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12433927463?profile=original

 

Good morning Superstars.

 

Here's a sampling of this week's Superstar discussions.

 

Credit Repair Business Opportunity

Good morning Superstars. Today I want to talk a little bit about Credit Restoration. As many of you may know TLW and I went through a very…

Started by youLatest Reply

MEMBER WEBINAR: How To Turn Short Sale Sellers Into Buyers

How to turn Short Sale Sellers into BUYERS! Join us for a Webinar on July 3 Space is limited. Reserve your Webinar seat…

Started by youLatest Reply

FICO Credit Scoring of Short Sales Compared to Foreclosure

This is a really interesting article by Yves Smith of Naked Capitalism on"FICO's Dubious Explanation of Why It Treats Short Sales the Same…

Started by Wendy RulnickLatest Reply

Ocwen and FHA Loan Modification Guidelines

I have been negotiating with Ocuwen to get a short sale approved for a client. After the initial runaround of having to send the same pape…

Started by Linda C. Babbitt

118 hours ago
Reply by Brian Avery

Property underwater due to 2nd equity line

Preparing to list property where we're close to payoff on the first mortgage (BofA). Sellers have a 2nd HELOC (5th 3rd) that puts them unde…

Started by Amy L Augenstein

0yesterday

Can't get PNC to Budge on 2nd Lien Payoff!

I have a short sale with BofA as the 1st and PNC as the 2nd. PNC wants $15,000. BofA will only give them 8%. I got the buyer to kick in som…

Started by Kelly Townsend

2yesterday
Reply by Brian Avery

Is our bank required to give us a copy of the BPO or appraisal they had done on our property? Disputing value of home

We are in the beginning stages of disputing the value of the home we are attempting to do a short sale with. I do not understand the proce…

Started by Darlene Parker

18yesterday
Reply by Ron Scribner

Duel Tracking - Nationwide?

Hi, this might be a silly question but is the New Duel Tracking (Homeowner’s bill of rights) law Nationwide or just in CA? Do you know if…

Started by Russ Trinidad

2on Thursday
Reply by Ron Scribner

SUNTRUST MORTGAGE NOT WAIVING DEFICIENCY

I have a short sale with one mortgage with Suntrust. The principal balance of the debt is $386,000, and our offer is $370,000. Suntrust wi…

Started by Marti Watson

1on Thursday
Reply by Wayne Brooks

12433916279?profile=original

13 Training Sessions

$25 Each

(Audios are 45-90 min each).

  • Why a Short Sale?
  • Qualifying The Seller
  • Pricing and Marketing The Property
  • Negotiating Techniques 1
  • HUD1 Tips
  • Escalation and Communication Tips
  • Disputing Bad BPOs
  • Cash Contributions and Prom Notes
  • Negotiating Junior Liens
  • Lead Generation
  • 10 Short Sale Mistakes
  • VA, HAP and FHA
  • Getting Short Sales Closed

VISIT THE STORE NOW

***Use discount code sss10000 for a $50 instant savings

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Welcome-to-Wisconsin.jpg?width=300The Wisconsin housing statistics are in for May of 2013. Here is an excerpt from what the Wisconsin Realtors® Association (WRA) had to say:

Strong home sales in Wisconsin for May helped boost prices up, according to the most recent statistical report released by the Wisconsin REALTORS® Association (WRA). The sale of existing homes in May increased 18.2 percent over last May, now the 23rd straight month of positive sales growth in Wisconsin, which helped push the median price up 4.3 percent to a statewide median of $144,000.

These are very positive signals and represent an uptick from the pace of sales established in the first four months of the year,” said Renny Diedrich, chairman of the WRA board of directors. Existing home sales rose 10.3 percent from January through April this year compared to that same four-month period in 2012. “There’s no doubt consumer demand has been strong over the last couple of years, but now we’re also seeing sellers jump back in the market as well,” Diedrich said.

Prices showed solid but sustainable growth,” said Michael Theo, WRA President and CEO. "We saw some large increases in median prices in March and April, so it’s good to see more modest increases in May."

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 probably have heard, home sales & prices have been increasing over the past few years. Both Dane and Rock counties are showing marked improvements in the number of homes sold and the price at which they are being sold at. This spring has been really hot for the properties that are priced right! There's been a large increase in the number of home sold, as you can see below.

