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Attention Realtors- Looking for Short Sale Seller's on or going in NJMLS or GSMLS in Northern NJ. If you are getting a listing contact me before you put the listing on the market on we will review the best path to get the property properly listed, under contract and positioned for a successful short sale in record time. Deal with a pro and see how much fun properly planned and executed short sales can be and quickly become a market leader in your area from the expertise you will learn by working with my professional team.

TRY US YOU WILL LIKE US :)

Team,

There is lots of discussion regarding payments to secure release of various subordinate liens. Second mortgage, tax lien, HOA, water etc.

Anyone who works with short sales knows the problem.

And, one hears quite frequently: "It's illegal!! Clearly, a violation of RESPA."

I am not an attorney nor a RESPA expert, by any means, but I have actually read RESPA and parts of the CFR. I find no reference nor have I seen anyone cite a reference to the CFR, or US Code, or RESPA showing the violation.

Let's put an example on the table:

The buyer pays $200,000 for the property. The 1st accepts net-proceeds as full satisfaction of the debt, taking a loss. The 1st offers $3,000 consideration to the second for release.

At the table, the buyer makes an addition $4000 payment to the second to secure release, so the second ends up with $7000, releases its lien and accepts the $7000 as full satisfaction.

The HUD show purchase price of $200,000, the $3000 is listed in section 500. The $4000 additional payment to the second does not appear on the HUD.

As far as I can tell, there is no RESPA violation here. The 2nd is exercising its right to collect on its debt. The $4000 is a payment agreed to between the buyer and the 2nd.

Can anyone cite the section of Code, Regulation or court cases that states that this is a violation?

michael

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

Want to find out more? www.CentralFloridaShortSales.com

CHANGES IN CHASE'S SHORT SALE PROCEDURE

I just learned that Chase has a new division, List Assist, dedicated to streamining the short sale process and answering questions from customers and realtors!!

Here are two changes, similar to the FHA short sale program:

• In this process BPO's will be ordered up front and guidance provided on the sale price!
• DO NOT WAIT FOR THE BUYER. Submit a complete short sale request prior to or at the time of the listing!

CHASE'S SHORT SALE WEBSITE

Having just lost a full price Buyer, on a short sale with Chase, because of lack of communication and no BPO ordered in over three months, I wonder is this working?

CHANGES IN CHASE'S SHORT SALE PROCEDURE

I am Margaret C.Taylor and I am certified with the SFR, Short Sale and Foreclosure Resource Certification, and e-PRO® from the National Association of Realtors and CDRS, Certified Default Resolution Specialist Certification, from America's Home Rescue.

I am a Century 21 New Millennium Real Estate Agent, St Mary's County, MD 301 884 5419

Serving: Lexington Park, Great Mills, California, Hollywood, Leonardtown, Mechanicsville, Charlotte Hall, Piney Point, Valley Lee, Callaway, PAX River, also Calvert and Charles County.

This blog is for informational purposes only and is not intended as legal or tax advice. An Attorney, CPA or other specialist should be consulted for specific needs.