watercolor, Sandestin, Seaside, Crestview, Rosemary Beach, Mary Esther, Shalimar, Eglin AFB, Hurlburt Field.

The Homeowner's Bill of Rights

Posted by Bion Grady on December 6, 2010 at 9:49am

The big banks made mistakes and received a bailout. They have the resources to lobby congress and the courts to have laws written to suit them.

But, what has the little guy received? Nothing. So we decided to put together a Homeowner's Bill of Rights. It's time we had Washington look at what we want, versus taking care of the big banks.

Considering that the big banks have way more rights than the little guy, here is what we think should be done to "level the playing field."

The Homeowner's Bill of Rights.

1. Stop The Loan Modification Insanity! The Right to an open and transparent loan modification process. Any homeowner that can no longer afford their mortgage payment, petitions their lender for a loan modification, and it turned down shall receive a written, coherent response from their lender detailing why they were denied and what they can do to be approved for a loan modification.

2. The right to get an answer to a voicemail or e-mail from a loan mod or short sale negotiator within one business day.

3. The right to obtain the rules and guidelines for the loan modification of short sale from the loan servicer. Most loans are owned or insured by someone other than the lender the homeowner mails their payment to. However, these front entities still make decisions contrary to the investor or insurer's guidelines.

As such, the loan servicer should send any and all guidelines regulating the loan modification and short sale process to the homeowner.

4. The right to deal with one person who will make the decision to approve or deny their loan modification or short sale. This person should be available to reach by phone or e-mail.

5. The right to attempt to negotiate a loan modification or short sale without fear. The homeowners have the right to have all foreclosure proceedings stopped when they are negotiating a loan modification or short sale.

Many lenders use an impending foreclosure sale date to force a higher payment from a homeowners attempting to secure a more affordable payment.

Many times the reason the sale date is so near is because the lender has dragged their feet on negotiating with the homeowner. Because they are under duress, many homeowners will agree to a payment they cannot afford.

Sure the loan mod negotiator at the bank gets a bonus. But, everyone loses when the homeowner re-defaults and the lender has to process a loan modification all over again.

6. The right to walk away from their upside down mortgage debt. We often see the lenders hold such a hard line on getting repaid everything they owe that they allow the collateral (the home that is mortgaged) decline in value even more than they ever would have received as repayment from the debtor.

7. Stop the Debt Collector Harassment! The right to tell any and all debt collectors to stop calling and never receive a phone call from then again. In addition, this would include debt collectors that know the person's phone number, but will call family members in an attempt to embarrass the debtor.

This is America people! Debtor's prison was abolished two centuries ago! It's time to update your activities to the Twenty-First Century!

8. The right to have their short sale handled competently. The short sale process with most lenders is seriously flawed. Because of this, we see short sale offers for 385k rejected, only to see the home sell for 230k after foreclosure. This hurts homeowners, the banks, the housing market, and the American Economy.

Is it fair to pursue a homeowner for a larger deficiency when it was the lender's decision to reject the short sale that caused the deficiency to be larger? I don't think so.

Because of that, the homeowner has the right to have their short sale handled as detailed below.

A. All deficiencies are forgiven. We often see the lenders hold such a hard line on getting repaid everything they owe that they allow the collateral (the home that is mortgaged) decline in value even more than they ever would have received as repayment from the debtor.

Making the infamous difficult short sale process simpler and more attractive to buyers would net the banks way more money than will ever be recouped chasing down sellers.

B. To have their short sale handled to process everything as smoothly and quickly as possible so the home sells for top dollar and the loan owner receives the most money possible.

C. The right to work with a competent, experienced agent who specializes in short sales.

D. The homeowner is given a written list of investors, mortgage insurance companies, etc. (with contact information) that need to be satisfied for the Short Sale to be approved.

E. An appraisal is ordered and then the home is listed for sale at that price. The price is dropped by 5% a month, or whatever that lender's standard price drop is for Bank Owned Properties.

F. Home buyers get an answer to their offer within 2 business days.

G. An appraisal is ordered and then the home is listed for sale at that price.

H. Allow short sale buyers 45-60 days to get their loan approved. Many lenders that have loan servicing departments that handle short sales. These departments demand that a home buyer close the transaction within 30 days of short sale approval.

However, these same companies have lending sides that cannot close a loan in less than 45-60 days. So essentially, they are demanding that other banks close loans in 30 days, when they themselves cannot do the same thing. I would call that serious hypocrisy! Don't you agree?

