November 2010 Blog Posts (42)

commission for agents that buy short sale houses

My wife and I are buying a house that is a short sale the bank will not pay our commission

Added by James L. Sannes on November 30, 2010 at 12:29pm — 7 Comments

Litton Loan Servicing

Can anyone out provide me with information on contacting Litton Loan Servicing. I have a seller whose property is going into foreclosure and I have been trying to work a short sale on the property. I spoke with someone at Wilson and Associates who gave me a pay off amount then referred me to Litton. However, I can not get through the phone system to speak with anyone about the property.

The seller has had health problems, can not pay and is not able to help much in the…


Added by John David Sweeney on November 30, 2010 at 9:52am — 2 Comments

Glendale Short Sales: A Few Examples of Loan Servicers Not Doing Their Job

Glendale CA Short Sales and FREE LOAN MODIFICATION – Most people think the person they mail their mortgage payment to every month is the owner of their loan. Not so.

The largest owners of US mortgages are two companies that some would allege are owned by Uncle Sam. They are Fannie Mae and Freddie Mac. They own an estimated 55-60% of all US…


Added by Jennifer Escobar on November 29, 2010 at 4:24pm — No Comments

Market Comment for Week of November 29, 2010...

MARKET COMMENT Mortgage bond prices closed sharply lower last week driving mortgage rates higher again. We started the week with some flight to quality buying following word that Ireland received a bailout from the EU and the IMF. This spread fears of additional bailouts with talk of Portugal and Spain possibly being next. However, rates shot higher later in the week following two Treasury auctions. Indirect bidders, an indication of foreign demand for US debt, were below…


Added by Kenneth Bargers on November 29, 2010 at 10:43am — No Comments

Reasons why banks do Short Sales


Added by Sidney Kutchuk on November 27, 2010 at 11:00pm — No Comments

High property taxes are forcing some people into foreclosure

High property taxes are forcing some people into foreclosure…


Added by Jennifer Escobar on November 24, 2010 at 8:30pm — No Comments

Just joined

Just joined and looking forward in joining discussions from all---thanks Have a Blessed Holiday

Pauline Fernandez

Coldwellbanker Premier RE - Clovis, Ca

Added by Pauline Fernandez on November 24, 2010 at 12:52pm — No Comments

Wells Fargo New Foreclosure Postponement Guidelines for Short Sales

Well....after all of the hoopla from last month's report that Wells Fargo will no longer postpone foreclosures on short sales, NAR reports that they've been in meetings with Wells (and several other large lenders) to address concerns regarding their short sale processes and REO disposition processes. Now, Wells is reporting that they WILL allow one (1) foreclosure postponement on a short sale if the following conditions are met...

1) Wells Fargo has an APPROVED short sale…


Added by Vanessa Calhoun on November 24, 2010 at 11:00am — 2 Comments

Glendale Short Sales: Wall Street Firms Strategically Walking Away from their upside down properties!

Glendale CA –Wall Street Fat Cats say homeowners shouldn’t walk away from upside down

homes. Why? “If you do it, then everyone will start doing it”, they say. “It isn’t moral. People should own up to their commitments.

People should be responsible. This is more than just a contract. It’s what holds the entire economy together.” However, those same rules don’t seem to apply to the Wall Street…


Added by Jennifer Escobar on November 23, 2010 at 11:30pm — No Comments

A National Look…Existing-Home Sales Decline in October 2010

Existing-home sales retreated in October on the heels of two strong monthly gains, according to the National Association of REALTORS®.

Existing-home sales, which are completed transactions that include single-family, townhomes, condominiums, and co-ops, declined 2.2 percent to a seasonally adjusted annual rate of 4.43 million in October from 4.53 million in September, and are 25.9 percent below the 5.98-million-unit level in October 2009 when sales were surging prior to the…


Added by Kenneth Bargers on November 23, 2010 at 10:21pm — No Comments

Market Comment for Week of November 22, 2010...

