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Looking for verbiage/clause/paragraph that someone has used for a client in asking the banks for a deficiency judgement release. If you have something you have used, please share. Thank you

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Bank of America announced last week that it will not proceed with foreclosures in all 50 states while it reviews its procedures for foreclosures.

The question, is what effect does Bank of America's Foreclosure Moratorium have on the Riverside County real estate market and those who are facing foreclosure or considering selling their homes?

Bank of America has issued an updated statement regarding the actions we are taking as we assess our foreclosure process.

Key messages:

Bank of America has extended our review of foreclosure documents to all fifty states.

Effective Sat., Oct. 9, we will stop all foreclosure sales until our assessment has been satisfactorily completed.

Our ongoing assessment shows the basis for our past foreclosure decisions are accurate.

Providing solutions for distressed homeowners remains our primary focus, and we continue to serve the interests of our customers, investors and the communities.

Questions and Answers:

Does this mean that Bank of America has announced a moratorium on all foreclosures?

No, this is not moratorium. We will continue the foreclosure process on delinquent borrowers, but will not proceed to judgment or with a foreclosure sale at this time.

What is a foreclosure sale?

After a severely delinquent customer goes through the foreclosure proceedings, their home becomes property of the investor or bank. At that time, the home is sold at public auction. It is only after that time that a customer may be evicted from their home.

How long will Bank of America stop foreclosure sales?

We will stop all foreclosure sales until our assessment has been completed. After that time, foreclosure sales will be rescheduled. It is estimated that we will begin the process of rescheduling foreclosure sales on Nov. 1 or earlier.

What does this mean for customers currently in the foreclosure process?

We will continue the foreclosure process on delinquent borrowers, but will not proceed to judgment or with a foreclosure sale at this time. Foreclosure sales scheduled for Sat., Oct. 9 or later will be stopped and rescheduled, as appropriate, at a later date.

What should customers do as a result of the announcement?

Customers do not need to take any specific action as a result of the announcement. Foreclosure attorneys have been informed of the postponement of all foreclosure sales as of Oct. 9. We will continue to follow our existing process of informing customers who are in the foreclosure process of the status of their loan. Should a customer have any questions, they can contact customer service at 1.800.669.6607.

Why is the bank taking this action?

Due to questions raised about the foreclosure affidavit signing process, we are taking these steps as a precaution as we review our process for handling foreclosure documents. Our ongoing assessment shows the basis for foreclosure decisions are accurate.

Does this mean Bank of America has been wrongfully foreclosing on customers?

No. Our ongoing assessment shows the basis for foreclosure decisions are accurate.

What does this mean for Bank of America’s previous announcement about delaying foreclosures in 23 states where courts have jurisdiction over foreclosures?

We have now extended our review of foreclosure documents to all fifty states.

What is a foreclosure affidavit?

A foreclosure affidavit is a legal document filed with the Court that provides a summary of information about the foreclosure, the property and the amount that is owed on the note. In 23 states where the courts have jurisdiction over foreclosures, an affidavit of indebtedness must be submitted before proceeding with the foreclosure.

In which of the states do the courts have jurisdiction over foreclosures?

There are 23 states: Connecticut, Delaware, Florida, Hawaii, Illinois, Indiana, Iowa, Kansas, Kentucky, Louisiana, Maine, Nebraska, New Jersey, New Mexico, New York, North Dakota, Ohio, Oklahoma, Pennsylvania, South Carolina, South Dakota, Vermont and Wisconsin.

Will listing be pulled from the REO brokers based on the announcement today?

The announcement does not impact the selling of homes that have previously gone through the foreclosure process and are currently being marketed by Bank of America as an REO property, or are currently under contract with a buyer. We are proceeding as we normally would with marketing and closing those properties. Only properties currently in a foreclosure or eviction status are affected by the announcement.

What does this mean for borrowers currently in the foreclosure process and who have been assigned a foreclosure sale date of Sat., Oct. 9 or later?

These foreclosure sales will be stopped. Foreclosure attorneys have been informed of this stoppage and a new foreclosure sale date will be scheduled after the completion of our assessment. It is estimated that we will begin the process of rescheduling foreclosure sales on Nov. 1 or earlier.

