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Well that’s a good question. As most of you know the Mortgage Debt Relief Act of 2007 expires on 31 December 2012. This is creating quite the stir in the Short Sale world. In fact, many of the “Short Sale Gurus” out there, including CDPE, are using this as a reason to scare homeowners into doing a Short Sale now before they end up owing Uncle Sam a huge tax bill.


As with anything this important I have spent the last week doing as much research as I could on the issue. My conclusion is that if you do a Short Sale and end up owing taxes on the Forgiven Debt (deficiency) then you need to seriously consider finding a new Tax Professional.


Of course I am NOT a tax professional. This is just my opinion based on my research.


But this guy is a Tax Professional and his opinion is in line with my research. I bet he’d be willing to help you.

 

Some other resources.

 

IRS: Selling Your “Main Home”

IRS: Capital Gain Taxes

IRS: Form 982

Read more…

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This Week's Hot topics

REPLAY Member Webinar: Little To No Cost Marketing Ideas That Generate Leads

Hi Superstars. If you missed this great Webinar on Tuesday here's the replay for you. Enjoy!! CLICK FOR REPLAY

Started by you

0on Friday

Short Sale buyer using FHA Loan/MHDC Assistance- major road block (Probable Septic Inspection issues)- Calling all SHORT SALE SUPERSTARS- Options?

Hello All You Short Sale Superstars I am attempting to purchase a short sale home and have finally received approval from all parties ( aft…

Started by Happy831

412 hours ago
Reply by Jim Schneider

Citi approval requiring seller to continue payments until closing

I received my short sale approval letter from Citi today and one of the terms of the approval letter is that the borrower "make all payment…

Started by Ute Ferdig

121 hours ago
Reply by Bryant Tutas

Fannie Mae loan, lender refusing to waive deficiency

This is a great sight, so much wonderful information. I am currently residing in Texas trying to SS our house in NV. We moved 6 weeks ago.…

Started by Melissa Taylor

4yesterday
Reply by Melissa Taylor

Short Sale Commander

Do you need Short Sale Commander if you don't process your own short sale?

Started by Trong Dang

2yesterday
Reply by Brian Avery

MI Approval and Release of Deficiency Balance

When you receive an approval letter on a short sale that includes a deficiency release, can the MI company come back to the borrower for a…

Started by Vicki Holmes

1yesterday
Reply by Brian Avery

Received update but not sure where we stand

I hope you all don't mind us Buyers posting questions - but this is one of the few site resources I've found for getting real information o…

Started by Tamara Vannest

3yesterday
Reply by Jim Schneider

Problem with new system at bank of America

Before bank of America switch to the new system I had an offer submitted. Do to the problems with there system they could not upload file.…

Started by Virginia johns

412 hours ago
Reply by Virginia johns

HELP! Hitting so many roadblocks opening B of A FHA Short Sales.

I'm having a heck of a time with B of A's new process for their FHA Short Sales. I have 3 right now, where they are having to deal with th…

Started by Melinda Speth

1on Thursday
Reply by Evelyn Santiago

FHA Particiaption Approval

I have a FHA short sale with WFB. The Approval to Participate ran out on Feb 3, 2012. When the approval expired, I was told by WFB to conti…

Started by Dac Colden

3on Friday
Reply by Drew Ludlow

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Short Sale Superstars is owned and operated by REGrow, LLC

A Licensed Florida Real Estate Brokerage

ShortSaleSuperStars@gmail.com

DISCLAIMER

REGrow, LLC does not necessarily endorse the real estate agents, loan officers, attorneys, real estate brokers and other participants listed on this site. These real estate profiles, blogs, blog entries and forums are provided here as a courtesy to our visitors to help them make an informed decision when buying or selling a short sale. REGrow, LLC takes no responsibility for the content on these pages that are written by the members of this community

Read more…

If you have a home loan through Bank of America and you are currently concerned about making your payments or your home is worth less than you owe, you may qualify for a short sale incentive from BoA. They refer to it as an 'enhanced relocation assistance payment'. To qualifying home owners/sellers, this could mean a check given to you for up to $30,000 after a successful short sale closing! Trust me, this is no scam. Here is a recent email that was sent to Bank of America Short Sale Specialists, like myself.

