Hello,

On one of my short sales...

Received Chase (2nd) approval first on 10-14 with target closing date od 11-16

Didn't get US Bank's approval (1st) by 11-16

US Bank now requests an updated 2nd lien approval before they issue it, all other docs are in.

Chase requests US Bank's approval before they will update theirs with new date, actually tell me that their approval while expired is still valid and they wouldn't have an issue with updating once 1st approves.

File closed by US bank 11-30 with 10 day grace period to revive gives me 'til 12-07 (12-09 is Sunday)

Escalation at USBank tells me they will take 30 days to review a complaint.

Buyer, seller and Title have been ready to close.

Emailed USB from processor to VP requesting approval, they replied noting expiration of second's letter, denying approval

Chase tells me to call the Dpt of Justice as 2nd approval isnt (or shouldn't be) required to get 1st..

Neither will budge

What to do?

Any thoughts?

I've often found with standard sale agents, they do all they can to sell the property for the highest price.  Unfortunately, the goal of the short sale is to bring the most offers at the most realistic market value and do it quickly.

Here is some food for thought.  Sell it like it is.  If the property is in poor condition, target the investors.  Put the bad photos in, make sure the comments indicate how much work is needed and whether there are any location issues or other sale issues with the property in the private/agent remarks that do not forward out to the public.  You can either do this at the time of listing the property or you can do this after you've accepted an offer, before you move the status from active to back up or pending.  If it's average, make it known.  If it's highly remodeled but difficult to support value based on lack of comps for condition, state this! 

Why do this?  When the bank orders a valuation, BPO agents and appraisers may judge you on your MLS.  They will ask themselves, does this agent know what they're doing?  Make sure you target those who may judge you.  Tell them why the property is selling at the price it is selling for.  Explain it through the photos, property description and agent remarks.  Add any photo addendums or repair bids to the MLS if your MLS allows you to add documents.  This will give further supporting documentation to your onlookers.  You want them to pull comparables similar to your property.  If you don't tell them the whole story through your MLS, they may pull the wrong comps and assume you don't know how to price your own property.  This will help with those ugly Fannie/Freddie properties as well.

Also, target a good buyers agent.  In your agent remarks share the status of your short sale.  Indicate number of liens, names of banks (if easy to work with), whether loss is big or small, if ss pkg has been submitted or is ready to be with receipt of an offer.  A good buyer's agent will jump all over the chance to work with you, keeping the buyer properly informed and holding the transaction together. 

Quality control your offering agents as well.  Look at the agents inventory over the last 12 months.  Make sure you are working with an agent who works full time, has a minimum of 5 closed short sales in the last 12 months or closes on average 1-2 deals a month.  Agents with 1 or 2 closings over the last 12 months likely don't have much going on, will call you incessantly and project their frustrations onto their buyers, putting your transaction at risk.  Then relay to your sellers how you did your homework and why you feel the top offers are worth accepting, even if the offers are not at the top. 

I have a short sale brochure helpful in answer questions during the short sale listing appointment if anyone is interested, email me jessica@keysignaturegroup.com.  I searched all over for a good brochure and couldn't find one, so I finally created one of my own.

Well that's a great question. Making a cash contribution and/or signing a promissory note is called "Participating in the loss". Whether or not you are asked to participate in the loss is based on several factors. Your.....

1. Cash reserves
2. Credit score
3. How delinquent you are
4. Income level

As of November 1, 2012 the Federal Housing Finance Authority intiated new Streamlined Short Sale Guidelines that apply to all Fannie Mae and Freddie Mac mortgages.

In a nutshell:

          Cash Contributions - Borrowers that are less than 31 days delinquent MUST make a cash contribution to the loss.  And borrowers more than 90 days delinquent and a credit score of less than  620 at the time of the evaluation are not required to make a contribution. Specific guidance on “borrower contributions” where required, including how to calculate the contribution amount and making contributions MANDATORY where the borrower is 31 days or less delinquent. The guideline here is cash reserves of greater than $10,000 or 6 times the total monthly mortgage payment will trigger a contribution by the borrower.

