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"Can You Help My Friend ?....He got a Notice of Foreclosure...."full moon I know, it was a full moon this week...just didn't think it was ALL week...we got a call asking if we could help a friend of the caller. The friend had come upon some hard times, gotten behind in his mortgage, his credit score was nil.....and couldn't we find a lender...that for a point or two.... a higher extra something....could just re-finance both the friend's property and his mother's. The caller knew that both homes have equity...(I am thinking HAD equity...) Surely, he continued, we would know a lender that could help his friend.Mental checklist- Foreclosure Notice- Low Credit Rating- Full MoonNotice of DefaultOf course, we called the friend...given the details, there is no bank on earth that would touch any sort of financing...maybe the Bank of Mom & Dad but Mom is also in financial difficulty. Stay tuned for short sale new listing blogs. We are sorry, there is no lender able to help the friend.' The Rest of the Story ? The caller was a former mortgage banker.
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BOA/Fannie Mae Help please!!!!!!!!!!

Been dealing with BOA since 10/14/09..just got the following sent to me with regards to the progress of the short sale..."REO task for soft credit pull to view Beacon score only is due on Friday 1/29. Once received file will be submitted to Investor - Fannie Mae for approval" can anyone interpret?? Further can anyone tell me where we are in the process... PLEASE HELP!!!!!!!!!!!!
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I've been waiting on short sale approval with OneWest/IndyMac since mid Oct. 2009. I was told that we are waiting on answer from investors.I'm a frist time buyer and really don't know the process what does this mean are we close to the end of this process. I've also been in escrow since mid Oct.
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Loan Modification Scams

Just a quick note to make aware some who may not be in the know. There is a television marketing campaign for loan modifications that is currently being shown nationwide. It touts interest rates as low as 1% and offers homeowners help with loan modifications. The extremely fine print at the end of the commercial states the truth but it is only on the screen for a brief moment before disappearing. The truth is that the commercial is for a 3rd party referral service that takes an upfront fee and then provides you information on loan modification companies and attorneys in your area. It's just a big costly scam.While there are many reputable attorneys and services that offer help with loan modifications, as a homeowner, you need not pay extra money just to get a referral to one of them. if you are in need of a preforeclosure specialist or help with a loan modification, be very careful and make sure the person you are dealing with is one of those reputable service providers.Just more food for thought.By the way, if you or someone you know is at risk of losing a home to foreclosure, please know that there are new options available to avoid this devastating occurrence. And know that there is someone here you can trust to help. As a Certified Pre-Foreclosure Specialist, I understand the ins and outs of Short Sales and Loan Modifications. I am also a Wachovia and World Bank trained Pre-Foreclosure expert and well educated in the Government’s new H.A.F.A. and H.A.M.P. programs for helping homeowners facing foreclosure.Click on the link below to find out more about Preforeclosure alternatives:""Click on the link below to search all homes available in the MLS: on the link below to read what other clients have said about my service:
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Wells Fargo, ARRGH

In spite of the PR, WF still drags feet. A negotiator on the first was assigned 12/16, was still "reviewing the file" 1/27. A negotiator for the 2nd, also held by WF was still not assigned yet.As of yesterday, the buyer walked. Now a family goes to foreclosure, Wells Fargo loses money, a buyer is now discouraged.I can't wait until the new Treasury rules take effect in April, I hope they will lead to an improvement.
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Hi, I have just heard that if we have to short sell our home that B of A requires that you have your house on the market for 90 days prior to listing your home as a 'Short Sale'. Can anyone help explain this to me, it does not make any sense. I called B of A and a rep confirmed this tid bit but I still do not understand it.I am not an agent, I am a home owner who has been researching short sales. I have been having a difficult time finding someone (broker/agent) in my area who deals with short sales with B of A in our area.
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No Skin In the Game..... No Steal of a Deal for the BuyerEvery listing agent has to manage a listing...short or traditional the way they see fit...within the laws of the state they live in....and keeping in mind that the foreclosure clock continues to run during the term of the listing on short sales.