BoA Short Sale Incentive at Closing Letter

My name is Michael Collinsreal estate agent and broker at Rock Realty. If you are currently considering a short sale in Wisconsin, I would be happy to walk you through the process and answer any questions you may have. I am certified as a Short Sales & Foreclosure Resource through the WRA.

Realtors® who have earned the SFR certification know how to help sellers maneuver the complexities of short sales as well as help buyers pursue short sale and foreclosure opportunities. The certification program includes training on how to qualify sellers for short sales, negotiate with lenders, protect buyers, and limit risk. Call my cell at 608-921-8536 and we can see if you qualify for any of these incentives.

Is a Short Sale right for My Home?Also feel free to fill out our simple
Short Sale Home Evaluation Form

Additional Short Sale Information

Read more…

First I must say, I am glad to be part of the Short Sale Superstars site.

I am currently working with two first-time homebuyers. Both of them have offers in on short sales.  One was with B of A and just finally got approved today (over 5 months...gee wez), the other one was with Wells Fargo who move much faster (less than 3 months). Not very often I get that good of news in the same week. I currently have one short sale listing in Fullerton, CA and their loan is also with B of A.  This poor seller has had 4 buyers drop out due to B of A taking so long. The week isn't over yet, maybe I can have three this week and the 5th buyer on this property will be the lotto winner.  A new record for me. Keep you posted.

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The Winchester, VA real estate market continues to show signs of improvement, but it is in inches rather than leaps.  The current market has 513 available properties spread over the Winchester City and Frederick County area. 

Of those 513 listings, 15% are distressed properties.  That's par with the April numbers, but it's a 3.3% drop from the beginning of the year.  The number of available listings have increased since April, and with the decline in distressed properties that's a positive trend.  Frederick County, which has more available properties, holds 16% of all distressed properties, while Winchester City has dropped to 13%.

The more startling numbers come when you look at pending sales.  There are 321 pending sales in both Winchester City and Frederick County, VA.  The pending sales may give a better window into where the market has been.  In Winchester City, 48% of current pending sales are distressed homes.  Frederick County has 46%.  Again, those are high numbers, but it is only 47% combined.  It has been as high as 63% this year.  

That's also an encouraging trend.  The number of available listings are up.  The number of available distressed listings are down, and the number of pending distressed properties have fallen 25% since the beginning of the year.  The shift in the Winchester / Frederick County real estate market is in the right direction.  It's moving slowly, but that tells me that bargain hunters still have opportunities if they move now. 

The Winchester, VA real estate market continues to show signs of improvement.

Winchester / Frederick County Available Listings - May 2012

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Eglin AFB HAP Private Sale Option

