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A negotiator at a large bank tried to mislead a Stop Foreclosure Institute Member. She really got on our nerves.

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

You see, we've spent the last few years figuring out all the guidelines for short sales. If the loan being shorted is an FHA Loan, VA Loan, Fannie Mae Loan, or Freddie Mac Loan, then the guidelines for the short sale are different.

In this case, the loan being shorted was an FHA loan. Here's what happened.

FHA puts out a letter called "Mortgagee Letter 2008-43." It details exactly how the lender handling a short sale on FHA’s behalf is supposed to negotiate on a short sale.

This letter is 16 pages long and gives them specific directions on how much to pay agents, what percentage of the appraisal they can accept, etc. (If you're doing an FHA short sale, then Google "Mortgage Letter 2008-43.")

Because of a prior horrible experience on another FHA short sale, we had studied up on the FHA short sale guidelines. Bottom line, we know a little bit about FHA's rules for short sales.

The problem was that this short sale negotiator didn't want to follow the rules! Instead she made up her own rules!

She told me that the buyer and seller had to split the cost of the title insurance. The problem is that on page 12 of the Mortgage Letter, it says that they are allowed to approve a file paying the standard title insurance costs.

In the area where the property was selling, it was standard for the seller to pay for the title insurance. Because of that the buyer wasn’t willing to pay the cost and threatened to back out of the deal.

This short sale negotiator wouldn’t budge. We had to argue back and forth with her for 2-3 days until she finally relented.

It is pretty frustrating when a large bank won’t follow the specific short sale guidelines laid out by the owner of the loan. If the loan owner gives you specific instructions on how to negotiate a short sale, then follow those instructions!

Before you hire a short sale agent, make sure they understand the guidelines for your type of loan. That way, when a short sale negotiator tries to break the rules, they can keep them in line. 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 and answer any questions you may have. Or, if you prefer, 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 bank. Click here to request a copy.

Thanks for reading this, Bion Grady.

Bion is a Real Estate Agent at Maximum One Realty Greater Atlanta. Powder Springs Short Sales Realtor:

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 Powder Springs GA Short Sales. Powder Springs Realtor.

Copyright 2011 SFI Marketing Institute, LLC. All Rights Reserved.

Important Notice

Bion Grady, Maximum One Realty Greater Atlanta, and the Stop Foreclosure Institute are not affiliated in any way, shape, or form with the government. Our services have not been reviewed or endorse by the government or your lender. Most lenders willingly work with agents on short sales. Why?

Because most short sales are beneficial to a lender. If you accept our offer to help you on a short sale, your lender may not agree to a short sale or to modify your loan. We do offer a loan modification kit.

However, the likelihood of negotiating a modification is like everything else in life. It takes work and persistence to convince your lender to modify your loan. No matter what you or we do, your lender may not approve a loan modification.

We do not recommend that you stop paying your mortgage, because this will cause damage to your credit and could cause you to lose your home. Because we know avoiding foreclosure is so important to any homeowner, we recommend that you speak with the appropriate legal or tax advisor before making any decision.

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.

You have the option to reject a short sale or loan modification from your lender if it does not meet your approval. If you decide not to go thru with the short sale, then you do not have to pay us our fee. We normally make a real estate sales commission for helping you on a short sale.

The views expressed here are Grady's personal views and do not reflect the views of Maximum One Realty Greater Atlanta.

This information on Powder Springs Short Sales: A Little Known Fact About Short Sale Negotiators is provided as a courtesy to our viewers to help them make informed decisions.
Read more…

Lenders Loses 50k Turning Down Short Sale

This bank's stockholders are probably unhappy after losing $50,000 over incompetence.


I have a good story today about another bank losing their shirt because their short sale process is so tough to work with.

The bank in question is a large, top 20 American Bank. They actually owned the loan in question. So their stockholders lost 50k from their negligence. Ouch!

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

Here is the story from a Stop Foreclosure Institute Member. "We met some buyers at an open house. They told us they were buying a house just down the street from one that we had for sale.

They had a contract to buy the house for $275,000. They knew the house was a short sale. They were getting frustrated because they had been waiting for the short sale to be approved.

They had already been waiting for several months with no answer. They mentioned something about 3 mortgages and the junior mortgages were hard to work with.

5-6 months later we noticed that the house was back on the market. They time the asking price was $229,900. It finally sold several months later for $229,000.

That means this bank lost $46,000 on the lower sales price. In addition, we estimate that the lender lost another $15,000 in lost interest income and property taxes.

That means this lender lost $50,000 to $60,000 because their short sale process was so hard to work with. To be honest, I would be kind of embarrassed if I was the CEO of that bank.

The other thing is that the short sale realtor in question was inexperienced. She had very little experience with short sales, which she openly admitted.

If that lender pushes for a deficiency judgment, that agnet's lack of short sale experience could have cost those home sellers $50,000. Ouch!" 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 and answer any questions you may have. Or, if you prefer, 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 bank. Click here to request a copy.

Thanks for reading this, Bion Grady.

Bion is a Real Estate Agent at Maximum One Realty Greater Atlanta. Powder Springs Short Sales Realtor:

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 Powder Springs GA Short Sales. Powder Springs Realtor.

Copyright 2011 SFI Marketing Institute, LLC. All Rights Reserved.

