May 2012 Blog Posts (28)

Dicline Short Sale

Bank of America new Fast Track Short Sale: It appears to be a fast decline system !, I wounder? I just started a new Short Sale in equator and with the changes in the new forms and correction request by the negotiator it didn't toke long to get decline, it is so frustrating to get a picky Negotiator that will just plain turns down your Short Sale. Luz Martinez Modesto.     

Added by Luz Martinez on May 31, 2012 at 12:33pm — 2 Comments

Seller Vandalizing Property in Short Sale

We found this nice house and made an offer on it to buy it. Chase Bank took about 2 months to approve the short sale, then gave us 28 days to close.  Now the seller is vandalizing the property. We have sent a letter to the Sellers agent already.  He is taking fixtures off the property including the property fencing and cutting them up and scrapping them which is in violation of the RPA Section 8.  This is thousands of dollars of fencing. I'm worried also about what he might do next, like…

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Added by Luanne Bean on May 31, 2012 at 11:45am — 19 Comments

FORECLOSURE FRAUD AND THE $25 BILLION NATIONAL MORTGAGE SETTLEMENT

The record $25 Billion Dollar National Mortgage Settlement Agreement signed earlier this year involved 5 big lenders. According to recent reports, the Federal Reserve is now adding another 8 to the list.

According to officials 8 firms will be faced with fines and penalties due to flaws and irregularities. They include the following:

-SunTrust Bank -HSBC -EverBank -MetLife -Goldman Sachs -OneWest -US BankCorp - PNC Financial Services

The addition on Goldman Sachs was…

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Added by Ray Garcia on May 27, 2012 at 7:45pm — No Comments

Bank of America Announces “Quicker” Short Sales

In mid-April, Bank of America announced the roll out of a new and more efficient short sale process.  Bank of America claims that this new shorter and quicker process will allow for decisions on short sales within twenty (20) days.  Although many in the short sale business remain skeptical of whether Bank of America can meet such a timeline considering the prolonged short sale process of six (6) months or more, Bank of America has already made some changes that are immediately…

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Added by Ray Garcia on May 24, 2012 at 10:23pm — No Comments

Bank of America Short Sale Incentive Letter|Relocation Assistance

If you have a home loan through Bank of America and you are currently concerned about making your payments or your home is worth less than you owe, you may qualify for a short sale incentive from …

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Added by Michael Collins, CDPE, SFR, BPOR on May 24, 2012 at 3:09pm — No Comments

Community Update

Our company director recently acknowledge an article that reported over 200,000 homeowners with Bank of America mortgage are eligible for relief. We are planning a community awareness program to help owners understand the notices there receiving in the mail are not more scams, but rather FREE options to help them recover. I would like to know if anyone is interested in being a community leader, by just spreading the word. I know the company is looking to offer tours in several states to…

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Added by Karen S on May 24, 2012 at 1:15am — No Comments

Chase Bank Short Sale Incentive Letter

If you receive a letter from Chase Bank stating that you are eligible for a short sale incentive, please do not throw it away. It is not a scam.…

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Added by Michael Collins, CDPE, SFR, BPOR on May 22, 2012 at 12:00pm — 2 Comments

GREENTREE

They are bluffing. Take them to the end with it, see if they will let it go to nothing.

Added by D BUSH on May 22, 2012 at 8:25am — No Comments

Wisconsin April 2012 Housing Statistics

Counties of WI The Wisconsin housing statistics are now in for April of 2012. Here is an excerpt from what the Wisconsin Realtors Association (WRA) had to say:
…

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Added by Michael Collins, CDPE, SFR, BPOR on May 21, 2012 at 3:14pm — No Comments

Does The Amount A House is Underwater Matter in Menlo Park Short Sales

As a Menlo Park Short Sale Agent I get asked this a lot. My answer is a definitive sort of, especially if it is a Chase short sale. 

Here is how it may make a difference.

Some homeowners owe more on their homes than the home is worth, the definition of being underwater. The home is not going to sell for what it is worth, it will sell at or around market value. The bank generally understands that. The bank as representative for the investor on the loan wants to lose as little…

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Added by Marcy Moyer on May 20, 2012 at 6:58pm — 1 Comment

Los Angeles County and Riverside County. Ventura County Referrals,

Hi Everyone, just want to introduce myself. My name Julio Contreras and I live in Calabasas, Los Angeles County, CA. I'm a Realtor “Broker” that service the whole Los Angeles County and Riverside County Ventura County.