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:

May 2013
Home Sales: 7,403
Median Home Price: $144,000

May 2012
Home Sales: 6,181
Median Home Price: $138,000

Housing Statistics for Dane County, WI:

May 2013
Home Sales: 925
Median Home Price: $207,000

May 2012
Home Sales: 623
Median Home Price: $211,000

Housing Statistics for Rock County, WI:

May 2013
Home Sales: 205
Median Home Price: $114,000

May 2012
Home Sales: 173
Median Home Price: $100,000

View my report from last month. Wisconsin April 2013 Housing Statistics

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Rock Realty Client Testimonials

"I found Rock Realty on the internet while looking for someone to help us sell our house .. I called and talked to Mike, we set up an appt and he got the ball rolling... and wow did he get the ball rolling..he stepped up in every aspect.. the house was all over the net and we had people looking at the house right away .. he was right there every time we had questions and made us feel as if we were his only client.. he worked thru any difficulties we had without any negativities...our house sold Very quickly and Mike really stepped up through the whole process... Our thanks to Mike and Rock Realty"

Scott H. (Janesville, WI)
Rock Realty Seller Client

Rock Realty Client Testimonials

Thanks for the compliments, and Congratulations on your closing Scott!

Looking to sell your home at a great price!? Check out what Rock Realty can do for you!

Rock Realty Online Marketing Plan

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12433931252?profile=original

Unfortunately, not all Short Sale properties that are listed for sale in the Los Angeles area will close escrow. First, what is a Short Sale? If a home's current market value is less than the mortgage balance owed and the homeowner (borrower) cannot afford to make the mortgage payments, they will ask their lender(s) to take an offer from a buyer and approve a Short Sale. This a very different type of sale compared to the traditional real estate transaction. Not all real estate agents will have the training, knowledge and experience that is required with a Short Sale. So, choosing a professional Short Sale Realtor is important. The homeowner is already having a difficult time and does not need to become the agent's first short sale experience. 

If a trustee sale date has been set or the foreclosure date is soon approaching, that could put the Short Sale at risk. The Short Sale Agent and seller would have to work on getting the short sale package to the lender quickly and then, the agent must insist that the lender postpone the foreclosure sale so that there is time for a Short Sale. So, it is better not to wait if you are planning on a Short Sale. 

Sometimes, a lien or judgment will show up that affects the title of the property besides the mortgage loans. These liens or judgments must be cleared before a sale can close. Liens may include past due homeowner association (HOA) fees and state or income taxes. Judgments may be as a result of unpaid credit card bills, for example. 

Other reasons that a Short Sale might not be successful: 

All Short Sale lenders will require an appraisal on their behalf to obtain an estimate of the fair market value of the property before they approve an offer. Sometimes, the appraiser's value will come in "high" and the lender might want more than a buyer is willing to pay for the home. The Short Sale Realtor should be able to work with the lender to dispute the value (if that's the situation). 

If there is more than one mortgage loan involved, then a second lender will need to approve a certain amount of money for their settlement as part of the Short Sale. The first mortgage company dictates how much of the Short Sale proceeds they are willing to allow to the junior loans. If the junior liens want more money, there are ways that it can be satisfied. 

It is also important that the buyer that is purchasing the home be serious and qualified. The buyer should be able to obtain financing (unless they are paying cash) to complete the purchase of the short sale home. If the buyer cancels, another buyer has to be ready to go.

However, there is good news-- my Short Sales have been successful. So, Short Sales do close!

Note: While I was in the process of writing this article, I received a phone call from a short seller that had a trustee sale date within a couple of days. The homeowner was upset because they had hired a real estate agent to work with their lender on a Short Sale and the realtor did not properly communicate with the lender so the bank was not postponing the foreclosure sale. Seller was NOT happy. 

12433931062?profile=original

Google+ Sara Mehrpouyan CDPE is an Experienced, Knowledgable, & Trusted Short Sale Realtor Agent in Los Angeles area

los angeles short sale realtor agent

source: http://activerain.com/blogsview/3765671/are-all-short-sales-in-los-angeles-always-a-success-

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If you have a client that has a just filed or soon to be filed residential foreclosure action in Florida, what new timelines can you expect under the new Florida Foreclosure Law?  Effective with all NEW lawsuits filed on or after July 1, 2013 the new streamlined foreclosure procedures law will govern how fast the lawsuit will proceed – or at least that is the theory behind the new law.  Reality can be quite something else.

