WHAT IS A PRELIMINARY TITLE REPORT? Continue
A title is a legal document listing the history of ownership of a home. After the buyer and seller have reached mutual acceptance, an attorney or title company will pull title on the subject property and review it for any problems that might prevent the home from being legally sold. The results are written up in a preliminary title report.
REVIEW THE TITLE REPORT: LESSON ONE
Throughout the years we have learned that having a…
Added by Brett Goldsmith on September 30, 2012 at 3:29pm —
We all have heard for quite some time now that Chase is going to begin using equator, but it has yet to take place. It seems it may be closer now than ever before. A negotiator at Chase yesterday took down our email address and stated that it was for preparation of the equator system taking effect. We proceeded to dig deeper and were advised by a different negotiator that they were planning on rolling equator out in October. The negotiator stated that they had doubts about it actually taking… Continue
Added by Brett Goldsmith on September 27, 2012 at 9:28pm —
The Wisconsin housing statistics are now in for August of 2012. Here is an excerpt from what the Wisconsin Realtors Association (WRA) had to say:… Continue
Added by Michael Collins, CDPE, SFR, BPOR on September 27, 2012 at 11:28am —
Number of Foreclosures Showing Signs of Decreasing
The number of foreclosures in July 2012 is 10% lower than… Continue
Added by Michael Collins, CDPE, SFR, BPOR on September 27, 2012 at 10:30am —
I recently got an article from my broker saying that the top 5 banks were to give 10.6 Billion dollars in homeowner relief. It goes on to list the lenders and the LAST paragraph in the article says:
Bank of America Corp, which is required by the settlement to provide the largest portion of the relief 8.6 billion, hadn't completed ANY modifications of first-lien mortgages or refinancings as of June 30, 2012, according to the report.
If you or anyone you know or represent has… Continue
Added by Laura Francis on September 26, 2012 at 2:15pm —
Anyone who has participated in a short sale knows that it can be highly stressful and that it is not always a quick process. The fact is processing a short sale efficiently takes a lot of experience and is continuously changing.
ARE THERE COMPANIES THAT CAN PROCESS MY SHORT SALE?
There are individuals and companies out there who offer the service of processing a short sale on behalf of the agent/homeowner. Some of the individuals/companies out there…
Added by Brett Goldsmith on September 24, 2012 at 9:00pm —
Buying a Short Sale
It's an unfortunate fact in today's Real Estate market, if you are looking for a home chances you will be buying a short sale.
I have met many weary buyers who are just sick of making offers on short sales and waiting and waiting and it doesn't go thru. Now, after months of waiting they have to start over again. Has this ever happened to you?
Even after all of the advances the lenders have made to improve the short sale process, you… Continue
Added by Ed Clements - SFR on September 21, 2012 at 12:18pm —
Bank of America has and will continue to release pools of loans. No loan is safe from a service release even if it is an already approved short sale. This seems to be even more interesting because the lender the file is going to seems to be largely dependent on the state the property is in. A large amount of the serviced released loans in the state of California seem to be going to Ocwen Loan Servicing while other states such as Nevada seem to be going to Green Tree Loan… Continue
Added by Brett Goldsmith on September 20, 2012 at 9:14pm —
Is a Loan Modification Right For You? | Carson | Short Sale | Leesa Hammond
Have the circumstances in your life changed whereby you can’t make the payments? Job layoffs, reduced hours which equates to reduce pay? Now, you can’t afford your mortgage payments and you are desperate for a solution.
The interesting fact is the banks and the federal government would love for you to believe that a loan modification is the end all to put you back on track to stabilizing your… Continue
Added by Leesa Hammond on September 20, 2012 at 8:23pm —
Has anyone worked with Amos Financial when working a short sale?
They are a junk loan buyer. They are a collection agency.
They asked me -- and this is a DIRECT quote..... "What is this HAFA think you speak ok?"
Do you see my problem?
Added by Susan Goulding on September 19, 2012 at 3:48pm —
I need some direction. I am working on a HAFA short sale with SLS. I submitted an ALL cash offer netting SLS $455,000 as they requested. It has been five weeks since I submitted the offer along with additional documents that had been already sent and/or which they claim to be expired or never recieved and two appraisals It just goes on and on. I call twice a week and I get different responses, (it is under review,its being worked on,it's in the final stages, they are getting the approval… Continue
Added by Norm on September 18, 2012 at 11:57pm —
Yes, the blog title above is real, I am not joking. I just received a short sale approval letter for a HAFA approved short sale with SLS (specialized loan servicing) only allowing 3% in total realtor commissions. Both parties to the transaction are represented by different brokers and none of the agents are a party to the transaction. This is fully an Arms Length Transaction.