Thinking about a short sale? I can help you short sale your property and never pay the bank another penny. Send me an e-mail at bion@bionsellshomes.com. I will contact you for a free consultation.

When we talk, I will explain how the process works in detail. If you prefer, then you can call me at 770-875-4268.

Discover how other sellers successfully completed a short sale and request a free consultation by clicking here.

Thinking about a loan modification? Our Powder Springs Loan Modification Kit has the instructions you will need to get a loan modification approved with your lender. Click here to request a copy.

Thanks for reading this, Bion Grady.

Bion is a Real Estate Agent at Maximum One Realty Greater Atlanta.

Phone: 770-875-4268. bion@bionsellshomes.com.

A Better Solution

View My homes for sale at www.bionsellshomes.com.

Bion Grady specializes in loan modification assistance and short sales in Powder Springs Georgia. Powder Springs Loan Modification Help, Powder Springs Short Sales. Powder Springs Short Sale Realtor Short Sale Realtor. Powder Springs GA Short Sales. Powder Springs Realtor.

Copyright 2010 SFI Marketing Institute, LLC. All Rights Reserved. This is not intended as legal, technical, or tax advice. Please speak with a licensed professional before making any decision. Information is deemed reliable but not guaranteed as of the date of writing. The views expressed here are Bion Grady's personal views and do not reflect the views of Maximum One Realty Greater Atlanta. This information on The Homeowner's Bill of Rights is provided as a courtesy to our viewers to help them make informed decisions.

Banks holding on to unrealistic values....

Posted by Michael Kohler on December 6, 2010 at 5:35am

We have run into problems with lenders being unrealistic with property values. No matter what we provide or try to explain, the banks reply with a number too high for us to get any sort of activity. They have denied requests for re-evaluation and our Sellers are forced to wait it out until they foreclose. Providing very current comp sales, explanation of the market, along with numerous offers at current market value doesn’t seem to make any difference. Their BPO was done and even if it was 90 days ago they are sticking with it.

Any help with trying to get the banks to a more realistic value would be appreciated. -Thanks

Ask the Broker: Please explain the details of a Short Sale

Posted by Bryant Tutas on December 4, 2010 at 2:42am

Broker Bryant,

"Please explain me the details of a short sale, or other proposal that you can bring to my case. "

Dear Sinking Fast,

Thanks for contacting me.

A short sale is basically selling your property for current market value and convincing your lender to accept less money than what is owed to release the liens on the property so it can close.

A short sale is an alternative to being foreclosed on.

The short sale will mess up your credit for a couple of years and your lender may or may not release you completely from the liability of the loan.

Since your properties are rentals your lender could possibly ask you to contribute some cash to the deficiency, sign a promissory note or both. Much of this depends on your individual financial situation.

I sold 2 of my personal investment properties as short sales this year and my lender didn't ask me for anything.

The problem is we don't know what they want until we go through the process.

Applying for a short sale is basically just like applying for a mortgage in reverse. We have to show the lender that you can no longer afford to pay the mortgage that you had agreed to pay when you bought the properties.

You will have to provide them with:

Financial statement
2 months bank statements
30 day pay check stubs
Last 2 years tax returns
and whatever else they may ask for.

As well as have a ready willing and able buyer that is already under contract to purchase the unit.

As your Broker my job is to:

Place the property on the market
Find a buyer
Negotiate the transaction
Prepare the short sale request to present to your lender
Work with your lender on your behalf towards getting an approval to close the transaction.

****Florida is a deficiency State. This means a lender has the option of going after you for any deficiency (the amount owed minus what you give them). You may also be responsible to pay income taxes on the loss.

**** I am not an Attorney or a tax professional and cannot advise you in these areas. It is highly suggested that you speak with an Attorney and a tax professional.

Here is a Short Sale Package that will give you an idea of the information that is needed to start the process. Your lender may also have documents specific to them that will need to be included. Once I know who your lender is I can provide those documents to you.

Also, check out my website at http://CentralFloridaShortSales.com Once there you will see a link in the left sidebar titled "From the Lawyers Mouth" click on it and check out the articles from Richard Zaretsky Esq.

Richard is a Florida Attorney who handles Short Sales. If you want to hire an attorney I highly recommend his services. If you go that way I would still handle getting the property sold and Richard would work for you with your lender.

I hope this helps. Any questions?

Are you facing foreclosure in Florida?

