Michael Schneider
  • Male
  • New Haven, CT
  • United States
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Michael Schneider replied to Mike Linkenauger's discussion HAFA government short sale program Successes and Failures in the group HAFA Short Sale Program
"HAFA is just simply misguided, by design.  A voluntary program for investors and insurers, in which by participating they must waive their rights to collect.  Makes no sense. But, it has become easier to complete, primarily, I think,…"
Feb 17, 2012
Michael Schneider commented on Ben Benita's blog post WARNING TO YOUR SELLER'S REGARDING DEFICIENCY LANGUAGE!!!!!
"I've never had this on a Demand letter.  I've discussed this issue with my BK attorney colleagues.  Each of them wonders whether this would be enforced by the BK judge.  Maybe, maybe not, is the answer I get.  The BK…"
Jan 26, 2012
Michael Schneider replied to marc lederman's discussion onewest/IndyMac blames Freddie Mac for not doing Short sale in the group IndyMac Onewest Short Sales
"The NPV calculation compares the net-proceeds of the short-sale to the expected net-proceeds of the foreclosure. Meaning, "Do I make more money short-selling or foreclosing."    I don't have specific codes for the Servicer…"
Jan 26, 2012
Michael Schneider replied to marc lederman's discussion onewest/IndyMac blames Freddie Mac for not doing Short sale in the group IndyMac Onewest Short Sales
"Sounds like they did the NPV calculations and concluded that they would make more with the foreclosure than the short sale.  So, by their Investor guidelines, they denied the short sale. Don't the numbers imply they were right in this…"
Jan 26, 2012
Michael Schneider replied to TJ's discussion Why doesn't a FHA loan qualify for HAFA? in the group HAFA Short Sale Program
"@Kevin  These are two of the flaws in PFSP.  Another major one is that PFSP pretty much removes the incentive for the seller to sell.  After you get the ATP, the financially best strategy for a seller is to delay as long as possible…"
Oct 19, 2011
Michael Schneider replied to TJ's discussion Why doesn't a FHA loan qualify for HAFA? in the group HAFA Short Sale Program
"Because the FHA has their own short-sale program--the Preforeclosure Sale Program (PFSP). HAFA was based on PFSP.  Treasury added their own fatal flaws to the already flawed FHA/PFSP, thereby ensuring that HAFA would be even less…"
Oct 19, 2011
Michael Schneider commented on Mike Linkenauger's blog post Has The Real Estate Market Stabilized?
"I think we are in this for the next five years, at least. Then the boomers will need to liquidate whatever is left of the equity, hence more supply on the market. I would say that overall the market has not changed much in CT over the past year."
Oct 3, 2011
Michael Schneider replied to Leslie Zieminski's discussion BAC HAFA (LRC) Neg claims NO ONE can contribute to the 2nd's loss/MAX "allowed" (from ANYONE) = $6k in the group HAFA Short Sale Program
"@JoeB  Re, Can the buyer make a contribution to a subordiate lien, above the $6000 limit? I agree with you, Joe.  Nice, nice call. You motivated me to re-read this section on the Handbook (Version 3, 12/2/2010.  Is there a more recent…"
Jul 14, 2011
Michael Schneider replied to Leslie Zieminski's discussion BAC HAFA (LRC) Neg claims NO ONE can contribute to the 2nd's loss/MAX "allowed" (from ANYONE) = $6k in the group HAFA Short Sale Program
"Illogical, inane, misguided, of course.  But, I do believe that the "no contribution" restriction is stated in various HAFA guidelines. Google for sd0909r.pdf, I believe (assuming this is non-GSE)."