Under the law as it existed before June 7, 2013 (the date Governor Scott signed the legislation) an uncontested or minimally contested foreclosure action could take about 110 days from start to finish PROVIDED the lender’s attorney did all the things the lender’s attorney could do under Florida’s Rules of Civil Procedure when they could be done.  For example, a foreclosure action usually results in the Lender counsel waiting for the time after service of process of the lawsuit on the defendants and then filing a Motion for Summary Judgment of Foreclosure.  The reality is that most lender counsel don’t jump on getting the Motion for Summary Judgment filed and the Motion then set for a Hearing date until days or weeks after the soonest date one can be requested.  The procedural rules provide that the lender attorney cannot set the Motion for Summary Judgment for hearing sooner than 20 days from the date of the filing of the Motion for Summary Judgment.  Many courts today are have busy schedules, so it may take 30 days to get a hearing, thus creating a 10 day delay. 

Under the law (click here for a copy of the bill) as it will be beginning June 8, 2013, these timelines are supposed to have been changed.  …………

One part of the legislation actually asks the Florida Supreme Court to create an expedited timeline for foreclosures in the Florida Rules of Civil Procedure.  These Rules are created not by the legislature, but by the Florida Supreme Court.  Almost all of the 110 days that I mentioned above are from time requirements set forth in the current Florida Rules of Civil Procedure.  Since the legislature cannot change those timelines, it has asked the Florida Supreme Court to do so.  So the changes in the entire procedure in Florida are not over yet and there is actually no real “EXPEDITED” in the new law – at least not for now!

Some changes that will affect borrowers:

Deficiencies

The existing deficiency law allows a lender to pursue a deficiency as late as anytime before 5 years after the foreclosure sale date.  The revision now states that any deficiency judgment must be sought within one year from the foreclosure sale.  Further, in the case of owner-occupied residential property, the amount of the deficiency may not exceed the difference between the judgment and the FMV as of the date of the sale. There is also a rebuttal presumption that a residential property for which there is a homestead exemption is an owner-occupied property.

Finality of Mortgage Foreclosure Judgment

Presently, if a mortgage foreclosure judgment and sale is set aside, the title reverts to the borrower.  Under new Fla. Stat. 702.036 any action to set aside, invalidate, or challenge the validity of a final judgment of foreclosure or to re-establish a lien or encumbrance is relegated only to monetary damages if certain conditions are met: 1) proper service, 2) final judgment was to the property, 3) appeals periods have run, and 4) a non-affiliated third-party bidder purchased the property. The statute then goes on to address the rights of the true owner/holder when that final judgment is received via a lost note affidavit.

Lost Note Affidavits

Fla. Stat. 702.015 is created to address a lost note affidavit for residential loans by requiring threshold requirements in the initial pleadings.  The complaint must contain affirmative allegations as to it holding/owning the note and its entitlement to enforce them. Further, in the alternative, the complaint must contain allegations as to how the right to sue was delegated to the plaintiff if it is now the owner/holder. Lastly, contemporaneously with the complaint, a plaintiff must file a certification regarding the original note. In addition, when the complaint is filed a plaintiff must file its lost note affidavit.

Lost Note Indemnification

A big deal is the new indemnification requirement.  This is important because the prior law did not have any baseline standard for the lender guarantying to the borrower it would AND COULD defend any claims that someone else held the promissory note.  Fla. Stat. 702.11 is created to state lost note indemnification means 1) a written indemnification agreement, 2) a surety bond, 3) a letter of credit, 4) deposit or cash collateral,  or 5) other security the court deems appropriate.

