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This beautiful home on Shire Lane in Silver Oaks, Crestview Florida just sold. The home had impeccable upkeep. It was 2751 square feet, four bedrooms, two full baths and two car garage. The landscaping was outstanding. The sale price was $218,000.

This home sold as an Eglin Air Force Base HAP Private Sale. HAP is used to assist U.S. military service members relocating to new bases, called PCS (permanent change of station). In these cases, the service member's mortgage exceeds the market value due to home values declining. Under certain circumstances, HAP will cover the mortgage loss. With a HAP private sale, the government reimburses the military service member after closing for the loss, including closing costs up to 3% for conventional loans. The service member would bring funds to closing to cover the deficit between the contract net and the mortgage balance. HAP would reimburse based on 90% of the original sale price plus improvements.

With a HAP Augmented Sale (also called Government Aquisition), HAP will cover the loss at closing not to exceed the mortgage payoff. You can see that the HAP Private Sale will help the service member recoup more of their losses. HAP Private Sale is not an option for all service members, since the mortgage deficiency may be significant, and they would have to initially cover the loss with their own funds, while waiting for reimbursement.

For help with your Eglin Air Force Base or Hurlburt Field HAP sale, contact an experienced real estate agent specializing in HAP, VA compromise sales and short sales.

It's Wendy!

Wendy Rulnick, Broker, Rulnick Realty, Inc.

Call toll-free 1-877-487-9639 or local 850-650-7883 ext 204

Email Wendy:

Wendy is a short sale, pre-foreclosure and HAP 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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Who is B of A's MI Company???????

I have been working on this short sale with Wachovia, first lien holder, and Bank of America, second lien holder. As we all know Wachovia is the best to work with I had an approval in seven days. As for Bank of America I have nothing nice to say. I have had to get three extensions from Wachovia since Bank of America takes FOREVER. Here is my scenario, the 2nd lien is for only $20,000 and Wachovia agreed to give them $3,000 to release the lien which is about 15%. After no response from my assigned negotiator and he was not completing his tasks I had to request an escalation through customer service several times and it took him over a week to even respond to an escalation. Finally they assigned me a new negotiator and I thought I was getting somewhere with this one. I was countered from $3,000 to $5,000 to release the lien, I submitted it to Wachovia and after a week they agreed to the $5,000 I rushed over and let Bank of America know. At that point they would be receiving 25% which is extremely well. To my disbelief I was countered AGAIN to $10,000by the MI Company I could not believe this I was and still am in shock. The negotiator said there is no negotiating with the MI Company and if we could not comply to hit the reject button and the file would be closed out. Am I missing something here?!?!?!?! I have had liens of $150,000 released for $5,000 and they want 50% of a $20,000. Does anyone have any suggestions???? PLEASE let me know THANK YOU!!!

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Regions Mortgage speedily approved a Waterscape condo for short sale in Fort Walton Beach, Florida. This Okaloosa Island condo was decorated with luxury in mind. The kitchen had granite counters, undermount sink, stainless steel appliances. The bunk room was an added bonus. Waterscape has two pools, two hot tubs, waterfall and impressive work-out center.

This Waterscape unit had a Regions mortgage of about $450,000. The sale price was about $260,000.

How did Regions approve this short sale in just two weeks?

- Complete package submitted to lender
- Strong fair market value offer

If you are considering selling your Okaloosa Island condo to avoid foreclosure, contact an experienced Fort Walton Beach real estate agent who specializes in short sales.

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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ocwen made my life a living hell

hi i took out 150,000 mortgage from ocwen well i ran into some financial difficulty and missed a payment from that missed payment i went through absolute hell. they said they would help me witha modification and they gave me several offers and had me send in all kinds of papers then either said they never got them or they needed more and more things and then when i would send in everything they asked for they would tell me the offer was off the table .this happened about 5 times . then as i got more in debt and was facing a foreclosure i decided to try to sell my home . i got an offer had the inspection and called ocwen to tell them and 2 days after i told them i could pay them my house would be sold they sent me a letter saying i couldnt sell because they were foreclosing . my closing was scheduled for december 15 and they foreclosed on my house december total i owed them 193000 and they sold my house for 260000 .i called them and said thier was a surplus overage and they owed me some money i must have spoke to 10 people and they all said they couldnt help me . today i finally got in touch with a supposed supervisor whom i could barely understand who treated me like crap and said maybe we do owe u money what are you gonna do call the police or sue us. i feel this is very unprofessional and has been right from the start .ocwen is a ripoff and big time scammer and yes i will be suing them if i dont get the money thats owed to me . my advice if ocwen comes towards you run the othwer way
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Harris Bank Short Sale