Important Notice

Bion Grady, Maximum One Realty Greater Atlanta, and the Stop Foreclosure Institute are not affiliated in any way, shape, or form with the government. Our services have not been reviewed or endorse by the government or your lender. Most lenders willingly work with agents on short sales. Why?

Because most short sales are beneficial to a lender. If you accept our offer to help you on a short sale, your lender may not agree to a short sale or to modify your loan. We do offer a loan modification kit.

However, the likelihood of negotiating a modification is like everything else in life. It takes work and persistence to convince your lender to modify your loan. No matter what you or we do, your lender may not approve a loan modification.

We do not recommend that you stop paying your mortgage, because this will cause damage to your credit and could cause you to lose your home. Because we know avoiding foreclosure is so important to any homeowner, we recommend that you speak with the appropriate legal or tax advisor before making any decision.

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.

You have the option to reject a short sale or loan modification from your lender if it does not meet your approval. If you decide not to go thru with the short sale, then you do not have to pay us our fee. We normally make a real estate sales commission for helping you on a short sale.

The views expressed here are Grady's personal views and do not reflect the views of Maximum One Realty Greater Atlanta.

This information on Powder Springs Short Sales: Lenders Loses 50k Turning Down Short Sale is provided as a courtesy to our viewers to help them make informed decisions.
Read more…

 

short-sale-vs-foreclosure.png

 

Glendale, CA Real Estate – Glendale CA – Here is a question that I just recieved. “I am in the middle of a very long negotiation with Chase.

 

The seller had me to put a clause into the contract stating “upon approval of short sale by sellers’ lender, lenders, & or affiliates, client, or heirs will be released from any monetary shortages or deficiencies from said sale of stated property upon successful closing and transfer of title from that date and forevermore.”

 

The short sale negotiator at the lender, Nathan W, has advised me that he will reject the file and close it out if we don’t remove this from the contract. What do you think?

 

After reading your comments below, I am not sure of what will happen. How should I pursue this?” James.

 

Here was our answer: I think the negotiator is getting his ego involved. Many investors waive promissory notes. He is out of line (and breaching his lender’s fiduciary duty to the owner of the loan) if the following applies:

 

1. If it is the loan owner’s policy to not pursue a deficiency.

 

2. If accepting this short sale will net the loan owner more money than a foreclosure.

 

If those two things apply, then this negotiator is in breach of their fiduciary duty to the loan owner. You and I don’t have millions of dollars to pursue a lawsuit, but we can contact the loan owner directly to let them know what is happening.

 

If they are going to lose money not accepting the short, then they need to know about Chase doing a lousy job.

 

Now, the negotiator has the authority to demand a promissory note depending upon who the owner of the loan is. Find out who the owner of the loan is.

 

Fannie, Freddie, FHA, VA, etc. Fannie, Freddie, FHA, and VA will let the borrower go free from all future liability. Obviously that doesn’t apply if there is Mortgage Insurance. If the investor is one of those entities, then tell the negotiator that you will be contacting them directly.

 

When a bank should accept your short sale. A bank should accept your short sale when the following rules apply. All banks and servicers have a fiduciary duty to the investor of the loan.

 

If they own the loan themselves, they have a fiduciary duty to their stockholders. The duty is to get that investor the most money possible. So, a lender should accept an offer if it will net the most money.

 

Here is how we can assure the negotiator that the offer will net them the most money. Your only job is to prove that to the negotiator.

 

Do that by showing them that the property has been on the open market for 60-90 days. We need to be able to show that the house was easy for buyers to see and other agents to show.


Ask them the following, “I’m an experienced agent and I’ve had this house listed for X days. The seller has lived there the entire time and kept up on the house. It looks good. We have had 43 showings since then.


Out of that, only 3 buyers expressed interest. Out of those 3 buyers, the current buyer is the one willing to pay the most money. I’m doing my job marketing the property.

 

With the current foreclosure case status, the home won’t be foreclosed until June or July. When you foreclose on the house, the owners will move out. The house won’t be kept up anymore.

 

The listing agent will be working on 20 other homes and won’t be able to do as good of a job as myself. Do you honestly think the home is going to sell for more money at that time?

 

They will have to agree that it is a losing proposition. Thinking about a short sale?

 

Thanks for reading this, Jennifer Escobar.

 

Jennifer is a Real Estate Agent at Qwest Real Estate.

 

My BLOG: www.Glendale-ShortSales.com

My Website: www.JenniferEscobar.com

 

Glendale Short Sale Specialists | Burbank Short Sale Specialists | Granada Hills Short Sale Specialists | North Hollywood Short Sale Specialists | Van Nuys Short Sale Specialists | North Hills Short Sale Specialists

 

Jennifer Escobar Specializes in FREE California Loan Modification Help to Southern California distressed homeowner’s who are seeking FREE CA Loan Modification assistance in their pursuit of a Loan Modification in Southern California. Furthermore, Jennifer Escobar also Specializes in Short Sales and has successfully listed, marketed and successfully negotiated hundreds of short sales in Southern California. Jennifer Escobar is a Short Sale Specialist successfully negotiating short sales in Glendale, Burbank, Granada Hills, North Hollywood, Sunland, Tujunga, Sylmar, Van Nuys, Valley Village and Lake Balboa. Glendale Loan Modification Help, Glendale Short Sales, Glendale Short Sale Realtor, Short Sale Realtor. Glendale CA Short Sales. Glendale Realtor. North Hollywood Loan Modification Help, North Hollywood Short Sales, North Hollywood Short Sale Realtor, North Hollywood Realtor. Granada Hills Loan Modification Help, Granada Hills Short Sales, Granada Hills Short Sale Realtor, Granada Hills Realtor. Burbank Loan Modification Help, Burbank Short Sales, Burbank Short Sale Realtor, Burbank Realtor. Van Nuys Loan Modification Help, Van Nuys Short Sales, Van Nuys Short Sale Realtor, Van Nuys Realtor.