We require, with short sales, that earnest money is deposited and an inspection done with time running from acceptance of the seller(s)....not the lender. For us, it works...more works for the seller. Buyers don't run down the street, around the block, to the other side of town when they have some "skin in the game." Just like no money down mortgages in the end (and really since the beginning) were not a good idea....we don't feel it is a good idea for buyers not to have stake in the transaction. The other day, an agent was going to write an offer on one of our short sales...and she confessed that she had never written a short sale offer. I explained to her the way we work with our short sales and why....and that if we got offers that had the buyer using the lender's approval to mark their timeline, it would be countered.We got the offer...sure earnest inspection until the lender approval not the sellers'.....true to our word...the counter was sent to the selling agent with exactly what we had told her ...earnest money and inspection now. We are confident based on experience and experience with this particular lender, the transaction will close...and everyone will live happily ever after. The buyer LOVES the house....if we were playing by the "procuring cause rules" he would have been our buyer as he came into an open house, saw a lender we recommended..then his agent was her ex-brother in in the interest of keeping peace....we told her to go ahead and write it...she thanked us a zillion times.rule bookNo counter offer returned to to the agent...."I would never allow any buyer to put down earnest money and do an inspections for a transaction that may not close." All right then....Ms Never Wrote a Short Sale Offer....we know your buyer still wants the house...he told the lender....the lender told us....and you...don't get to decide...Other buyers are interested...there will be another offer...the point is...know what you don't know...and if the buyer wants the house, you don't get to make the rules.
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This is just a follow up to my recent blog from a day or so ago.I had mentioned in my previous blog the Temecula BPO where the occupant did not have keys to the four children's bedrooms upstairs. I contacted the agent and she rescheduled an appointment for me again this morning at 9:00 a.m. All I needed were the 4 pictures since I had already taken all the other necessary pics previously.Well, i arrived right on time. knocked on the door, rang the door bell and no on answered. i called the Short Sale agent and luckily she answered. I explained the issue and she said she would call the seller. She called me back and a few moments later, the occupant opened the door. The house was full of people which made me wonder why noone answered when I knocked. The doors were still loacked axcept one. I was able to use a tiny flathead eyeglass screwdriver to open the lock on a second door (I brought one just for this reason). But the other two were standard key locks and, again, I was unable to take all the needed pics. I'm submitting the BPO with pics of the locked doorknobs and a notation to the Short Sale Negotiator.In closing let me impress upon you Short Sale agents once more that it is imperative that you meet the BPO agent at the property to assure the BPO is completed properly. Not only to provide your own comps and to point out any deferred maintenance issues or problems that would affect value on the report, but also to provide access for the BPO agent. Plus it is always good to be present with the homeowner to show you are doing your job.Just more food for thought.By the way, if you or someone you know is at risk of losing a home to foreclosure, please know that there are new options available to avoid this devastating occurance. And know that there is someone here you can trust to help. As a Certified Pre-Foreclosure Specialist, I understand the ins and outs of Short Sales and Loan Modifications. I am also a Wachovia and World Bank trained Pre-Foreclosure expert and well educated in the Government’s new H.A.F.A. and H.A.M.P. programs for helping homeowners facing foreclosure.
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Change wording

The lender came back with "may waive deficiency rights" would not change to "will waive all deficiency rights" so the result was my seller would not accept the "approved Short Sale". Listed the house for 15 months worked the short sale for the last 5 of them, 30 plus hours on the phone mostly on hold.Just to say-Yes I do short sales, they all do not work out as planed.
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Don't beat me up because I'm dumb