We also have an experienced short sale specialist team that handles short sales in Los Angeles County and Riverside County. Ventura County. . If you have any potential buyers or sellers in this part of the world, please don't hesitate to call me with any questions…

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Added by Julio Contreras on May 18, 2012 at 3:13pm — No Comments

Sunnyvale Underwater Homeowners, Open those Letter From Chase

Many homeowners who are having trouble paying their mortgages will stop opening their mail from the lender. It is understandable to feel what is the point? I can't pay and nothing they say to me will change that. However, if your lender is Chase you may want to open that letter.

Chase is giving relocation assistance to some homeowners who are in default if they agree to short sell their home. The incentives can be anywhere from $2500 to $45,000. Not everyone will get this…

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Added by Marcy Moyer on May 17, 2012 at 9:17pm — 1 Comment

Green Tree Lending is the devil!

I suddenly have 4 short sales with Green Tree.  3 are 2nd's.  They are all requiring 15% and are standing their ground.  All 3 houses have a trustee sale within 1 month.  "They don't care" per the negotiator.  These were all previous 2nd's held by BofA that were sold to Green Tree.  All 3, following the approval by the 1st, BofA, will put all 3 properties over current market value to satisfy the 2nd.  Anyone have any tips on Green Tree to get them off their "God Complex"?

Added by Michael Richert, CDPE on May 17, 2012 at 1:14pm — 25 Comments

uS Bank ever heard of a week for final HUD approval

Hi everyone, has anyone ever heard of a week for final hud1 approval? I never have. Usually 24-48? Last week the loss MIT said 48 hours and she didn't approve the HUD because taxes changed from the original HUD. property tax bills came out on may 10th. The bank was going to net 3,000 more. Hmmmmmm. Who should I call to get this closed/approved? Ira is my loss MIT. Thanks

Added by Victoria Clark-Alexander on May 17, 2012 at 11:16am — 3 Comments

commission reduce

Been working on a co-op ss with a-vendor for bofa got a written  approval stating 6% commission  24hr b4 coe they cut to 4% the reason  im doing a dual agency..Im thinking about calling corporate..Do I have chance to get 6%.

Added by Imran Nasir RON on May 17, 2012 at 3:58am — 7 Comments

139th Short Sale SOLD Today in Purcellville, VA – Lenders: One West Bank (Indymac) & Citi Mortgage

Congrats to our clients who sold their home in the Hirst Farm Neighborhood on Towering Oak Ct in Purcellville. This one was plagued by lender delays, repeat BPO requests and buyers who backed out, but we stayed with it and closed thanks to the patience of our sellers who will now walk away from their mortgages equaling over $750,000 (refinanced in…

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Added by Jennifer Young on May 16, 2012 at 6:06pm — 1 Comment

Tough Questions Deserve Honest Answers..."Do I Short Sale or Tough It Out And Wait For The Housing Market To Recover in Las Vegas?"

It has been estimated that more than 81% of the mortgages in Las Vegas, Nevada are upside down. 

We know the decision to short sale a home is a hard decision to make.  That's why we've created the short sale or stay calculator to help you crunch the numbers.  Being able to see the current market value and projecting when your investment will be at break even point and become an asset again is…

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Added by Linda Strasberg on May 12, 2012 at 7:39pm — 1 Comment

Short Sale vs vacant shadow inventory

Why should Lenders prefer a Short Sale over a vacant home?

A few weeks ago I agreed to do an Open House on a Foreclosed listing for another agent.  Mind you, there were no utilities on, and the home had sat vacant for about 18 months.

What was I thinking to walk in without a mask, right?  I opened the back door, turned on battery operated camp lights for the bathrooms so people could at least see into the dark, windowless rooms.  The windows were painted shut, no fresh air that…

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Added by TC Cooksley on May 10, 2012 at 11:58am — No Comments

Franklin Credit

Hello All,

Has anyone dealt with Franklin Credit? They are a 2nd lien holder (servicer) on a shortsale that I am doing and they will not settle. They have denied all requests. The 1st lien holder agreed to give $6,598.00 towards then 2nd and they have refused. They are seeking $45,000 for the amount that is owed which is around $75,000.00. With that, they also will go after the borrower for the remainder. Is there any way we can have them come to an agreement so that I can close the…

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Added by Danielle Hanson on May 9, 2012 at 6:24pm — 7 Comments

Differences between Mortgage Loan Programs

Understanding the Subtle Differences in Various Mortgage Loans

Getting a mortgage to purchase a home can be a little confusing.  There is so much industry  lingo that…

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Added by Michael Collins, CDPE, SFR, BPOR on May 9, 2012 at 1:25pm — No Comments

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