Eglin HAP agent 

Did you know you don’t have to be “upside down” in your mortgage to use the HAP program? That’s right! Military members who PCS’d from Eglin Air Force Base, Hurlburt Field, Duke Field or Whiting Field should know their options! Most people think HAP is only used to avoid short sale or foreclosure when the airman, marine or army member is PSC’d (Permanent Change of Station) and must sell. This is not the case. I’ll explain that in a moment, but first, here is a review of the basic criteria to us HAP.
1.      The home was the primary residence at time of PCS orders.
2.      The market value of the property has dropped at least 10% since the original purchase.
3.      Orders to move were dated between February 1 2006 and September 20, 2010.
4.      The home was purchased or purchase contract was entered into prior to July 1, 2006.
5.      The service member’s PCS orders were for a move at least 50 miles away from the previous base.
There are two ways to use HAP as of today. The third option, Government Assisted Private Sale (GAPS), where the service member could get a check at closing in some cases, unfortunately ended in January 2012. (In fact, I had a HAP GAPS closing in Navarre Florida on the last day of the program.) What are the two remaining HAP options?
1.    HAP Government Acquisition- In a nutshell, we list your Navarre, Crestview, Destin or Fort Walton Beach home for sale and find you a buyer. You enter into a contract with the buyer “contingent on HAP approval”. The U.S. Government then substitutes that contract with their own, pays off your upside down mortgage, and sells the home to the buyer we found.
2.      HAP Private Sale- We sell your home. If you are upside down in your mortgage, you bring the funds to closing or do a short sale. The U.S. Government will then either reimburse you based on their calculations, re-pay your VA entitlement if it was a VA Compromise Sale, or simply pay you if you were not in a short sale or foreclosure situation.
That’s right! You do NOT have to be upside down, facing foreclosure or trying to avoid a short sale to  use HAP. In fact, I’ve worked with Eglin Air Force Base personnel who had no mortgage use the HAP program to recoup some of their lost market value and put cash in their pocket! What is the calculation for a HAP private sale? You will get 90% of your prior fair market value (include your cost of verifiable home improvements) plus reasonable closing costs reimbursed to you. Here is an example:
Your home Prior Fair Market Value       $200,000
Cost for adding swimming pool               $30,000
90% of $230,000                                      $207,000
Sell your home for                                 $130,000
HAP Benefit                                            $77,000
Closing Costs 7%                                      $9,100
 
In this case, you would get a check from HAP for $86,100 after closing per current HAP guidelines.  In fact, I have a seller who currently has no mortgage using the HAP program, and getting pre-approved for his post-closing benefits as part of his contract contingencies. So, if you thought HAP was only to avoid short sale, think again. This opportunity is really a gift, and the funds may run out.  If you PCS’d from Eglin Air Force Base or Hurlburt Field, and have a home in Navarre, Destin, Fort Walton Beach, Crestview, Milton or Santa Rosa Beach Florida, call or email me to discuss your options at itswendy@rulnickrealty.com or 850-650-7883.

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: itswendy@rulnickrealty.com

Read more…

If you receive a letter from Chase Bank stating that you are eligible for a short sale incentive, please do not throw it away. It is not a scam. Distressed home owners have been receiving these letters for over a year now, and guess what? They are the real deal!


Real estate agents and Realtors® have been reporting that their clients are getting large checks cut to them at closing. In some cases, as much as $30,000! Yes, Chase Bank is not only forgiving the debt on a short sale, they are giving the current sellers/owners a check at closing. Don't believe it? See an example letter below:


Chase Short Sale Incentive Letter

My name is Michael Collins. If you are currently considering a short sale in Wisconsin, I would be happy to walk you through the process and answer any questions you may have. I am certified as a Short Sales & Foreclosure Resource through the WRA. REALTORS® who have earned the SFR certification know how to help sellers maneuver the complexities of short sales as well as help buyers pursue short sale and foreclosure opportunities. The certification program includes training on how to qualify sellers for short sales, negotiate with lenders, protect buyers, and limit risk. Call my cell at 608-921-8536 and we can see if you qualify for any of these incentives.


Original Post -
Chase Bank Short Sale Seller Incentive

Additional Short Sale Information

Short-Sale-Home-Evaluation.jpg

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As a Menlo Park Short Sale Agent I get asked this a lot. My answer is a definitive sort of, especially if it is a Chase short sale

Here is how it may make a difference.

Some homeowners owe more on their homes than the home is worth, the definition of being underwater. The home is not going to sell for what it is worth, it will sell at or around market value. The bank generally understands that. The bank as representative for the investor on the loan wants to lose as little money as possible, but knows there is going to be some loss.

The banks have procedures in place to approve short sales. At Chase they have the number of people who have to approve a short sale broken down by the amount of loss, not by the value of the house. 

So if the loss is $250,000 or less, only one lowest level of negotiator needs to approve. If the loss is $250,000 to $350,000 the offer goes to the 1st negotiator and then a negotiator one level up. At $350,000-$450,000 it goes to the first 2 plus one level up in management. And so forth.

