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What the???!!!%%%

Wells Fargo Typo Victim Dies in Court
http://ning.it/13VWqKK

My question: Why is the unemployment rate so high when there are so many people get paid for a job they can not do? Surely they are many unemployed qualified detail minded people looking for a job. And when there is a problem it gets fixed ASAP! Without facilitating someone's death.

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 

I just closed a Wells Fargo Short Sale that is not typical. It was a nice 3 bedroom townhome in North San Jose, close to Santa Clara. The owners were divorcing and neither could afford to buy the other one out or afford the property alone. This constitutes a hardship in most lender's minds. I have closed other Wells Fargo short sales with similar circumstances. The current owners had been able to pay the mortgage but they will not be able to in the near future because of an impending change of circumstance. These owners were current on their payments, and were hoping to sell short and then finalize their divorce.

So last fall I put the town home on the market, got a good offer, and submitted it to Wells Fargo. It was promptly denied. I was told that while this was not Wells Fargo policy, the particular investor on the loan (the person on entity who purchased the loan from Wells Fargo, and hired Wells to keep servicing the loan) had a policy of not allowing short sales unless the borrower was behind in their payments.

So, my clients stopped making payments for a few months and we put the home back on the market. We got another offer for the same price and 2 months later got an approval and closed escrow in 30 days. 

So here is what happened to the investor: They lost 5 months of payments of about $4000 a month, so $20,000 of missed payments for the same price of the home. Call me crazy, but that make no sense to me. Let me re-iterate:

THIS IS NOT THE GENERAL POLICY OF WELLS FARGO SHORT SALES.

So, if someone owed me money and I had the chance of recovering 70% of it, or 70% minus $20,000 I would go for the straight 70%. But maybe I am greedier than that investor.

If you have any questions about short sales in Santa Clara or San Mateo Counties please feel free to contact me.

Marcy Moyer

Keller Williams Realty

www.marcymoyer.com

marcy@marcymoyer.com

650-619-9285

D.R.E.  01191194

I just got approval on a Wells Fargo Short sale in San Jose. It was both a long and short road.

The long road first:

Town home put on the market in October of 2011 at $575,000. After one week we received an offer for which the seller accepted and it was sent to the bank.

Sellers were not behind on payments but are getting divorced and neither one can afford the home alone or afford to buy out the spouse.

Bank orders BPO which comes in a little under accepted price. I do not under price my short sales because I want them to get accepted by the bank. Also I knew this would be a popular property.

Negotiator immediately rejects the short sale saying the investor will not approve short sales where the seller is not behind in payments. Keep in mind this is not a Wells Fargo policy, it is the investor who bought the loan's policy.

Seller stops making payments and we plan on going back on the market in Jan of 2012.

Before we go back on the market a buyer makes an offer which is accepted by the sellers on Jan 16th.

Offer goes to Wells Fargo and this time is accepted on Feb 29th, 6 weeks after submission. 

On March 2, 2 days later the approval from the second which is a Wells Fargo HELOC arrives.

We are all happy with the results!

If you have any questions about short sales in Santa Clara or San Mateo County please feel free to contact me.

Marcy Moyer

Keller Williams Realty

www.marcymoyer.com

marcy@marcymoyer.com

650-619-9285

D.R.E. 01191194

ANOTHER SHORT SALE CLOSED; Indio, California   This one took some fancy footwork, but got it listed and closed in less than 90 days..whew!

Sellers came to me two weeks before Sale Date end of August.  There was a tenant in the house, and they would not allow entry to Buyers..so "contingent upon Inspections" was in order.  Done.

Lender was Chase..not one of my favorites, but only one loan so hoped for the best.  Got it!  This BPO came in on target and the Negotiator was very sane.  Sweet! 

Buyers financed with a VA loan..not always the beset for Short Sales as they are 100% financing and tons of conditions, but this time it worked. 

Sellers are relieved and the Buyer is thrilled.  The sweet smell of happiness in the Short Sale world..

Short Sale in Indian Wells, Calif......APPROVED!  Just received my approval letter yesterday on this one.  From List to 8/15 COE will be approx. 120 days.  It is intriguing to me how some Short Sales sail along and others..seemingly very similar to my eyes, get stuck.  This one is a vacation home for my Seller.  He has two loans with Bank of America.

Primary Loan:  $417,000 due

Second:  $206,000.

APPROVED Sales Price:  $465,000. 

I wrote a blog yesterday about how much power the Negotiator assigned to your file, wields in the completion of the approval and eventual CLOSE of a Short Sale.  This is proof positive.  My negotiator was fantastic, and I sent her boss an e-mail about how well she handled my clients' file.  Professional, communicative, on top of the file from the get go..and here we are..almost done.  Wish I could request her again..