Do NOT be foreclosed on! Avoid foreclosure. Short Sales DO close.

Want to find out more? www.CentralFloridaShortSales.com

Overland Park KS Short Sale With Bank of America Approved

Posted by Suzanne Hinton on December 3, 2010 at 8:30am

We are proud to say that another of our short sales listings has received an approval on the submitted short sale contract. This Overland Park KS short sale has an existing loan with Bank of America and a 2nd mortgage lien with People's Bank.

The Seller was not required to sign a promissory note and no funds were required from Seller at the time of closing on this Bank of America short sale.

This Overland Park KS short sale is an existing Conventional loan.

Just shows that short sales are a possible option available to foreclosure.

If you are considering a short sale instead of foreclosure, you should consider hiring an experienced Kansas City short sale agent. Request a FREE Confidential, no-obligation, short sale or pre-foreclosure analysis of your home. Serving both home sellers and buyers in Kansas and Missouri.

Contact Me for more information about this home or any other
Homes in Kansas City for sale.

_____________________________________________________________

Suzanne Hinton-Hinton Homes-short sale and pre foreclosure real estate specialists.

Contact Suzanne Hinton at
Phone or Text: (816) 520-0917
Email: shinton@remax.net

©2010 Suzanne Hinton-Kansas City Short Sale agent
Kansas City Short Sales

Harris Real Estate University Interviews A BofA Executive Friday December 3rd FREE!!

Posted by Bryant Tutas on December 2, 2010 at 10:00am

Bank of America and Harris Real Estate University are providing a free training event this Friday.

During the exclusive event you will hear directly from the Executive that oversees the Short Sale and REO departments for Bank Of America.

Go here now for all the info you need to attend this exclusive event:

Bank of America Executive Allen Seelenbinder Interview

Citizen's "Wiki Leak": Large Bank causes investor to lose an estimated 40k thru incompetence

Posted by Bion Grady on December 2, 2010 at 5:24am

Wiki leak's Editor, Julian Assange, recently said he would be releasing documents on a large US Bank. We decided to beat him to it and release some information on how a large US Bank caused their client to lose an estimated 40k because of their incompetence.

Discover how other sellers successfully did a short sale to avoid foreclosure by clicking here.

This is a house that we drive past every day on my way to work. We noticed that it look abandoned. We looked up the owner to see if they might want to sell the house. That’s when I saw that the home had already been foreclosed. The house was foreclosed on February 4th, 2009. That’s almost a two years ago.

Since we didn’t know who the lender was, we forgot about the house. But, it was a great example of why a bank owned house sells for less than a short sale. So, we went out to the house and took some pictures.

Normally, after a bank forecloses on a house, they will put it up for sale within 2-3 months. Today, December 1st, 2010, they still haven’t put the home up for sale. We found out that a large US Bank's Loan Servicing Arm was servicing the loan on behalf of the owner. In July 2009, we talked to Ann at this lender's loan servicing office. She told us that they were servicing this loan.

She said if I had a buyer, we would need to contact the homeowner. “It’s not owned by us. You need to contact the homeowner if you want to sell the house. The property has not gone to foreclosure sale,” she said. We told her the house had already been foreclosed upon. We asked her if they ever communicated with the foreclosure lawyers. We also made sure we were talking about the same house. She confirmed that we were talking about the same house and confirmed the address and the foreclosed homeowner's name.

“That’s interesting,” she replied. “My records show it hasn’t gone to foreclosure. I’ll check in with the foreclosure department and verify whether it has or hasn’t been foreclosed upon,” she said. Today, almost two years later, no one has followed up on this house. The loan servicer has been 100% incompetent with their actions on this house.

Here is who it appears owns the house today: The Certificate Holders of the Morgan Stanley ABS Capital I Inc Trust 2005-WMC6 Mortgage Pass Through Certificates, Series 2005-WMC6. That means the owners could range from a pension fund, a large Wall Street Firm, or individual persons.

Estimate of Money Lost by the owner: $40,000 to $50,000. This is an estimate of the amount of money lost because the house was no put on the market in the normal 2-3 months after foreclosure. This large US Bank's servicing arm has waited almost two years to put the home up for sale, and it still isn’t on the market as of December 1st, 2010.

Here is how I came up with the estimate of loss:

We asked another agent what he had thought the house would have sold for previously. We both agreed that if the house had been listed in April 2009, that it would have sold quickly. This is because Spring is the peak selling season. We both agreed that it would have sold for between $140,000 and $150,000.