So the greater the loss the more people have to approve before it even gets to the investor and/or mortgage insurance company. Each person who needs to approve can ask for more documentation or just ok the file. All of this takes time.

The bottom line, the bigger the loss, the more time you should expect for approval and the more doumentation you may need to provide.

So knowing that, don't try to keep up with the Joneses. Just because your best friend's short sale was approved in 3 weeks, and you are still waiting at 8 weeks, it does not mean you got the B team looking at your file. You just may have more managers that have to approve that are gumming up the process.

If you have any questions about short sales in San Mateo or Santa Clara County please feel free to contact me.

Marcy Moyer

Keller Williams Realty

www.marcymoyer.com

marcy@marcymoyer.com

650-619-9285

D.R.E.  01191194

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Counties of WIThe Wisconsin housing statistics are now in for April of 2012. Here is an excerpt from what the Wisconsin Realtors Association (WRA) had to say:


The strong pace of existing home sales continued, with 10 straight months of double-digit sales growth. Home sales rose 19.5 percent in April 2012 compared to April 2011, according to the most recent monthly report by the Wisconsin REALTORS® Association (WRA). Home prices were also up for the second straight month, rising 2.4 percent to $128,000 in April compared to April 2011."


After several years of a stagnate housing market, it’s encouraging to see sustained growth in home sales, especially as we enter the summer, which is the prime season for home sales in the state,” said Rob Keefe, Chairman of the WRA board of directors.


The WRA says an improving state jobs market is helping home sales. Since December, the state has added nearly 18,000 nonfarm private jobs even as government employment fell by 3,400 based on seasonally adjusted estimates.


Below are the number of Home Sales and Median House Prices for the state of Wisconsin, Rock County, and Dane County. These stats include Janesville and Madison. Feel free to contact me if you have any questions pertaining to these figures. As you can see, home sales have been increasing substantially this year. The median sale price in Dane County has risen approximately $8,500 year over year. In Rock County Wisconsin, the median sale price has fallen, $2,450, year over year.


If you would like some insight into how much your home is currently worth, I would be happy to provide you with a free comparative market analysis. This is a report that gives a close estimate to what your home might sell for in your current local Wisconsin real estate market. Has your home value fallen below what you currently owe? A short sale may be right for your situation. Visit the following page on Wisconsin Short Sales.


Housing Statistics for the State of Wisconsin:

April 2012
Home Sales: 5,252
Median Home Price: $127,900


April 2011
Home Sales: 4,365
Median Home Price: $125,000


Housing Statistics for Dane County, WI:

April 2012
Home Sales: 503
Median Home Price: $201,500


April 2011
Home Sales: 436
Median Home Price: $193,000


Housing Statistics for Rock County, WI:

April 2012
Home Sales: 140
Median Home Price: $87,500


April 2011
Home Sales: 172
Median Home Price: $89,950


This information is courtesy of the WRA, Wisconsin Realtors Association. Please follow this link for further details: WRA Housing Statistics

View my report from last month. Wisconsin March Housing Statistics

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This is the first time I am dealing with this issue so I am hoping to hear from people who have seen this happen. I worked on this short sale for almost a year (story of my life) the buyer is also the tenant at the property and he failed to perform in time so the lender decided to foreclose on it. Seterus called me a few days ago and said they are willing to sell the property to the current tenant/buyer but will not compensate our office or we can evict the tenant and list it on the MLS to earn a commission. Any suggestions?

Ephrem Jando

www.stopping4closures.com

Read more…

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Well maybe not of all time. But at least on Short Sale SuperstarsEnjoy!!