The other thing is that the loans were linked.  The second had not been cut up and sold, and most importantly, no MI. 

I list, work and CLOSE these babies...

Two loans..each with a diffferent Lender.  I have received BOTH approval letters.  COE is 5/27.  Buyers' money in the bank, inspections done, buyers on their way to Palm Springs..BOOM!

My cell rings..

"Hello, this is Kim"

"Yes, Kim, this is Bob, your closer for your loan #______"

"Hey Bob, great to hear from you!  What a surprise!  We're all set up to close on Friday."

Silence.

"Uh, well, actually, I just talked to the Investors and they saw that your Buyers are contributing $3200 to the 2nd lien and their new guidelines won't allow that..."

"Bob, I don't want to interrupt you, but you specifically told me when I asked you, that the Buyers could indeed contribute to the 2nd."

"Well, I did, but I was wrong.  They have new guidelines and now won't accept ANY cash contributions from ANY source to the ANY outside lien."

Well, call me crazy, but it would've been less illegal to not break our contract and finish this deal, then post the new Guidelines for future Short Sales..Nope.  These Investors want another $10,000 to buy the house and I had to figure out how to get the 2nd their money and not show it on the HUD.  Oh, and get it done to close by Friday.

I'm still working on this one, but talk about unfair, unscrupulous and just plain WRONG.  After 5 years in the Short Sale solution industry, you'd think I'd have a thicker skin.  Nope.  This curveball caught me off guard, but as usual, I'll scramble and run numbers and use my creative abilities and see if I can get it done. 

Are you kidding me????  Any wonder who's running the economy into the ground???  I don't.

If you like the rush, the careening highs and crashing lows that makes your Adreneline course through your veins like you've being chased by an unknown intruder..try a Short Sale!  What a rush!  What a ride!  Kind of like a huge roller coaster zipping along....up, then down..back up, then down..yippee!

Even if you're a list agent used to the stress, it is NEVER predictable.  The great ones blow you away because they are great-unexpected, but great.  The crappy ones (generally crappy negotiator driven), drive you to scream at the computer, and in my case, get up from my desk, steam around the house for awhile, do some stretches, perhaps throw myself into the pool for a refresher..whatever.  I come back to the computer with renewed vigor and energy..determined to overcome.

I have to admit I am an Adreneline Junkie..always have been.  Polo playing satisfies that physically, but mentally, I have found that Short Sales are a perfect parallel to the game of polo and keep me focused and driven.  I HAVE to beat the banks..I'm hyper competitive, and NOTHING gets me fired up like a challenge. 

So..Short Sales are not for the feint of heart, but if you're an Adreneline junkie like me..they fit perfectly..

Short Sale Approval Received in 26 Days from Well Fargo Home Mortgage!

I just received short sale approval from Wells Fargo in 26 days!  It was a total of twenty six days from when the short sale application was submitted to the lender until I received the short sale approval letter in my email box.  So much is written about the bad short sales - the ones that drag on for months at a time - that I thought I should remind potential short sale sellers that not every short sale takes forever to be approved.  Many are approved in 30 - 45 days, and some lenders are even encouraging their distressed borrowers to apply for a short sale.

It should be noted that there are many factors that can affect how long your short sale will take to process, and, of course, short sale approval is not guaranteed.  That said, submitting a complete or near complete application at the outset will speed processing time.  For example, Wells Fargo Home Mortgage has forms that are specific to Wells Fargo that must be used in their short sale application package.  Including these forms at the beginning can improve processing time.  Also, promptly responding to requests for additional documentation and following up with calls to the lender can also play an important role.  An experienced short sale agent can help you put together a complete (and persuasive) short sale package.

If you are considering a short sale of your Santa Maria, Orcutt, Nipomo, or Arroyo Grande home, you should seek out an experienced and diligent short sale agent to guide you through this process.  There are many pitfalls that can be avoided with the right upfront advice.  If you 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, Short Sale Agent and Certified Distressed Property Expert (CDPE) 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.  Mint Properties is not associated with the government, and our service is not approved by the government or your lender. Even if you accept this offer and use our service, your lender may not agree to change your loan.

Copyright© 2011 Tni LeBlanc * Short Sale Approval Received in 26 Days from Well Fargo Home Mortgage!*

It's one thing to list a short sale and then hand it off to a negotiation company.  It's another to handle it yourself, keep your Seller and also Buyer's agent updated weekly, and then follow it through to a successful CLOSE!  I can do that for you!

To view my current listings and their status for the first quarter of 2011, please visit my website..