Here are the Fannie Mae Standard Short Sales/HAFA II Short Sale Guidelines.

Here are the Freddie MacStandard Short Sales/HAFA II Short Sale Guidelines

Other Investors and Lenders may have their own guidelines. Hopefully most will follow suit and implement the FHFA Guidelines.If you asked to make a contribution it can be negotiated. However my experience is that of they ask for a cash contribution and/or promissory note you will have to give them something.

One thing to remember is that you signed a promissory note when you took out the loan. This document is your promise to pay. If the lender is willing to forgive the Deficiency and relieve you of any future liabilty then signing a new promissory note of say $20,000 (with zero interest) to replace an existing note of a much higher value is a good deal.

Don't let a lender's request for you to "participate in their loss" throw you for a loop. Just negotiate the best deal you can get and then move forward. Aslo, remember that if you truly do not have the financial ability to pay..... they probably will not ask you to.

I hope this helps.

According to the Obama Administration’s October (2012) housing scorecard and “[…]the FHFA housing price index posting its largest annual gain in five years and new home sales at its fastest pace since April 2010” (Erika Poethig, assistant secretary for policy development and research at the Department of Housing and Urban Development) as well as numerous other sources, we can confidently say we have a recovering housing market. Even Warren Buffett, deemed as one of the greatest investors of all time, is bullish on the US housing market recently purchasing multiple real-estate brokerages including Prudential and his partnership with Brookfield Asset Management, a Canadian real-estate investor, to more than double his size of his brokerage business.

Our housing market is rebounding slowly due to various factors such as tight lending practices, fluctuations of supply & demand, and just the general current economic health but it is on its way to recovery. Will your client be ready to secure their next home investment and cease this opportunity?

Clear Capital exposed a sobering point: “Prices are 37.6 percent below the peak. This means a home bought for $200,000 in 2006 would be worth somewhere in the range of $124,800 today.” (source: dsnews.com) Prices were up 4.6% annually in October and as I have stated multiple times in previous articles, prices will not rebound in a U-shape but rather similar to a NIKE symbol. Concurrently, mortgage interest rates have remained at all-time lows with the latest report from Freddie Mac announcing a 15-year fixed-rate at 2.66% and 30-year fixed averaging 3.37%.

The opportunity is there and will be there for some time but are your clients preparing themselves to be able to jump on the bandwagon of nationally appreciating housing values?

A recent report shows that 23 percent of consumer mortgage requests were turned down by banks and I know from several sources around the Washington state that it is increasingly difficult to obtain a loan due to the fact that mortgage rates are so low that they aren’t incentivized to generously hand them out to just anyone.

I'm an agent. How do I prepare my client(future)? If your client had a short sale and got a significant ding on their credit score but want to prepare their credit situation to qualify for loans for their next home purchase, by the end of this article, have them talk to a Lexington Law credit specialist. I have personally researched and found them to be the absolute best company to work with in rebuilding credit scores. Here is a direct number provided through the seattleshortsaleblog for a free consultation: 888-586-6113 or you can apply through their website.

Hope this helps

Peter

Only TWO closes left to accomplish in 2012. 

One with GMAC who used to be so easy.  Single family home in a 55+ area of Desert Hot Springs, CA.  Then they hired a Negotiation company, who fouled up the deal and then the Investor, FNMAE pulled their usual, "If you can't get me this much money..forget it!"  OK..the buyers did forget it!  I presented them the Valuation argument with supporting comps.  Had an offer for $235,000...which was over comps, but the buyer had a friend there and liked the location.  Nope says FNMAE..so months later, I kept reducing and now I have ONE offer at $200,000.  Just left $35,000 on the table, and months in the bottleneck of Short Sales.