 

 



























































Seller taking an offer before it hits MLS

We are seeing a lot of agents pre selling their own own listings that are short sales before putting them on MLS. I know we have a fiduciar…


Started by Stephen Pringle


183Mar 6

Reply by Cliff Stanwick

How to stop short sale lenders from automatically cutting our commission

Nearly 9 out of 10 of my short sales, the lender cuts the commission from 6% to 5%. I am sick of this. They know they have us by the short…


Started by Julie Wilkinson


151Mar 24

Reply by Kevin - Greenville, SC

Bank of America's policy on allowing third-party negotiators to work short sales

I am a third party negotiator that the agents and homeowners select to assist with the short sale process. For a year I have been negotiati…


Started by Kristin Johnsen


143Dec 5, 2011

Reply by Kevin - Greenville, SC

seller wants $3000 cash to close .. isnt this illegal?

okay we are now 2 weeks from closing but the problems continue. Seller is expecting to receive $3000 moving money even though they did not…


Started by arod


119Apr 29

Reply by arod

Shortsale then Flip , is this allowed ?

I just took a property off the market after receiving an offer , the offer is a low ball but what the heck , I felt at least it will get…


Started by P Nicolas Velecico


113Feb 24

Reply by Joseph Alfe

Made it all the way to investor approval to be denied, My realtor and seller are related

I am a buyer that found a house on realitor.com I did not have a realitor so i contacted the listing agent directly. we put in a offer a…


Started by Paul Silva


102Sep 11, 2011

Reply by Beverly Cibulsky

FBI Focusing on Real Estate Brokers- Submit ALL offers

The FBI is focusing its attention on real estate brokers to see whether or not the broker submitted all offers to the lender in a short s…


Started by Donna Paul


100Sep 20, 2011

Reply by Teresa Willard

Are Attorneys Ruining Homeowners???

Okay so after a great response and much appreciated opinions on my last post "Are WE now the problem" I am just arriving to the office afte…


Started by Eric Mieles


92Jan 26

Reply by Joseph Alfe

Banks Starting To Assign Short Sales Directly to Brokerage Firms?

Hearing through the RE Grape Vine, these are coming...we were sent a review from Citi in conjunction with
Keller Williamsthat they were pa…


Started by Melissa Polce


86Apr 17, 2011

Reply by Steve Trang

Chase cut my commission, but will give seller $30,000!

I'm the broker/owner of a small firm. My wife and I are attempting to purchase a $300k Chase short sale for our primary residence. We got…


Started by Billy


84Mar 10

Reply by Smitty

 


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Short Sale Superstars is owned and operated by
REGrow, LLC

A Licensed Florida Real Estate Brokerage


ShortSaleSuperStars@gmail.com

DISCLAIMER

REGrow, LLC does not necessarily endorse the real estate agents, loan officers, attorneys, real estate brokers and other participants listed on this site. These real estate profiles, blogs, blog entries and forums are provided here as a courtesy to our visitors to help them make an informed decision when buying or selling a short sale.
REGrow, LLC takes no responsibility for the content on these pages that are written by the members of this community

Read more…
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Bank of America Cooperative short sales are not always as “easy” or “fast” as they make them out to be. If you have received an offer to do a Bank of America cooperative short sale near Destin Florida, here is a sample of an actual file in process. As the short sale listing agent, I take most of the burden off my sellers, but the time line and make-work affects all the parties to the transaction.
First, some background. This Destin Florida short sale seller had a written offer from Bank of America to do a cooperative short sale, get cash back at closing and a waiver of deficiency about six months prior to contract date. As instructed, after listing the property, we faxed his documents to confirm he was participating. We soon received an offer for fair market value,  which the seller accepted. What happened next?
3/2/2012 We initiated the new short sale in Bank of America’s online short sale platform, Equator.
3/5/2012 I call Bank of America’s third party coop processor at National Default Servicing (NDS) to inform them the file was initiated. I am informed they haveCLOSED the file because the “form” had not been returned in time
                                                                          
3/5/2012 Call Bank of America to find out what is going on. I am informed the seller is approved for Cooperative short sale. They say the file is not with NDS, but with another company, AMS
 
3/6/2012 11:22 a.m. I finally reach AMS. They state they do NOT have the file, and tell me to call NDS (the first company)  
3/6/2012 11:23 a.m. I call NDS again. They state they do NOT have the file (again) and state the seller is NOT eligible for COOP (short for Cooperative short sale). I call the Twitter Team at Bank of America, their escalation department.
 
