February 2012 Blog Posts (30)

Austin, TX - Recap of Angelos Angelou 2012-13 Economic Forecast: Overall: Optimistic! Austin, TX - Recap of Angelos Angelou 2012-13 Economic Forecast: Overall: Optimistic!

Recap of Angelos Angelou 2012-13 Economic Forecast:

Overall: Optimistic!

Angelos Angelou, one of the states top economists is predicting a great 2012 for Austin's economy. For the past 27 years, Angelou has been at the helm of Austin’s annual economic forecast, where he and local economists predict what the future holds economically for the city that year. The former economist for the Austin Chamber of Commerce and nationally known CEO of Angelou…


Added by Jeff Clawson on February 29, 2012 at 4:21pm — No Comments

Home Prices in Wisconsin are Stabilizing

Home Prices in Wisconsin are Stabilizing

Amidst the turmoil and problems of the year, there was some good news about Wisconsin home values in the year…


Added by Michael Collins, CDPE, SFR, BPOR on February 28, 2012 at 11:05am — No Comments

Short Sales, Loan Modifications and Taxes -- Act Now Before it is Too Late Train Wreck coming Short Sale Realtors Know the way

Short Sales, Loan Modifications and Taxes -- Act Now Buford Dacula Suwanee Gwinnett County GA

Many people are unaware of the potential tax consequences of a short sale (or foreclosure). A short sale involves selling a property for less than the amount owed to the lien holder. The tax code considers a short sale a "Debt Cancellation". When a lender cancels…


Added by Roland Lorans on February 27, 2012 at 3:59pm — No Comments

Increased Mortgage Activity in Wisconsin

Low home loan rates Increased Mortgage Activity…


Added by Michael Collins, CDPE, SFR, BPOR on February 24, 2012 at 12:56pm — No Comments

Freddie Mac sees 'more warmth' for Housing Market

According to the latest monthly outlook, Freddie Mac foresees “cautious signs” of improvement in the housing market as well as the overall economy and looks forward to “more warmth” in the year 2013. “The US economy continues to build on the momentum from the end of last year,” said Freddie Mac VP and chief economist, Frank…


Added by Allie L. Zehring on February 23, 2012 at 12:46pm — No Comments

New Employment Numbers has Negative Impact on Mortgage Rates

Low home loan rates New Employment Numbers has Negative Impact on Mortgage Rates…


Added by Michael Collins, CDPE, SFR, BPOR on February 23, 2012 at 11:47am — No Comments

REO Cancellation of K re Missed Deadline

Has anyone out there ever had or heard of a bank cancelling a sale on a REO because the buyer was 2…


Added by Sally Rackey on February 21, 2012 at 8:20pm — 1 Comment

Short Sale without Hardship

I have seen short sales approved without hardship. Some with no deficiency and some where the seller negotiates a lump sum payment at closing or a note to the bank for a portion or all of the deficiency. It is all a negotiation between the parties.

Added by Ken Lowe on February 20, 2012 at 12:35pm — No Comments

Short Sales in Winchester, VA - February 20, 2012


Added by Mike Cooper on February 20, 2012 at 11:19am — No Comments

Real estate agent/ brokers are also feeling the economic crunch.

There is empathy and there is charity.  I for one think that a seller that has not been paying the mortgage should be willing to pay his share when a short sale is done.  The seller on the average has 6 months or more before having to move out.  In the  mean time no rent/mortgage is paid.  The only person with the biggest benefit  from a short sale is the seller.

The buyer is not getting a great deal  s/he is  paying what homes in an  area sell for wheather Regular Sale, REO or short…


Added by Obed Montez on February 17, 2012 at 3:37am — 1 Comment

Loan Resolution Corporation and BofA

I am in the middle of listing a short sale, the loan is with BofA.  However, in the mail the seller received a letter from LRC and it offers an incentive.  I called and spoke with the person on the letter and he said they generally tell the owner to find a Realtor and list the property.  He wasn't very specific with what happens if the owner doesn't have one in mind, said they normally do.  So....exactly who are these guys and what are the going to be doing?  It seemed like I am to send the…


Added by Tara Nagelhout on February 16, 2012 at 11:58pm — 2 Comments

I Don't Have a Hardship ... BUT ...