Timelines

The new timeline for an expeditiously lender attorney handled residential foreclosure I think will remain the same – for now!  Until the Florida Supreme Court creates new “expedited” rules of procedure, I do not see the timeline changing under the new law.  I will stick to my 110 day start to finish timeline that I proposed years ago – that can still work today.  See FORECLOSURE PROCESS FINISHED IN 100 DAYS?  BUT - now you say that most realtors say that foreclosures take years, not weeks.  Although it is true that there are foreclosures that have taken since 2008 to get resolved in 2013, that was the result of situations and forces that no one could have predicted (and no one did predict that log jam scenario, further aggravated by a moratorium on filing foreclosures, another delay no one predicted).  Timelines are based on technicalities but they are subject to the vagaries of human conduct, mostly caused by distraction and personal priorities.  Lately we hear of foreclosures taking 5 months in Florida.  That's 150 days and close to the technical line of 110 days, so reality and possibility are becoming aligned.   My experience is getting away from the major population centers creates a courtroom atmosphere were there are far fewer pending cases and thus fewer delays both from excess work vs. available time, to simply the number of pending cases.  Whatever the reason, now more than ever your clients need to understand the race of the FORECLOSURE EXPRESS VS. LITTLE ENGINE THAT COULD .

 

---------------------------------------

 

© 2013 Richard P Zaretsky, Esq.

 

Be sure to contact your own attorney for your state laws, and always consult your own attorney on any legal decision you need to make.  This article is for information purposes and is not specific advice to any one reader.

 

Richard Zaretsky, Esq., RICHARD P. ZARETSKY P.A. ATTORNEYS AT LAW, 1655 PALM BEACH LAKES BLVD, SUITE 900, WEST PALM BEACH, FLORIDA 33401, PHONE 561 689 6660  RPZ99@Florida-Counsel.com - FLORIDA BAR BOARD CERTIFIED IN REAL ESTATE LAW - We assist Brokers and Sellers with Short Sales and Modifications and Consult with Brokers and Sellers Nationwide!  Shortsales@Florida-Counsel.com  New Website www.Florida-Counsel.com

 

See our easy to find articles at

 

TABLE OF CONTENTS - SHORT SALE AND LOAN MODIFICATION ARTICLES.

 

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12433927463?profile=original

 

Good morning Superstars.

 

Here's a sampling of these week's Superstar discussions.

 

DiscussionsRepliesLatest Activity

Credit Repair Business Opportunity

Good morning Superstars. Today I want to talk a little bit about Credit Restoration. As many of you may know TLW and I went through a very…

Started by you

17 seconds ago
Reply by Bryant Tutas

Tenant's offer rejected based on "arms length" transaction definition

have a short sale where ASC is the first trust. The short sale property has been rented out and the tenant wants to buy it. ASC is saying…

Started by Lisa Jalufka

32 minutes ago
Reply by Bryant Tutas

Who owns the loan?

I am buying a short sale. The sellers agent and the company I am using seem to be very unhelpful. I do not even know who has the loan on th…

Started by Lauren

513 hours ago
Reply by Wayne Brooks

How Long?

I am buying a short sale and I have my mortgage on track, the inspection done, the deposit down and the offer in the hands of the bank. I r…

Started by Lauren

319 hours ago
Reply by Dirk Jeanis

Evaluating if you have enough time to short

How do you evaluate whether or not you have enough time to complete a short sale? For example... if a Seller calls you and the sale date is…

Started by Drew Ludlow

522 hours ago
Reply by Drew Ludlow

Updates on Fannie Mae & Freddie Mac Inflated Value Issues

Just looking for any input on others experiencing the Fannie & Freddie inflated value issues. Any recent updates or solutions? I have…

Started by Raymond Kennedy

47yesterday
Reply by Dirk Jeanis

Freddie Mac denied PCS orders hardship; payments on time

My husband is active duty, we used the PCS orders hardship that came out in August 2012. Today, FM denied our short sale request based on…

Started by Darlene Parker

9yesterday
Reply by Ron Scribner

12433916279?profile=original

13 Training Sessions

$25 Each

(Audios are 45-90 min each).

  • Why a Short Sale?
  • Qualifying The Seller
  • Pricing and Marketing The Property
  • Negotiating Techniques 1
  • HUD1 Tips
  • Escalation and Communication Tips
  • Disputing Bad BPOs
  • Cash Contributions and Prom Notes
  • Negotiating Junior Liens
  • Lead Generation
  • 10 Short Sale Mistakes
  • VA, HAP and FHA
  • Getting Short Sales Closed

VISIT THE STORE NOW

***Use discount code sss10000 for a $50 instant savings</p

Read more…

Yucaipa Real Estate Resources

Yucaipa Real Estate Resources - Yucaipa CA REALTORS

If you're looking to buy or sell Yucaipa real estate mzake sure you have a experienced professional by your side. We have the professionalism to serve our valued clients on any type of real estate transaction they require:

  • Yucaipa Short Sales
  • Yucaipa Standard Sales
  • Yucaipa Foreclosures
  • Yucaipa Land Sales
  • Yucaipa Commercial Real Estate Sales

Let's talk about your specific situation. Call us now at (888) 9-List-It. That's (888) 954-7848.

