August 2011 Blog Posts (19)

I Want to short Sale My Mountain View Home, Now What?

If you find yourself in the position of having to sell your home and it is not worth as much as you owe, you may be wondering what you should do. I am assuming here that you have either been turned down for a loan modification or have to move because of divorce, job transfer, or other circumstance.

So you have to sell. Here is what you should do.

FIND A REALTOR

1.  You can not do this on your own.…

Continue

Added by Marcy Moyer on August 31, 2011 at 6:18pm — No Comments

JUST CLOSED!

I did it! I just closed on a Short Sale and it took about 3 months all in all. This was a fairly uncomplicated deal however there were numerous challenges along the way. It is quite an experience being a realtor, negotiator, a friend, emotional supporter and all the various hats we wear to get these done.

 

Would I do it again, yes indeed! I will take the lessons I learned and become more efficient on my next one.

 

Here's onward and upward!

 

Added by Terri Novitsky on August 30, 2011 at 5:57pm — No Comments

Short sales surged in second quarter:

Wednesday, August 24th, 2011, 11:00 pm

Second-quarter pre-foreclosure sales jumped 19% from the previous quarter, suggesting more banks and distressed borrowers are searching for efficient ways to offload properties near foreclosure, RealtyTrac said.

Third parties acquired 102,407 pre-foreclosures in the second quarter, while 162,680 bank-owned homes were sold in the same period.

Pre-foreclosure sales are generally short sales and properties sold within…

Continue

Added by Chris B Johnson CDPE,SFR,HAFA on August 30, 2011 at 5:23pm — No Comments

Market Comment for Week of August 29, 2011...

MARKET COMMENT Mortgage bond prices fell last week, which pushed mortgage interest rates higher. Rates started off on a bad note Monday as stocks surged higher. This negative movement continued throughout midweek as durable goods orders rose 4%, considerably stronger than the expected 1.9% increase. Stocks took a roller coaster ride and fell a bit Thursday morning, which helped support mortgage rates. Rates rebounded slightly Friday morning as Q2 GDP came in lower than…

Continue

Added by Kenneth Bargers on August 29, 2011 at 8:44am — No Comments

East Palo Alto Short Sales: Watch Out For Rental Restrictions

 

East Palo Alto short sale

 

There is another conflict brewing between investors and first time home-buyers, and this time the home buyers may win. In the more affordable areas of the Silicon Valley distressed properties, ie short sales and reos have been popular with investors and first time buyers. Many would be owner occupiers lose out on great opportunities to investors who have all cash.  Since condos are…

Continue

Added by Marcy Moyer on August 27, 2011 at 5:39pm — No Comments

Having an issue with Nationstar taking over a First Horizon Loan

Has anyone just recently dealt with Nationstar taking over a First Horizon loan? Just had a buyer walk from the deal and then found out Nationstar took over, I have a new offer but now Nationstar is telling me because the seller has moved out of the house and it's an FHA loan they more than likely won't look at my new offer tell they approve the seller. Timeline they said is typically 30 days, and they also noted they are a little behind. Anyone else get this response from Nationstar? Any…

Continue

Added by Miranda Maldonado on August 23, 2011 at 8:02pm — 1 Comment

Past Due Santa Clara HELOCS Can Be Sold To Collection Agencies

If you are an owner of a home with a second loan that is a Home Equity Line and you are having trouble paying your mortgage you should do something about it right away. I know you have probably heard that banks are taking up to 2 years to foreclose so you have plenty of time, but there is a dirty little secret in the mortgage world.  HELOCs are not entirely like traditional mortgages, they are more like credit cards. If you do not pay your first mortgage your lender needs to find a way to…

Continue

Added by Marcy Moyer on August 23, 2011 at 12:05pm — No Comments

Market Comment for Week of August 22, 2011...

MARKET COMMENT Mortgage bond prices finished near unchanged last week but whipsawed up and down throughout the middle of the week. Rates started off on a bad note Monday in reaction to stronger than expected data. Housing starts, industrial production, and capacity use data all surprised to the upside. European debt worries resulted in flight to quality buying Wednesday and rates improved considerably that morning. Unfortunately those gains were erased Thursday afternoon…

Continue

Added by Kenneth Bargers on August 22, 2011 at 8:55am — No Comments

FHA mortgage servicers revamp troubled borrower trial modifications

The Federal Housing Administration will require mortgage servicers to place specific borrowers into trial modifications before collecting a fee for the…

Continue

Added by Chris B Johnson CDPE,SFR,HAFA on August 20, 2011 at 5:11pm — No Comments

Met Life

Just received short sale approval with Met life. If anyone is handling a short sale with them you have to stick with it and stay on top of them other wise they will drop the ball!