 

Copyright 2011 SFI Marketing Institute, LLC. All Rights Reserved.

 

Important Notice

 

Jennifer Escobar, Qwest Real Estate, and the Stop Foreclosure Institute are not affiliated in any way, shape, or form with the government. Our services have not been reviewed or endorse by the government or your lender. Most lenders willingly work with agents on short sales. Why?

 

Because most short sales are beneficial to a lender. If you accept our offer to help you on a short sale, your lender may not agree to a short sale or to modify your loan. We do offer a loan modification kit.

 

However, the likelihood of negotiating a modification is like everything else in life. It takes work and persistence to convince your lender to modify your loan. No matter what you or we do, your lender may not approve a loan modification.

 

We do not recommend that you stop paying your mortgage, because this will cause damage to your credit and could cause you to lose your home. Because we know avoiding foreclosure is so important to any homeowner, we recommend that you speak with the appropriate legal or tax advisor before making any decision.

 

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.

 

You have the option to reject a short sale or loan modification from your lender if it does not meet your approval. If you decide not to go thru with the short sale, then you do not have to pay us our fee. We normally make a real estate sales commission for helping you on a short sale.

 

The views expressed here are Escobar’s personal views and do not reflect the views of Qwest Real Estate.

 

This information on Glendale, CA Real Estate | Short Sale Specialist | Short Sales | CA Free Loan Modification: This Short Sale Negotiator Isn’t Doing His Job is provided as a courtesy to our viewers to help them make informed decisions.

 


Read more…

 

Glendale, California Real Estate | Short Sale Specialist | Short Sales | California Free Loan Modifications – People often wonder why their lender will release their debt in a short sale. Most lenders don’t like to release the debt. But, they agree to do it because they know that policy nets them more money.

 

They net more because a home usually sells for more money as a short sale versus after it has been foreclosed upon. Let’s go thru a few examples.

 

 

Small-Home-13-300x204.jpg

 

See the home in the top picture? You can see that it is good shape. Most short sales are being sold while the homeowner lives in the home.

 

The homeowners are able to keep the house up. They keep the inside clean and neat. In addition, they mow the lawn and keep up on the yard.

 

This makes a big difference in the sales price. Would you rather buy a home that is in great condition or one that needs work?

 

Now look at the home in the bottom picture. That is an abandoned home in foreclosure. No one is there to keep up on the yard.

 

58557-Sunn-Valley-Blvd-Goshen-Indiana-465281-300x225.jpg

Abandoned Home in Foreclosure.

 

The inside of the home is probably dirty. Vagrants can break into the home. The home is also an easy target for vandalism.

 

The bottom line is that most short sales are in better shape than a foreclosed home. In fact, they are usually in much better shape.

 

Thinking about a loan modification? Our FREE Glendale Loan Modification Services will help you get a loan modification approved with your lender. Click here to for more information regarding my FREE LOAN MODIFICATION SERVICES!


Thanks for reading this, Jennifer Escobar.

 

Jennifer is a Real Estate Agent at Qwest Real Estate.

 

My BLOG: www.Glendale-ShortSales.com

My Website: Glendale Short Sale | Burbank Short Sale | Granada Hills Short Sale | North Hollywood Short Sale | Van Nuys Short Sale | North Hills Short Sale

 

Glendale Short Sale Specialists | Burbank Short Sale Specialists | Granada Hills Short Sale Specialists | North Hollywood Short Sale Specialists | Van Nuys Short Sale Specialists | North Hills Short Sale Specialists

Read more…

Chapter 13 and Short Sale (Advice Please)

A client is in Chapter 13

 

He wants to short sale his rental unit which is in bad condition (currently unrentable)

Comps show upgraded homes in the community as competition sold at average $115

Subject property needs $25-$30 work to bring to comp condition.


Several buyers are interested.

  • Client needs to get an “Affidavit of Abandonment for Real Estate & Asset” from the bankruptcy trustee, (after he decides that he really wants to proceed with the short sale - That will be his decision after seeking legal advice)
  • After the property is released by the trustee, the lender, would probably move fast to schedule a TS date.
  • We would need a buyer contract ready to go
  • We would need acceptance of the short sale from the lender

The question is in what sequence should we proceed?

 

Should we find a buyer who is willing to hang in there through the negotiation with the lender first?

Then go to the trustee to request the release?

By not getting the release first, would that give the lender more incentive to negotiate, since if it stays in Chapter 13 it can sit there for another couple years?

 

Or should we get the release first and then work on the short sale?

Read more…
People often wonder why their lender will release their debt in a short sale. Most lenders don't like to release the debt. But, they agree to do it because they know that policy nets them more money.

They net more because a home usually sells for more money as a short sale versus after it has been foreclosed upon. Let's go thru a few examples.

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



"Most Short Sales Are Well Kept Up And Attractive To Buyers."