What does this mean for borrowers who previously went through foreclosure and had their property sold in a foreclosure sale before Sat., Oct. 9?

The foreclosure sale will stand and the process will continue as scheduled.

Will borrowers who have gone through a foreclosure sale – and are still in their home – be evicted?

Impacts to post foreclosure sale activities will be determined based on property ownership.

• If Bank of America takes ownership of the property after foreclosure sale (REO), Bank of America will not evict the occupants.

• If the loan is property of a third-party investor, Fannie Mae or Freddie Mac, they will take ownership of the property through their own REO process and will make a determination whether or not to evict occupants.

If a borrower has gone through foreclosure sale and their loan/property is now owned by a third-party investor or Fannie Mae or Freddie Mac, how can they determine if they will be evicted?

Eviction proceedings on properties owned by third-party investors, Fannie Mae or Freddie Mac are governed by those parties. Borrowers or their foreclosure attorneys will be informed of those decisions.

Cecilia Rodriguez “ Pre foreclosure Short sale Specialist


Lic # 01505884

Prudential California Realty

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Economist tells Silicon Valley Realtors the worst is over (edit/delete)

Lawrence Yun, the National Association of Realtors chief economist and senior vice president of research addressed a speach at last week's annual membership meeting of the Silicon Valley Association of Realtors, he believes "the worst in [home] sales is clearly over."

He said the "Californis'a real estate market recovered even before the home buyers tax credit." and he added that "The tax credits boosted sales even more. It will take time, but the market is slowly recovering. Prices are back in line with historical norms, and the only things holding back a full recovery are the job situation and psychological outlook."

He said:"We need job creation. If business spending increases, the economy would be more robust," Yun said.

Yun also worries about housing starts. If building does not keep pace with a growing population, Yun predicts a serious housing shortage. He said in the Bay Area alone, 30,000 housing units need to be produced--a far cry from last year's 3,000 units.

Yun's message: Those with strong credit who can buy, should buy, while mortgage interest rates are still at a 50-year low. Things could change very quickly, especially if inflation creeps in.

"I don't expect rates to remain low. They may increase next year," he said. "If you're willing to stay well within a budget and are comfortable with it, at a 4.4 mortgage interest rate you're protected under inflation."

Distressed sales, unfortunately, will remain a fixture in the market for at least two more years, according to Yun. He said the banks' axiom is, "All bad lending occurs in good times." Many of the distressed sales are a result of loans made during the housing boom. He hopes with the foreclosure moratorium banks will understand negotiating short sales would be a better option than foreclosures.

I have to agree with his point of "the worst is over". I saw last year a Newer (15 years old) Mountain View single family home was sold $700,000. This year the same complex and similar homes are sold for $840K to 800K and the newest listing is asking $828K. If the short sales and foreclosures homes are over 50% on the market homes for sale then it will take much longer for the market to recover such as south and east San Jose. Yes! I do like to see new jobs to fuel the local economics.

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Santa Clara Short SalesShort Sale Santa Clara County News: Short Sale Success needs SKILLS, LUCK which will goes beyond just a commission check. We realtors, have the opportunity to help real people with real problems.

The short sale could be a win-win situation for the seller, buyer and seller's lender. When the seller . cannot afford to pay the mortgage, the short sale gives the seller one way out. The buyer can buy it at the short sale home price and the seller's lender can avoid the long process and high cost to maintain the empty property.

I help one Santa Clara seller closed his short sale home about 3 months ago. When we met the Starbucks Coffee house, he did not know what options he would have and none of the other Realtors told him either. He thought he would just walk away house and let it be. When I explained to him all the options he had. He chose the short sale. We found a buyer quickly, the challenge here is the 1st and 2nd mortgages are not at the same lender. The 1st lender only wanted to give a fraction of the 2nd loan. Finally, the 1st and 2nd both lend holders agreed the payoff amount. It is difficult for the investors to accept even the highest and best offer we received today is still much lower then the orginal loans. I have communicated the whole process with the buyer's agent so they were involved our our short sale's up and down. The loan agent helped buyers to repair their credits and shopping around for the best interest rate. We are able to close the transaction before the foreclose process and the bank wrote off the deficiency. This Santa Clara seller is very happy the out come from this short sale.