MARKET COMMENT Mortgage bond prices got crushed last week pushing rates considerably higher. Trading started negatively Monday when stronger than expected retail sales figures piled on top of the weakness seen the prior week. There was considerable profit taking as traders sold bonds. Tame inflation readings helped buffer some of the price increases and the Fed’s bond purchasing also helped but they were not enough to stem the negative trend of overall rising rates. For the…


Added by Kenneth Bargers on November 22, 2010 at 10:33am — No Comments

Short Sales

I went to Georgia last week (KELLER WILLIAMS, WOODSTOCK) for an excellent class called "Short Sale Success" it was presented by EXPERT Short sale Guru JASON A WILSON. It was a 6 hour CE Class, and it was totally awesome. If anyone wants to have the "inside scoop" from someone who has been "on the inside".... TAKE THIS CLASS!!! He provided the ins and outs of the process, but also provided the secrets you could not possibly know unless you worked for these companies ON the inside. There was a… Continue

Added by Valerie L Whiteman on November 21, 2010 at 10:13am — 1 Comment

The Long Process of Foreclosure Gets Longer

The foreclosure process is getting longer and longer. According to statistics from LPS Applied Analytics:

  • Delinquent loans in five judicial-process states spend more than 500 days in the foreclosure pipeline with the average time in process at 358 days, a week short of a full year.
  • In the case of loans where the borrower is delinquent for 90 days or more, on average no payments have been made for 16 months.
  • States that take the longest time to process…

Added by Kenneth Bargers on November 18, 2010 at 9:30pm — No Comments

Had Trouble with getting Approval at CITI Mortgage

I had some trouble getting short sale approval on a home in Ohio with Citi Mortgage that had gone on for 10 months. I began collecting emails from as many company officers and contacts I could find explaining the complications and general incompetence of the negotiator. I wrote an email and explained I would be overnighting the entire short sale packaged to the CFO, CEO and Head of Short Sale Dept within 24 hours and that I regretted the fact that I had to upset so many people at CITI as a…


Added by Scott Marvin on November 18, 2010 at 2:00pm — 3 Comments

Tips for Getting Vacant Homes Ready for Winter

Houses that will sit empty through the winter need attention to avoid frozen pipes, reports Long Island American Water, which is part of American Water, the largest investor-owned U.S. water and waste water utility company.

The company offers these tips for ensuring that pipes don’t burst:

  • Search for pipes that are not insulated, or that pass through unheated spaces such as crawl spaces, basements, or garages. Wrap them with pre-molded foam rubber sleeves or…

Added by Kenneth Bargers on November 18, 2010 at 11:32am — No Comments

Help With California Deficiency Forgiveness Laws

I have a Listing Appt. for a new S/S Listing. The Seller originally financed $999,000, which has now been paid down to a little over $800,000. California Franchise Tax Board info LIMITS deficiency exemption when the amount of qualified principal indebtedness exceeds $800,000. Does that mean that any amount greater than $800,000 will not be tax-forgiven, or that NO forgiveness of any kind is allowed if your loan amount is greater than $800,000 today?

I know we are neither tax advisors… Continue

Added by Richard Weaver on November 17, 2010 at 4:35pm — No Comments

Realtors RANT

Realtors RANT,this week was a really bizarre week for me. First, I lost 1 shortsale because the insurance for a jr lien (BOA) declined the shortsale 1 week before closing because the seller had an 811 credit score, he felt the seller could re-finance. refinance??? Dont you have to have equity for that, how about a job contract that wont end in 2 weeks? Did he even OPEN the hardship…


Added by Rose Mencia on November 17, 2010 at 9:43am — 1 Comment

Would You Prepare Your Clients' HUD-1 Settlement Statement To Submit To Their Lender???

Recently, I attended another short sale class (because we can NEVER learn enough about these lovely suckers) and was totally floored when the instructor handed out blank HUD-1 Settlement Statements, and began to "instruct" the class on how to complete them. I watched as a class full of Realtors who were fairly new to the world of short sales intently listened and filled out the form as instructed. I quietly listened to her (while making an attempt to not show the disguest and horror on my face)… Continue

Added by Vanessa Calhoun on November 16, 2010 at 5:09pm — 7 Comments

Monthly Archives












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

© 2020   Created by Mike Linkenauger.   Powered by

Badges  |  Report an Issue  |  Terms of Service