See the home in the top picture? You can see that it is good shape. Most short sales are being sold while the homeowner lives in the home.

The homeowners are able to keep the house up. They keep the inside clean and neat. In addition, they mow the lawn and keep up on the yard.

This makes a big difference in the sales price. Would you rather buy a home that is in great condition or one that needs work?

Now look at the home in the bottom picture. That is an abandoned home in foreclosure. No one is there to keep up on the yard.

"Abandoned Home in Foreclosure."

The inside of the home is probably dirty. Vagrants can break into the home. The home is also an easy target for vandalism.

The bottom line is that most short sales are in better shape than a foreclosed home. In fact, they are usually in much better shape.

That is why they sell for more money, thereby cutting the lender's losses. 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 and answer any questions you may have. Or, if you prefer, 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 bank. Click here to request a copy.

Thanks for reading this, Bion Grady.

Bion is a Real Estate Agent at Maximum One Realty Greater Atlanta. Powder Springs Short Sales Realtor:

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 Powder Springs GA Short Sales. Powder Springs Realtor.

Copyright 2011 SFI Marketing Institute, LLC. All Rights Reserved.

Important Notice

Bion Grady, Maximum One Realty Greater Atlanta, and the Stop Foreclosure Institute are not affiliated in any way, shape, or form with the government. Our services have not been reviewed or endorse by the government or your lender. Most lenders willingly work with agents on short sales. Why?

Because most short sales are beneficial to a lender. If you accept our offer to help you on a short sale, your lender may not agree to a short sale or to modify your loan. We do offer a loan modification kit.

However, the likelihood of negotiating a modification is like everything else in life. It takes work and persistence to convince your lender to modify your loan. No matter what you or we do, your lender may not approve a loan modification.

We do not recommend that you stop paying your mortgage, because this will cause damage to your credit and could cause you to lose your home. Because we know avoiding foreclosure is so important to any homeowner, we recommend that you speak with the appropriate legal or tax advisor before making any decision.

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.

You have the option to reject a short sale or loan modification from your lender if it does not meet your approval. If you decide not to go thru with the short sale, then you do not have to pay us our fee. We normally make a real estate sales commission for helping you on a short sale.

The views expressed here are Grady's personal views and do not reflect the views of Maximum One Realty Greater Atlanta.

This information on Why Powder Springs Short Sales Sell For A Higher Price Than A Powder Springs Foreclosure is provided as a courtesy to our viewers to help them make informed decisions.
Read more…

As my readers (and anyone who knows me) know, I am a Short Sale Specialist.  I aggressively fight for the right of home owners to get them out of their unaffordable mortgages all the while with the intent of removing them from future liability.

Please read an email I sent to the Massachusetts Attorney General:

I have a question as to the state’s laws on allowing a lender to proceed with collection activity after issuing a 1099C to a consumer.  A 1099C by its very name says a debt was cancelled by the lender and the amount reported on a persons taxes.  How can it be legal for a mortgage lender to issue the 1099C and then proceed to start collection activity? Any dime the consumer pays back after appropriately filing the 1099C and paying taxes on the “gift of equity” or the “phantom income” invalidates that 1099C as the money at that point was wrongly reported and is actually an ongoing debt.

What is the Commonwealth’s stance on this?  What laws are in place to protect the consumer and prevent this double dipping?

If there are no laws in place at this point, it seems to be a big loophole in the law that allows a mortgage lender to “have his cake and eat it too”.

Thank you in advance for your prompt response.

Here is the response I received:

Dear. Mr. Files:

Thank you for contacting the Office of Attorney General Martha Coakley.  Your message has been forwarded to me for response.

The Massachusetts Consumer Protection Act, G.L. c. 93A, section 2, prohibits unfair and deceptive acts in commerce.  Were any creditor to take action to collect a debt that was previously written off, it is possible that such conduct might constitute a violation of said statute.

Such conduct also might possibly constitute a violation of 940 CMR 7.07(2), which says

It shall constitute a deceptive act or practice to engage in any of the following       practices:

(2) Any knowingly false or misleading representation in any communication as to the     character, extent or amount of the debt, or as to its status in any legal       proceeding, provided, however, that an incorrect or estimated bill submitted by a       gas or electric utility company regulated by M.G.L. c. 164, and the Department of       Public Utilities shall not be prohibited by 940 CMR 7.07;

I hope this information will be useful, and thank you again for contacting the Office of Attorney General Martha Coakley.

Sincerely,

Nicholas Downing
Constituent Services Coordinator
Public Inquiry & Assistance Center
Office of the Attorney General Martha Coakley

 

Please print this out and keep it for your records to have handy in case needed! Also, please forward this to any Massachusetts home owner who is currently OR has completed a short sale.

Bobbie Files, C.D.P.E.
Certified Distressed Property Expert
Your Bristol and Plymouth County Realtor
508-238-5000 x.296 Office
508-521-9480 Direct / SMS
888-570-9907 Toll Free Direct Fax
bobbiefiles@kw.com Email

Visit my website at www.BerkleyMass.com

Visit my YouTube Channel at https://www.youtube.com/user/bobbiefiles

Join My Facebook Communityhttp://www.facebook.com/bobbiefiles.realtor

Search for Berkley Ma Homes at: http://BerkleyHomes.BerkleyMass.com

Search for Taunton Ma Homes at:http://TauntonHomes.BerkleyMass.com

For those struggling to pay your mortgage payments please visit:http://shortsales.berkleymass.com

Certified Distressed Property Expert

Read more…


Here is a question that the Stop Foreclosure Institute recently received. "I am in the middle of a very long negotiation with Chase.