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5 Reasons Foreclosure Prevention Is Like Halloween

1. Tricks

I don’t know if kids do this anymore, but I remember part of the fun, the anticipation, of Halloween was coming up with a “Trick” to offer in exchange for candy – a joke, rhyme, hand stand, armpit noise or, if you were desperate, a song. Foreclosure prevention is like that, except sometimes the trick is on the homeowner. You go to the lender’s door, ring the bell, ask for short sale approval and the bank requests a trick. You do the trick, even though it’s ridiculous (e.g., provide the birth certificate of your childhood pet), stick out your palm for your treat…and…and…what the?!...the lender requires another trick. Six months worth of tricks and you might get a treat.

2. Treats

Possibly the best part of Halloween – the treats! For a kid, heaven is having to use two hands to lug home a pillowcase weighed down with candy. Sorry, there is no candy in short sales. But there are treats. For a homeowner, the treat is to “hit the reset button”, to be released from an oppressive situation & constant lender harassment, without the stigma of foreclosure. For lenders, the treat is being spared the cost to preserve vacant property and the legal cost involved in foreclosure.

3. Costumed Characters

Every year, the National Retail Federation publishes a list of the most popular costumes (Michael Jackson in 2009; Spiderman in 2004), but some costumes are classic: Zombie, Super Hero, Vampire, Witch. I have yet to encounter Spiderman in any short sale transaction, but I’m convinced that a prerequisite for hire as a bank’s short sale negotiator is Zombiehood. Bank Negotiators and Zombies. Not. Human. Not human! Both have that risen-from-the-dead, jerky, robotic shuffle. And they l-l-l-o-o-o-v-v-v-e feasting on human flesh. As a Realtor specializing in short sales, I have witnessed scenes of chaos and panic as whole neighborhoods are consumed by Hells Fargo’s (Goo-For-Brains) Zombies.

4. Terror

Halloween and Short Sales elicit more than just fright; they both give birth to Terror. Fright is like a sudden shock – painful, but not enough to leave a noticeable scar and it’s over quickly. Terror implies something more intense.’s definition of terror is “extreme fear in the presence of danger or evil”, and describes it as “prolonged…and may refer to imagined or future dangers”. For months, homeowners behind on their mortgage payments (1 of 5 Florida homeowners) dread opening the mail or answering the phone. They lose sleep at night, imagining the worst, nightmare images of the Bank of Evil tossing their belongings in the street as the neighbors look on. Halloween terror is also prolonged, but only until the movie is over.

5. Spooky Houses

For homeowners, the place that once represented the future, their piece of the America Dream, is now laced with cobwebs. Windows that formerly framed Norman Rockwell holiday scenes are now hidden behind tightly drawn curtains. Crabgrass replaces flower beds. Picket fences, once proudly painted white, fade to gray in the moonlight.

Disclaimer: My husband, the historian, read this and explained that “trick or treat” actually referred to a bribe, as in, “Hand over the sweets and I won’t egg your house.” Whatevs, Honey.
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Short Sale Santa Clara County: Short Sale Success goes beyond commission!! Mike Sher (348)644-4700 California Certified Distress Property Expert

Short Sale Success goes beyond the commission check. We as realtors, have the chance to help real people with real problems. Below is a letter that Ijust got from a client that I helped in a Short Sale. Until she met me she hadnever even heard of a Short Sale. Other Realtors were telling her that theycould not help her and she should just walk away from the home. We were able toclose before she was foreclosed on and the bank wrote off the deficiency. Feelfree to pass this letter to clients who doubt our ability to helpthem

Mike Sher

June 12, 2010

Earlier this year, I found myself in a dire financial situation from which it seemed there was no hope. I had missed a mortgage payment and otherbills were piling up. I knew that if I were to catch up, within a few months, Iwould be facing a higher payment as my rate adjusted up. At that point, Irealized that in order to make my mortgage payment, I would barely afford to payfor the gas and electricity, much less the gas to get to work!

I tried contacting my mortgage company multiple times to let them know that I was soon facing my second month without enough money to pay my mortgage,but after faxing over all my financial documents, communication came to astandstill.

I even contacted a lawyer to file bankruptcy. Thankfully, he recognized that the crux of my financial burden was my mortgage and he referred me to MikeSher.