Regardless of the outcome, I am asking if anybody here had this happen… Continue
Added by Aldo Figueroa - Maryland Agent on September 17, 2012 at 8:23pm —
but I just received the approval from the 2nd lien holder!
The short sale negotiator from the 2nd lien holder advise me to submit a revised HUD-1 showing the seller paying the 15% of the balance owed them which is $31,252 and the already approved $8,000 from HAFA being paid to the 2nd.
It was approved but I thought a seller cannot contribute monies on a HAFA short sale?
Am I wrong or right? And are there was around this? Can the buyer pay for the… Continue
Added by Marisela Cardenas on September 17, 2012 at 7:19pm —
Homeowner Tax Fairness Act | Carson | Short Sale| Leesa Hammond
Since 2007, homeowners whose banks have forgiven unpaid mortgage loan debt after a short sale, principal reduction or foreclosure have not had to count that money as income on their tax returns.
It’s meant savings of thousands of dollars on the so-called “phantom income” depending on the amount of debt canceled and a person’s tax bracket.
But the Mortgage Forgiveness Debt… Continue
Added by Leesa Hammond on September 12, 2012 at 8:23pm —
Yesterday I got a call from a client I will never forget. She said "I was able to modify my loan, I can keep my Blossom Valley house, and you were the only one who believed I could do this, so thank you." This made me so incredibly happy. So what happened was this client and her then husband were pregnant with their first child and ready to buy a home together. They found their dream home in Blossom Valley with my help, purchased it in 2006 with 10% down. In 2007 they had enough appreciation… Continue
Added by Marcy Moyer on September 12, 2012 at 6:00pm —
Real estate is not always an easy venture to be involved in. Mortgages are huge loans, and monthly payments can be extremely steep. Especially with the trend a few years back to give out sub-prime mortgages, there have been a lot of foreclosures lately. But foreclosure should be avoided at all costs.
So let's assume for a moment that you are unable to make your mortgage payments. You become a defaulted owner. Now what? Well, typically, your lending institution will foreclose its… Continue
Added by Antonio Atoche on September 12, 2012 at 4:14pm —
BOA Cooperative Short Sale Program
|The BOA Cooperative Short Sale Program can help a homeowner avoid foreclosure who does not qualify for the Home Affordable Foreclosure Alternatives (HAFA) Short Sale Program. This program, like the HAFA program, offers $2,500-30,000 in relocation assistance, waives the deficiency and streamlines the short sale approval…
Added by TOP END Properties on September 12, 2012 at 4:07pm —
As many of you already know, Fannie Mae and Freddie Mac have existing guidelines that require a distressed borrower to be at least 31 days late on a mortgage payment before they are eligible for a Short Sale. For many home owners, this was a major disappointment since they may have dipped into their savings accounts or borrowed money from family members to stay afloat during the short sale in order to prevent further credit damage. What seemed like a responsible thing to do was banned… Continue
Added by TOP END Properties on September 12, 2012 at 4:06pm —
Protecting Yourself During the Sale of Your Home | Carson | Leesa Hammond
I absolutely feel for clients who are stressed out during the sale of their home. While I make the process about as smooth as possible, there are always high-stakes feelings on the table. Unfortunately, these mistakes can cost sellers thousands.
In the interest of protecting sellers everywhere, perhaps you or your own clients can avoid these four “emotional traps” that can directly impact how well (and… Continue
Added by Leesa Hammond on September 11, 2012 at 6:00pm —
Short Sale Information and Favorable Laws in 2012 for California Homeowners
Short Sale Related Laws you should know about as a homeowner
SB 931 Deficiency Waiver on First Mortgage
When First mortgage holder of your loan accepts full payment and satisfaction of all your outstanding first loan from the successful completion of the sale of your home, your lender is is prevented from pursuing a deficiency against you even after a short sale. This is great…
Added by Antonio Atoche on September 11, 2012 at 4:11pm —