Added by Joanne Finochio on August 15, 2011 at 8:02pm — No Comments

Market Comment for Week of August 15, 2011...

MARKET COMMENT  Mortgage bond prices rose last week, which pushed mortgage interest rates lower. Rates started off on a bad note Monday in reaction to the US debt rating downgrade, the first in history. Stocks took a roller coaster ride surging and falling hundreds of points throughout the week. The Fed kept rates unchanged and indicated the intent to keep rates low through mid 2013. Mortgage bonds pushed higher in reaction to post some solid gains Tuesday afternoon and… Continue

Added by Kenneth Bargers on August 15, 2011 at 9:33am — No Comments

Reasons why a bank would reject a short sale

I have been doing short sales for about 3 years, I have seen a lot but I am still learning. I known that banks sometimes might denied a short sale in the following cases:

  • 80/20 they can agree on how much each one is getting, sometimes the 2nd mortgage wants more than what the first mortgage is willing to approve.
  • Contract price is too low or property is so ugly and has to many issues that no one is interested to pay what the bank has approved.
  • Too many liens on…
Continue

Added by Jose A. Rivas (RDCpro,SFR, CDPE) on August 10, 2011 at 9:52pm — 4 Comments

Five Star Partners with Fannie Mae to offer Training on the Short Sale Assistance Desk

Thought everyone might be interested in this article.  Five Star is offering training on Fannie Mae's Short Sale Assistance Desk. 

Added by Gail Mitkoff on August 8, 2011 at 6:02pm — 1 Comment

WF Apollo Loan Mod

I can't find much on this program online. I have a client that is approved for an Apollo Loan Mod, that defers a significant amount (>$26,000). It also extends the loan out 15 years more than the original loan. While is does save her money, she is inclined to turn it down. Would this negatively affect our ability to get a short sale approved?

Added by John E. Roberts on August 8, 2011 at 3:41pm — No Comments

Market Comment for Week of August 8, 2011...

MARKET COMMENT  Mortgage bond prices rose last week, which pushed mortgage interest rates sharply lower. Rates found support from both weak stocks and flight-to-safety buying as the debt problems in Europe extended to Italy and Spain. The DOW Jones index had one of the worst weeks in recent memory, falling 512 points on Thursday alone. Global traders flocked to US Treasuries and mortgage backed securities driving the yield on the 10-year bond down to 2.44%. Mortgage bonds ended… Continue

Added by Kenneth Bargers on August 8, 2011 at 9:41am — No Comments

Menlo Park Probate Short Sale: Why Bother

The question of whether to short sell a home in probate used to be rare, but now unfortunately it is not. There are estates where the owner dies, owes more than the house is worth, and a decision needs to be made by the Personal Representative (executor) as to what to do.

My opinion, try it. If it is in the best interest of the bank/investor to short sell rather than foreclose they will do it. If it is not, they won't and will take it to foreclosure.

So who benefits if the home…

Continue

Added by Marcy Moyer on August 7, 2011 at 10:56pm — No Comments

SHORT SALES: long waits: Buyers and sellers find process frustrating-yep we know that!

For those of us that work Short Sales  this article from US Today , is nothing new but some may find it interesting.

Quote: "A growing reason short sale deals fall through or take longer is because of mortgage insurance purchased after the homeowner closes on the deal and the loan is later…

Continue

Added by Dawn Barrier on August 2, 2011 at 4:33pm — No Comments

Monthly Archives

2018

2016

2015

2014

2013

2012

2011

2010

1970

Forum

Ocwen Contacts Short Sale Package

Started by Jan Baron in Rants and Raves. Last reply by Anna Wilk Jan 14, 2016. 5 Replies

Shellpoint Mortgage

Started by Celeste ODea in General Discussion. Last reply by Brett Goldsmith Sep 4, 2015. 3 Replies

Extension Fees & Closing

Started by Colleen J Couse in Rants and Raves. Last reply by Brett Goldsmith Sep 3, 2015. 1 Reply

© 2019   Created by Mike Linkenauger.   Powered by

Badges  |  Report an Issue  |  Terms of Service