The seller had me to put a clause into the contract stating “upon approval of short sale by sellers’ lender, lenders, & or affiliates, client, or heirs will be released from any monetary shortages or deficiencies from said sale of stated property upon successful closing and transfer of title from that date and forevermore.”

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

The short sale negotiator at the lender, Nathan W, has advised me that he will reject the file and close it out if we don’t remove this from the contract. What do you think?

After reading your comments below, I am not sure of what will happen. How should I pursue this?" James.

Here was our answer: I think the negotiator is getting his ego involved. Many investors waive promissory notes. He is out of line (and breaching his lender's fiduciary duty to the owner of the loan) if the following applies:

1. If it is the loan owner's policy to not pursue a deficiency.

2. If accepting this short sale will net the loan owner more money than a foreclosure.

If those two things apply, then this negotiator is in breach of their fiduciary duty to the loan owner. You and I don't have millions of dollars to pursue a lawsuit, but we can contact the loan owner directly to let them know what is happening.

If they are going to lose money not accepting the short, then they need to know about Chase doing a lousy job.

Now, the negotiator has the authority to demand a promissory note depending upon who the owner of the loan is. Find out who the owner of the loan is.

Fannie, Freddie, FHA, VA, etc. Fannie, Freddie, FHA, and VA will let the borrower go free from all future liability. Obviously that doesn't apply if there is Mortgage Insurance. If the investor is one of those entities, then tell the negotiator that you will be contacting them directly.

When a bank should accept your short sale. A bank should accept your short sale when the following rules apply. All banks and servicers have a fiduciary duty to the investor of the loan.

If they own the loan themselves, they have a fiduciary duty to their stockholders. The duty is to get that investor the most money possible. So, a lender should accept an offer if it will net the most money.

Here is how we can assure the negotiator that the offer will net them the most money. Your only job is to prove that to the negotiator.

Do that by showing them that the property has been on the open market for 60-90 days. We need to be able to show that the house was easy for buyers to see and other agents to show.

Ask them the following, "I'm an experienced agent and I've had this house listed for X days. The seller has lived there the entire time and kept up on the house. It looks good. We have had 43 showings since then.

Out of that, only 3 buyers expressed interest. Out of those 3 buyers, the current buyer is the one willing to pay the most money. I'm doing my job marketing the property.

With the current foreclosure case status, the home won't be foreclosed until June or July. When you foreclose on the house, the owners will move out. The house won't be kept up anymore.

The listing agent will be working on 20 other homes and won't be able to do as good of a job as myself. Do you honestly think the home is going to sell for more money at that time?

They will have to agree that it is a losing proposition. 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 and answer any questions you may have. Or, if you prefer, 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 770-875-4268 loan modification kit has the instructions you will need to get a loan modification approved with your bank. Click here to request a copy.

Thanks for reading this, Bion Grady.

Bion is a Real Estate Agent at Maximum One Realty Greater Atlanta. Powder Springs Short Sales Realtor:

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 Powder Springs GA Short Sales. Powder Springs Realtor.

Copyright 2011 SFI Marketing Institute, LLC. All Rights Reserved.

Important Notice

Bion Grady, Maximum One Realty Greater Atlanta, and the Stop Foreclosure Institute are not affiliated in any way, shape, or form with the government. Our services have not been reviewed or endorse by the government or your lender. Most lenders willingly work with agents on short sales. Why?

Because most short sales are beneficial to a lender. If you accept our offer to help you on a short sale, your lender may not agree to a short sale or to modify your loan. We do offer a loan modification kit.

However, the likelihood of negotiating a modification is like everything else in life. It takes work and persistence to convince your lender to modify your loan. No matter what you or we do, your lender may not approve a loan modification.

We do not recommend that you stop paying your mortgage, because this will cause damage to your credit and could cause you to lose your home. Because we know avoiding foreclosure is so important to any homeowner, we recommend that you speak with the appropriate legal or tax advisor before making any decision.

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.

You have the option to reject a short sale or loan modification from your lender if it does not meet your approval. If you decide not to go thru with the short sale, then you do not have to pay us our fee. We normally make a real estate sales commission for helping you on a short sale.

The views expressed here are Grady's personal views and do not reflect the views of Maximum One Realty Greater Atlanta.

This information on Powder Springs Short Sales: This Short Sale Negotiator Isn't Doing His Job is provided as a courtesy to our viewers to help them make informed decisions.
Read more…

How does the progress of Short Sales compare with stages of a business cycle? Okay, granted, a Short Sale is not a product or a service that a business would seek yet shouldn't it run perhaps parallel to or in sync with the stages of a business cycle?
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Stage 1 - Start up or creation.

Short Sales pretty much became a picture of the Real Estate market a few years ago, say 2007/2008. I would say that Lenders have had a good time period in which to get their Short Sale business up and running.

This is where the Lenders had to set up their Short Sale operations for optimal performance. They had to hire new staff to handle the burst in Short Sales amongst distressed homeowners. They had to get systems in place to streamline the ever increasing Short Sales that still have no end in sight.