I'm new to this forum, but not to real estate. I've had an interesting 18 year career and have learned a whole pile of great stuff along the way. I've attended tons of seminars, webinars, real estate related classes at local colleges and universities. But, given the nature of our business, we all have to be ready to evolve, learn and change at all times. Of course, I THINK I know a thing or two about handling the details of a short sale but maybe someone else has had more opportunites to learn other, or more things about this particular subject. That IS the purpose of this and other similar websites(RIGHT??). To learn, to teach, to share. We must be comfortable enough with the format to express openly our questions and concerns without fear of being belittled or shamed by our lack of knowledge. I have read many blog posts on other real estate member-type sites that belittle and shame real estate agents for their lack of knowledge of a subject, implying that the writer of the post has been inconvenienced by the other agent in the natural course of business because the "dumb" agent doesn't have the same level of knowledge as the blog writer. It seems the writer is insinuating that if you're not as up to speed as the writer, you should not venture into that area of business - you should leave it to the agents who know what they're doing. (how does one learn in that environment?) So I hope if I ask a question on this site, or in real life in the natural course of a business transaction that I won't find myself to be the subject of a belittling and shaming blog post here or on any other real estate agent site.
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Second lienholder in this short sale situation is Wachovia requiring seller to sign deficiency note as a condition to release the lien on the property.Seller now states that she won't sign the deficiency and go to foreclosure and then file for bankruptcy.I have asked seller several times to seek legal advice throughout the process and she states that she has "spoken to someone about the deficiency note and was definitely advised against it. He told me that if the house does go into foreclosure because the lenders will not accept the short sale terms, then he advised me to file for bankruptcy"Besides the fact, that I don't know how qualified a person she spoke to, this doesn't make much sense to me especially the part of the "lender not accepting the short sale terms" as it seems to be the borrower who is not accepting them.What else can I say or do so she will proceed? Even after foreclosure couldn't the second lienholder still file for deficiency judgment? The mortgage document states that nothing shall impair lender's right to a deficiency judgment in the event of foreclosure against the borrower.Needless to say, there's been a lot of work and patience involved in getting to this point. Any comments and suggestions are appreciated. Thank you!
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Buyers & Buyer/Broker Agreements!