I've done a lot of Short Sales, but I've never done one with Harris Bank. Has anyone completed a Short Sale with Harris Bank? Also, do they have any specific Short Sale Documents that need to be filled out? Any information would be appreciated.

Thank you,

Heidi Lachel
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My Wachovia Fast Track Short Sale listing, with accepted offer, was foreclosed on 8/10 despite written assurance from the asset manager that they would not foreclose. If this has happened to you since Wachovia changed the rules in the middle of the game, please contact me so that we can pursue Wachovia for lost commissions, etc. Henry Weiss...
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Why Don't Banks Act Rationally in a Short Sale?

Why do some short sales get approved, and others rejected?

Why do some short sales with loans from the same bank get approved while others don’t?

Why do some short sales with loans by the same bank in the same developments get approved while others are denied?

Keep your short sale from derailing with these tips.
The world of the short sale is changing on a daily basis, and what you know today will be different tomorrow. The rules change, the players change, the documentation changes every minute. There is, however, one constant: you do not always know whether a short sale will close or not.

Two years ago only about 5% were closing, now that number is more like 50%. Still, it's quite risky for buyers and sellers to get their hopes invested in a successful short sale when the odds are 50/50. There are some things you can do to help insure the process has the best chance of closing.

In general if the following are true then the chances are better:

1. The realtors on both ends know what they are doing and have the time, energy, and resources to follow up to set expectations appropriately. The buyer can not be in a hurry!

2. The fewer the liens the better. One loan is best, two loans with the same bank is second, two loans with two banks third, two loans with other liens such as taxes are probably not going to work out.

3. The short sale process was started before a notice of default was filed.

4. The buyer is well qualified.

5. The home is owner occupied.

None of these things will guarantee a positive result, but they help. The biggest problem in the short sale process comes from third parties who are not the bank, but either investors that purchased the loans like hedge funds, or insurance companies who insure the loans for the banks (not mortgage insurance for the borrower).

These entities can derail a short sale, and it is not possible to know if they exist, or what they will say before the process begins, unless of course you are dealing with a bank approved short sale--but that is a different story. So the lender may appear to be Bank of America or Chase, but the investor who put up the money maybe someone else and if so they have to agree to the price and terms. Or sometimes the second lender will get more money in a foreclosure and will not agree to release the lien. When this happens, what appears to be an irrational move by the bank, may have nothing to do with them.

These are a few of the reasons why seemingly illogical things often happen in the world of short sales.

Marcy Moyer
Keller Williams Realty
DRE 01191914
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How Much WON'T You Pay to Avoid Foreclosure?

The other day I had a seller refuse to contribute to the loss on her short sale. Her home was $100,000 upside down, and she had been trying to short sale for two years. She told me she absolutely did not want a foreclosure on her record.

During negotiations with Bank of America, the mortgage insurance (MI) company requested the seller pay $3000 to offset some of the $100,000 loss. When they pulled the seller's credit report, they saw she had taken out another loan after she initially defaulted on her mortgage. This is what triggered the request for cash contribution . This is not an uncommon request.

At first, the seller agreed to pay the $3000 to get her short sale approved. All was well.

Or so I thought. A day later, she changed her mind. You see, she had read up on the internet and knew better - she would not pay a dime and they should cover the whole loss.

I told her the short sale would be denied if she did not contribute the $3000. This was about the third round of negotiations. The investor and MI company had done their analysis, and without the contribution, they would simply foreclose. This was not a bluff.

The choice was clear. Invest $3000 for a short sale or invest nothing and get a foreclosure.

If you're curious what a Bank of America denial letter looks like, here you go....