When I met with Mike for the first time, I was distraught and overwhelmed. He listened to me with compassion. What I appreciate from thatfirst visit was the calm but thorough way he explained my options. He was veryinformative about the short sale process. I never felt pressured to make adecision on the spot or at any time throughout the selling process.

Although I agreed to sell my house, I admit, I was skeptical it would be sold. Mike answered all of my questions and allayed my fears with greatpatience.

He was very aggressive in marketing my house both in the traditional ways and on just about every internet site available. Each viewing and agents'comments were listed on a website where I could log in and getfeedback.

Once we got an offer, Mike continued the hard work in communicating with the buyer's agent and my mortgage company. Many times, the process seemedconfusing and long, but Mike explained everything in an understandable way. Inever felt out of touch with what was happening. I felt secure that Mike wasbeing my advocate.

Selling a house is no easy task in any economy. I truly appreciate Mik's knowledge and hard work in helping me get back on my feet financially andgetting my house sold.

Thank you!


Maria G.

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Bank of America has approved the short sale for 27 9th Street, Shalimar Florida townhome in Country Villas. The original mortgage was for $104,000. The sale price will be about $60,000.

The really good news for these Shalimar short sale sellers? No deficiency!

Bank of America short sale approval

If you are considering a short sale to avoid foreclosure, contact and experienced Shalimar short sale agent.

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:

Shalimar Florida Short Sales & Pre Foreclosure Help.

Read Wendy's Shalimar Real Estate Blog

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San Francisco October 22, 23 and 24th. Looking for a Short Sale Realtor to share ideas

I am an agent from the Metropolitan Detroit Area. We have closed over 60 short sale in the past 30 months.We have sold 52 house year to date. I will be in San FranciscoOctober 22, 23 and 24th. Looking for a Short Sale Realtor with asimilar book of business to share ideas with out the fear of futurecompetition. Please email me at if you can meet.We will be staying at the marriott marquis San Francisco.

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Short Sale Birmingham / Bloomfield Eagle article by Mike Sher, Max Broock Realtors, Certified Distress Property Expert

Mike Sher team has closed over 50 short sales in the past 24 months. We are fighting foreclosure one closing a time. Saving 100's of people from foreclosures! We would be glad to help you. First you must learn what a short sale is. Please read my article below and check out to learn more. Contact to at 248 644-4700 x242 or at

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The Note Marketplace

Curious how to use Notes as a tactic to workout the short sale you are currently working on? Many lenders will prefer to sell them their note on the home that you as listing agent have inherited and are trying diligently to get approved so you can make a commission from closing your workout transaction. The Problem is you have heard about Notes but never really worked through the note settlement process. The process, the paperwork, the settlement, the agreements. How would you like to work with a community that can provide you with the support and guidance you need? Well Welcome to the Note Marketplace Blog.

Notes can be an effective way to list properties and expand your listing market share in many markets where many good listing expire or go to sheriff sale due to another listing agent not knowing what you will learn from being a steady member of this Blog. This Blog will focus on putting good strategies and insights in the hands of it's reader to do more and share info in a collaborative manner to generate more transactions for all of real estate interest and to provide cutting edge, legal, and ethical techniques to our clients. This Blog will pull national expertise to your lap top and make you the local Market expert and we can work together as a community through this blog to provide opportunities, guidance, solutions, and solid resources that will help support your current real estate market needs working with seller's and buyers and differentiate your business from your competitors. Craig Barry is the National Note Buyer solution provider and market maker moderate of this Blog- Welcome and let's get ready to make 2011 our best year ever in the Loan Disposition and Workout space.
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I am selling my house that the mortgage is through Citimortgage and it is a VA loan (JEMC?).

I bought the house almost exactly 2 yeas ago for 285k and the only offers I have received are for $145k and $150k.

My concern is that the deficency will not be forgiven by the VA and due to my salary reduction I could not afford to pay back the deficent amount.

My realtor is not familiar with the VA process only telling me that all of the short sales they have done the deficent amount has been forgiven.

I am going between calling the bank and letting them foreclose on the house instead of going through all of the sale process only to have to file bankruptcy on the defeicnt amount at a later date.