Stage 2 - Growth.

Short Sales have most certainly grown allowing Lenders to establish themselves in the Short Sale market. They have had the opportunity to brand themselves within the Short Sale niche. This is where sound business practices are put to use to establish customer loyalty and favorable brand recognition.

This is a stage in which the Short Sale process should now be streamlined. This is where we are at now. The business of processing Short Sales should be smooth, systematic and should be well laid out. Lender images should be well known during this stage. Most businesses would want their images to be favorable during the growth stage of a business. Unfortunately, Lender images when it comes to Short Sales aren't perhaps the images that Lenders had hoped that they'd be known for today.

Stage 3 - Maturity

Short Sales should reach maturity in the year or two ahead. When the maturity of a Short Sale is reached will Lenders have it all down? At this point, the Short Sale should run on auto pilot which should have been evidenced in the Growth stage where performance should have been optimal. However, in order to reach Maturity many Lenders are still struggling all the way back to their start up stage as Short Sales don't always run smoothly.

Stage 4 - Decline

Short Sales are not at this stage yet, however this is one stage whereas "decline" would be welcomed.

What is the point of showing you these stages? I've been handling Short Sales since 2008 and have been blessed to be able to help many a distressed homeowner save their homes from foreclosure by selling their home as a Short Sale, yet can I say that I've seen vast improvements in how Short Sales are processed? Overall, No, it's a hit or miss. There are Lenders who think that they have a system in place. I cannot point to a Lender who constantly gets it right that any successful business should have at this point of their growth.

Why is it that I will deal with one Lender and more balls are dropped than you can imagine and then I'll deal with another, like I am just recently, where I've gotten an approval within 3 days? What is the Lender with a 3 day approval doing that differs from the Lender that takes months? It doesn't matter to me in terms of getting the job done as I just have to fight a lot harder for the ones that take several months as I will 9.8 times out of 10 get it done but I would sure welcome a Short Sale that is performing in the Growth stage nearing Maturity at an optimal level, wouldn't you?!

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Will the Lien holder really modify?

I understand that the lien holder's intent is to collect a debt but the last actions from Chase are really beginning to irritate me.  My sellers have be declined loan mods 5 times already. They are insolvent.  They finally gave up and listed the house.  I have multiple offers on the property and I'm excited to prevent my sellers from foreclosure. My seller receives another HAMP packet via mail.  They'll probably be denied again.  My only problem is that I have vested buyers ready, sellers were resolved to sell and time on the market is ticking.  Geez!!!  What are your thoughts?
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Troy, MI Fast Track to Short Sale Sucess with Mike Sher (FREE Continuing Education For MCAR Member)   ar129944158807663.jpg

Mike Sher's Fast Track to Short Sale Successcovers the "What," "Where" and "Why" of the short sale process from three different perspectives. Learn the roles and responsibilities of the REALTOR®, the negotiator and the foreclosure attorney during the short sale process. Understanding the core goals of each party involved in the short sale transaction will lead to smoother interactions and a more positive experience for your clients. Additional topics include:

  • The REALTOR'S® role in the short sale transaction and fiduciary reasonability in a short sale
  • Understanding HAMP, HAFA for non-GSEs and the new HAFA for Fannie Mae and Freddie Mac
  • Issues that may arise after the short sale
  • What short sale transactions will look like in the future
  • And MUCH more

Fast Track to Short Sale Success attendees earn three hours of continuing education credit. (Course #L317)

April 12: 9 am - 12 pm (Troy) | FREE for MCAR members  Call MCAR: (248) 879-5730 to reserve your seat.  Only 6 seats left!!

 

Mike Sher has been a top producing Realtor since 2000. Prior to Real Estate Mike worked as a Congressional Aide and later as a Grant Writer. Through these experiences, Mike has learned how to navigate through bureaucracies much like those in large banking institutions. Mike’s Political Science background has been valuable in understanding how to work with HUD, Fannie Mae and Freddie Mac.

Mike has assisted and closed hundreds of short sale approvals. Through his brokerage Max Broock, Mike has acted as a Short Sales consultant, Expert Panelist and Short Sales instructor to his company’s franchise offices. Mike has classes at MCAR also.

 

Mike Sher- CDPE Associate Broker

  • He has negotiated over100 short pay offs for my clients

  • He is a Short Sale expert panelist for the Real Estate Investors of Oakland.

  • He is Real Estate One's and Max Broock's Short Sale consultant and Short Sale Intructor

  • He is a published Short Sale resource for the Detroit Free Press

  • I have an over 90% Short Sale success rate (national average is 33%)

  • He has instructed over 500 agents on how to successfully close short sales.

  • His weekly http://mikerealtorblog.com/  is used by 1000's of professionals as a Short Sale help site

  • Realtors know me as a "Short Sale Expert" which attracts more buyers to my listings

  • He is a Certified Distress Property Expert

  • He is a Fox2 contributor.

 

Mike Sher , Max Broock Realtors, Michigan at (248) 644-4700 x 242

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Has anyone seen this? My seller received a letter from Chase saying that they would give her up to $30,000 for moving expenses etc with a successful closing of her home as a shrt sale. I read and reread it and then quickly sent in a package for her. We are going through the process. We have an offer and a full package in. Just want to know if any of you have seen this.