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:

Destin FL Real Estate

Destin Short Sales & Pre Foreclosure Help.

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Short Sale Heaven

Short Sale , Deed in Lieu, Loan Modification, Foreclosure, HAMP, HAFA in California and what they mean to you.

Under the HAFA program you have the option of doing a Short Sale or Deed in Lieu. According to current FHA guidelines you can buy another home 2 years after the short sale. The lenders are required to give you at least 120 days to market the home and obtain an offer. The lender does not have to give you more time and you are required to follow the guidelines set forth by the lenders. Many lenders are closing short sales sooner than 120 days so be prepared to move. The only thing I have seen that has been extending the short sale timelines is Mortgage Insurance.

A Deed in Lieu is when you sign the deed over to the lender and walk away from the house. The lender has to give you permission to do so and it has to be a clean marketable title. That means no other liens on the property, second mortgage, mechanics lien, taxes are paid, etc.

Visit my website:

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Short sale question with IndyMac

We are going through a short sale and have gotten a packet saying that it was accepted. They accepted 100k less that what we owe. Line 11 is stated as below and wanted to see what peoples take on it are and if I will end up paying back the 100k. Thanks

11. The borrower must sign the attached acknowledgment to all terms specified in this approvel and must acknowledge that IndyMac mortage services retains all deficiency rights as provided by note, deed of trust and/or security agreement in accordance with local and federal laws, provided that IndyMac mortage services only retains said deficiency rights in the event of fraud.

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My Approval

Our first is with Suntrust and 2nd is with Citi, I submitted my package over 60 days ago to Suntrust and then after weekly calls to check on the status and no updates I find out the follwoing last week:1) We have a sale date of Sept. 7th2) My file was market "inactive due to missing documents" when I was only told last week for the first time we had missing documents3) You can't even ask for an extension until 7 days before the sale date. This is Suntrust's guidlelines.4) Suntrusts claims they contacted me and the seller for missing docs but neither myself or the seller ever recieved any messages or talked to anyone.5) They won't escalate my file because it shows in the system as re-activated (only open for 5 days) with no one assigned to the file and they won't let me talk to a manager because the file was dropped and shows as new and it has to be in the system for 60 days!!I need help and am so confused and frustrated with this bank!
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Short Sale Company

Okay, to be honest, I try to stay away from Short Sales, but seems like a hard thing to do:0(

After showing well over 20 homes to a couple. We submitted an offer on a well known Short Sale company.

I only know him from his TV ads.

And he's a that should be a given right? No phone calls, and takes six months to complete.

Okay, my clients are cool, they loved the home. First red flag, seller doesn't call back for appointment. I email company. Agent calls me. She says, the home owner doesn't have any offers, and wishes she had appointments! Second red flag!

Well, it's only been on the market a couple of days. My clients and I think that's strange. I suggest maybe, they were showing it before posting on MLS.

Well, we thought we had a prayer, if we got it in fast, so submitted Sunday. Short Sale office, not Open until Monday at nine.

Okay, their site says we will be notified within 24 hours. Well, it's been almost five days. And I ask how many offers, no reply.

My clients are getting married this weekend, so trying to keep the stress slow for them.

It seems everyone, but me knows not to show this companies listings, but me:0(

If that's so, why hasn't a formal compliant been filed. So, the uninformed can be protected?

I know some interesting links from buyers and home owner, agents posting against this company.

Just venting, Thanks for reading:0)

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Why a Strategic Short Sale May Make Sense

Hi folks. Let's talk about this Strategic Short Sale thing a little. I know there are many people that just can't understand why anybody would do a Short Sale if they can afford their mortgage payment and they do not have a hardship. In fact, there are those that would call this immoral. Well OK then.

My job is not to judge. My job is to inform people so they can make a decision based on facts, their needs and what's best for them. And as much as it sucks a Strategic Short Sale MAY be the best option. Just because someone can afford their mortgage payment does not mean continuing to make it is the best way to go.

This post will give you some hard cold financial data. Do with it what you may.

