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Agents Face High Risks with Bank of America New Third Party Authorization

Agents Face High Risks with Bank of America New Third Party Authorization

Bank of America is requiring a new third party authorization form (TPA) starting April 14th…. Today’s guest post features excerpts from attorney Ron Ballard’s recent article featured on his blog. Read the original post here in its entirety: Monday, April 2nd, 2012 at 11:06am Agents Face High Risks with Bank of America New TPA Posted […]

FIDUCIARY AND LEGAL RESPONSIBILITIES OF REALTORS RELATING TO SHORT SALES - Part II - Explaining to the Homeowner What Their Options Are.

FIDUCIARY AND LEGAL RESPONSIBILITIES OF REALTORS RELATING TO SHORT SALES – Part II – Explaining to the Homeowner What Their Options Are.

FIDUCIARY AND LEGAL RESPONSIBILITIES OF REALTORS RELATING TO SHORT SALES – Part II – Explaining to the Homeowner What Their Options Are.   First my disclosure:  I am not an attorney.  This is a Part II of 4 RE-Blogs from one of my consulting attorneys regarding a important subject on fiduciary responsibility for those of […]

FIDUCIARY AND LEGAL RESPONSIBILITIES OF REALTORS RELATING TO SHORT SALES - Part I

FIDUCIARY AND LEGAL RESPONSIBILITIES OF REALTORS RELATING TO SHORT SALES – Part I

First my disclosure:  I am not an attorney.  This is a Part 1 of 4 RE-Blogs from one of my consulting attorneys regarding a important subject on fiduciary responsibility for those of us who do short sales as a licensed agent. Jeff Watson, Attorney jwatson@srecnow.co FIDUCIARY AND LEGAL RESPONSIBILITIES OF REALTORS RELATING TO SHORT SALES […]

Bill to Speed Up Short Sale Process and Avoid Foreclosure

Bill to Speed Up Short Sale Process and Avoid Foreclosure

Bill to Speed Up Short Sale Process and Avoid Foreclosure This might be one of the few government bills affecting real estate that might work! To avoid losing homes to foreclosure due to long response times for short sale transactions, three senators introduced legislation to speed up the short sale process. Senators Lisa Murkowski (R-Arkansas), Scott […]

Home Affordable Foreclosure Alternative Program (HAFA) Changes Again

Home Affordable Foreclosure Alternative Program (HAFA) Changes Again

  In March 2009, the U.S. Treasury issued guidance for loan modifications by participants in the Making Home Affordable Program.  The program was  updated and expanded in April of 2010 to include the Home Affordable Foreclosure Alternatives Program (HAFA). HAFA  provided borrowers with an alternative to foreclosure through a short sale or deed-in-lieu (DIL) of […]

Does the New Mortgage Assistance Relief Services (MARS) Rule Affect Realtors and Short Sale Negotiators?

Does the New Mortgage Assistance Relief Services (MARS) Rule Affect Realtors and Short Sale Negotiators?

Rule Outlaws Advance Fees and False Claims, Requires Clear Disclosures If you are an agent/broker, involved in short sales, or are a 3rd party short sale negotiator and have not yet heard about or sought legal advice on the new FTC Mortgage Assistance Relief Services (MARS) Rule that takes effect on February 1, 2011, it […]

Short Sale Negotiation Fees - Is It Allowed?

Short Sale Negotiation Fees – Is It Allowed?

There have been numerous discussions on recent blogs focused on two specific topics of interest: 1.  The ethics/legality of the agent getting compensated for the short sale negotiations 2.  The use of and compensation for 3rd party short sale negotiators, particularly in requesting that the buyer pay the negotiating fee to the 3rd party. Also […]

Freddie Mac: Fighting “Fraud” or “Crying Wolf”?

Freddie Mac: Fighting “Fraud” or “Crying Wolf”?

Freddie Mac is once again lumping legitimate resale transactions in with the fraudulent ones in order to deflect accountability for its massive loan losses due to buying loans it had to know were bogus. The Freddie Mac web site has a new article dated September 27, 2010 rehashing old issues. This time it’s titled “Fighting Back Against Mortgage Fraud” and has a real, named author in Ed Haldeman, the CEO of Freddie Mac.

Short Sales Negotiations - A legal Perspective of Compensation

Short Sales Negotiations – A legal Perspective of Compensation

Depending on the particular market, real estate agents advise the author that anywhere from 30-50% of the properties on the market (which includes properties which are not on the MLS) at any given time may be short sale properties. Accordingly, short sales “negotiations” – and how they are paid – have become a very hot topic involving hundreds of thousands of homeowners and real estate professionals a year.