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Anyone see this? Suggestions?

Check to see if the short sale has been set-up for the new buyer. She said they received documents however the investor is putting in a restriction on the file for a short sale and the available options are Deed-in Lieu , SPS modification and Repayment Plan. She said there is nothing that SPS can do to lift the restriction. And so I asked for the name of the investor on the file and she said she will send in a request for the investors name to be sent through fax. I should receive it in 3 business days. I also requested for an updated payoff quote which is good until Sept.10 and I will received it in 1-5 business days through fax. There is no foreclosure sale at this time.

(Brenda's update on Aug. 25)
Spoke with Tiffany Bosnik with SPS. She researched the notes and the investor's decision is the following:
Determined that the Short Sale is not Feasible
Borrower/Seller can either take a DIL or a Short Pay (one time lump sum short of what is owed paid in certified funds)

We want to help get homeowners get their money back who were charged upfront for a loan modification review in California. If you know anyone who falls into this category and who would like to try to get their money back please let me know as I can get them free assistance in this matter.

310-564-6389

BGold@acgnow.com

www.ishortsalenow.com

Good grief!  Two notes..ok, I know it's going to be difficult, but so what?  Shorts Sales are never a slam dunk, and I've done so many now that that just didn't deter me. 

The first is with OCWEN, who have become much easier to deal with.  It's the second that have caused me problems.  Real Time Solutions..aaargh!!  So vague, and so not interested in making things clear or following up.

Good news???  After 7 months, we are set to close 3/30/15!!  Whoopee!!

Short Sales do require tenacity and constant follow up, and even then...imagine a 7 month Escrow!  At least I've got a good buyers' Agent and her buyers never quit.  They are getting a nice property at a good value....FINALLY!!

Effective February 1, 2015, if short sale is approved through HAFA, $10,000 relocation assistance funds will be paid to property occupant.  This has been increased from $3,000.  Also, new directive states senior lien can allow up to $12,000 to junior lien up from $8,500 in the past.  Treasury will reimburse first lien $2 for every $3 they provide to junior lien at short sale closing.  All the HAFA changes are available on the link below:

https://www.hmpadmin.com//portal/programs/docs/hamp_servicer/sd1404.pdf

Hi fellow Realtors! been awhile since I have been here but boy do I need help!

I have a Celink reverse mortgage that was just transferred to Novad for servicing. For starters, If the owner is alive and not in a facility, does he have to occupy the house in order to do a short sale?

I have a  short sale signed up out of Tulsa OK for the Bank of Oklahoma. Part of BOK Financial Corp, BOKF, which operates seven banking divisions: Bank of Arkansas, Bank of Albuquerque, Bank of Arizona, Bank of Kansas City,Bank of Oklahoma, Bank of Texas, and Colorado State Bank and Trust. 

I have searched their site for the better part of an hour, and Bank of Texas which is a mirror of the Oklahoma site, with not a page, paragraph, link, phone number, department or even direct searches for short sale or mortgage help, or RMAs showing up anywhere. Has anybody done a short sale with Bank of Oklahoma, or any of the BOKF affiliates and have their short sale department contact and fax information? Could not find them on our site either. 

The Wisconsin housing statistics are in for August of 2014. Here is an excerpt from what the Wisconsin Realtors® Association (WRA) had to say:

Home sales fell for the second straight month in August whereas median prices rose by modest margins. Wisconsin’s existing home sales dropped 5.7 percent in August compared to August 2013, and median home prices were up 3.3 percent to $157,000 over that same period, according to the most recent housing market report released by the Wisconsin REALTORS® Association (WRA).

“Home sales continue to lag behind 2013, and while it’s important to remember that 2013 was a strong year for sales, there are a number of other contributing factors that also explain relatively lower sales,” said Steve Lane, chairman of the WRA board of directors. “Inventories are tighter in our metropolitan areas compared to rural areas, and some buyers may be having difficulty finding homes to buy in those markets,” Lane said. Metropolitan counties had 7.7 months of available inventory in August, and their sales were down 8.1 percent compared to August last year. In contrast, rural counties have 16.6 months of inventory, and their sales were essentially flat, falling less than 0.2 percent.

Below are the number of Home Sales and Median House Prices for the state of Wisconsin, Dane County, and Rock County. These stats include Janesville and Madison. Feel free to contact me if you have any questions pertaining to these figures. This month showed a decrease in the number of home sales statewide and in Dane County, but a solid increase in home prices! Rock County remains one of the better recovery stories with significant increases again in both median price and the number of home sales in August! 