First, you have to remember that in my area property values are down 75% and in some communities as much as 85%!!!! Folks that purchased from 2003-2007 with 20% down are still way up side down. Just to put our decline into perspective.....the average house in Poinciana, in the year 2000, sold for $81,000 and $56 per sq ft. Today, 2010, they are selling for $72,500 and $41 per sq ft. Unfortunately our MLS data only goes back 10 years so I can't see how far back values have gone. But we do know houses are worth less today than they were 10 years ago!!

If you purchased a house in Poinciana Florida in 2006 at $220,500 (average 2006 selling price) and put 20% down ($44,100) today, that house is worth $72,750! Your PITI (principle, interest, taxes, insurance) payment, if you have an interest rate of 6.75%, would be roughly $1,450 per month. You would still owe $168,000. This is 232% of what the house is now worth (LTV). So just to be EVEN on your mortgage, values would have to increase by 132%!! Of course this doesn't include the $44,100 you put down.

So.....should you continue paying? Only you know the answer to that question. Just remember that until values increase by 132% you will STILL be upside down on your mortgage.

If you did decide to do a Strategic Short Sale today and rent a similar house you would save approximately $700 per month. If you invested $400 of that savings at 5% you would have almost $28,000 at the end of 5 years. If you kept your mortgage instead you would still owe $150,500. What would your house be worth in 5 years? I have no clue. But I can only guess that it would not have appreciated 100%. That means if you needed to sale in 5 years you would SILL have to do a Short Sale. Do you take the hit now or take it later?

The numbers are staggering. What say you?

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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Well that's a good question. What do you think? Most folks would probably answer this question with a resounding YES! But...what if I told you the answer is " don't necessarily need a hardship to qualify for a Short Sale. You may be able to do a Strategic Short Sale". Heck, big business and lenders do them all the time.

One reason lenders/investors may approve the Strategic Short Sale is that the hardship in no way changes the financial outcome of the Short Sale for the lender. The numbers are still the same. In fact, the numbers may even be better for the lender on a Strategic Short Sale because the Seller is in a financial position to contribute. So why wouldn't they approve it?

Now while you may not have to have a hardship to do a Short Sale you may very well be required to be delinquent on your payments. This is mostly due to government intrusion into the process. For example HAFA (Home Affordable Foreclosure Alternative) requires the mortgage to be: "delinquent or default is reasonably forseeable."

Also, if you have an FHA loan: "At the time the PFS (pre-foreclosure sale) closes the loan must be in default (i.e. delinquent more than 30 days)." FHA DOES require a hardship.

If you are way upside down on your mortgage and see no light at the end of the tunnel then you have to ask yourself some hard questions. The reality is that most of us will have to move for some reason over the next 5-7 years. So ask yourself:

  • If I'm upside down on my mortgage today will I still be upside down in 5 years if I have to move then?
  • Would my family be better off if I took the financial hit today instead of waiting?
  • If I did a Strategic Short Sale today would I be able to rent a property for my family and save a substantial amount of money each month?
  • How will going through a Strategic Short Sale affect my credit and will my interest rates on my credit cards go up drastically?
  • How will a Strategic Short Sale affect my job (security clearance)?

Ask yourself hard questions. Seek legal advice from an experienced Attorney. Talk to your CPA. Have a family meeting.

Then if you decide that a Strategic Short Sale is the option for you, remember, there are no guarantees it will work. You may be asked to contribute to the "Short". What I tell potential Sellers when they ask the question is... "If you have no hardship and you have assets or sufficient income the bank may very well want some of it. You may have to bring a cash contribution to closing and they may also want you to sign a promissory note. But you may very well have your Strategic Short Sale approved."

These are difficult times and that require making difficult decisions. Let me know if I can help.

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Can not stress this enough.....EVERYTHING on a short sale is negotiable, including ANYTHING that comes over on an approval letter.....

If you or the Seller does not like wording, commission amounts, or short sale consequences, then ASK THEM TO CHANGE THE LETTER!!!!

Most will if you negotiate properly.

Now go kick some butts!!!

Ben Benita, Speaker, Author, Radio Guest

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Do you immediately call the lender to say the offer is kaput when you haven't heard from the lender in weeks on end?

Do you wait until you hear from the lender, hoping against hope that the short sale approval process -- whatever it may be -- is working its way through the channels and by the time you hear from the lender you will have another offer?

