aurora (3)

The Joys of Short Sales

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Ahhhhhhhhh!! The joys of working and processing short sales! Some of you Super Stars may understand the motive for today's post. Others may just be on the other end of my message. I love short sales. No, I mean I truly enjoy the art and skill necessary to do this amazing job.

I love it so much that I've begun doing it for other Realtors who either don't have the time and/or skill. I do it for FREE and I truly take great pride in what I do. However, there are days when you get hit over the head and taken for a ride in this amazing business.

So I been working a short sale with Aurora for the last three months. It's a Freddie and it's been a dooooosy. We have the second with United Guaranty who then gave it over to DCS (Another story). So after calling, working, crying (JK LOL) smiling, postponing the foreclosure sale and everything else we finally got it to a negotiator only to get a call from the Realtor to say "Hey, I started calling this week and I have APPROVAL in hand".

 

What...!! Now it may be my own self-conscious but I just feel like this feeling of "I got it done quicker than you". Don't get me wrong, I'm for the borrower and whatever whenever to get them to avoid foreclosure. It's just that the APPROVAL is like that Holy Grail of processing the short sale. It's like running a marathon only for them to say "hey we stopped the race, come back tomorrow".

 

So great job for the Realtor and borrower and I'm very happy. Once again......The joys of short sales!!

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A homeowner recently emailed me quite concerned about a letter she received from Aurora Loan Services. She had a second mortgage with them for $29,700 at 12% interest. She had never been late with her payments and was not selling as a short sale. The Aurora letter stated she could pay her loan off now at about one-third what was owed, and would have no further obligation on the note!Dear Customer:Aurora Loan Services, as a servicer of your loan, has been authorized by the owner of your second mortgage to offer an opportunity to pay off your loan at a reduced amount.Upon receipt of the reduced payoff funds in the amount of $10,400, your loan will be considered paid in full. Aurora Loan Services will report your account paid in full to the applicable credit reporting agencies and send the necessary documentation to release the second lien from the public records.If you elect tp participate in this special payoff offer, Aurora Loan Services will file an IRS 1099-C Form for the amount of debt forgiveness.Please be advised that certified funds (in the form of a cashier's check or money order) must be received by Aurora Loan Services no later than the close of business on January 29, 2010. If the funds are not received by this date, the offer made in this letter will be rescinded and considered null and void.Certified payoff proceeds must be made payable to and remitted directly to Aurora Loan Services. If you have any questions, please contact one of our representatives by calling 866-459-3059Is this offer for real? Apparently so, as the borrower called Aurora Loan Services and confirmed it. They said they were doing it "to help people" and their phones were "ringing off the hook". And what a deal - even with tax consequences, it seems to make sense to pay $10,400 and save almost $20,000 in cancelled debt and interest payments! I advised the borrower to consult with an attorney, as she questioned sending in a cashiers check with only the letter to prove her mortgage would be paid in full.Why is Aurora really doing this? Perhaps the investor on this loan is looking for some quick capital to cover losses? If you have any similar experiences with Auorora Loan Services, report it here.It's Wendy!Wendy Rulnick, Broker, CRP, CRS, GRI, ABR Rulnick Realty, Inc.Destin FL Real EstateDestin Short Sales & Pre Foreclosure Help.Read Wendy's Destin Real Estate BlogCall toll-free 1-877-ITS-WNDY (1-877-487-9639) or local 850-650-7883 ext 204Email Wendy: itswendy@rulnickrealty.comWendy 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.
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