My second Short Sale is a riot of fun!  Wells Fargo is the servicer, but they pulled the "bait and switch" to a new servicer in the middle of my last offer and the buyer fatigued and walked..and it was for $137,500..way over market!  Now, this same Condo in Indio has one offer I had to beg to get at $115,000.  No back ups.  Value has dropped, HOA's are high, older unit and the neighboring unit closed as an REO at $90,000!  Again, FNMAE as the Investor came back at $154,500 and we won't take a penney less!  OK..don't, leave another $20,000+ on the floor..

They are both assigned negotiators and we'll see if they decide to proceed.  Our Mortgage Debt Relief Act here in California expires on Jan. 1, so Sellers don't really care if it shorts or forecloses unless it's closed before 12/31. 

The good news is that ALL my short sale listings (dozens this year) have closed, approval letters with correct verbage, relocation fees paid out, Sellers paid zero..all good.  Now if I can just get these two closed.....

Santa Maria – Orcutt CA Wells Fargo Short Sale Approved in 31 Days!  HAFA Approval Received in 18 Days!

Yes, Santa Maria – Orcutt CA short sales can be short!  And yes, HAFA short sales can be short!  In fact, this one was approved very quickly.  HAFA short sales allow the seller to receive a $3000 relocation incentive at the completion of the short sale.  HAFA can add another approval level to the process and sometimes slow it down a bit.  In this case, we were able to obtain HAFA short sale approval from Wells Fargo in 18 days and approval of the short sale offer in 13 additional days.

What is the key to obtaining quick short sale approval?  Presenting an organized and complete short sale package to the lender one day one, proficiency with the specific lender’s processing, and consistent follow up.  This requires a experience and a system. We were also able to obtain 2 postponements of the Trustee’s auction sale so that this Santa Maria – Orcutt CA short sale could be negotiated and approved.

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 Central Coast 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 *Santa Maria – Orcutt CA Wells Fargo Short Sale Approved in 31 Days!  HAFA Approval Received in 18 Days!*

Will My Bank Pay Me Cash to Do A Short Sale?  Short Sale Seller Relocation Incentive Information

The short answer is maybe.  Most of the major lenders do offer seller relocation incentives on at least some of their short sale files.  What does this mean?  Upon successfully closing the short sale the seller will be given a cash incentive to relocate.  Whether or not you are eligible for an incentive will depend both on who your lender is and who the investor on your loan is.

Most of the major banks (Bank of America, CHASE, Wells Fargo) are participating in the HAFA program (Home Affordable Foreclosure Alternatives) which is the short sale and deed in lieu companion to the HAMP program (government loan modification program) .  The HAFA program allows a $3000 seller relocation incentive that cannot be touched by the lender, they must pay this to the homeowner.  There are other reasons to participate in the HAFA program but the seller incentive comes in handy to those sellers who are so cash strapped that gathering a first and last month’s rent for a rental is a challenge.

In addition, the Department of Veterans Affairs now allows a $1500 seller relocation incentive onVA short sales, also known as VA compromise sales.  Bank of America’s cooperative short sale program allows a minimum of $2500 – $30,000 seller incentive and recently many of these files have also been eligible for funds from the foreclosure settlement.  Chase Bank has mailed out letters to many borrowers who are underwater and/or behind in their mortgage offering incentives between $2500 – $20,000.  Wells Fargo will typically pay an incentive of $2500 on files that originated asWachovia files.

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 Central Coast 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 *Will My Bank Pay Me Cash to Do A Short Sale?  Short Sale Seller Relocation Incentive Information*

A Short Sale is not for Everyone

There are a lot of people jumping on theshort sale bandwagon.  Their friends and friends of a friend did a short sale, so they think “why not me?”  Like so many others, they are underwater and their payments are not comfortable, especially with the cost of gas, food and health care spiraling upward.  2005 mortgage payments just aren’t that compatible with 2012 economic realities.  However, it is important to approach the issues of a short sale with thought and the proper advice.