Today homes similar to this one are selling for $90,000 to $100,000, depending on the condition. This home is in pretty bad condition. So, we can conservatively estimate the loss because of a reduced selling price to be: $35,000 to $50,000.

That isn't factoring in a estimated $4,000 in property taxes that have accrued during these past two years, nor lost interest if the money had been loaned to someone else.

I am going to give the same answer as Mr. Assange for who the bank is. First, it is a large US Bank. If you were to ask, "Is it the largest US Bank?" then our answer would be: "No Comment."

Thinking about a short sale? I can help you short sale your property and never pay the bank another penny. Send me an e-mail at bion@bionsellshomes.com. I will contact you for a free consultation.

When we talk, I will explain how the process works in detail. If you prefer, then you can call me at 770-875-4268.

Discover how other sellers successfully completed a short sale and request a free consultation by clicking here.

Thinking about a loan modification? Our Powder Springs Loan Modification Kit has the instructions you will need to get a loan modification approved with your lender. Click here to request a copy.

Thanks for reading this, Bion Grady.

Bion is a Real Estate Agent at Maximum One Realty Greater Atlanta.

Phone: 770-875-4268. bion@bionsellshomes.com.

A Better Solution

View My homes for sale at www.bionsellshomes.com.

Bion Grady specializes in loan modification assistance and short sales in Powder Springs Georgia. Powder Springs Loan Modification Help, Powder Springs Short Sales. Powder Springs Short Sale Realtor Short Sale Realtor. Powder Springs GA Short Sales. Powder Springs Realtor.

Copyright 2010 SFI Marketing Institute, LLC. All Rights Reserved. This is not intended as legal, technical, or tax advice. Please speak with a licensed professional before making any decision. Information is deemed reliable but not guaranteed as of the date of writing. The views expressed here are Bion Grady's personal views and do not reflect the views of Maximum One Realty Greater Atlanta. This information on Citizen's "Wiki Leak": Large Bank causes investor to lose an estimated 40k thru incompetence is provided as a courtesy to our viewers to help them make informed decisions.

High Appraisals

Posted by John Treadwell on December 2, 2010 at 4:42am

Ok In the last 2 weeks have had 3 BPO's or Appraisals come back 20,000 to 30,000. over the market comps,and lenders asking for 88% of the amount to there Net. Which is higher than any comps even in the last year here in Nevada.Anyone one else seeing this new trend starting to happen?

Ocwen Bank- We are outsourcing our short sales now? Really...?

Posted by Shelley Ford on December 2, 2010 at 2:00am

So, I know- short sales can be like taking the widing path to what could be something so straight and narrow. In fact, Peter Sharp and I have been helping many folks avoid foreclosure even before it became popular to do so.

And although it seems difficult enough to have to make sure every part of the contract is complete - which sometimes takes a great deal of effort on our part to get the info. from the seller, to making certain that although we have a new negotiator every week, we are professional, courteous and patient - which sometimes takes re-faxing and re-emailing the same 90 page contract- oh maybe 1 per week for several months.

However, we recently had dealings with Ocwen Bank- notorious for not helping their sellers out of foreclosure even when there is a valid contract on the table. We discovered the real reason behind this is that they outsource their foreclosure/short sale process to you guessed it, India. So, in light of the situation (Ocwen Bank- We areoutsourcing our short sales now? Really... we thought you might get a kick out of this (from BING royalty free images).

Feel free to comment:) Ocwen Bank- We are outsourcing our short sales now? Really...?

Loan Servicer doesn't follow VA Short Sale guidelines on a short sale of a VA Loan

Posted by Bion Grady on December 1, 2010 at 3:29am

We recently negotiated a short sale on a VA Loan. After the appraisal is complete and all the other necessary document have been received, VA guidelines state the loan servicer should give us an answer within 15 days.

The loan servicer took 65 days to give us an answer. That is a complete violation of VA’s requirements. “Oh, but that’s no big deal”, you might say.

Discover how other sellers successfully did a short sale to avoid foreclosure by clicking here.

It is a big deal, because VA (and every single US Taxpayer) loses money as a result. VA insures VA lenders against loss, provided they follow their guidelines.

VA is able to make an “educated bet” that they can issue these guarantees because they have laid out rules to control the lending and loan servicing environment. When the company servicing the loan doesn’t follow VA’s guidelines, it is no longer an “educated bet.”

