Hello, and welcome once again to the official blog of BGS3, the National Processing Center for Short Sales... rapidly becoming one of the most relied-upon foreclosure solutions in America!
BGS3 believes in assisting and enhancing the short sale process for all parties involved. BGS3 is continually finding more ways to speed up the entire process from all angles, and communication has consistently proven itself to be one of the most important factors in this goal. Technology has aided BGS3 in this effort tremendously, but it is by no means a "cure-all" to miscommunication. It is with this in mind that BGS3 posts here on the BGS3 blog, for all the Internet to see, the information requirements for pre-foreclosed real estate through BGS3. BGS3 invites Realtors to feel free to use this BGS3 blog post as a quick reference, insuring that BGS3 has all the information that BGS3 needs to facilitate the short sale process and enhance the experience for everyone.
Here is the list of the forms BGS3 requires to be filled out:
Contract Submission Form New Listing Activation Form Mortgage/Lien Information Form Authorization to Release Information (signed by the Borrower and Co-Borrower)
The Contract Submission Form contains a checklist of documents to fax to BGS3 with the New Closing File Form. These are the documents on that checklist:
Executed Purchase and Sales Contract Listing History Printout Net Sheet or Preliminary HUD-1 Buyer Pre-Approval Letter Buyer Discount Fee Agreement All Documents Listed on the "Homeowner Document Checklist", which include: Financial Information Form Hardship Letter Last Two Years of Income Taxes or Written Statement of Explanation Last Two Bank Statements or Written Statement of Explanation Last Two Paycheck Stubs or Written Statement of Explanation
The Listing Activation Form also contains a checklist of documents to fax to BGS3 along with it. This checklist includes:
Mortgage Information Form Estimated Repairs Form BPO Form 7% Listing Agreement Authorization to Release (separate one for each lien) Short Sale Agreement/Acknowledgment/Waiver
Please fax all documents to your BGS3 Loss Mitigation Team at 1.800.896.0709 or 1.800.567.1081.
In addition to updates, the BGS3 blog also serves as an opportunity for feedback from you, the reader. BGS3 often receives messages from raving fans, and will occasionally use the BGS3 blog to post comments and testimonials.
"There is a huge difference in Short Sale companies. BGS3 is responsive, keeps the lines of communication open, allows you to track the progress of any transaction online 24/7 and strives to create win/win situations." -Marcia Jarvis
Hello, and welcome once again to the official blog of BGS3, the National Processing Center for Short Sales... rapidly becoming the most relied-upon foreclosure solution in America!
The BGS3 management team meets frequently to stay ahead of the growth curve. From left to right - Cindy Thompson (Administrative Director), Ryan Richins (Client Realtions Mgr.), Street Russell (Floor Mgr.), Jim Donovan (Territory Development Director), Charles Cease (Chief Operations Officer) Freddie Mac and Fannie Mae have recently changed their policies regarding foreclosure, bankruptcy, deeds-in-lieu of foreclosure, and pre-foreclosure sales (or "short sales"). These new policies make it very clear that a short sale is much better for the credit-worthiness of the homeowner than any of the other options when facing a foreclosure. Of the four possible outcomes listed above, short sale has the shortest time period for credit reestablishment. It is also the only outcome with no additional requirements. BGS3 makes this outcome much easier to achieve, and BGS3 is still helping homeowners all across the country. BGS3 had a press release on this subject, and it can be found here: http://www.marketwatch.com/news/story/bgs3-lessens-credit-damage-homeowners/story.aspx?guid=%7B604A8592-A51F-49C8-885E-754B4DFF6BE8%7D&dist=TQP_Mod_pressN
In addition to updates, the BGS3 blog also serves as an opportunity for feedback from you, the reader. BGS3 often receives messages from raving fans, and will occasionally use the BGS3 blog to post comments and testimonials.
"Nick Curcio and BGS3 are sincerely committed to homeowners, and to working with Seller's Realty Group in securing debt forgiveness from lenders in this difficult economic climate." -Yolande I. Nicholson, Esq.
Hello, and welcome to the first official blog post of BGS3, the National Processing Center for Short Sales!