3/8/2012 The Twitter Team calls me. I am told the seller emphatically CANNOT DO Cooperative short sale now, there has to be NO OFFER (remember, we have a contract) 
 
3/14/2012 I get a call from NDS that they NOW have the file and the seller CAN do the COOP program if he wants to. (Can you believe this?) They suggest that the seller should still use this program as it will only take 10 days to get approved, much faster than a traditional short sale. (I am not making this up)  I am instructed to get the file CLOSED with Bank of America and re-opened with NDS.
 
4/4/2012 I call NDS for an update and am told it will take 2-4 weeks for them to review “marketing” before I can even upload the contract (It is now one month after the property had a contract, remember?)... I cannot do anything with the existing contract on this property until that time has passed. (OK, "marketing"? I thought I sold it already?)
 
4/10/2012 I am asked for my “Marketing Plan” for this property. I reply, “Well, the property is 
under contract, so maybe my marketing plan has already worked?”
 
Bank of America coop short sale4/16/2012 I get an email from the Cooperative Short Sale Negotiator.   She tells me to set the “initial listing price” to $6000 LESS than the contract price. I tell her the property is already UNDER CONTRACT (as I’ve told them a dozen times) in our MLS, and that their investor will then LOSE $6000 by lowering the list price. I get this reply:
“Per the guidelines of the Cooperative Short Sale program, the property MUST be listed at the Bank approved price.  Your buyer can simply lower their offer to listing price.  You will not be able to submit your offer for review until we receive the MLS with that list price.” (I am not making this up)
Thus, we must re-activate the property, lower the list price, send them a copy of the MLS. After this, I had to change the list price back to what actually produced the contract, since doing otherwise would be an inaccurate picture of what price produced a contract to my association of Realtors.
One month later still, I get more automatic requests to LOWER the price in the MLS, although this Destin property is already sold, and no response from NDS again until I again escalate the file. Now, finally, we are finally on the path to short sale approval, and the buyer is amazingly still on board.
So, the bottom line is, if you get an offer to do a Bank of America cooperative short sale, be prepared to go through this sometimes head-spinning process. Yes, you might get cash back in the end. But the challenges are, will you be able to keep your buyer through the process? Will your Destin short sale agent be able to maneuver through the maze at Bank of America? Do you have questions? Email me at itswendy@rulnickrealty.com

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: itswendy@rulnickrealty.com

Destin Florida short sale help

Wendy Rulnick, Broker, is a short sale and pre-foreclosure specialist and has been featured in "Kiplinger Personal Finance Magazine" and "Florida Realtor Magazine". She has successfully helped hundreds of families avoid foreclosure through short sale along the Emerald Coast of Florida. Wendy Rulnick is knowledgeable in all aspects ofshort sale, including VA Compromise SaleFHA HUD pre-foreclosure saleHAP military PCS, HAFA, Bank of America Coop program and more.  She is also co-founder of www.ShortSaleSuperstars.com and short sale instructor to agents across the United States. Wendy Rulnick sells real estate in Destin, Santa Rosa Beach, Fort Walton Beach, Niceville, Bluewater Bay, Navarre, Seagrove Beach, Watercolor, Sandestin, Seaside, Crestview, Rosemary Beach, Mary Esther, Shalimar, Panama City Beach, Eglin AFB, Hurlburt Field. 

                                                                                              

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Many homeowners who are having trouble paying their mortgages will stop opening their mail from the lender. It is understandable to feel, what is the point? I can't pay and nothing they say to me will change that. However, if your lender is Chase you may want to open that letter.

Chase is giving relocation assistance to some homeowners who are in default if they agree to short sell their home. The incentives can be anywhere from $2500 to $45,000. Not everyone will get this incentive, and there is no uniform way that these incentives will be offered. In other words, Chase is not saying why one borrower gets an incentive and another does not.