Getting the proper legal and tax advice is an essential part of the process and it should be done at the outset.  For some, a bankruptcy will make more sense than a short sale due to other debts and liabilities.  For others, a short sale doesn’t make much sense due to the tax benefits that they currently get from their mortgage interest deduction and what they would have to pay in rent.  How do you know if a short sale makes sense?  Meet with an attorney and meet with a CPA to discuss your situation in detail before jumping on the short sale bandwagon.

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 *A Short Sale is not for Everyone*

Can I Rent My Home After A Short Sale?

Generally speaking the answer is no.  Once you miss enough payments for your lender to file aNotice of Default, you will be contacted by a bunch of different people and entities that promise “foreclosure help.”  One of the offers you might receive goes something like this:  An investor will buy your home as a short sale from the bank, you continue to live in the property and pay rent to the investor, after a number of years the investor will sell you your home back.  Sound too good to be true?  Well it is.  I’m sure there are other details here and there, but this is the basic framework for the scheme and it has been going on for years.

Why is it a scheme instead of a smart tactic?  Well because banks and investors are on the look out for this type of thing, and without full disclosure it is considered short sale fraud.  Let’s be clear, if it is fully disclosed and accepted by the bank and investor — then it may be permissible.  Trouble is, often it is not disclosed.  And, most of the major banks, namely, Bank of America, Chase, andWells Fargo have addendums and affidavits that they require the parties to sign which specifically prohibit this scenario.  Now if you can get the bank to waive those conditions, great!  But, if they won’t you’ve wasted a good part of your timeline to attain a short sale with this scheme.

Why should the bank care who buys the home?   Well by applying for the short sale, you are asking the bank to take a loss.  Part of their duty to the investor that they are servicing the loan for is to make sure that if the short sale is accepted that they are receiving market value for the home.  Often, in this type of situation, the home is never actively marketed or offered for competitive bidding because the short sale seller only wants the investor to buy their home so they don’t have to move.  The investor, of course, wants to obtain the home as cheaply as they possibly can, and since they have the owner in their back pocket they can often get an accepted contract at a pretty low value.  If fully disclosed, this arrangement will raise a red flag to the short sale lender about the correct value of the property.

You may be tempted to turn a blind eye.  Often these operations are unlicensed, but not always.  So, many sellers think it acceptable to just “let them handle it.” However, it isn’t acceptable as surely the short sale seller will be assumed to be a party of the scheme, when it is easily shown that their address did not change and/or their name went back on public record for the property in a couple years.  As such, in order to protect yourself from these accusation, you have to personally make sure that written disclosure is made to the lender and that they agree to those terms.

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 *Can I Rent My Home After A Short Sale*

Step 1: Call Carl SanFilippo toll free (888) 445-8880 we will discuss your current situation and all your options. If it appears you have all the qualifications needed for a short sale in New Jersey  there will be forms you need to fill out and documents you must provide before we begin marketing your home.

Step 2: Marketing, I will come to your home take pictures and begin aggressively marketing your home in order to get offers.

Step 3: Get an offer to be submitted to the lender.  This part can be the most lengthy part of the transaction waiting for an answer from the lender.  However, recently this process has sped up.

Step 4: Approval and closing!  We obtain approval from the lender and have all the legal fees and commissions paid by the lender.  We also fight hard with the lender to to ensure you are forgiven of all past debt, and you have avoided foreclosure in NJ and can move on with the rest of your life.

How can you tell if the file you are working on with Nationstar is an ABS file?

Good morning Superstars.

Here are this week's Superstar discussions.