Short Sale First Quarter Status..

Thanks to Short Sale Superstars for many helpful exchanges between myself and other Short Sale Agents..we help each other to keep updated on Lender Rule changes and to get answers to difficult Short Sale situations.

Short Sale Team added to HK Lane Real Estate. Envisioned by owner, Harvey Katofsky, Broker Ron Gerlich and Real Estate Attorney, Paul Bojic, the idea is a "One stop team for Short Sale advice." Two Listing Agents, Kimberley Kelly and Ally Valesquez will be working with them, as well as a Short Sale negotiation team that will deal strictly with the Lenders.

Our belief is that Short Sales will become HUGE in the next couple of years here in our Coachella Valley. They are already a rising part of the local market in Palm Desert, Rancho Mirage, Indian Wells and La Quinta, which are the cities we are focusing on. Palm Springs is to be added later, but the real focus will be to capture some of those homeowners who are 30 days plus behind on their mortgages, and do not understand their options. They can speak with our Attorney at no charge, get qualified to see if they CAN short sale their residence, and if so, begin the Short Sale process.

Working with my current Short Sale clients and also the Buyers' Agents and Lenders, it seemed a natural move. Short Sales are frustrating, can be time consuming and hard on the Sellers..why not try to make it easier and smoother for them?

Here's our websitre: Http://www.desertshortsales.us

e-mail: team@desertshortsales.us

phone: 760-202-1010

Wish us luck and I'll keep you posted!

Kimberley Kelly,

I am challenging that decision. Your "Servicers" are hopeless. Here is just ONE example of something bordering on Fraud in my opinion, and I have asked you for help..to no avail.

CHASE, approved one of my Short Sales verbally via my friendly (not) negotiator, Leslie. Leslie informed me that my client was approved IF she would pay $10,000 CASH and also sign a $50,000 note. Hmmm..let's re-visit this, shall we?

• California is a non-recourse state. This secondary home was purchased in 2005, one loan, therefore purchase money, nothing pulled out against it. If my client opts to pursue her "put option", you, Freddie Mac will get the home back at the Trustee Sale with no right to pursue for deficiencies. You can always sue her at a Judicial Trial, but let's face it..who has the money???
• Borrower is only 3 months past due. She has maintained this home impeccably, HOA's are currrent as are taxes, she paid for all upgrades and improvements, has never been late on a payment, and continues to maintain the home and pool and landscape as if she were there.
• Borrower is now retired, living on Social Security, and is getting into her IRA to continue with the mortgage payments on this home. She is drained and done.
• Borrower paid $486,000. BPO shows Value at $135,000 today. I have an offer ABOVE MARKET at $172,000 CASH.

Here's the really infuriating part about CHASE..after we counter back with cash, but no note, my knowledgeable negotiator leaves me another voicemail stating that "upon review, the Investsors have decided that your client makes too much money and we are turning down the Short Sale." BAM! WHAT??? You already decided she qualified for the Short Sale IF she met your outrageous terms, and now suddenly, she makes too much money?? Anybody minding the store?!

What??? You mean to tell me that in this awful market of declining values and increasing inventory, YOU, FREDDIE MAC, told Chase to turn this deal down?? If my client discontinues maintaining the property, and you have to carry it another 6 months, (at least!), with no payments, pay deposits to turn on utilities again, clean and shock the pool, water and clean up the landscaping, risk letting it sit in this non-gated community VACANT, and then get just the CURRENT BPO price of $135,000 at auction, you, FREDDIE MAC, are choosing to leave approx. $30-40,000 on the table?? I AM A STOCKHOLDER here and this is NOT a sound decision for this company!

I have sent an e-mail every day to Freddie Mac..borrower outreach. I received a response to my first e-mail asking me to send my Agent Authorization letter so you can talk to me on behalf of my client. That was a week and 4 e-mails ago. WHERE ARE YOU FREDDIE MACSTERS? Having lunch with the Banksters?

As the woman at CHASE resource resolution center told me after hearing my story.."I'm sorry, Miss. Kelly. It appears you had a bad negotiator. Just re-load the offer and docs and hopefully, you'll get a better one next time." Wow..what a way to run a business. I did upload everything again, of course, because there is nothing else to do. Banksters, and Investors, do NOT want to help borrowers. They are all about their own false bottom lines.

Non-performing loans are just that..NON-PERFORMING. Get rid of them! Take the money and be done with it! What is so hard to understand about that?? Econ 101 students could do a much better job that the lot of you..

Oh, by the way, I got my HAFA certification last week. Wow, am I feeling fantastaic about how well Freddie and Fannie and all the other Banksters are going to implement this program now..