So if you get a letter from Chase, open it up. It may say you have won the lottery. You will need to find an experienced Sunnyvale short sale agent to help you sell your home, or Chase will give you the names of some who can help you. You then list your home as a short sale, accept an offer, have it approved by Chase, and at closing you get your relocation assistance.

It is a pretty good deal if you ask me, an experienced Sunnyvale Short Sale Agent.

If you have any questions about short sales in Santa Clara or San Mateo County please feel free to contact me.

Marcy Moyer

Keller Williams Realty

www.marcymoyer.com

marcy@marcymoyer.com

650-619-9285

D.R.E. 01191194

Read more…


12433925669?profile=original



Special Webinar: Little to No-Cost Marketing Ideas that Generate Leads

Good morning Superstars, We have another informative marketing webinar coming up with the guys at Direct Business Marketing – www.DirectBusinessMarketing.com. So, if you feel you can use some little to no-cost marketing ideas to generate leads, then you’ll want to attend for sure!

This time, we have Granison Shines, Chief Marketing Officer at Direct Business Marketing to give us
some insight on successful marketing ideas they’re instructing other Real Estate Agents to utilize.

Granison swears there’s a right and a wrong way to perform these simple marketing ideas and if you
do them right, you can kick-start successful lead generation opportunities for yourself. Seeing that
they focus solely on Real Estate marketing – ummm, I believe him. Here’s what he’s going to be talking about:

  • How to easily implement low-cost to no-cost marketing ideas
  • Why they have 98% of their Real Estate clients using video
  • The truth about the mindset of the homeowner prospect you are marketing to
  • A simple Lead Flow diagram that can help you keep your marketing on track


And even more...

Wondering if your questions will be answered? Feel free to submit questions before the webinar.
Questions can be submitted here – http://sss20120522.eventbrite.com

Take note of the information below:

Date: Tuesday, May 22nd
Time: 10:00am PT
Location: Your computer screen @ www.DirectBusinessMarketing.com/webinars (must have
speakers on your computer to hear)

Make sure to join us; you’ll learn a lot so you can generate more short sale leads.

Here is the link again - http://sss20120522.eventbrite.com register ASAP!!!

http://DirectBusinessMarketing.com

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Free Report

Escape Your Unmanageable Mortgage: Getting free doesn’t have to mean running away.

 

Perhaps you have heard about it???

 On the news, a reporter tells a story about how the housing crisis has caused some homeowners to simply walk away from their homes. It sounds crazy, but you can't avoid seeing the many Short Sales and Foreclosures in Phoenix, Arizona.  Many people are being led to believe that walking away from their home is a good (or even the best!) option.

 

It is called Strategic Default. For distressed homeowners who believe that they have no good choices left, the idea of walking away free of consequence may sound like a RELIEF. The REALITY, however, is that choosing Strategic Default has serious repercussions on your credit.

 

THERE ARE BETTER OPTIONS AVAILABLE!

Free Report!!!

If you feel that you are headed toward Foreclosure, and need Foreclosure Solutions, or if you are avoiding facing that fact, the sooner you reach out for help, the better your options.  The impact of Foreclosure in Phoenix, Arizona is huge and the sad fact is that it’s often avoidable with other options and many cases it's usually a Short Sale.  The good news is that there are Foreclosure Solutions!

 

To find out if a Phoenix Short Sale is right for you..OR...For your Free Report Click here ...

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As a real estate professional who has earned the Certified Distressed Property Expert (CDPE) designation, my mission is to provide financially-challenged homeowners with options to escape from unmanageable mortgages without running away.  

 

Facing your problems head-on is always the best solution. Let me help.

 

Contact Me

Arthur Wainio

www.shortsalewitharthur.com

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Great news for Bank of America short sales

From the Florida Association of Realtors(R) newsletter today.