Most short sales that get turned down and foreclosed upon sell for less as a foreclosure. That means VA loses even more money.

I can tell you from experience as a Gainesville Short Sale Realtor that the 60 day turn around means that VA loses a lot more short sales to foreclosure.

But no one really cares because it almost a victimless crime. At least the victims don't care. The employees at VA don't get hurt because it's not their money.

The US Taxpayer already knows the government wastes money. The victim ends up being American's Veterans who don't have as much money in the VA Loan Program to use to buy a house.

Thinking about a short sale? I can help you short sale your property and never pay the bank another penny. Send me an e-mail at bion@bionsellshomes.com. I will contact you for a free consultation.

When we talk, I will explain how the process works in detail. If you prefer, then you can call me at 770-875-4268.

Discover how other sellers successfully completed a short sale and request a free consultation by clicking here.

Thinking about a loan modification? Our Powder Springs Loan Modification Kit has the instructions you will need to get a loan modification approved with your lender. Click here to request a copy.

Thanks for reading this, Bion Grady.

Bion is a Real Estate Agent at Maximum One Realty Greater Atlanta.

Phone: 770-875-4268. bion@bionsellshomes.com.

A Better Solution

View My homes for sale at www.bionsellshomes.com.

Bion Grady specializes in loan modification assistance and short sales in Powder Springs Georgia. Powder Springs Loan Modification Help, Powder Springs Short Sales. Powder Springs Short Sale Realtor Short Sale Realtor. Powder Springs GA Short Sales. Powder Springs Realtor.

Copyright 2010 SFI Marketing Institute, LLC. All Rights Reserved. This is not intended as legal, technical, or tax advice. Please speak with a licensed professional before making any decision. Information is deemed reliable but not guaranteed as of the date of writing. The views expressed here are Bion Grady's personal views and do not reflect the views of Maximum One Realty Greater Atlanta. This information on Loan Servicer doesn’t follow VA Short Sale guidelines on a short sale of a VA Loan is provided as a courtesy to our viewers to help them make informed decisions.

A Few Examples of Loan Servicers Not Doing Their Job

Posted by Bion Grady on November 29, 2010 at 8:03am

Most people think the person they mail their mortgage payment to every month is the owner of their loan. Not so.

In fact, most of the time, they are not the owner. As an example, 80% of all loans that Bank of America handles are not owned by Bank of America.

Discover how other sellers successfully did a short sale to avoid foreclosure by clicking here.

The largest owners of US mortgages are two companies that some would allege are owned by Uncle Sam. They are Fannie Mae and Freddie Mac. They own an estimated 55-60% of all US Mortgages.

Another estimated 10-15% are insured by Uncle Sam as well, thru the FHA and VA loan guarantee programs. Another estimated 10-15% are owned by Wall Street Firms, Pension Funds, and other entities.

That means the company you mail your check to every month is essentially a hired gun. They are paid to collect payments, handle accounting and escrows, collect on delinquent accounts, and act as the front person for the owner of the loan.

They forward the money received to the lender, minus a small fee to themselves. This small fee on thousands of mortgages means they are paid very well. In fact, the business is so profitable that IBM Computers opened a subsidiary loan servicing company.

Now that I have laid the groundwork, let me explain how the loan servicing companies have worked against the loan owners best interest.

Acting as a servicer puts them close to the legal equivalent of a trustee. This means they can do whatever they want to, right?

No. Let me explain. See, a trustee has a fiduciary duty to whoever they represent. They are required to act in their client’s best interest.

If they do not do this, then they can be legally liable for any loss their loan owner incurs as a result of the trustee’s negligence. Just as real estate agents are required to act in their client’s best interest, loan servicers are also required to act in their client’s best interest.

Let’s say an agent listed a house and double sided it to a buyer for 200k. A 225k offer came in earlier, but the agent never presented it to the seller. Do you think the seller would be angry? Of course they would be.

Or, let’s say you managed an apartment community. You only had a leasing person on site one day a week. You did this to save money. As a result the apartment complex only leased half of their apartments for the next year.

You caused them to lose half of their year’s rents. Would that apartment manager be unhappy? You bet they would be. The loan servicers are doing the same thing.

Here are a few examples of them breaching their fiduciary duty to their clients.

Example #1: Not giving buyers an answer on a short sale within a reasonable time period. Loan servicers should help their investors recoup as much money as possible from short sales.

