Started this discussion. Last reply by Edwin Baloloy Oct 10, 2012. 1 Reply 1 Like
When there is a Junior Lien (secondary mortgage) that is delinquent more than 120 -180 days a creditor may choose to charge-off the debt owed. A charge-off is the declaration by a creditor that an…Continue
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Posted on July 18, 2013 at 8:46pm 0 Comments 0 Likes
What is Mortgage Insurance?
Mortgage insurance (MI) is a financial guaranty for the lender that will assist to reduce or eliminate a loss in the case the borrower defaults on their mortgage. MI is almost universally required on loans where there is less than 20% equity. This means that if you are purchasing a home with less than twenty percent down or refinancing to more than 80% of your homes’ value, you are required to pay mortgage insurance.…
ContinuePosted on December 3, 2012 at 10:30pm 5 Comments 0 Likes
As of November 1, 2012 the Federal Housing Finance Authority initiated new Standard Short Sale Guidelines that apply to all Fannie Mae and Freddie Mac mortgages. This guidelines are to help streamline short sales with all Fannie Mae and Freddie Mac loans. You can find a summary of the guidelines here or the guidelines in detail below.…
ContinuePosted on October 23, 2012 at 10:50pm 0 Comments 0 Likes
The Mortgage Forgiveness Debt Relief Act is a government bill that offers relief to most homeowners who would normally owe taxes on the forgiven debt after performing a short sale. The purpose of this act is to help homeowners avoid additional financial hardship by performing a short sale. This Act became a law in 2007. Prior to this act the borrower would have to pay taxes on their forgiven debt. With this act in place, a borrower does not have to pay income tax on forgiven debt in MOST…
ContinuePosted on October 16, 2012 at 2:24pm 6 Comments 0 Likes
We've been hearing it a long time, but today a Chase representative actually initiated one of our files into equator today. Chase files will be initiated into equator similar to how GMAC does it. One cannot initiate it into equator themselves and will need the assistance of the short sale department. Let's hope their equator system moves smoothly!
Brett@ishortsalenow.com
310-564-6389
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Hi Brett, THANK YOU for all your help in this latest shortsale as of late: I haven't worked with one that had a second DOT and the 2nd says they won't do a HAFA shortsale like the 1st said they would. I don't get why. Might it be because it's a Line of Credit? I've read the DOT and it just collateralizes the property. AND they haven't even seen his upside-down financial statement yet...