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Most of us are familiar with how good it is to work with Wachovia and Wells Fargo. In fact my history with them has been my Short Sales can close within 30 days if the package is in "Fast Track". Last month I have found that they are taking a new and disturbing direction of pushing all short sale packages through HAFA, even when they know that the Borrower/Seller will not qualify. Several other Agents in my area are having the same problem.
I have 2 short sales stalled and all communication has stopped. How many of you are seeing the same trend??? And how can I get around this?
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If any of you are working Nat City or PNC short sales please contact me. May have a better solution than a Short Sale and if you are working short sales you know what I mean. We are developing a list of banks interested in selling notes at better discounts and in better turn around times. If this sounds like an anser to prayer contact me. If you have multiple deals with these lenders that are stuck- Then you should REALLY contact me. Best Craig
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Foreclosures and short sales have changed the way we look at we real estate. Instead of looking for the ideal home to raise a family in Buyers now just want a deal. It's all about the price and getting the best house for the least amount of money.

But what I see as a Florida Real Estate Broker is broken dreams and lives. Families uprooted and torn apart. The frustration and stress of losing one's home mounts and anger takes over. These pictures will give you an idea of what's left. I find the pictures to be very sad. Forget about the property for a few minutes and imagine the families that once lived in them. Can you see them?

Are you facing foreclosure in Florida?

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

Want to find out more?

***I am NOT an Attorney nor do I play one on TV. Click the button below for my Bio.

The BIO for Bryant Tutas

Copyright © 2010 | All Rights Reserved

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Hi Superstars.

I have a seller who signed an "option" contract with an investor. It does not appear to me to be a real offer to purchase, but rather an offer to market for an end buyer with the option to purchase at a lower price. So I am reluctant to ask my title comany to do a preliminary HUD-1 for something I don't quite understand.

Most of the investors who contact me as a short sale specialist want to do something similar to this. Meantime, I've heard from some other agents that these type of Flips or Flops are illegal and I should avoid them like the plague.

Who has a good understanding of the process and legality of these type of deals? Anyone? Could you shed some light on the subject for me, please?


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DO Your Short Sale Emails Convey or Confuse?


Problem: The short sale lender, Chase, has called you and left a rambling voice mail. There are three items you are required to get from your seller, or they will "close the file”.

Your Task: Tell your short sale seller what updated or missing documents you need to accomplish the mission.

Your Options?


Dear Sally,

Chase left me an urgent voice mail that you need to get us updated documents in order for them to complete their review of your short sale. You already sent us a hardship letter, but it needs to be re-dated to be within 90 days of today per their company requirements. We also need two of your most recent bank statements – we have June and July 2009 from Valiant Savings, those are now too old to meet requirements. Also, you did provide us with your 2009 tax returns, but Chase is requesting your signature for purposes of authentication. We are sorry to inconvenience you, but your expeditious attention to this matter is greatly appreciated.


Dear Sally,

Chase requires the following items to complete your short sale review:

1. Re-date your hardship letter with the current date (copy attached)

2. Your last two months bank statements

3. Sign your 2009 tax returns (copy attached)

Please fax to me as soon as possible.

Which version will get the BETTER (quicker) response? Which email will get you the most ACCURATE response?

OK, remember you are a seller in the midst of a short sale. You are probably bleary-eyed by now with all the document requirements. In fact, you’ve never provided as much paperwork before in your life, even when you got the loan in the first place. You hate all this darn faxing, writing and signing, and you are pretty confused.

My advice when conveying complicated and endless bank demands? Keep it simple, itemize and get to your point. Result? Faster short sale approvals and happier sellers.

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

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Consider a SHORT SALE if:


  • Unemployed or significant
  • Reduction in income
  • No longer want the home
  • Loans greatly exceed the value of the home (most home owners owe 50% more than the current value of their home)
  • Have failed at loan modification

Consider a Loan Modification if:


  • Employed.
  • No major change in income.
  • Want to keep the home.
  • Only need the loan's interest rate or term altered.
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I just like to share with you this article about What the House bill is doing to force Banks to speed up the process of Short Sales. It's a great idea but are they able to pass this so that the process won't take so long for Homeowners and for Buyers. I sure do hope so. Someone has to do something..... http://House Bill Would Force Lenders to Decide on Short Sales in 45 Days

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