Kathy Morris's (katscan51) Blog

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Hi Everyone, Have any of you dealt with Provident Funding on a short sale? I have a client who followed all the guidlines from the negotiator on listing price etc. It is a Freddie mac loan so I knew the net had to be at 88% of the BPO price......no problem and easy to figure out. I then submitted...

Listen up all you Realtors and Investors that are doing short sales with Countrywide. THEY ARE NO LONGER CONSIDERING SHORT SALES ON INVESTMENT OR RENTAL PROPERTIES. Any files submitted to them that have yet to be processed and it is not the borrowers primary residence will be denied! If your BPO ...

Listen up all you Realtors and Investors that are doing short sales with Countrywide. THEY ARE NO LONGER CONSIDERING SHORT SALES ON INVESTMENT OR RENTAL PROPERTIES. Any files submitted to them that have yet to be processed and it is not the borrowers primary residence will be denied! If your BPO ...

Over the last 7 years I have done many short sales with Countrywide and believe it or not some were quite easy.Roll forward to today. Understanding the volume of short sales that Countrywide are dealing with in today's pre-foreclosure market you would think that as an organization they would try ...

SUBJECT PROPERTY - SINGLE FAMILY HOME, PORT ST. LUCIE, FLORIDADEBT - 1ST MORTGAGE $231,200.             2ND MORTGAGE - $57,800.PURCHASED - AUGUST, 2006                    PURCHASE PRICE - $289,000LENDER - OPTION ONE FOR BOTH LOANSGot the listing back in May 2007. Owners were in default by 2 month...

One major hurdle in the short sale process is the time it takes the lenders to approve your offer. These timeframes vary from lender to lender however due to the increase in foreclosures and the amount of homes with negative equity the workload for lenders has dramatically increased over the last...

Too many liens and or encumbrances on a property can make getting clear title a problem. It is always advisable to do thorough due diligence when considering taking on a short sale property. If you live in a County that has the Civil and Public Court records online then this will greatly reduce y...

There are many different types of loan products available to buyers today when they are purchasing property. The differences really don't matter much UNTIL the loan goes into default. In this section we will cover the different loan types and the differences when doing a short sale. Conventional ...

The HUD 1 settlement statement is a vital part to the short sale package and if not compiled correctly COULD cost you DOLLARS on your deal. The loss mitigators closely review all the numbers on the HUD1 and it is your best interest to make sure ALL the numbers are correct so that the NET payoff t...