Read more…
Yucaipa CA REALTORS

Just initiated a new web page for home sellers in Yucaipa CA

For home sellers in Yucaipa, California we have just initiated a new web page to provide them with helpful tips, break-down of the process of listing and selling a Yucaipa home and samples of homes for sale currently in the Yucaipa area.

If you are considering selling your Yucaipa home and would like to view our helpful new website, just click on the link at the top 'Yucaipa CA REALTORS".

Or just call us now! Call (888) 9-List-It. That's (888) 954-7848.
Read more…

New Redlands website page

Redlands CA REALTORS

Just initiated a new web page for home sellers in Redlands CA

For home sellers in Redlands, California we have just initiated a new web page to provide them with helpful tips, break-down of the process of listing and selling a Redlands home and samples of homes for sale currently in the Redlands area.

If you are considering selling your Redlands home and would like to view our helpful new website, just click on the link at the top 'Redlands CA REALTORS".

Or just call us now! Call (888) 9-List-It. That's (888) 954-7848.
Read more…

New Banning Website Page

Banning CA REALTORS

Just initiated a new web page for home sellers in Banning CA

For home sellers in Banning, California we have just initiated a new web page to provide them with helpful tips, break-down of the process of listing and selling a Banning home and samples of homes for sale currently in the Banning area.

If you are considering selling your Banning home and would like to view our helpful new website, just click on the link at the top 'Banning CA REALTORS".

Or just call us now! Call (888) 9-List-It. That's (888) 954-7848.
Read more…

New Beaumont CA website page

Beaumont CA REALTORS

Just initiated a new web page for home sellers in Beaumont CA

For home sellers in Beaumont, California we have just initiated a new web page to provide them with helpful tips, break-down of the process of listing and selling a Beaumont home and samples of homes for sale currently in the Beaumont area.

If you are considering selling your Beaumont home and would like to view our helpful new website, just click on the link at the top 'Beaumont CA REALTORS".

Or just call us now! Call (888) 9-List-It. That's (888) 954-7848.
Read more…

I don't know what is going on at Bank of America,  but I have two stories to that are eerily similar.  Case number #1:

  One short sale was started June 6, 2012.  The date is right.  It really has been going on a year.  It took 3 cases at HUD to finally get the seller out of " loan modification " status and into "short sale."  I have had the same buyer for a year.   On February 19, 2013 I was delighted to receive the "Welcome to Phase 2"  email  from Bank of America.  Yay!!!  We were in the home stretch.  Since that date I have gone through 4 negotiators and suffered through a reorganization of the FHA short sale department.  I've also received 2 more "Welcome to Phase 2" emails.  Apparently Bank of America thinks it is OK to send me multiple requests to update documents and continually "push" the closing back 30 days each month.  Hey,  Bank of America it is not OK to treat my client like a second class citizen.

I've attempted to open cases at HUD  (The National Service Center) and discovered that there definitely is a problem at Bank of America.  You see,  you can't open a HUD case involving Bank of America until you use the "special"  escalation team at Bank of America.  You talk to HUD and they transfer you to the "escalation team" at Bank of America.  The escalation team transfers you to the Short Sale Department and if you get no resolution,  you have to call HUD back with the name and the employee number of the person you spoke to,  and then HUD will open a case!!! 

Each month the required net changes and I have to redo documents over and over.  What is really strange is that I have documents dated from last year (because the negotiator at BOA says to do it that way)  for forms that did not exist at Bank of America on June 6, 2012.  So,  they redo the "Third Party Authorization Form,  and you have to update your file using the new form but dating it for a date the new form didn't exist.  How does that make any sense?   I opened another case at HUD and am waiting on a variance request from Bank of America.  I'm hopeful that this file will close in June.

*** UPDATE -  6-18-2013.  E-MAIL this morning from negotiator requesting a change that was responded to May 31, 2013.  Someone at Bank of America needs to get this done.  We accepted the counter offer of the ATP on December 21, 2013.  In 6 months I have not gotten an approval letter. 

