February 2010 Blog Posts (14)

Stopping a foreclosure or Sherriff's sale

Short Sales – Stopping the Sherriff’s Sale/Court Auction

By Joseph C. Alfe - ICG Short Sales





Attempting a short sale when a Sherriff’s sale or auction is imminent is usually not a good idea, especially if the sale date is less than two…

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Added by Joseph C. Alfe on February 26, 2010 at 10:00am — 5 Comments

Please join "About Bankruptcy" Group

Hi all,

I have added a group called About Bankruptcy on the forum. Please join and add your comments. I think lots of us will benefit from the info.

Thanks!

Added by Sara Mehrpouyan Los Angeles CDPE on February 25, 2010 at 4:27pm — 2 Comments

Shout Out

My name is Todd Lyndes and I serve Strafford and Rockingham counties of New Hampshire. Also known as the Seacoast area. I'm looking forward to networking with you folks as we work our way through the quagmire of short sales that will be with us for some time to come. I just lost one to the Indy Mac/One West/FDIC deal. Anyone know how to fix this?

Added by Todd Lyndes on February 15, 2010 at 8:36pm — 1 Comment

New to this site

Hi everyone, my name is Brenda Sutherland. I am new to this site although I am not new to short sales. I am the specialist in my office and most of the agents in my office refer their short sale customers to me. I am located in America's Home Town Plymouth,MA!! I serve Plymouth and the surrounding towns. I look forward to using this site as a great souce of reference!

Added by Brenda Sutherland on February 15, 2010 at 10:00am — No Comments

Second Liens

Just thinking... since the beginning of the housing crisis, if home values nationwide have dropped to 75% of the mortgage value, shouldn't there be a program that just eliminates all second liens, they are absolutely worthless in today's market. This would certainly streamline the short sale process. I know it's simplistic thinking, but we need some creative thinking to put a stop to the foreclosure bleed.

Added by Elena H. Lobito on February 9, 2010 at 5:38pm — 3 Comments

Is the FDIC Killing short sales

The below post is NOT my own writing or work, but is has been re-blogged WITH PERMISSION from the author! I found it somewhat interesting material.



Is The FDIC Killing Short Sales?

As some of you already know, I blogged recently about being interviewed recently by our local NBC news affiliate. To read the blog,…

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Added by Mike Linkenauger on February 9, 2010 at 3:00pm — 3 Comments

Watch out for HAFA!

As I prepared for a training presentation at our South West regional meeting, I decided to read up on the proposed HAFA program and thought I would be excited to learn how it would speed up the short sale process.

Actually, I was very disappointed by most of what I read since participation by lenders or servicers seems to be mostly optional and even those who participate can pick and choose how they participate.…

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Added by Joe Robaina on February 9, 2010 at 12:38am — 3 Comments

FTC wants to eliminate up front fees on loan mods

FTC says no more upfront loan modification fees



The Federal Trade Commission has proposed a new rule that would prohibit third parties, including loan modification specialists and loss mitigation attorneys, from collecting payment for foreclosure prevention services until after they obtain a documented offer from a lender or servicer for a modification or other form of mortgage relief. “Homeowners facing foreclosure or struggling to make mortgage payments shouldn’t have to contend…

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Added by Steele V. Propp on February 8, 2010 at 1:15pm — 1 Comment

Benefits of a Short Sale VS Foreclosure

We created this form to go over the benefits of a short sale VS foreclosure, and the impact on current and future credit, employment, and liability. We think it is a helpful form to give to homeowners to go over the benefits of a short sale. For Preferred Partner Members of the Short Sale Specialist Network, we also have this form in an editable format to customize, add your own logo and distribute to potential customers. It doesn't show up…

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Added by Mike Linkenauger on February 8, 2010 at 11:43am — 1 Comment

Equator work station

Where can we get additional information on how to better operate this site?

Added by isaiah1jr on February 8, 2010 at 7:08am — 2 Comments

HAFA - Streamlining the Short Sale

The Home Affordable Foreclosure Alternatives Program - HAFA - effective April 5, 2010, will provide short sale guidelines to participating Servicers in order to streamline the lengthy short sale process.



Here's a great tip, google "supplemental directive 09-09" to find a PDF document detailing the servicer guidelines or click the link below.…



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Added by Elena H. Lobito on February 5, 2010 at 3:44pm — 3 Comments

Preferred Partner Membership Program

 

January 2013 UPDATE!!  This program is no longer active! We have STOPPED Preferred Partner Membership.  Up until recently, Preferred Partner Membership was the way for agents to get listings directly from us, however that has changed as of 2/1/2013.  Prior to getting DIRECT assignments from us, agents must join the Short Sale Lead Machine program and fill out our…

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Added by Mike Linkenauger on February 4, 2010 at 12:00pm — 65 Comments

Advice needed

I am selling a house to a client here in NC. As soon as they close, they intend to attempt a short sale on a lot they own in Florida that they bought with a BOA mortgage.







They can't afford the new house payment and the lot payment. They owe approx. $200K (paid $55K down) and similar lots nearby are selling for $75-80K on short sales.







The question is: If they find a buyer, and a discounted price is accepted by BOA, will they be subject to a… Continue

Added by Doc Hamm on February 1, 2010 at 11:58pm — 3 Comments

Lender Approved Short Sale - WITH NO OFFER!

Lenders are getting their stuff together! A couple weeks ago we got an unexpected call from somebody at Wells Fargo Financial saying "we want to send an appraiser out to this listing of yours value it and to "pre-approve" the short sale of the property.". We were taken by suprise by the call, as this is a property that has no offer on it, and has never recieved an offer in the past. Now, we've done alot of these, but I've never had a call exactly like this! We have done them many times and… Continue

Added by Mike Linkenauger on February 1, 2010 at 6:36pm — 5 Comments

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