Thinking of purchasing a home before prices or rates rise any further? I'd be happy to show you any homes currently listed for sale. Feel free to visit either site below:

Real Estate Listings in Janesville, WI 

Real Estate Listings in Madison, WI.

With the recent home price increases, now might be the right time to sell your Wisconsin home. Feel free to take a look at our cutting edge Rock Realty Marketing Plan! If you would like some insight into how much your home is currently worth, I would be happy to provide you with a report that gives a close estimate to what your home might sell for in your current local Wisconsin real estate market. Click below:

What's My Wisconsin Home Worth?

Has your home value fallen below what you currently owe? Have you experienced a hardship like divorce or job loss? A short sale may be right for your situation. Visit our distressed property page for more information.

Wisconsin Short Sales

Housing Statistics for the State of Wisconsin:

Hello everyone

I have question.

I had a seller to call me about short selling her home. she was granted a modification a few months ago (which she accepted). Now she has decided she no longer wishes to proceed with the modification and wishes to apply for a short sale.  Has anyone had this situation before and what are the chances  of getting the short sale approved,being that they have already approved the modification?

Thank you

Does anyone know if there is a way to find out if a bank will waive the difference on a balance owed from a short sale? Are there any banks that absolutely will not waive it and send a client a 1099?

You often hear the term Short Sale and Short Pay. They both are programs that involve a servicer review and a that a lien holder is being shorted and taking a loss on the mortgage payoff. They are similar in that nature but the outcome is distinguished as one program transfers the home to a new purchaser and the other is a designed for a borrower to retain ownership of their home.

In a short sale you are going through a detailed review with the mortgage servicer(s) and lien holders to obtain permission for them to take a loss and to sell the asset to a new buyer. The borrower wants to mitigate losses and reduce potential liabilities associated with a home that may be in foreclosure and an overall personal financial hardship. 

In a Short Payoff a borrower is looking to settle mortgage debt and retain ownership of the property. Short Pay Offs are typically not options for borrowers as most lenders do not settle first mortgage debt to allow borrowers to keep the property. Also, most borrowers are not able to settle a large lien in a large cash lump sum. These programs are very uncommon for first lien holders but are not unheard of. We typically see these programs more available on charged off upside down or subordinate mortgages.

Both programs have negative credit impact, deficiency judgments if not waived, and potential tax liabilities due to the cancelled debt if settled.

If you have questions or need anything at all reach out to me at Bgold@ishortsalenow.com or 310-564-6389

After dragging my short sale request out for almost ten months on a 3 family house, and after telling me they were going to order an appraisal they rejected my short sale request.  The reason they gave me "Occupancy or Rented more than 18 months PFS/DIL requirement not met".  Its a BS reason. 

I am fighting it through the executive escalation team.  Unfortunately because of my job I cannot miss payments on the mortgage to pressure the bank.  This property is ruining me financially and mentally.  I would love to hear ideas on any other options I might have to get Wells to reverse their decision.  Does anybody have some contacts at Wells that have some decision making ability?

Thanks,

finally spoke with someone at SPS who knew what she was talking about.  She said a deceased person doesn't and wouldn't qualify for HAFA.  I would just have to have the PR, Executor or POA to sign the Hardship affidavit.  The bank still does a BPO and credit check -good luck with the credit check!  At least the issue has been resolved.

Rock Realty Client Testimonials

"Mike is simply the best Real Estate agent I have ever dealt with!!!He sold my house in such a short time which is what I needed to move quickly..I would recommend him to anyone who is looking to buy or sell a home..very honest and caring person..Explained everything to me so that I could understand exactly what I would need..He went above and beyond in my Real Estate closing.....always got back to me immediately with any questions I was asking...super person!! He takes care of his PEOPLE! Which is hard to find today!! Thanks again Mike...I really appreciate all your hard work!! Definitely referring you to all I know!"

Cindy J. (Janesville, WI 53545)
Rock Realty Home Seller Client

Thanks for the compliments, and Congratulations Cindy on the sale of your home! Congrats to Michael Collins on another successful Rock Realty closing!

Are you considering purchasing property in the Janesville Wisconsin area? Click below to start your home search!