BofA announces new short sale incentive NEW YORK – May 16, 2012 – Bank of America announced a new short-sale program – called enhanced relocation assistance – to help homeowners move debt free and get paid $2,500 to $30,000 for doing so. The actual cash payment depends on the appraised value of the home.

Sellers get the payment at closing. While each agreement with Bank of America is unique, the offer generally requires sellers to satisfy junior liens to provide clear title to the property; a full walk-through appraisal; and a closing that occurs on or before Sept. 26, 2012 (I heard this is actually 2013). The program only applies to pre-approved short sales, not sales that start with an offer; and eligible homeowners must actively participate in a short sale program, such as HAFA or Bank of America’s proprietary program.

Bank of America says Realtors can determine a client’s eligibility quickly through its lending website, agent.equator.com, or by calling a short-sale specialist at (866) 880-1232.

Sellers already working on a short sale through Bank of America are also eligible if they meet the requirements. The bank says it will contact them by letter if they qualify.

© 2012 Florida Realtors®

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As many real estate professionals are aware, short sales and distressed property transactions have had a major impact on the housing market in the past few years. Pearl Insurance and its carriers, XL Group's insurance companies, have seen unprecedented actions taken by financial institutions—in ways both good for the consumer, and unfortunately, bad.

It recently has come to our attention that major financial institutions have been transferring liability to both real estate brokerages and real estate consumers through their listing agreements. These listing agreements have been found to include language that forces the real estate agent to agree that they "shall not knowingly misrepresent or omit to state, any material facts in order to induce the Borrower(s), lender, or investor or the insurer to agree to the terms of a short sale that the Borrower, lender, investor, or insurer would not have agreed to had all material facts been known."

Pearl and XL want to be certain our customers take extreme caution when signing documents that include anything similar to the above language. Through this statement, agents become expressly obligated to disclose all material defects of a property to the lender, leading to a dangerous relationship that transfers disclosure to the agent and the consumer. We believe these documents may create a direct obligation to the lender that did not otherwise exist. Your best course of action is to consult your attorney, who can review the lender's documents and help you completely understand what you're signing.

We appreciate the opportunity to serve your insurance needs and hope this Risk Management Alert helps you be aware of the liability-transferring language that can be found in documents from some major financial institutions. If you have any questions about your policy or have updated your contact information, please call your Account Representative, Brooke Dunaway, at (866) 809-5171 or email brooke.dunaway@pearlinsurance.com.

Sincerely,

Pearl Insurance

*The recommendations in these articles may differ from state and local practices. Copyright 2012 Pearl Insurance/XL Group (Greenwich Insurance Company Indian Harbor Insurance Company). Coverages not available in all jurisdictions.

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The Second Largest Settlement in History: How it saves you from foreclosure!

 

The news has been a buzz in the past few weeks about the historic Robo-Signing Settlement reached between the government and five major lenders. The settlement raises lots of questions, but for homeowners who are in danger of losing their home here is Phoenix Arizona, there is only one:

 Can this settlement help me stay in my home?

 The answer: Possibly!  But regardless of whether you meet the specific eligibility requirements for this settlement, it is important to remember one thing:

 

YOU DO HAVE OPTIONS!

Free Report

  If you feel that you are headed toward Foreclosure, and need Foreclosure Solutions, or if you are avoiding facing that fact, the sooner you reach out for help, the better your options.  The impact of Foreclosure in Phoenix, Arizona is huge and the sad fact is that it’s often avoidable with other options and many cases it's usually a Short Sale.  The good news is that there are Foreclosure Solutions!

 

To find out if a Phoenix Short Sale is right for you..OR...For your Free Report Click here ...

Free ReportFree Report

It CAN be done! And it would be my privilege to help.

 

As a Certified Distressed Property Expert (CDPE) I am uniquely qualified to help determine your eligibility and answer any questions you may have about the settlement. Call me or email me and set up your free, confidential consultation. Let me help you figure out the best foreclosure alternative option for you.

Contact Me

Arthur Wainio

www.shortsalewitharthur.com

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