Case #2

Approval to Participate issued November 23, 2012.   The first buyer backed out after waiting til the end of February for an approval letter.  On March 19, 2013 a cash offer was accepted and sent to Bank of America on March 19, 2013.  All required documentation went in at the same time.  We are also on our third negotiator.  The first negotiator did not understand  the tier structure of the ATP and kept asking for an incorrect "Net"   The second negotiator became ill and her files sat for the better part of a month.  It took using the Social Media Twitter team to get this file assigned to someone who would actually perform their job.  I have opened 2 cases at HUD to get this one moving again and now I'm waiting for someone at HUD to call me so we can get somewhere on this file.   In early May I received a request from the negotiator to update the documents and push the closing back another 30 days!!!  I sent documents on the 12th of May for a closing I scheduled for June 17, 2013.  That is a week from today.  Last Friday I got another request from the negotiator to "move the closing back another 30 days and to update the documents again."  Grrrrrr!!! 

Here is where there is a problem.  I can't do it.  The buyer will walk on June 17 if I can't get them an approval letter.  I've notified the negotiator on Friday and I got another request to move this one back again.  I have had the required net for 3 months.  If  I move this back another 30 days the required net will change again and it will have to come from somewhere?  Next month it will require a variance to close because I will not take this out of my commission to get to the required net.   Today I was sent another form that has been recently modified and I need to again fill out a form that didn't exist when this short sale was started.

Bank of America has a moral and legal obligation to assist the sellers in financial distress.   They've been approved to participate.  If these deals fall apart I intend to file complaints at HUD for interfering and stalling on these files.  There has to be a better way.

***UPDATE - 6-18-2013  This file actually closed yesterday on the very last day of my approval letter which came last Wednesday for a June 17, 2013.  Thanks to Miriam of the Social Media Team.  @B0fA_help.  They can move mountains

Read more…

NEWSLETTER: BofA Exposed By Former Employees

12433927463?profile=original

 

Good morning Superstars.

 

Here's a sampling of this week's Superstar discussions.

DiscussionsRepliesLatest Activity

BOA FHA RUNAROUND

Thank you for taking the time to read this quick note. I am turning to you as a last resort and i Am baffled at my experiences with boa B…

Started by Jusridn

213 hours ago
Reply by Jusridn

BofA exposed by former employees...

What we ALL knew to be true is now in print. How many short sale clients told you this same story??? http://www.huffingtonpost.com/2013/0

Started by Wendy Martin

018 hours ago

Timeframe to purchase after a short sale?

Does anyone have any information to share as to the time frame to re-purchase after a short sale? Thank you for the info!

Started by Kristy Hamilton

1118 hours ago
Reply by Ricky O. Gibson, Sr

Ocwen forcing a executed contract to go to altisource their company auction site Hubzu

I put in for third party authorization for a short Sale ocwen owns the first and the second, no sooner did I send over I started to receive…

Started by Wayne gebhardt

123 hours ago
Reply by Wayne Brooks

Freddie Mac Escalation for BofA Short Sale

We've had a short sale offer submitted through BofA that has been sent off to Freddie Mac to approve. It's taking a very long time to get…

Started by Diane and Doug Briggs

11yesterday
Reply by Ron Scribner

Freddie Mac denied PCS orders hardship; payments on time

My husband is active duty, we used the PCS orders hardship that came out in August 2012. Today, FM denied our short sale request based on…

Started by Darlene Parker

4yesterday
Reply by Ron Scribner

Issues with Verbiage in Wells Fargo's HAFA Short Sale Approval Letter

1st lien holder = Wells Fargo 2nd lien holder = Chase HAFA short sale currently in escrow to close at the end of the month. Need approval…

Started by Jude Cutrone

10yesterday
Reply by Jude Cutrone

Loan modification with principle reduction gives owner equity---Owner says...SELL!

An old client recently completed (4 months ago) a loan modification, with a significant principle reduction to his loan, giving him approxi…

Started by francisco Ramirez

7yesterday
Reply by Wayne Brooks

12433916279?profile=original

13 Training Sessions

$25 Each

(Audios are 45-90 min each).