Of course, when contacted by the lender you should explain the situation, but should you remain silent until that call comes?

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Thanks to Tim & Julie Harris for getting the information on this this program Bank of America is hopefully going to implement soon. It is in the "testing" phase now.

This is what we all have been hounding the banks to do for a few years now. This will be AWESOME!!

This program is being quietly introduced, using only a hand-selected group of top short sale agents across the country.

* Every short sale seller and agent will be assigned a personal advocate who will shepherd the short sale through, using the new, simple process. Think of this as your own ‘short sale personal representative'.

* No pre-qualifying, no hardship required. Being upside down in the house IS the hardship.

* No documentation.

* No bank statements.

* No tax returns.

* No financial worksheets.

* No deficiency judgement.

* No financial contribution from the seller of any kind will be requested.

* Only requirements? -A listing contract -A purchase contract -An appraisal, though we've been told the appraisal will not have an adverse bearing on the final acceptance.

* 2 WEEK approvals.

Lets hope this becomes mainstream soon!!

Go to Bank of America 'Secret' Short Sale Program BoA HPO Short Sale Program to read more.

Blog Disclaimer-This is a personal blog. All information is provided for informational purposes only and is Not legal advice, consult an attorney or financial expert for legal advice. This is general information and is not intended to provide advice on any specific question or transaction. Parties to any real estate transaction should seek competent legal and/or tax counsel to determine the legal, credit and tax consequences of buying or selling a home. Copyright © 2010, Dawn Barrier. All Rights Reserved. Any Stats are per the GLVAR MLS as of this writing.

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Don't Let Lenders Dictate Your Commission!

Hi folks. Recently one of our members over at posted the comment below about a Short Sale she is working.
  • "I am outraged that we spend twice the time and work, sometimes working 12 months on a short sale deal and AUTOMATICALLY thelenders reduce our commission because they know we are hungry to makeany commission. They have us by the short hairs and they know it. WENEED TO STAND UP AND FIGHT BACK. We didn't create this mess, theydid!!! What can we do?"

It seems like the lender is wanting to reduce her commission. While I can understand her frustration I am more inclined to solve theproblem than get frustrated over it. And since she asked "What can we do?" I'm going to tell her. The most important thing we have to understand is...Lenders do NOT reduce commissions.

They can however refuse to accept a Short Sale unless the commission you are asking them to payis reduced. This does not prohibit you from getting the rest of yourcommission directly from the Seller as per your listing agreement.The commission agreement is always between you (the broker) and your Seller.Just because the lender won't allow a certain percentage does notnull and void your listing agreement. Just have the Seller make up thedifference. No biggie.

And, if it's a Fannie or HAFA Short Sale then the lender has to allow up to 6% towards commission. If you work Short sales for a livingthen you need to factor in the fact that on occasion you may not get afull commission. You should already be aware of this and it should befigured in to the way you charge for your services. As a businessman Ido not rely on others to get me paid. I also do not allow them todictate how much I make. So what can we do? Simple. Learn how to getpaid.

Here are a few things I do:
  1. Charge a flat fee at time of listing. The fee is for listing the property and the commission is for selling it. Getlegal advice on how to handle this***.

  2. I guarantee the co-broke amount I offer BUT I take a larger piece of the pie if it's a full commission. If I get lessthan full commission then I may actually make less than the sellingagent. Their percentage remains the same regardless of how much I get.So on the average it works out to about the same. Make sense?

  3. Always separate the Broker's commission and the agent's commission on the preliminary HUD. Let the lender know thatthe commission is being split. Lenders want to allow less if the sameagent is on both sides of the transaction. Make sure they know thateven though this may be the case there are still 2 parties or moregetting paid. Show them where the money goes.

  4. NEGOTIATE!!! That's right. Just say NO!! Lenders ask for reductions because they know in most cases the agentwill just roll over and accept it. Don't be that agent. You will besurprised how easy it is to get them to give if you don't.

  5. Have the Seller sign a note. Why not? We can get paid a portion of our commission over time. The lenders do it. Why can't we?
What are some of the things that you do to get paid?
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