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CAN THE ROBO-SIGNING SETTLEMENT HELP ME STAY IN MY HOME OR STOP FORECLOSURE?

CAN THE ROBO-SIGNING SETTLEMENT HELP ME STAY IN MY HOME OR STOP FORECLOSURE?   The news has been abuzz in the past few weeks about the historic Robo-Signing Settlement reached between the government and five major lenders. Chances are you have a lot of questions: What is robo-signing? Which banks are involved? How much money […]

New FHA Collections Rule Almost Killed Two Of My Short Sales

New FHA Collections Rule Almost Killed Two Of My Short Sales

Two weeks ago, we received buyer contracts for two of our short sales – each FHA buyers.  While both had credit histories that would qualify them for a FHA loan – both had over $1000 in disputed collections, one was just $1,200. As neither had locked in their loans or an established a “loan case […]

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 […]

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 […]

The Long and Short of Fannie and Freddie Short Sale Foreclosure Deadlines

The Long and Short of Fannie and Freddie Short Sale Foreclosure Deadlines

It’s not as easy as it used to be to request that the bank postpone a foreclosure sale on a property you are doing a short sale on. It seems that more lenders are standing firm on their foreclosure deadlines.

In the recent economic struggles that we’ve all faced, banks appear to be wizening up to the wily strategies we use to stall foreclosure dates. In response, those deadlines are no longer leaving us a lot of wiggle room.

Wells Fargo Claims Agents Owe It Fiduciary Duty

Wells Fargo Claims Agents Owe It Fiduciary Duty

If you, as an agent, are working on Wells Fargo short sales or working with an investor flipping Wells Fargo mortgages, then pay attention to this blog from my network attorney, Ron Ballard: Monday, July 19th, 2010 at 4:04pm Wells Fargo Claims Agents Owe It Fiduciary Duty Posted by Ron Ballard Obviously, I receive bank documents for […]

Short Sale Tip of the Week

Short Sale Tip of the Week

On this week’s Short Sale Tip, we cover how to escalate a Bank of America short sale file to a supervisor. On this deal BAC closed our file because they had a malfunction in their Equator.com system. We entered the short sale into Equator (the online system used by Bank of America and GMAC to upload […]

The Buyer's Lender An Added Obsticle To Short Sales?

The Buyer’s Lender An Added Obsticle To Short Sales?

Dealing with the seller’s lender(s) to complete a short sale can be frustrating enough. Now, due to the spring/summer buying season, the number of refi’s and general economy issues, we are finding it increasingly difficult to get the buyer’s loan approved within the time frame of the short sale acceptance provisions – usually 30 days or less.

Fannie Mae Stops Short Sale Commission Reductions

Fannie Mae Stops Short Sale Commission Reductions

Starting March 1, 2009 the loan servicers on Fannie Mae loans cannot require brokers to reduce their commissions as a condition of the short sale approval.  Exception is if the total commission is more than 6%. Ask if it is a Fannie Mae loan and if so sendover the Fannie Mae Announcement with the short […]

Countrywide Adds Yet Another Layer of Short Sale Gatekeepers

Countrywide Adds Yet Another Layer of Short Sale Gatekeepers

Countrywide Mortgage adds another layer in its continuing maze of gatekeepers and required approval process.  Countrywide now requires the seller to be qualified before starting a short sale. They now require a much more detailed financial summary and a personal phone contact with the seller before the short sale process is even started.  If you […]