Well, I lost buyers today and I figured I'd vent here to all of you.There's been times when I've stopped working with a buyer before. Sometimes I fire them and sometimes I refer them to someone else, depending upon certain factors. But today, I just lost em.We've been working together for about 5 months and I've shown them quite a few homes in several areas. I've held their hand, helped them secure financing, explained the options and used my expertise to educate them in today's market. We've made 2 other offers and have been beaten out by the multiple-offer-auction atmosphere of the current repo market.I showed the husband a property on Thursday while his wife was out of town and he wanted to get his wife to see it. He really liked it and so we set up a time to go see it after church on Sunday, since his wife was due to be back Saturday, mid-day. Sunday came and I didn't see them at church nor did they return my call. After 2 more voice mail messages over the past 3 days, the husband finally called me back. He was a little hesitant and sounded very apprehensive on the phone. I thought maybe they had a death in the family. But then he said it, "uh...sorry to tell you, but...we already made an offer on that house with another Realtor".Inside my head I was yelling, "WHAT?" and going thru my mind was the vision of me shaking him and smacking him, saying, "What were you thinking?". But all that came out of my mouth was a calm, "Really? Hmmm."To make a long story short, they are acquaintances from church. Because I viewed them more like friends and not clients, I didn't have them sign a buyer/broker agreement and went off of faith and trust. I do that quite often with buyers whom I look at as friends more than clients. The wife got back into town a little earlier Saturday than expected and so the husband decided to drive her by the house he saw. The listing agent was having an Open House and they actually went in and saw the home. Then, the listing agent talked them in to making the offer right then and there with promises of saving them money and guaranteeing them they would get the house if they went with him. The buyer really couldn't explain exactly what the agent said or exactly how the agent was going to be able to accomplish this, but they wrote the offer up, submitted it and got accepted this afternoon, right before he called me.No, I didn't ask how he thought the bank's Realtor would get them a "better deal". I didn't ask why he thought the bank's Realtor would work for a one time buyer just as hard as he works for the bank that gives him 50 to 75 deals a year or more. I didn't ask what price he offered although I expect it's quite a bit more than I would have suggested for that home. I also didn't ask him how he was going to face me every Sunday and Wednesday at church from now on. I just said, "thanks for the call and I hope things work out for you and your family!". What I DID do was immediately go off my diet and buy a Venti Rasberry Mocha, drowning my sorrows in sugar and caffeine and asking myself why I didn't have them sign a buyer/broker agreement.It will be interesting to see how this deal of theirs all pans out. Perhaps in the future, I'll start having even my friends and family sign buyer/broker agreements. Or probably not and I'll be blogging about this issue again in the future the next time it happens.By the way, if you or someone you know is at risk of losing a home to foreclosure, please know that there are new options available to avoid this devastating occurrence. And know that there is someone here you can trust to help. As a Certified Pre-Foreclosure Specialist, I understand the ins and outs of Short Sales and Loan Modifications. I am also a Wachovia and World Bank trained Pre-Foreclosure expert and well educated in the Government’s new H.A.F.A. and H.A.M.P. programs for helping homeowners facing foreclosure.Click on the link below to find out more about Preforeclosure alternatives: on the link below to search all homes available in the MLS:: on the link below to read what other clients have said about my service:
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Many Homeowners Facing Foreclosure as Loan Servicing Guidelines change and this could mean increase in business for those agent that specialize in Short Sales!Take a Look as many homeowners under the Presidents foreclosure -prevention program may be at risk of foreclosure due to the tightening up of guidelines forcing loan Servicers to make sure all paperwork have been turned in the their files. For those that are missing paperwork they wil get a 30 day notice to complety and failure to comply can put them at risk of foreclosure..According to a Treasury Department guideline issued last month, mortgage companies have until January 31 to review all trial modifications that have been modified due to the Home Affordable Program. New guidelines will be issued next week in attempt to get some control over the loan Modification program and the complaints that paperwork is not being handled properly and the broken link of getting the modifications completed on the files for the homeowners.This could be a great opportunity for thiose agents that specialize in Short Sales to gain new business as those homeowners that are not able to provide the necessary documentation are prime candidates for Short sale of their home in lue of Foreclosure.Lookng for Comment........
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When listing a Short Sale one of the most important things during the process is the BPO (Broker Price Opinion). For those of you not familiar with these it is somewhat of a mini appraisal done by a Realtor to help advise the bank of the market value during a loan modification or short sale. It is important for the listing agent to meet the BPO agent to assist in providing detailed info about the property and it's value. You never know what the experience level of the BPO agent is. They might not even be the actual BPO agent and merely a licensed assistant. I do tons of BPOs for both loan modifications and other agent's Short Sales. What amazes me is how many times the listing agent doesn't show up when I have an interior BPO.Today, after driving all the way down to Temecula from Riverside, I found that the home was in a gated community. I tried calling the agent to no avail. I searched the MLS from my phone trying to find gate codes. There were none and the property I was headed to wasn't listed. I finally was able to follow someone else in and I was met by the homeowner. The homeowner didn't speak English. I don't speak Spanish. When she answered the door, she looked puzzeled at who I was and why I was there. The best I could do was wave my camera in the air to show her I wanted to take pictures. She reluctantly let me in but I'm not sure if she even knew why. The next issue was that 4 of her 6 bedroom doors were locked and I couldn't get in to take pics. Apparently the rooms belonged to her kids and they locked them before going to school. She didn't have keys.Well, I took pics of what I could and left, leaving another message for the agent to reschedule me driving all the way back down to Temecula AGAIN! I let the asset manager know I needed an extension and why. he thought it was funny.Foreclosures are a bad thing for homeowners. No one wants to be foreclosed on. Realizing this, the Government (along with cooperation from the banks) is making it far easier and appealing for homeowners to conduct Short Sales to save themselves and their credit from the terrible stigma and long term affects of the dreaded foreclosure. Short Sales are a great avenue to help homewoners and the banks are getting better at getting them pushed thru. But without agents out there that are willing to do their job and do it well, the homeowner is left...well, pretty much just left!So, agents...PLEASE! Help me help you! And homeowners, make sure you have copies of your kid's bedroom keys.By the way, if you or someone you know is at risk of losing a home to foreclosure, please know that there are new options available to avoid this devastating occurance. And know that there is someone here you can trust to help. As a Certified Pre-Foreclosure Specialist, I understand the ins and outs of Short Sales and Loan Modifications. I am also a Wachovia and World Bank trained Pre-Foreclosure expert and well educated in the Government’s new H.A.F.A. and H.A.M.P. programs for helping homeowners facing foreclosure.Click on the link below to find out more about Preforeclosure alternatives: on the link below to search the MLS:
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Weekend Update