BGS3 continues to be one of the fastest-growing short sale and loss-mitigation companies in the country. Through Program 3648, BGS3 is halting the foreclosure process for thousands of homeowners across the nation, and helping mortgage lenders clear their books of non-performing assets. Because BGS3 has created this win-win situation for all parties involved, BGS3 is currently processing nearly a quarter of a billion dollars in mortgage debt. You can visit http://www.bgs3.com/ and http://www.program3648.org/ to learn more.
This BGS3 blog exists primarily for BGS3 clients or those interested in doing business with BGS3. The goal of the BGS3 blog is to give regular updates about some of the exciting activities going on here at BGS3 and the effects those activities have on BGS3's Realtor partners, homebuyers, lenders and homeowners.
Recently, BGS3 relocated to a new location in Louisville, Kentucky. This 10,000 sq. ft. facility takes up the entire 2nd floor of the Irwin Union Bank building so the security is top notch. The new BGS3 location includes five times the previous number of workstations, GE certified networking, and voice-over IP call center capabilities. It was imperative to make the move as BGS3 production has been essentially doubling month over month. The move was announced on July 29, and the press release can be found here: http://www.reuters.com/article/pressRelease/idUS264767+29-Jul-2008+PNW20080729
On August 14, BGS3 officially announced the appointment of Charles Cease to the position of Chief Operating Officer (COO). His extensive background and successful track record made him a perfect fit for handling the complexities of operating a company with a growth curve as large as BGS3's. The staff and board of directors at BGS3 have welcomed him with open arms. His appointment to this position has been critical to the mission of BGS3 to be the most relied upon foreclosure solution in America. The press release can be found at http://www.pr-inside.com/bgs3-announces-new-chief-operating-officer-r756184.htm
BGS3 now offers a series of WebEx webinars for Program 3648's nationwide network of Certified Program 3648 Representatives (CPR's). Prepared by Street Russell (Productions Management) and Ryan Richins (Manager, Client Relations), these webinars get into the nitty-gritty and best practices of BGS3's top producing CPR's nationwide. This Q&A mentoring forum has proven to be an effective supplement to BGS3's online certification and training module library.
In addition to updates, the BGS3 blog also serves as an opportunity for feedback from you, the reader. BGS3 often receives messages from raving fans, and will occasionally use the BGS3 blog to post comments and testimonials.
Marcia J., Realtor, most recently had this to say about BGS3:
"Your personal service is great! While I felt good enough about BGS3 to be making changes in our organization to match your services before we spoke, you just gave me a new level of confidence. I look forward to a long and profitable association."
Program 3648 is BGS3’s nationwide campaign to certify qualified real estate professionals to assist homeowners facing a potential foreclosure. Program 3648 was announced on January 29, 2008 by Chief Administer John W. Davis, stating, ``President Bush has provided a much needed solution to the national foreclosure problem in signing H.R. 3648 -- The Mortgage Forgiveness Debt Relief Act of 2007, but the sub-prime mortgage problem continues to affect most markets nationwide. The critical next step is locating and certifying a ground army of concerned professionals who can reach out to the multitude of homeowners who desperately need relief.”
There has been a substantial increase in numbers of families affected by adjusting interest rates on sub-prime mortgages. Subsequently, foreclosure rates continue to rise. Program 3648 Certified Representatives have been working to educate homeowners and their families on their rights and options.
Kenn Lewis, Co-founder of BGS3 and Program 3648, states, ``While much has been said in the media to further educate the public about their options when facing foreclosure, the vast majority of individuals in this situation simply don't know where to start. Program 3648 was enacted to handle the processing for qualified homeowners to either keep their home or go through a short sale.”
BGS3 understands that homeowners facing foreclosure are usually very concerned about their credit, and will sometimes not seek out help because they think it will cost too much. Lewis addresses this issue.
“There is no cost for the program, and the homeowner never needs to worry about future billing. With caring, well-educated, experienced professionals administering the program on a national scale, our mission is to help thousands of homeowners avoid foreclosure.''
The author Kenn Lewis is Co-founder of BGS3 and Program 3648. He writes here about the Program 3648 and how BGS3 understands and addresses the concerns of homeowners. Visit www.bgs3.com for more details.
Disclaimer: ActiveRain Corp. does not necessarily endorse the real estate agents, loan officers and brokers listed on this site. These real estate profiles, blogs and blog entries are provided here as a courtesy to our visitors to help them make an informed decision when buying or selling a house. ActiveRain Corp. takes no responsibility for the content in these profiles, that are written by the members of this community.
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