Sorry if this topic has been discussed(over and over)
Have any of you been having a very hard time getting Flagstar to move? I am stuck right now waiting for Flagstar to call my seller and do an online review of her financial. Has been 4 weeks and they keep saying they are busy and are doing the best that they can, over 64,000 files.
Have tired to escalate, speak to supervisors, etc. to no avail.
*Email received from staff in the Bureau of Consumer Protection:
The FTC’s stay means that the mars rule does not prohibit real estate professionals who assist consumers in obtaining short sales from charging advance fees. However, the mars rule does not preempt state law. This, in turn, means that if a state law bars such advance fees, real estate professionals who operate in that state continue to…
Added by Kenneth Bargers on July 25, 2011 at 9:16am — No Comments
Seems like a bizarre question doesn't it? Well guess what, it is not. If you are selling your home as a short sale the bank may have the right to send a property preservation company to the house and "secure it" if they feel the house is vacant and abandoned. But it is still my house, right?
Yes, it is still your house, even if you have stopped making payments, but here is the catch. Many loans contain clauses that say if you abandon your home the bank has a right to secure the…Continue
Is it time to Buy & Hold??? by JACOB GAFFNEY Housungwire.com
Political deadlock mixed with terrible housing market conditions will eventually turn America into a society of renters, according to the latest Housing Market Insights report from Morgan Stanley (MS: 23.45 +7.97%).
High rates of mortgage delinquency, foreclosures and liquidations are turning homeowners…Continue
Added by Chris B Johnson CDPE,SFR,HAFA on July 21, 2011 at 12:05pm — No Comments
Lenders Primed for Short Sales
Short sales are a terrific option for homeowners struggling with unaffordable mortgage payments. In fact, lenders’ losses due to foreclosure are projected to increase at record rates in 2011, giving them more reason to pursue short sales. Lenders are projected to incur losses as severe as 85 percent in foreclosure! Meaning, after deducting the expense of the foreclosure process on a $100,000 loan, they may only get back…Continue
I read all over the internet about the new MARS rules, that wont be enforced to agents in good standing with their local boards.
This is a great news for us, before MARS required us to make several disclosures and we were not allow to collect any retainer fees.
The new rules:
Real estate agents who are in good standing under state licensing requirements, in compliance with state real estate laws, and assisting homeowners in obtaining short sales…
Roughly 25% of the mortgage modifications Citigroup (C: 37.03 -3.52%) completed through its own private programs redefaulted over the past two years, the bank's Chief Financial Officer John Gerspach said Friday.
Over the past nine quarters, the bank converted $5.7 billion in a trial modification into…
Added by Kenneth Bargers on July 18, 2011 at 9:17am — No Comments
A few days ago short sale sellers in California got great news! Governor Brown signed a bill which prohibits lenders and investors of junior loans to pursue a deficiency judgment on most approved short sales. First lien holders are already prohibited from deficiency judgments, but second mortgages and HELOCS were not previously exempted. As of July 15th, they are included. So, if a bank approves your short sale, then they have to give up all rights to going…Continue
Added by Marcy Moyer on July 17, 2011 at 4:00pm — No Comments
Los Angeles, CA – Just in, Governor Brown, signed into law today, SB458. This law will be written in the California Civil Code Procedures under CA CCP Section 580(e).
What this law states is that if a homeowner does a short sale, where the property has a 2nd Trust Deed, that 2nd lender/investor can no longer pursue the homeowner for the deficiency…Continue
by JON PRIOR Thursday, July 14th, 2011 http://www.housingwire.com
Freddie Mac directed its servicers to fully participate in the Emergency Homeowner Loan Program, which provides mortgage assistance for the unemployed.
The Dodd-Frank Act authorized the Department of Housing and Urban…Continue
Added by Chris B Johnson CDPE,SFR,HAFA on July 15, 2011 at 12:11pm — No Comments
Added by Kenneth Bargers on July 14, 2011 at 9:35am — No Comments
So I make an offer on a 4-plex and then find out that the owner is losing the place. Now it's going into a short sale situation. That's fine, but how do I determine how much and "as-is" sale diminishes the sale, when really, if the guy was losing it, there wouldn't be anything I could do about a disclosure issue anyway.
Do I bolt, or go for it?
When a buyer makes an offer on a Mountain View or any Silicon Valley Short Sales they ocassionally want to purchase some of the furniture in the house. Sometimes there is a couch that fits perfectly in the family room, or a dining room table that is too big for the seller's new house and they want to sell it. It's ok to do that, right?
NO NO NO NO NO!!!!!!!
Should I say it again? Ok, NO DO NOT DO IT!!!!!
Here is why. The seller is not allowed to have any gain from the…Continue
Added by Sidney Kutchuk on July 12, 2011 at 9:11pm — No Comments
A foreclosure moratorium is one of those suggestions that sounds like a good idea. And, for borrowers currently in foreclosure or seriously in default on their loans, a moratorium would provide a temporary reprieve.
Unfortunately, for the overwhelming majority of those borrowers, a moratorium would do nothing to change the ultimate outcome of the foreclosure…Continue
Added by Chris B Johnson CDPE,SFR,HAFA on July 12, 2011 at 12:02pm — No Comments