Discussions	Replies	Latest Activity
BOFA Did it again!!!!! What are they thinking??? BOFA Did it again!!!! Short sale approved. Approval letter being worked on and I could not get it last Friday or this past Monday as I was... Started by Carmine R Biello Jr	4	12 hours ago Reply by Carmine R Biello Jr
NEED ADVICE ON FHA INVESTOR SHORT SALE W/JR LIEN This was a leftover investment mortgage from Countrywide bought by Bank of America, hence why "FHA Investment Mortgage." Previously, I wasc... Started by Frank Biganski	5	19 hours ago Reply by Patricia Bravo
Taxes were not paid by bank or in this case collection agency Hi, I completed a short sale about 30 days already and the taxes still show as not paid what can I do? Bank usually pays for the taxes owe... Started by Odalis Hernandez	3	yesterday Reply by Jeff Payne
Can the seller use their HAFA incentive to pay towards their 2nd lien? I have a HAFA approval with B of A.  The seller is receiving 3k for HAFA incentive and also a HIN incentive of 5,600.  The seller has a 2nd... Started by Lacey Hamilton	4	on Friday Reply by Lacey Hamilton
BofA FHA short sales...just shoot me! My FHA short sale Phase 2 negotiator didn't return calls or emails for 3 weeks. I called the escalation team, his supervisor, the short sal... Started by Wendy Martin	12	19 hours ago Reply by Patricia Bravo
Implications - Closing in 2013   A quick background. Lender is Wells Fargo. FHA loan.   I have been in the short sale program for over a year with an ATP. Had a previous... Started by Jim Celer	3	on Wednesday Reply by Kevin - Greenville, SC
How to get the sideline Owner to say Yes to SS - Share Your Success Stories or Secrets? Hi, I am pretty sure everyone here would love to have a higher conversion rate of SS through their leads, I just wanted to create this lit... Started by Trong Dang	2	on Wednesday Reply by Wendy Rulnick

There has been a lot of talk lately in the short sale world about Fannie Mae and Freddie Mac countering short Sale contract prices at outrageously high prices.

As a Short Sale Specialist in Orlando, Florida I too am seeing really high counters from the 2 largest investors. An example is a property I had valued at $85,000. I listed it at $105,000 to try and get as much as we could for the property because I know that the higher the price the easier the short sale.

• We negotiated an offer of $100,000 cash.
• The BPO came in at $110,000.
• The counter from Fannie Mae was $135,000!!

Why is this happening?

My opinion, based on conversations with several bank negotiators, is that Fannie and Freddie are now delegating more Short Sale Approvals to the servicers as part of the new FHFA Standard Short Sale Guidelines For Fannie Mae and Freddie Mac that were  rolled out 1 November. BUT the deal has to come in within a certain parameter of loss to the investor. For example: "You can approve the short sales as long as our loss is not more than 50%"

So the ridiculous values are being based on a percentage of loss NOT the value of the property.

You may have seen a counter from the servicer like this:

Body: Please review counter. I HAVE COUNTERED TO THE LOWEST CONTRACT PRICE I CAN ACCEPT FROM THE BUYER IN ORDER TO APPROVE THIS SHORT SALE. Any contract price that is lower is subject to be reviewed by the investor, and/or immediate denial. Any decision by the investor will be considered final. A contribution from the seller has been requested, for -$12100. This amount is 10% (or promissory note for double the amount), of the investor’s expected loss based on this short sale offer. This amount can be accepted, or countered by the seller, based on their participation capability. However, a contribution may be required for short sale approval. With an appropriate contribution, the investor will waive the deficiency balance following closing of the short sale.

*******************

It's pretty evident to me that this counter is based on an internal investor guideline and not the value of the property. So...the way to handle it is to:

1. Get some kind of a cash contribution from the seller even if it's $500.

2. Get the buyer up some on price even if it's $1,000. Just make sure the contract truly is market value.

3. Reduce some expenses to increase the NET to the Investor.

4. Attach a value dispute to the counter offer.

If the file is escalated and the value dispute is denied then you should place the property back on the market at the higher price and look for another buyer. Reduce as necessary to find a buyer within 60-90 days. Then resubmit. You may get a completely different answer the next time around.

Don't let these counters throw you for a loop. Just keep pushing.

What say you?

BANNING CA COMMERCIAL REAL ESTATE

Available for Sale

widlw001

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BANNING CA COMMERCIAL REAL ESTATE

According to records HAMP has failed at generating the initial guaranteed 3 to 4 million permanent loan modifications. Actually HAMP has surpassed its one millionth trial or permanent mortgage modification between June 2010 and July 2012. The Treasury reports that 770,834 borrowers either did not qualify for the program during that period, or failed to finish a 90 day trial. Additionally, 229,185 permanent modifications redefaulted after making the first three consecutive monthly payments during their trial process.noticeable it’s one millionth failing this drop. HAMP is the acronym Home Affordable Modification Program.