Jul 5, 2011
Michael Schneider replied to Irene Medina's discussion Chase is the bank and Freddie Mac is the investor in the group Bank of America Short Sales
"Working with their attorney, I always make sure that my client knows whether the deficiency is waived or not.  If not, then there is a written and comfirmed communication to ensure that there are no suprises later. We (attorney…"
Jun 7, 2011
Michael Schneider replied to Irene Medina's discussion Chase is the bank and Freddie Mac is the investor in the group Bank of America Short Sales
"I have at least two, recent, with Freddie, deficiency waived, no additional payment, no fight. In one case, a 1st only.  The other there is also a 2nd, who is not waiving rights. My sense is, this depends on the…"
Jun 7, 2011
Michael Schneider replied to Irene Medina's discussion Chase is the bank and Freddie Mac is the investor in the group Bank of America Short Sales
"Not Stated = Not Waived, unless prohibited by other reasons I have Freddie short sales, where they waived the deficiency, stating so in the letter, without additional payment. But, not Chase, I think.  Clearly, depends..."
Jun 7, 2011
Michael Schneider commented on Mike Linkenauger's group Wells Fargo Short Sales
"ASC is Wells.  Not sure about this, but when I dealt with them, it seemed like the Servicing operations were merged into a "OneWells" process. My deal with them went very well, no complaints. A MHA/HAFA success!!"
Jun 2, 2011
Michael Schneider replied to Ned's discussion If BofA is Trustee for one of the WaMu Pass Through Certificates-who is investor decision maker? in the group Bank of America Short Sales
"No, I don't this this is bs.  Chase as the primary servicer, has delegated authorization to make decisions on behalf of the Investor/Owner, which is  a Trust, following the Investor's guidelines.  But, for a big decision,…"
May 27, 2011
Michael Schneider replied to Steven Pawera's discussion HAFA, BAC & Old Republic - you are warned in the group HAFA Short Sale Program
"MI and Investor participation is voluntary in Treasury HAFA (Non-GSE). The MI right to deny is in the original policy guide, stated explicitly. Unfortunately,  HAFA = Failure by Design IMHO the criticism should be directed to the Treasury for…"
May 26, 2011
Michael Schneider replied to Jamie Walters's discussion BoA says that HUD will only allow them to pay upto 1% of closing costs. Is this true? in the group Bank of America Short Sales
"It is actually 1% of the buyer's loan amount, I believe, not purchase price, and only if FHA financing. But, you can ask the Servicer to request a variance for a larger credit or to waive the FHA financing requirement. I think these variance…"
Apr 20, 2011

Profile Information

Occupation
Realtor, Negotiator
Areas You Service (be VERY specific specific and include ALL counties, cities, states, and towns you service!)
Connecticut, New York, Rhode Island
Website
http://newhavenllc.com
Short Sale Transactions Completed
100+
Do you have any experience in Commercial Real Estate? If so, do you have the CCIM or any commercial designations? How many commercial transactions and dollar volume have you CLOSED?
$0
About Me/Profile of yourself: - Please add your Brokerage Company name also!
Consumer lender, portfolio management, risk management specialst.
Realtor in NY and CT
Put in todays date! This is to help stop spammers!
February 26, 2011
PLEASE READ THIS!!! - This site is primarily for Realtors, REAL buyers or sellers with questions are welcome to ask, anyone here for other purposes may be banned. 1. Because this site is primarily for agents agents, Any soliciting is pointless and is not allowed. Please do not sell or promote products or services in any way, directly or indirectly. Do not link or sneak in links promoting your services on comments, posts, discussions or blogs. You may have links on your profile pages to your websites as long as your are not selling things other than real estate! Again, absolutely no outgoing links to your websites, blogs or listings 2. Do not speak disparagingly about members on this site. This community is meant to be helpful, and we are here to help each other. 3. We reserve the right to delete content and/or ban members that violate these rules. 4. Member Name (Full Name Field) format must be FIRST NAME, then LAST NAME! Please no company names, DESIGNATIONS, or website in the name field! Please read the terms of service under the "home" tab! IF YOU AGREE TO THESE TERMS, PLEASE TYPE "I AGREE" IN THE BOX BELOW!! Thanks for your cooperation, and welcome to the Network!
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