November 2011 Blog Posts (22)

Deficiencies in California...

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…

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Added by Ronald O Escobar on November 30, 2011 at 9:10pm — 1 Comment

Fannie Mae Increases Penalties for Borrowers Who Walk Away

Hi,

 

Please see link below regarding Fannie Mae's 2010 announcement on strategic defaults.

http://www.fanniemae.com/portal/about-us/media/corporate-news/2010/5071.html

Added by Gail Mitkoff on November 30, 2011 at 6:30pm — No Comments

Does Fannie Mae Pursue Deficiency Judgements

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…

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Added by Mike Linkenauger on November 30, 2011 at 11:30am — No Comments

Will I Be Forgiven of the Deficiency in a Short Sale?

Will I be forgiven of the deficiency in a short sale?

Facing a financial struggle can be a really challenging part in any individual’s life, especially if it was due to any number of…

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Added by Mike Linkenauger on November 23, 2011 at 12:00pm — 1 Comment

It's Almost Midnight For Sunnyvale Short Sale Federal Tax Forgiveness

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…

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Added by Marcy Moyer on November 22, 2011 at 1:07am — No Comments

Can anyone Help With PNC Bank?

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…

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Added by Mark Horan on November 21, 2011 at 6:36pm — 1 Comment

Short sale question

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 Flavia Brown on November 21, 2011 at 2:51pm — 2 Comments

Half of Homeowners Underwater on their Mortgage

Half of Homeowners Underwater on their Mortgage 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…

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Added by Michael Collins, CDPE, SFR, BPOR on November 18, 2011 at 3:30pm — No Comments

EverHome- Really picked up the pace

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…

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Added by Brittany Loan on November 11, 2011 at 2:30pm — 1 Comment

Why Do Homeowners Run?

 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…

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Added by Carll Field on November 11, 2011 at 11:06am — 1 Comment

Bank of America has Posted NEW Short Sale Escalation Guidelines-NOT FOR PUBLIC DISTRIBTION!!!!!!

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…

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Added by Chris B Johnson CDPE,SFR,HAFA on November 11, 2011 at 10:30am — 2 Comments

reported as "Charged Off and remaining balance outstanding" Approval Letter

Has anyone had this verbiage on an Approval Letter from BAC?

Added by Patti Guilford on November 11, 2011 at 1:34am — 2 Comments

Just getting through to someone at B of A in the foreclosure department is impossible

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…

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Added by Carolyn Bird on November 10, 2011 at 8:16pm — No Comments

CAR Short Sale Soundoff: BofA vows to streamline short sales

According the California Association of Realtors...
Bank of America says it is stepping up efforts to increase the number of short sales it completes, said Bob Hora, senior vice president and mortgage servicing executive with Bank of America, during a recent webcast.…
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Added by Chris B Johnson CDPE,SFR,HAFA on November 10, 2011 at 11:02am — 12 Comments

Tips for your Home Inspection

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…

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Added by Michael Collins, CDPE, SFR, BPOR on November 9, 2011 at 11:00am — No Comments

Avoiding Problems with Your Escrow Account

 

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…

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Added by Michael Collins, CDPE, SFR, BPOR on November 7, 2011 at 1:00pm — No Comments

I got the Short Sale approved to Fast??

I got the Short Sale approved to fast???Short Sales

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.......



After a long discussion amongst ourselves my wife and I have decided to withdraw our…
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Added by Sidney Kutchuk on November 4, 2011 at 11:30pm — 5 Comments

Is a Short Sale right for my Wisconsin home?

Short-Sale

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…

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Added by Michael Collins, CDPE, SFR, BPOR on November 4, 2011 at 12:30pm — No Comments

Tips for Buying a Short Sale

Buying a Wisconsin Short Sale



 

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…

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Added by Michael Collins, CDPE, SFR, BPOR on November 3, 2011 at 3:30pm — No Comments

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