According to the Treasury assessments that one in three HAMP trial modifications are unsuccessful and the permanent modifications typically are put into another bank modification program, and nearly 16 % of all temporary or "trials"  end in the property being foreclosure.

So why the huge failure? One reason has been attributed to many of the servicers staff appear to be improperly trained and show a negative  attitude when speaking with distress homeowners. It has also been reported that management by Treasury of the big financial institutions in complying with HAMP.

It has been projected that only one third (1/3) of the initially approximated 3 – 4 million property owners will get support. With a price of over $75 billion dollars. It indicates that the cost of this programs to us taxpayers is roughly $75 thousand dollars per assisted homeowner.

Only time will tell if the system was worth it.

Is the HAMP Program Considered A Failure? |Carson |Leesa Hammond

Is the HAMP Program Considered A Failure? | Carson | Leesa Hammond

Is the HAMP Program Considered A Failure? | Carson | Leesa Hammond

Is the HAMP Program Considered A Failure? | Carson| Leesa Hammond

Is the HAMP Program Considered A Failure? | Carson | Leesa Hammond

Hi,

I completed a short sale about 30 days already and the taxes still show as not paid what can I do?

Bank usually pays for the taxes owed.

Please, Help me out here.

OK, so I have obtained the listing agreement and it "appears" the seller, who never resided in the property, will cooperate with other docs needed by the two lenders.

When do I need all those docs from the seller.  I have an offer coming in I'm told.  Do I wait until offer is in hand? Or do I begin now getting the list of things ready?  I keep getting different replies from different "experienced" folks in area...

In short, what is your best experience in the last 6 months (2012) and how it should work now.

Chase is 1st, WF is 2nd and it is equity line, recently purchased from SIS by WF, therefore sellers own negotiations went out the window when on their own to negotiate.  2nd changed hands this year.

Seller is non-occupant, out of area, owner.  Tenant vacated.  Mgmt. company contract expired.  I like this area (grew up here) and have an interest in seeing it sold rather than sit forever and deteriorate.

Another quick question...HOA dues not being paid.  4 months behind.  HOA filed answer to notice of default (FLA) received.  Does Assc. file lien, in addition, to the answer HOA had attorney prepare?  HOA is small so no experience with this situation.  Attorney is EXPENSIVE ($250 hr).  Won't hold anyone to suggestions, just looking for experience to guide me.  I've avoided these for personal reasons, but interested as this is in an area I like to work and don't want it to become blighted.

Thanks.

D. Derman, Broker-Associate, Surfside Prop and Mgmt

This is a quick Short Sale market update for New Haven County and Branford, CT. I am a Short Sale Specialist in New Haven County. Short Sales are the new normal and are very relevant in New Haven County and Branford, CT. 

In the last 6 months there has been a total of 9,365 total transactions in New Haven County. (Total transactions for this report are current listings, listing on deposit or closed) I used single family, condos and multi family homes for this market update.

Out of the 9,365 homes in New Haven County 1,012 were short sales. That's over 10% making Short Sales in New Haven County a very significant part of the real estate market.

Out of all the homes for sale in Branford 27 of 393 were short sales. That's 6.87%.

Short sales are here to stay. If you or anyone you know would like a free and private consultation call Robert McAdams on his cell at 203-980-2068. Or check him on the web at http://robshortsales.com/

How does the new law that went into effect on November 1st,2012 that if you can no longer afford your home due to illness in the home.  It is my understanding that you can turn the keys and title over to bank of America due to illness. Since the person that lived in the home can long live there by themselve and have to live in assitant living.  I know the loan is a Freddie Mac backed loan with Bank of America.  Can you tell me who we would call and how the new law works?