I am rather conservative in how I run my business and as a result, obviously my initial question of someone who contacts me about a short sale is exactly that ... "Do you have a financial hardship at this time such that you can not afford the property?"  If that uncovers that they CAN afford the property, my interview is mostly over.


Now there…


Added by Derek Bauer on February 16, 2012 at 11:23pm — 33 Comments


Help FRANKLIN CREDIT:  short sale with BOA. The seller approved for  Cooperate Short Sale Program.  second with Franklin Credit. Per the approved short sale by BOA Franklin Credit is getting $2150. Franklin denied and said they wanted a promissory note for full balance. seller agreed to the promissory note. Then Franklin came back and denied the short sale again now they want $7500 and the promissory note for remaining The seller does not have the $7500 Then Franklin Credit came back and…


Added by Debbie Heaton on February 15, 2012 at 10:47am — 1 Comment

UCC2 Liens Taking Priority over Mortgage Deed of Trust

I have a short sale in process with Wells Fargo. Shortly after listing the property and getting an offer we discovered that the Seller had had new siding installed on the house after buying the home. They are in default on the loan payment to the bank who funded the siding installation which is not uncommon.

What is not common is that lender saying tat the lien on the property is a UCC2 lien and that it will take precedence over the Wells Fargo lien even though Wells Fargo was filed…


Added by Ken Crotts on February 14, 2012 at 9:00pm — 2 Comments

Five Buyers Agent Tips To Ensure Short Sale Approval

Getting a short sale approved is no easy task. Buyers can, and do, walk away if they feel the transaction is taking too long. Mortgage insurance companies frequently demand unreasonably high contributions from the seller, thus killing the deal. Servicing rights can be transferred to a new lender mid- transaction. The foreclosure auction occurs despite the lender repeatedly…


Added by Andrew Coppo on February 14, 2012 at 8:30am — 1 Comment

Available Short Sales in Winchester Virginia - February 2012

The short sale market in Winchester/Frederick County, VA is alive and  well.  The…


Added by Mike Cooper on February 14, 2012 at 1:00am — No Comments

Short sale home with an FHA loan - Negotiator says no seller concessions

Working on a short sale with an FHA loan, appraisal came in at $90,000, buyer made an offer of $90,000 and asked for 3% seller concessions. Negotiator said that they can only pay 1% seller concession if buyer is getting an FHA loan and no seller concessions if buyer is getting any other loan. Does anyone know the mortgagee letter where I find this information?

Added by Brian Curtis on February 13, 2012 at 8:28pm — 5 Comments

Bank of America Might Be on to Something with Short Sales

For those of us who are frequent sellers of short sale properties, the lack of communication between us and the seller's bank is one of the most frustrating aspects of the sale.  If you've ever tried to get the bank negotiator on the phone, you have probably found that they can be…


Added by Mike Cooper on February 13, 2012 at 4:00pm — 2 Comments

What Are The Tax Consequences of A Massachusetts Short Sale?

As tax season approaches, and more importantly, the expiration of the Mortgage Debt Relief Act of 2007, it is important to review the tax consequences following a short sale.  In general, the IRS will treat any canceled debt, such as forgiveness of a mortgage loan, as…


Added by Andrew Coppo on February 13, 2012 at 3:30pm — No Comments

Has anyone ever had Wells deny a short sale with a valid hardship?

I received this in Equator today and have never had this happen before...

Body: Message Created on 02/10/2012 10:05 AM Dear Valued Realtor:  Please be advised that the Short Sale for the property above has been declined by Wells Fargo. You may not be able to submit another offer for this property. If you have any additional questions or would like additional details concerning the Short Sale process, please contact Wells Fargo at (866) 903-1053 Monday through Thursday between…


Added by Meg Johnson on February 11, 2012 at 5:46pm — 8 Comments

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