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My house is in foreclousure . 1st. is with OCWEN 1,200,000 and second is with Regions Bank 1,050,000. Second has a summary judgment coming up in Oct. Had a short sale offer came in. Regions is saying they had the house appraised for 2,100,000 therefore they would consider $ 1,800,000 . Even this buyer would go up to 1.8M then Regions would only clear $500,000 after paying the first and the closing expenses and commissions etc..

I have a third party (family member who who is willing to help me ) He wants to know if I can go to Regions Bank and offer cash discounted payoff . He is thinking about $400,000 ,This is much better offer then the short sale . Then I would only have to deal with the first .

I am behind $356,000 with GMAC (Ocwen) . If I pay this amount and bring the loan to the date , would they be willing to reinstate my loan with a lower rate ? Or are they just interested in foreclosure ?  It has been 4 years that I have not paid them. 1st. is doing nothing but second is very close to foreclosure. 

I have not paid both mortgages for 4 years . I am lucky that My family sold a piece of real estate and they are willing to help me to save my house from foreclosure .   Please let me know your thoughts . Thank You 

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Please let me know of your experience in dealing with Spectrum or Chevron Credit Union on a short sale. Would like to know the name of the person you dealt with and if you know of someone to escalate a file too. I am having a terrible problem with their negotiator and not getting any where. This home is set to be sold at the court house in Nov. So if anyone has knowledge let me know. Thanks Julie Wilkinson

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Welcome-to-Wisconsin-300x225.jpg?width=300The Wisconsin housing statistics are in for June of 2014. Here is an excerpt from what the Wisconsin Realtors® Association (WRA) had to say:

Existing home sales in Wisconsin saw positive gains for the first time this year, and median home prices were up slightly according to the most recent housing market report released by the Wisconsin REALTORS® Association (WRA). June home sales rose 4.5 percent compared to June 2013, and median prices were stable, rising 0.6 percent to $159,900 over the same period.

This is a welcome sign since June is our most important month for sales,” said Steve Lane, chairman of the WRA board of directors. “In a typical year, Wisconsin sells approximately 11.5 percent of its homes in June, which is more than any other month of the year, so strong sales in June is important,” Lane said. However given the harsh winter, Lane cautioned that even a solid showing in June won’t completely erase the weaker winter and spring sales. He noted that during the first half of the year, sales were down 4.9 percent compared to the first six months of 2013.

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. This month showed an increase in the number of home sales statewide and in Rock County, but a slight decrease in Dane County. Home prices rose slightly in all 3 areas highlighted below.


Thinking of purchasing a home before prices or rates rise any further? I'd be happy to show you any homes currently listed for sale. Feel free to visit either site below:

Real Estate Listings in Janesville, WI 

Real Estate Listings in Madison, WI.

Now might be the right time to sell your Wisconsin home. Feel free to take a look at our cutting edge Rock Realty Marketing Plan! If you would like some insight into how much your home is currently worth, I would be happy to provide you with a report that gives a close estimate to what your home might sell for in your current local Wisconsin real estate market. Click below:

What's My Wisconsin Home Worth?

Has your home value fallen below what you currently owe? Have you experienced a hardship like divorce or job loss? A short sale may be right for your situation. Visit our page for more information.

Wisconsin Short Sales


Housing Statistics for the State of Wisconsin:

June 2014
Home Sales: 7,702
Median Home Price: $159,900

June 2013
Home Sales: 7,373

Median Home Price: $159,000

Housing Statistics for Dane County, WI:

June 2014
Home Sales: 974

Median Home Price: $223,627

June 2013
Home Sales: 977

Median Home Price: $222,000

Housing Statistics for Rock County, WI:

June 2014
Home Sales: 211

Median Home Price: $120,600

June 2013
Home Sales: 182

Median Home Price: $120,000


View my report from last month. Wisconsin May 2014 Housing Statistics

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2nd borrower problem

The second borrower does not want to participate in the short sale. She never lived in the house. She never made a payment, only her daughter lived there by herself and the daughter made all the payments.The bank advise the daughter to do a quick claim deed and take the mother of the deed. We deed that, its is a FHA mortgage. The file was submitted to HUD for a variance approval. The approval was denied. ANY HELP PLEASE.