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On February 25, there was a stir in the Florida real estate world.  The Florida Association of Realtors issued an alert that, yes, we must comply with the new Federal Trade Commission Mortgage Assistance Relief Services (FTC MARS) ruling. 

Previously, there was much Florida Realtor confusion about FTC MARS When I initially inquired, the FAR attorneys said we were covered by the Florida Chapter 494 Opinion Letter. Since we help sellers with short sales in the normal course of listing and selling homes, as long as there was no upfront fee, there was no need to change our procedures.

That changed last week. FAR issued a directive that Florida Realtors must comply with the new MARS FTC ruling.  Whoa!  Scramble.

If you are a Florida real estate broker who specializes in short sales,  what do you?  Here is my checklist, which I immediately put into action:

1.   Add the following language to my websites and email signature, since I actively help consumers with short sale listings: “IMPORTANT NOTICE: Rulnick Realty, Inc. 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. If you stop paying your mortgage, you could lose your home and damage your credit.”

 

2.   Send out letters with a MARS FTC listing addendum to ALL my current short sale listings, to comply with consumer specific commercial communication.  We are allowed to use our own company letterhead instead of the FAR letterhead, which I did.  Each envelope had a self-addressed stamped return envelope to make it easy for my sellers. 

 

3.   Change my Short Sale Approval Acknowledgment form to include language from both  FTC MARS Disclosure for Offer from Lender I and FTC MARS Disclosure for Offer from Lender II  

 

4.    Call an Office Meeting to discuss the FTC rule with my agents, including "Prohibited Claims":

Prohibited claims

The MARS Rule prohibits mortgage relief companies from making any false or misleading claims about their services, including claims about:

  • the likelihood of consumers getting the results they seek;
  • the company's affiliation with government or private entities;
  • the consumer's payment and other mortgage obligations;
  • the company's refund and cancellation policies;
  • whether the company has performed the services it promised;
  • whether the company will provide legal representation to consumers;
  • the availability or cost of any alternative to for-profit mortgage assistance relief services;
  • the amount of money a consumer will save by using their services; or
  • the cost of the services.

5.    Prepare an MARS FTC Office Policy addendum to my independent contractor agreement for my agents.

I completed my changes in a day.
  The Florida Association of Realtors legal department made it easy.

 

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. 

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BOA Loan paper work held up

I locked in a loan at 4% over 30yrs. Price of the home  was240,000. the 1st  apprisal came back at something. when I called to check on this appraisal the secertary told me that the appraisal was marked complete in the computer but she could not open it. then the loan office got on the phone and said the appraisal was marked incomplete and they were ordering another one. I spoke with the appraiser and she said the appraisal was fine and she was paid for it no question. when  the second appraisal came in it was 305,200.00 Someone held up the appraisal and it was not turned over to the tilte company in time to get the loan.

I feel that they held up the paperwork because they sold the house for 240,000 and it appraised for 305,200 and did not want to sell it after they had the apparisal

Has this happened to any one else?

should I get an attorney?

Any suggestions? I would still like the 30yr loan @4%.

Pat

pmac@gci.net

 

 

Read more…

How to strong arm your lender on a short sale

Here is a technique you can use to “strong arm” you’re your lender on your short sale. The number one reason people short sale is to salvage their credit.

After all, a short sale has much less of an impact on your credit than a foreclosure. Despite all this, banks still make short sales tough.

How would you feel if you worked hard on a short sale only to watch it fall apart because you lender dragged their feet?

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

Later on the property sells for even less money than the short sale offer you had. I have said in earlier posts that, in my opinion, you could sue the lender for the damage caused to your credit by the foreclosure.

After all, the only reason the short sale wasn’t successful was because they dragged their feet. Here is the technique you can use to strong arm the lender to accept the short sale.

Use your rights as a homeowner to get more information about the BPO. An inaccurate BPO is the number one reason short sales fail.

Getting your hands on a copy of the BPO will help your agent contest an inaccurate BPO. And it would be a big help in any future lawsuit. Here is the step by step strategy:

1. Request a complete itemized payoff from the foreclosing lawyer. In addition, request a copy from the lender themselves. You do this by faxing them a request. Usually you will get an answer in 7-10 business days.

2. Review the payoff to see where the BPO is itemized. If a BPO has ever been ordered, it will most likely by itemized on there. If not, it may be included in some other payoff cost. Get confirmation of that in writing from the lender.

3. Since the BPO is added onto the amount owed by the homeowner, they have a right to a copy under the Equal Credit Opportunity Act. Fax the lender's legal department a request for a copy of the BPO.

Send a copy of the payoff and circle the spot where you think the BPO payment is. Request a copy for the borrower under the Equal Credit Opportunity Act. In addition, also mail the lender's legal department the same request.

If the lender does not comply, then you can file a complaint with the Federal Trade Commission at www.ftc.gov, The Office of Thrift Supervision at www.ots.treas.gov, the FDIC at www.FDIC.gov, and the Comptroller of the Currency at www.helpwithmybank.gov.

Indicate on your correspondence with the lender that if they do not comply, then you will be filing complaints with those agencies. 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 and answer any questions you may have. Or, if you prefer, 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 bank. Click here to request a copy.

Thanks for reading this, Bion Grady.

Bion is a Real Estate Agent at Maximum One Realty Greater Atlanta. Powder Springs Short Sales Realtor:

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 Powder Springs GA Short Sales. Powder Springs Realtor.