Example #2: Turning down loan mods that amortize at a higher value than what is netted on a short sale or thru REO. Let me explain in a little more detail.

A homeowner had a reduction in income and can’t afford his original mortgage payment. The borrower has a stable income and agrees to pay $1,000 a month for the next 30 years. $1,000 a month for 30 years, at a 6.5% interest rate will repay a $158,210 mortgage.

The loan servicer turns down the loan mod and forecloses. The house sells for $125,000 as an REO and the servicer nets $115,000. Did the loan owner lose money?

I think most people would agree that they did. Obviously there are other factors involved, but I think they would have done better if they had approved the homeowner’s offer.

Example #3: Not listing foreclosed properties quickly enough. I have witnessed several examples of banks foreclosing on a house and then taking 6 months to a year to put it up for sale.

As an example, there was a house foreclosed on September 9th, 2009. It was finally listed for sale 7 months later, in May 2010.

Say what you want, but waiting 7 months to put a property on the market is pathetic. If the mortgage holder had been an individual, do you think they would have listed the house a little faster than 7 months?

Thinking about a loan modification? Our Powder Springs Loan Modification Kit has the instructions you will need to get a loan modification approved with your lender. Click here to request a copy.

Thanks for reading this, Bion Grady.

Bion is a Real Estate Agent at Maximum One Realty Greater Atlanta.

Phone: 770-875-4268. bion@bionsellshomes.com.

A Better Solution

View My homes for sale at www.bionsellshomes.com.

Bion Grady specializes in loan modification assistance and short sales in Powder Springs Georgia. Powder Springs Loan Modification Help, Powder Springs Short Sales. Powder Springs Short Sale Realtor Short Sale Realtor. Powder Springs GA Short Sales. Powder Springs Realtor.

Copyright 2010 SFI Marketing Institute, LLC. All Rights Reserved. This is not intended as legal, technical, or tax advice. Please speak with a licensed professional before making any decision. Information is deemed reliable but not guaranteed as of the date of writing. The views expressed here are Bion Grady's personal views and do not reflect the views of Maximum One Realty Greater Atlanta. This information on Powder Springs Short Sales: A Few Examples of Loan Servicers Not Doing Their Job is provided as a courtesy to our viewers to help them make informed decisions.

Short Sales in Walla Walla, WA 99362

Posted by Trisha Bush on November 27, 2010 at 5:00pm

Short Sales in Walla Walla, Washington 99362. Preferred Properties Land and Homes has 4 new Short Sale listings that were added to our office inventory this past week. From $80,000 to $225,000
we have a nice selection. Preferred Properties. . .Your Certified
Short Sale Specialists.

Short Sale Property for $80,000

3 Bedroom, 1 Bath for $80,000 located on Juniper Street, Walla Walla, WA 99362.

Photo of 124 SW Davis, College Place

Located at 124 SW Davis in College Place, Washington. Features include: Large corner lot, detached garage, 2 bedroom, 1 bath, large open sunroom, great room with
fireplace, hardwood flooring and new kitchen with quartz countertops
and stainless steel applinances. List price $119,000.

3 Bedroom, 3 Bath for $225,000

Located at: 706 Songbird Lane, College Place, WA 99324 List Price is $225,000

Features include: 3 Bedrooms (2 Full Master Suites ~ one on each floor), 3 Bathrooms, Gas Fireplace, Open Staircase, Granite Countertops, Stainless Steel Appliances, Covered
Patio, and Fenced Backyard,

Short Sale in Walla Walla

Located at: 348 Prospect Avenue, Walla Walla, WA 99362 List Price is $225,000

Features include: 2.42 Acres, Extensive Landscaping with Underground Sprinklers, Remodeled Interior, 4 Bedrooms and 1.5 Bathrooms.

For more information on any of these homes please call Preferred Properties Land and Homes at 509.525.4040.

Thank you for reading. . .Short Sales in Walla Walla, Washington 99362.

Short Sale Survey - Interesting Feedback

Posted by Robert Aldana on November 24, 2010 at 6:00am

Hello everyone, this site (ShortSaleSuperstars) is awesome! I can't believe that I have not seen it sooner.

Recently I did a survey with agents here in Northern California, and I haveto assume that the numbers should be consistent with the US, and one of the questions I asked was how long it takes for a short sale close from beginning to end and the answers were evenly split between 3-5 months and 5-7 months. Each answer got about 35% of the votes so far.