  • Why a Short Sale?
  • Qualifying The Seller
  • Pricing and Marketing The Property
  • Negotiating Techniques 1
  • HUD1 Tips
  • Escalation and Communication Tips
  • Disputing Bad BPOs
  • Cash Contributions and Prom Notes
  • Negotiating Junior Liens
  • Lead Generation
  • 10 Short Sale Mistakes
  • VA, HAP and FHA
  • Getting Short Sales Closed

VISIT THE STORE NOW

***Use discount code sss10000 for a $50 instant savings

Read more…

I have a HAFA short sale with SPS.  It has taken forever; since August of last year.  Twice SPS set up a foreclosure date even though this is a HAFA SS and both times we submitted a motion to dismiss and the judge cancelled the foreclosure sale.  Finally SPS approved the SS, however, we were not able to close due that the property did not pass inspections and lender did not approve buyer’s financing.  The closing date was scheduled for April 19 and on April 8th a new offer was submitted (Cash) with no inspections contingency.  We were supposed to receive an approval to close on May 30, due that the only change submitted with the offer was the buyer’s name.  Guess what? Instead of receiving an approval we received a rejection.  The reason given by SPS is that the seller does not qualify for a HAFA SS.  This makes no sense when SPS approved the file just 30 days before this rejection.  We submitted a complaint to different agencies and now SPS is reviewing the file. They said it will take 10 days for them to have a final decision. Any ideas about what else can we do in the event SPS still do not approve the SS? 

Read more…

Rock Realty Client Testimonials

"Mike Collins was easy to talk to and very good at explaining in detail all aspects of the short sale of the property. With a lot of patience, he walked me through the process of a short sale. He was understanding of my plight and very sympathetic.
Mike was a pleasure to work with and he is a man of his word.
Thank you, Mike, and best of luck to you."

Tom D. (Oxford, WI)
Rock Realty Seller Client

Rock Realty Client Testimonials

Thanks for the compliments, and Congratulations on your closing Tom!

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HELP! Seterus is killing my deal!

I have a short sale that I have been working on since Nov. with Seterus. It is a Fannie Mae loan and I have the approval.

Here is the problem.... The first approval letter that I received was for the wrong buyer( and yes, they did have the right info) after a week, I got a corrected approval with the correct buyers names on it BUT the names were spelled wrong!!

I have not been able to reach anyone since Friday evening when I received this latest one and I am freaking out because my buyer is leaving this week on an overseas trip and his lender says that he has to have the corrected approval by today in order to maybe pull docs for him by Thursday.

I have emailed to death, the negotiator, his manager, the closing agent and now have escalated to Fannie Mae. I have called several times starting on Friday night too and they have also sent emails to these folks.

Does anyone have any suggestions on what I can do to get to the person that can change this for me so that we do not lose this deal? 

Thanks

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I am working on the short sale for 5 months now. SLS is 1st and GreenTree 2nd. Long story short: SLS asked for 2nd approval before they approve. Both buyer and I had to contribute to the second to get the approval. I submitted to the SLS and guess what they said?! They refused to approve because they don't want GreenTree to get more with any contribution. I am at lost, I worked so hard for 2nd approval and now SLS will not work with me. Why was it not mentioned?  Such a stressful situation. Any advise will be appreciated. 

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Good morning Superstars,

 

Here's a sampling of this week's Superstar discussions.

 

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I represent the buyer, and the seller holds a Chase mortgage. Their agents are great, but the negotiator is typically coy, giving no concrete answers.

Buyer has been U/c for $143,000, which was the H& B offer in a multiple offer situation in April
(listed at $149, then $139K for a month) Atlanta real estate market is bouncing UP.

The mortgage balance is from a Chase conventional refi of 201,000 in Feb 2012

Based on BPO, Chase has countered contract for $158,000 (the house is worth it).

If we counter back, it goes back to the investor and might get tied up a lot longer, and the F/C is looming in July/Aug

If we accept, we can be on the road to a closing - IF our buyers can get the money.

This extra $15,000 might not be doable for our clients - they will have to move mountains and we (their agents) will have to give up all of our commission to get them the house at this price, but do not them want to lose it.

Is it worth a shot to counter? What is the typical Chase experience with counteroffers? Once we are at this point in negotiations, do they usually accept or reject counters quickly, or could it be another 2-8 weeks?

Please advise, we need to respond for Monday.

Seller had a second mortgage and showed listing agent a release; so it seems Chase is the sole lienholder

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