Brett Goldsmith's Blog (9)

What is Mortgage Insurance?

What is Mortgage Insurance?                        

Mortgage insurance (MI) is a financial guaranty for the lender that will assist to reduce or eliminate a loss in the case the borrower defaults on their mortgage. MI is almost universally required on loans where there is less than 20% equity. This means that if you are purchasing a home with less than twenty percent down or refinancing to more than 80% of your homes’ value, you are required to pay mortgage insurance.…

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Added by Brett Goldsmith on July 18, 2013 at 8:46pm — No Comments

New Guidelines For Fannie Mae & Freddie Mac Released

As of November 1, 2012 the Federal Housing Finance Authority initiated new Standard Short Sale Guidelines that apply to all Fannie Mae and Freddie Mac mortgages. This guidelines are to help streamline short sales with all Fannie Mae and Freddie Mac loans. You can find a summary of the guidelines here or the guidelines in detail below.…

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Added by Brett Goldsmith on December 3, 2012 at 10:30pm — 5 Comments

Mortgage Forgiveness Debt Relief Act

The Mortgage Forgiveness Debt Relief Act is a government bill that offers relief to most homeowners who would normally owe taxes on the forgiven debt after performing a short sale. The purpose of this act is to help homeowners avoid additional financial hardship by performing a short sale. This Act became a law in 2007. Prior to this act the borrower would have to pay taxes on their forgiven debt. With this act in place, a borrower does not have to pay income tax on forgiven debt in MOST…

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Added by Brett Goldsmith on October 23, 2012 at 10:50pm — No Comments

Chase Short Sale : Just Initiated Into Equator

We've been hearing it a long time, but today a Chase representative actually initiated one of our files into equator today. Chase files will be initiated into equator similar to how GMAC does it. One cannot initiate it into equator themselves and will need the assistance of the short sale department. Let's hope their equator system moves smoothly!

Brett@ishortsalenow.com

www.ishortsalenow.com

310-564-6389

Added by Brett Goldsmith on October 16, 2012 at 2:24pm — 6 Comments

What is Mortgage Insurance And It's Affect On Processing Short Sales?

What is Mortgage Insurance?                        



Mortgage insurance is a financial guaranty for the lender that will help to reduce or eliminate a loss in case the borrower defaults on their mortgage. MI is almost universally required on loans where there is less than twenty percent equity. That means if you are purchasing a home with less than twenty percent down or refinancing to more than eighty percent of your homes value, you are going to be required to pay mortgage…

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Added by Brett Goldsmith on October 4, 2012 at 12:41am — 1 Comment

Short Sales: Review The Preliminary Title Reports, Don’t Just Have Them Pulled.

WHAT IS A PRELIMINARY TITLE REPORT?



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…

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Added by Brett Goldsmith on September 30, 2012 at 3:29pm — No Comments

Is Chase Actually Rolling Out Equator Now?

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…

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Added by Brett Goldsmith on September 27, 2012 at 9:28pm — 4 Comments

WHY AGENTS CHOOSE TO NOT USE SHORT SALE NEGOTIATORS

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…

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Added by Brett Goldsmith on September 24, 2012 at 9:00pm — 11 Comments

BANK OF AMERICA: New Short Sale Process Service Release Policy

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…

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Added by Brett Goldsmith on September 20, 2012 at 9:14pm — 1 Comment

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

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