Janesville, WI Real Estate

Realtors in Beaumont

Beaumont, California Short Sale REALTORS - Helping People with the Short Sale Process

Are you under-water on your Beaumont, California home? Have you experienced a hardship that has made paying your mortgage difficult or impossible? We can help you. Whether you occupy the home, its vacant or a rental, we have helped many Beaumont homeowners and other Southern California residents short sale their homes and avoid foreclosure.

WE ARE BEAUMONT CA SHORT SALE REALTORS

Here's a quick summary of who we are:

• We have lived and worked in Beaumont, California since 2007/2008, and have been helping Beaumont homeowners sell their distressed homes since the market crash.

• We specialize in short sales! We've helped many homeowners negotiate with banks and lenders. We've worked with all the major banks, and most of the small ones too. WE KNOW THE SHORT SALE PROCESS AND WE KNOW WHAT WE ARE DOING.

• We are a husband and wife team, and we are full service short sale agents. We handle all aspects of the short sale process from beginning to closing. And we never, EVER charge you a dime for our short sale services.

As of this post its July 2016. Yes, the market has recovered, but not all Beaumont homes have regained their purchase value! If you're still struggling to maintain that under-water home, call us and let's discuss your options:

Todd & Devona Garrigus

Garrigus Real Estate Group/HomeSmart Professionals

(951) 490-3683

Check out our Short Sale Formula

Beaumont CA Short Sale REALTORS

Hey everyone!

If you haven't run into this yet, be aware that Select Portfolio Servicing (SPS) with Chase backed assets have a new guideline that can throw a wrench in the transaction. They are only allowing one short sale review! Meaning that if the buyer walks or if the deal is denied for a low offer, you won't be able to try again.

I had an approval and the buyer walked then they would not allow us to submit at the same terms due to this guideline. We also had a buyer get countered, the buyer only raised their offer slightly, they would not counter gain, and they closed the file out.

Be cautious as they won't tell you these guidelines ahead of time or about the only one counter rule!

Brett@ishortsalenow.com

310-564-6389

www.ishortsalenow.com

I am not licensed in Dayton, Ohio. I have a client that just relocated to Michigan but needs to short sale a house in Ohio. Please email me if you are interested in a referral, ashley@tomsmolinski.com. Please include a description of your process, success rate and possible referral fee. 

Thanks :)

My house is in foreclousure . 1st. is with OCWEN 1,200,000 and second is with Regions Bank 1,050,000. Second has a summary judgment coming up in Oct. Had a short sale offer came in. Regions is saying they had the house appraised for 2,100,000 therefore they would consider $ 1,800,000 . Even this buyer would go up to 1.8M then Regions would only clear $500,000 after paying the first and the closing expenses and commissions etc..

I have a third party (family member who who is willing to help me ) He wants to know if I can go to Regions Bank and offer cash discounted payoff . He is thinking about $400,000 ,This is much better offer then the short sale . Then I would only have to deal with the first .

I am behind $356,000 with GMAC (Ocwen) . If I pay this amount and bring the loan to the date , would they be willing to reinstate my loan with a lower rate ? Or are they just interested in foreclosure ?  It has been 4 years that I have not paid them. 1st. is doing nothing but second is very close to foreclosure. 

I have not paid both mortgages for 4 years . I am lucky that My family sold a piece of real estate and they are willing to help me to save my house from foreclosure .   Please let me know your thoughts . Thank You 

I have a fannie mae 1st and a Wells Fargo 2nd. If the 1st is made whole plus more, can the first apply the overage to the 2nd above the $6000?

I think Chase has gone off the rails, I have been working on this short sale since June, Chase wants appraised value, which of course if high.  The problem they are so understaffed they keep ignoring the file or kicking it out.  I have an offer in and they have turned down an offer and one has walked because of the repairs needed on the home.  I went to OPS and they told me the reason it is taking to long to respond is because each agent has over 200 files to work!  I was told by another real estate agent to go directly to FHA but I don't have a contact number, does anyone know that number?

Thank you in advance! 

Please let me know of your experience in dealing with Spectrum or Chevron Credit Union on a short sale. Would like to know the name of the person you dealt with and if you know of someone to escalate a file too. I am having a terrible problem with their negotiator and not getting any where. This home is set to be sold at the court house in Nov. So if anyone has knowledge let me know. Thanks Julie Wilkinson