Good news for California home owners who own a house that is upside down and have more than one loan or lien on title. California Law SB 458 prohibits deficiencies in California Short Sales. What is a deficiency? Stated in plain English a Deficiency is a Short Sale is when the bank comes after the home owner for the amount of money they lost during a Short Sale or a Foreclosure. This was a common practice for many of the banks that required home owners seeking relief through a Short Sale…Continue
Please see link below regarding Fannie Mae's 2010 announcement on strategic defaults.
Added by Gail Mitkoff on November 30, 2011 at 6:30pm — No Comments
Does Fannie Mae Pursue Deficiencies in a Short Sale or Foreclosure?
Many people would like to know if Fannie Mae has the power to chase after homeowners with deficiencies that come from…Continue
Added by Mike Linkenauger on November 30, 2011 at 11:30am — No Comments
Facing a financial struggle can be a really challenging part in any individual’s life, especially if it was due to any number of…Continue
If you can not pay your mortgage you might want to do something about it sooner rather than later. Here's why:
1. The Mortgage Debt Relief Act of 2007 is set to expire at the end of 2012
2. This act says that if you sell your primary residence as a short sale or it is foreclosed then no federal tax is owned on the debt foregiveness, the difference between what you owe and what the bank was paid back after the short sale or foreclosure.
3. In 2013, unless the act is…Continue
Added by Marcy Moyer on November 22, 2011 at 1:07am — No Comments
I am currently working a short sale and PNC Bank holds the second mortgage. Is there anyone out there that can give me some feed back with this lender? The file is currently being worked by a title company I have trusted with the negotiation. They tell me that the only way to correspond with PNC is to fax them and wait for a response. It has now been a week waiting as the first mortgage approval is running out. We also endured a foreclosure from the HOA. I was told the file was done after…Continue
Can someone please tell me if a short sale listing is allowed by lenders if the home owner just received a Notice of Default?
Added by Chris B Johnson CDPE,SFR,HAFA on November 21, 2011 at 12:47pm — No Comments
50% of Homes with Mortgages now Underwater
I came across the video below and was shocked to hear that nearly 50% (half) of the nations homeowners are effectively underwater. In times like these, it's important to know that there is help available. If you are a home owner that is struggling to…
Added by Michael Collins, CDPE, SFR, BPOR on November 18, 2011 at 3:30pm — No Comments
I closed a short sale last week - where the servicer was EverHome and the investor was Fannie Mae - that took a very interesting turn. The offer was submitted in the beginning of Sept right after Labor Day. By Oct 12th I had a counter offer (contract price was $3,000 below minimum NET proceeds). Most people would say this was a great turn around time and everyone would be happy. Here's the catch. A foreclosure sale date had been scheduled for Nov 1st and the negotiator asked "if it was…Continue
Why Do Homeowners Run?
Why do some homeowners run from a home without ever listing it? And more importantly, why would you leave a home that has four more months until the foreclosure sale? The only answer I can come up with to these questions is they must not understand they have other options. Four months is more than enough time to list and sell a home, and sometimes, just having the home under contract with earnest money is enough to make the lenders…Continue
Short Sale Escalation Guidelines
THIS INFORMATION IS NOT INTENDED OR AUTHORIZED FOR CONSUMER DISTRIBUTION !!
Bank of America, N.A., Member FDIC Equal Housing Lender © 2011
Bank of America Corporation. Some products may not be available in all
states. Credit and collateral are subject to approval. Terms and
conditions apply. This is not a commitment to lend. Bank of America and
brokers are separate entities; each is independently responsible for its…
Has anyone had this verbiage on an Approval Letter from BAC?
I called yesterday for someone who is facing foreclosure and who is not sure whether to do a short sale or to inquire about the new modifications recently available and called the 800 number given to him,on his letter from B of A, ring ring, sorry,wrong department, put through to loan modification, sorry, wrong department, put through to loan servicing, sorry, wrong department, asked to be put through to foreclosure department, goes straight to his account managers voice mail, no answer, and…Continue
Added by Carolyn Bird on November 10, 2011 at 8:16pm — No Comments
Considering the cost of purchasing a home it would make sense that buyers would take necessary precautions to see if the home has any problems. A home inspection can point out any problems, if they even exist. The following list represents some pointers to consider when ordering a home inspection.
Review Credentials of the Inspector
It is wise to choose an inspector with…
Added by Michael Collins, CDPE, SFR, BPOR on November 9, 2011 at 11:00am — No Comments
Avoiding Problems with Your Escrow Account
If you are using a mortgage to purchase your first home it is highly likely that the lender will request that you use escrow in order to handle the annual homeowner's insurance and taxes on the property. This is reflected by an additional payment on top of the interest and principal payment that…
Added by Michael Collins, CDPE, SFR, BPOR on November 7, 2011 at 1:00pm — No Comments
I got the Short Sale approved to fast???
Sometimes it does not pay to be a Temecula short sale specialist.
I stopped the foreclosure,and got this short sale approved and here is my reward.
Emailed to me today.......
You've read about WI short sales online or maybe you have heard about them on TV. Now you are wondering if this could be a good option for your Wisconsin house. In simple terms, a short sale is a process in which your bank agrees to accept a sale amount on your home that is lower than what you currently owe. There are many reasons why you might consider an…
Added by Michael Collins, CDPE, SFR, BPOR on November 4, 2011 at 12:30pm — No Comments
Tips for Buying Your First Short Sale
A short sale is a fairly simple procedure, at least in theory. A homeowner sells their home for a price below the current mortgage balance. The bank agrees to take this lesser amount as payment in full of the mortgage in order to avoid the heavy cost of a foreclosure. Here are…
Added by Michael Collins, CDPE, SFR, BPOR on November 3, 2011 at 3:30pm — No Comments