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Need help with FHA short sale

First I would like to thank the creators/ membor of this site. As a first time homebuyer of a short shale home, this site has been extremely helpful and there's so much I've been able to walk away with regards to short sale proceedings. That being said, I have just a quick question. From what I understand based off of my online research, I'm in the last process of the short sale. I'm using a VA backed loan to purchase an FHA short sale however FHA does not allow closing cost assistance for non FHA loans. my contract asked for 3% closing cost and because of this, the lender has submitted a HUD variance in order to try to get the 3% approved since it falls outside of FHA guidelines. From what I've read this happens a lot and I shouldn't worry. My question is, how long does it take for HUD to approve a variance for higher closing cost assistance? And what happens (if) after the variance is approved? Their norm is typically 1% for FHA backed loans and we're asking 3% with a VA loan. Also, they're net proceeds far exceeds the required 88% even with the additional 3% closing cost which makes me confident they will approve the variance. Any help would be greatly appreciated. It's tough having to learn everything through online research.Appriasal: 297000Offered: 290000
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Bank of America Again

Short Sales with Bank of America have not gotten easier, if anything they seem to take longer then all others, except Ocwen.

I am a buyers agent on a short sale with Bank of America. When our offer was accepted ( we were the back up) on March 3rd, 2014..That it was an approved short sale. Since that date my buyers have completed all the requested documentation. Bank of America has done three appraisals in the past four months. This property is set for TS on August 1st 2014. The listing agent does not return my calls, the bank won't speak to me. The listing agent has opened escrow and order prelims. and documents from my  buyers, yet no approval from the bank. Do I have any recourse or direction I can go? My buyers are so stressed with the constant "anyday now" response, jumping through hoops for everyone on the listing side, yet no approval from Bank of America.

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Buying a Home with Cash

Pros and Cons of Cash Buying

All-cash home purchases hit a record in the first quarter of 2014, reaching 43 percent, according to RealtyTrac, which has been tracking cash-buying trends since 2011. Home-Cash-PurchasesThis latest figure represents a 19 percent rise from last year—a number industry watchers attribute to stricter mortgage qualification standards coupled with high buyer demand and competition. If you're thinking about buying your next home with cash, you might be wondering how this option stacks up against a mortgage—not to mention, how you'll come up with the money.

Why Cash? Pros & Cons

On the pro side, using cash lets you sidestep mortgage loan qualifications and much of the paperwork and administrative fees. This accelerates the buying process and makes you more attractive to sellers who are eager to close. You have better odds of out-competing other buyers and better leverage to negotiate a lower price. Finally, the prospect of not having to pay monthly mortgage obligations and interest is appealing.

On the other hand, the cash you tie up in your house won't be as readily available for emergency spending. This could place you in a position of needing to sell or mortgage your home in the event of an emergency, and convincing lenders to extend a mortgage or equity loan could be difficult if you lack a steady income, a situation many retirees face. One way to address this issue is opening a home-equity line of credit after you buy your home to make sure you have emergency funds available. A reverse mortgage can also help in a pinch.

Another issue is whether the amount you save on mortgage interest might be better invested. Buying a house with cash amounts to investing in a bond with an interest rate equivalent to what you would pay with a mortgage. Compare this interest rate with other investment options to evaluate how buying your home with cash affects your long-term savings.

Finding Funds

If you want to pay for your home with cash but don't have a lump sum handy, how do you find the money? Options include:

  • Realtor suggests a few strategies, including investing in a long-term CD, a method that can be combined with CD laddering if you don't want to lock up all your cash.
  • For current home owners, another option is refinancing your existing mortgage into a larger one, known as "cash-out refinancing." Zillow recommends weighing this option against others, such as home equity loans and lines of credit.
  • If you're receiving regular payments from an annuity or structured settlement, you may be able to sell all or a portion of your future payments to a financial services firm and put the money toward your home purchase.

What About Taxes?

Paying for your home in cash precludes the tax breaks you would get from your mortgage interest payments. Use the calculator at Mortgage101 to estimate the potential tax benefits of a mortgage so you can weigh this against buying with cash.

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