Hello fellow Superstars,

OK..... so what's been going on at this week? How about....71 new members! Welcome to all. Please be sure to take a minute and place your information and location on the "Referral Map" You want to make sure people can find you if they are looking for a Short Sale Agent in their area.

Last week we had 2,768 UNIQUE visitors with 58% of them coming from the search engines. is being found by sellers, buyers and professionals throughout the country.

With this in mind, make sure your profile page is as complete as possible. Check out my page and Wendy's page for good examples.

Are you following the conversations?

  • The Equator system is the hot topic this week. Frustrations are mounting.

In the next few days we will be breaking the 1,000 members mark. This site is growing fast and Wendy and I need help. We are looking for a web site designer, a marketer and anybody else that may have some good ideas to help us grow. If you want to help....let us know.

And.....we are ready to start getting some National press. Please be sure to mention to everyone you speak with. Let's get a buzz going. After all WE (all of us) are the ones that are making a difference in this market and the public needs to know that. They need to see what we have going on over here. So shout it out loud!

Finally, we do offer Short Sale Agent Training for those that need it. At $97 for almost 9 hours of training it's a steal. Check it out. We'd love to have you.

Until next time......LEARN, KNOW AND GROW.

Together we CAN make a difference.

Wendy and Bryant

P.S. We'd love to hear from you if you have any suggestions to make this site better. It's your site. What can we do to improve?

Available Short Sale Agent Training:


Wendy Rulnick and Bryant Tutas

Copyright © 2010 REGrow, LLC | All Rights Reserved

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Aurora Loan Services.

