Welcome to my real estate blog for information on short sales and lender information.
RECENT BLOG POSTS
I have had a few foreclosure attorneys send my customers offers for "cash for a deed in lieu". I questioned the servicer as to why the attorneys were sending investors and second homeowners letters for cash. Bank of America states that this is an option if a short sale does not work out. Why t...
You know you have been doing too many short sales when your family starts calling you "Shorty".
Well seems Wachovia short sale department will be on a break with files until after October 1st 2009. I was informed today that all Fannie Mae short sales are on hold awaiting transfer to Wells Fargo. Could they make it any more complicated? I hope this won't put my file on the bottom.
So the borrower is told by some fast talking loss mitigation company that "we can get the lender to not send you out a 1099-c for the remaining balance written off" or "if the lender does not send the 1099-c you don't have to report it to the IRS". HELLO, if the short sale property, foreclosure ...
Wow, after twenty five follow-ups this week with various lenders, Porsha Grier receives my Shout Out of the week. I had a problem file that she helped me out with and now I am back on track. This is the second time in six months that Porsha helped me out with a Bank of America file. I really a...
How wonderful to work with such a great department and professional reps. A big shout out to Cassandra Cole in the Specialized Loan Servicing Liquidation Department. FIVE STAR service. All the employees in working for this servicer are top notch. All my calls result in answers. My short sale...
Reposted from a very smart Realtor in Miami. 10.) You sent in multiple offers to the bank. Put yourself in the bank's shoes, what would you do if you got 3,4,5 or 6 offers on your property? That's right you would wait to see if you get more at higher prices. We all know short sale departments at...
For the past two weeks, more supervisors are reporting the new requirement for a cash contribution to close the investment short sale. Not much to request for investment property if it means getting out of your current situation and moving on with your life. I also see more note requirements to...
Wow, two great short sale files from this servicer. Very professional experiance on both files. I want to give praise on a very large Realtor platform. Jeff Hunter, outstanding communication. FIVE STAR SERVICE Abigail Doyle, quick reply and positive attitude. FIVE STAR SERVICE Sometimes we...
I believe some mortgage insurance companies are starting to feel the crunch. I was recently informed by three separate MI companies that sellers with investment properties will be asked to sign unsecured notes. Notes range from 10% of outstanding principal balance to less than .08% based upon t...