Copyright 2011 SFI Marketing Institute, LLC. All Rights Reserved.

Important Notice

Bion Grady, Maximum One Realty Greater Atlanta, and the Stop Foreclosure Institute are not affiliated in any way, shape, or form with the government. Our services have not been reviewed or endorse by the government or your lender. Most lenders willingly work with agents on short sales. Why?

Because most short sales are beneficial to a lender. If you accept our offer to help you on a short sale, your lender may not agree to a short sale or to modify your loan. We do offer a loan modification kit.

However, the likelihood of negotiating a modification is like everything else in life. It takes work and persistence to convince your lender to modify your loan. No matter what you or we do, your lender may not approve a loan modification.

We do not recommend that you stop paying your mortgage, because this will cause damage to your credit and could cause you to lose your home. Because we know avoiding foreclosure is so important to any homeowner, we recommend that you speak with the appropriate legal or tax advisor before making any decision.

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.

You have the option to reject a short sale or loan modification from your lender if it does not meet your approval. If you decide not to go thru with the short sale, then you do not have to pay us our fee. We normally make a real estate sales commission for helping you on a short sale.

The views expressed here are Grady's personal views and do not reflect the views of Maximum One Realty Greater Atlanta.

This information on Powder Springs Short Sales: How to strong arm your lender on a short sale is provided as a courtesy to our viewers to help them make informed decisions.
Read more…


Many people are shocked that it is often cheaper to short sale and rent that staying in your home with a loan modification.

They find it hard to believe that they can rent a comparable or even nicer home for less than their mortgage. Here are the two factors that make it possible.

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

Many homeowners bought homes for more than they are selling for today. A perfect example is a homeowner that paid $150,000 for a home. His mortgage payment was around $1,500 a month.

He stopped paying his payments and moved to a rental. He found a nicer, larger home to rent for $850 a month. He had tried for months to convince his lender to modify his loan.

They wouldn’t drop the payments below $1,200 a month. Even though the home he is renting is nicer than his house, it is selling today for around $105,000.

Someone can buy that house for $105,000 and rent it for $850 a month without losing money. That is what makes it cheaper to rent versus getting a loan modification and staying in your home.

When prices were rising it was actually more expensive to own versus rent. But, everyone wanted to own because their house was supposed to go up in value.

House prices and rental prices have dropped since then. Yes, rents are not at an all time high! The dropped during the economic crisis and have come back up since then.

So, if you are thinking about a loan modification, then first check into the rental market. You will be able to negotiate your loan modification from a position of power.

That will make it more likely that you will get the reduced payment you need so you can keep your home. 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 and answer any questions you may have. Or, if you prefer, 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 bank. Click here to request a copy.

Thanks for reading this, Bion Grady.

Bion is a Real Estate Agent at Maximum One Realty Greater Atlanta. Powder Springs Short Sales Realtor:

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 Powder Springs GA Short Sales. Powder Springs Realtor.

Copyright 2011 SFI Marketing Institute, LLC. All Rights Reserved.

Important Notice

Bion Grady, Maximum One Realty Greater Atlanta, and the Stop Foreclosure Institute are not affiliated in any way, shape, or form with the government. Our services have not been reviewed or endorse by the government or your lender. Most lenders willingly work with agents on short sales. Why?

Because most short sales are beneficial to a lender. If you accept our offer to help you on a short sale, your lender may not agree to a short sale or to modify your loan. We do offer a loan modification kit.

However, the likelihood of negotiating a modification is like everything else in life. It takes work and persistence to convince your lender to modify your loan. No matter what you or we do, your lender may not approve a loan modification.

We do not recommend that you stop paying your mortgage, because this will cause damage to your credit and could cause you to lose your home. Because we know avoiding foreclosure is so important to any homeowner, we recommend that you speak with the appropriate legal or tax advisor before making any decision.

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.

You have the option to reject a short sale or loan modification from your lender if it does not meet your approval. If you decide not to go thru with the short sale, then you do not have to pay us our fee. We normally make a real estate sales commission for helping you on a short sale.

The views expressed here are Grady's personal views and do not reflect the views of Maximum One Realty Greater Atlanta.

This information on Powder Springs Short Sales: Why it is cheaper to short sell and rent versus staying is provided as a courtesy to our viewers to help them make informed decisions.
Read more…

NIGHTMARE SUPRISE SHORT SALE!!!!

 

Took the day off work to attend closing on the home of my dreams- All packed and ready to go!

Before I get in the car to leave for the real estate office the listing agent called to say we couldnt close today becuase the sellers bank (Chase) wouldnt provide a payout amount. Days go by before Chase ponies up the payout number. The seller recieves the number and....Whoops! The seller cant afford to sell the place!!! WTF?!

As it turns out the amount of my offer WOULD cover the amount borrowed by the seller but not the 30k in additional penalty fees that the seller says he didnt know about. The listing agent launched my offer at Chase's short sale department with a plees of mercy for the now homeless family living in a hotel with their lives in the back of a moving truck.

It has only been two weeks but as time goes on my family is bleeding money paying for interim living expenses with no estimate of how much longer we are going to have to wait. We already sank a couple grand into home inspections, etc and are now having to put new job offers on hold.

 

Our bank point of contact at Wells Fargo said this is only the second time in her 30 years of experience that she has ever heard of this happening.

 

Whats a buyer to do?!

 

 



 

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