I have a short sale with Aurora Loans and should be under contract any day. Can anyone give me some helpful advise along with any contacts they may have with this company. thanks in advance, ToddTODD E. SABATINI REALTOR®CENTURY 21 SMITH & ASSOCIATES, INC.13510 HUTCHISON BLVD.PANAMA CITY, FLORIDA 32407CELL 850-819-4073WORK 850-230-2350FAX 850-230-8466TOLL FREE
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Are you an Eglin AFB or Hurlburt Field airman PCSing soon? If you own a home, have to sell, and owe more than your property is worth, there may be help available so you can avoid a foreclosure or even a short sale. The U.S. military Homeowner Assistance Program (HAP) may help you by covering most of the loss to your mortgage holder.These are the basic qualifications for HAP:1. You must be PCSing more than 50 miles2. You purchased your home or entered into a contract to buy it before July 1, 20063. It was your primary residence (not a rental)4. Your orders were between February 1, 2006 and September 30, 2012.5. Your home must have declined at least 10% in value. (That should not be in problem in the Eglin AFB and Hurlburt Field market).HAP may cover 90% of your loss from your original purchase price, with you bringing the difference to closing when you sell your homel If you apply for HAP and are moving from Eglin AFB, Hurlburt Field, Duke Field or Whiting Field, here is part of an email you may receive from the HAP Savannah District:" We cannot estimate or pay benefits until you have provided all requested information, are determined eligible, and have sold your home or have it under contract. You are encouraged to send in the information we request since we cannot determine your eligibility without it.The government acquisition option for... applicants involves the government purchasing your home and selling it immediately to your buyer in a subsequent transaction. This option is for those who cannot afford to close without it. You are advised to make every effort to sell your property at the highest reasonable price under current real estate market conditions. Please note we will require a fully signed HUD-1 Settlement Statement from when you bought your home. Please send this document for inclusion in your file.If you listed major improvements in your application, you must provide receipts for these items if you would like them to be considered. Current guidance is that the Prior Fair Market Value is the purchase price, but it is anticipated that there may be an adjustment for improvements in the final guidance. Improvements and receipts must be in accordance with the guidelines established in IRS publications 552 & 527 ("The great news about this HAP guideline, is that your monetary assistance may be based on your cost plus improvements, not just your initial purchase price. This means, HAP may cover more of the loss to your mortgage holders - so YOU will have to bring less funds to closing to cover the difference.If you plan on selling your home for a PCS from Eglin or Hurlburt in Navarre, Destin, Fort Walton Beach, Niceville, Crestview or Mary Esther, Florida, contact a real estate agent who specializes in the HAP program. Don't let your home go to foreclosure!It's Wendy!Wendy Rulnick, Broker, CRP, CRS, GRI, ABR Rulnick Realty, Inc.Destin FL Real EstateDestin Short Sales & Pre Foreclosure Help.Read Wendy's Destin Real Estate BlogCall toll-free 1-877-ITS-WNDY (1-877-487-9639) or local 850-650-7883 ext 204Email Wendy: itswendy@rulnickrealty.comWendy 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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Richard & Janet OBrian First Post

Short Sale are the new REO and we were positioning our business in 2007 for this market. We have hade our ups-n-downs with the banks as they were hit with the mortgage meltdown, it seemed they only foreclosed. Out business is mainly helping folks sell short.In the past few months we have seen most of the banks working to streamline the process with some still getting up to speed.Our office Keller Williams Realty AV is in the Antelope Valley near where the space shuttle lands when in California. We were hit hard in 2007 and have started to recover in 2008. 2009 was the turning point as sales hit over 9,000. We saw a shift in the market as well when the banks regrouped and started to manage the Bank Own homes and slowed down the release of their inventory and started moving into the short sale world.Successes happen all the time, case in point a seller found us on the internet 15 days before the trust deed sale. We took the listing have an offer into the bank in 3 days and got approval in 1 (ONE) day closed in 30days... Okay this doesn’t happen all the time but we are seeing it more and more...

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Loan Modification Program failed miserable in FloridaFlorida Homeowners hold on to their property with a needle and a thread, hoping for a loan modification under The Making Homes Affordable program. According to the Florida Realtor’s website, only 8,405 in Florida get mortgage modification. This is simply pathetic!Here are some basic rules to qualify:• The property must be owner occupied with the owner still living in the home• The borrower must have sufficient income to support the new mortgage debt• The first mortgage may not exceed 105% of the current market value of the property. For example if the property is worth $200,000, the borrower must owe $210,000 or less.• The borrower/homeowner monthly housing expenses (PITIA), defined as principal, interest, taxes, insurance and association dues must be more than 31% of gross monthly income.These are the reason, in my opinion, why this loan modification program was doomed from the beginning:• Property values in Florida declined at a staggering rate of 30%, 60% and even 80% in some areas, since the housing boom of 2005. Making it impossible to qualify based on current market values.• High unemployment rates in Florida• Homeowner must have income to qualify for this program.• BureaucracyShort Sales do close in Florida and if you are looking for more information about Short Sales, I invite you to visit a forum for homeowners and real estate agents that deal with short sales on a daily basis and where I am a member.
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