Another question was rating first and second lenders and it comes back with results of a rating between 1-5. ! being the worst, 5 the best. SO FAR, Wachovia comes in best with a 3.7 rating and guess who comes in last with a 2.0 rating? Chase.

In any case, it is a series of about 25 questions that takes about 10-15 minutes to take. When you have taken the survey, you can click to see updated reports and stats. Pretty interesting what other agents are saying and reporting. But the more agents that take this survey, the better and more telling that the results will be.

Please know that I am not selling any service or anything, there are no logos, no phone numbers or web-sites to link to (although after discovering this site, I was thinking of having a link to ShortSaleSuperstars.com). I am just a real estate agent trying to rally our industry and in hopefully getting answers and solutions to this mess.

You can take the survey at: http://survey.constantcontact.com/survey/a07e35g782sggtlu6v2/start

Good luck!

Wells Fargo Updated Foreclosure Postponement Guidelines For Short Sales

Posted by Vanessa Calhoun on November 24, 2010 at 4:25am

Well....after all of the hoopla from last month's report that Wells Fargo will no longer postpone foreclosures on short sales, NAR reports that they've been in meetings with Wells (and several other large lenders) to address concerns regarding their short sale processes and REO disposition processes. Now, Wells is reporting that they WILL allow one (1) foreclosure postponement on a short sale if the following conditions are met...

1) Wells Fargo has an APPROVED short sale contract in hand (including all junior liens approvals as well).

2) Buyer's financing has been APPROVED or Buyer has POF

3) Closing can occur within 30 days of the scheduled foreclosure date

Of course, this raises questions regarding whether or not they will postpone foreclosures while THEY'RE in the process of approving the offer or if they'll just turn a blind eye and proceed with the foreclosure. PLUS..this "new" policy is only in affect for mortgages actually owned by Wells Fargo or acquired through their acquisition of Wachovia...AND, not to mention, Wells Fargo has advised that they are willing to address each transaction on a "case by case" basis. So what does this mean??? Absolutely nothing to us who are in the trenches on a daily basis negotiating and facilitating short sale transactions. It means that we will have to diligently continue to escalate, beg, plead, offer our first born, or whatever it takes to save a homeowner from foreclosure. It is my earnest prayer that the banks realize that our national economy rests largely upon the housing industry AND preventing foreclosures is a viable solution in getting the housing sector back on track by 1) preventing neighborhood blight, 2) mitigating further losses to property values, and 3) encouraging a more positive outlook in homeownership.

Realistically speaking, we exist in a microcosm in which Middle America and Corporate America MUST work together...when will we finally realize that our national economic stability relies upon our ability to play in the sandbox together?

21 Questions to Ask the Short Sale Seller

Posted by Wendy Rulnick on November 22, 2010 at 12:56pm

Quick! A potential short sale seller calls you to list his property. What questions do you ask? Here are a few to start the conversation....

1. Who are the mortgage holders on your property?

2. Approximate balances?

3. Is your loan VA or FHA/HUD?

4. Do you have a hardship? If so, what caused it?

5. Would you prefer to keep the property?

6. Have you tried a loan modification or other type of work-out? If so, what was the outcome?

7. If FHA/HUD - have you started any pre-foreclosure sale paperwork with your lender?

8. Have you applied for the HAFA program?

9. Have you consulted an attorney?

10. Why do you want to short sale?

11. Do you or have you ever occupied the property?

12. Are your payments current? If not, how many months have you missed?

13. Do you have enough income to pay your all your monthly debt?

14. If you are current on your payments, where are the funds coming from - savings or some other source?

15. Are you current on association fees?

16. Do you have other liens or judgments?

17. Have you had a foreclosure notice yet?

18. Who else is named on the mortgage or deed?

19. Do you have funds to contribute if asked by your lender to approve the short sale?

20. Would you agree to pay a promissory note if asked?

21. What questions do you have for me?

For other tips on short sales, check out www.ShortSaleSuperstars.com. There are almost 5000 members sharing information to help each other succeed with short sales. Find out how to list them, how to sell them, how to save your sales and how to speed up your approval times. Join today - it's FREE!

It's Wendy!

Wendy Rulnick, Broker, Rulnick Realty, Inc.

REGrow, LLC

Call toll-free 1-877-ITS-WNDY (1-877-487-9639) or local 850-650-7883 ext 204

Email Wendy: itswendy@rulnickrealty.com

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Note: this page contains paid content.

Note: this page contains paid content.