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Attention Active Rainers! I want you to see this very interesting post I read this morning by Bob Hertzog which should be read by everybody who is interested in short sales and REOs. Please read on and comment on this latest development regarding the waiving of deficiencies for short payoffd and deed-in-lieu of foreclosure transactions on Freddie Mac mortgages. Via Bob Hertzog Phoenix Short Sale Agent, Designated Broker (Summit Home Consultants):
Good old Wells Fargo is up to their tricks again. Only this time, they may be playing with fire.
If you haven’t already heard, Wells Fargo instituted a policy that went into effect on 5/1/12. From now on, they are refusing to waive any deficiency rights for their Freddie Mac short sales. This, despite the fact that Freddie just instituted a policy on 2/15/12, specifically barring any lender/servicer from requiring deficiency language in their short sale approval letters. The new policy reads “Reinforcing the requirement that the Servicer, for itself and on behalf of Freddie Mac, must waive all rights to seek deficiencies for short payoffs and deed-in-lieu of foreclosure transactions on Freddie Mac Mortgages that have closed in accordance with the Guide”.
So, what did Wells Fargo do with this requirement? They basically gave Freddie Mac (and distressed homeowners) the proverbial “middle finger”, and instituted a policy that REQUIRES that ALL Freddie Mac mortgages will have the following language in the approval letters they issue: “With the exception of a Home Affordable Foreclosure Alternative (HAFA) closing, nothing in this Demand Statement or in the release of the mortgage shall waive the right to seek a deficiency under the loan documents or any of its other rights thereunder, and the obligations evidenced by the note shall remain in full force and effect until paid in full“. Houston, we have a problem!
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Barbara Le Pine - S & W Real Estate, Newport OR (S & W Real Estate, Newport, Oregon)
A simple method used to determine the value of rental income property is the "10X Gross Multiplier. " It is a simple formula to determine value based on the yearly income. A Comparable Market Analysis (CMA ) is also used to evaluate the property…
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Barbara Le Pine - S & W Real Estate, Newport OR (S & W Real Estate, Newport, Oregon)
A simple method is used to determine the value of rental income property for both types of buyer, investor buyer or primary residence buyer, the "10X Gross Multiplier. " A Comparable Market Analysis (CMA ) is also used to evaluate the property and to…
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Barbara Le Pine - S & W Real Estate, Newport OR (S & W Real Estate, Newport, Oregon)
This is a great blog! It was timely since I just cleaned my office. Right after, I felt refreshed, and business came rolling in. Coincidence? I think not! Thanks Dave, for a fabulous blog subject! Via www. DaveYourMortgageGuy. com, FHA, VA, USDA,…
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Barbara Le Pine - S & W Real Estate, Newport OR (S & W Real Estate, Newport, Oregon)
There is no guarantee of safety when you are dealing with Mother Nature! Look closely at the deep crevices in the sand, this cliff could fall without warning. I expect that this section of cliff may be gone the next time I visit this listing…
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Barbara Le Pine - S & W Real Estate, Newport OR (S & W Real Estate, Newport, Oregon)
I received this email from a Newport, Oregon lender I work with. He wants agents he works with to write in a 45 day close on every transaction. He has given me permission to post it because he wants to get the word out to everybody in the hopes that…
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Barbara Le Pine - S & W Real Estate, Newport OR (S & W Real Estate, Newport, Oregon)
I see lots of homes with bathrooms that are clean and functional, but lack the update of a brand new home. Here is a good example of a bath which can continue to serve for years to come. This bath is located in a 2 unit condominium at the…
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Barbara Le Pine - S & W Real Estate, Newport OR (S & W Real Estate, Newport, Oregon)
When I show homes on a day like this, I am glad I moved to the Oregon Coast! This photo was taken in an area just north of Newport, looking toward Cape Fowlweather and Otter Rock, a popular spot for surfers. Ahh, what a day to open a lockbox!…
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Barbara Le Pine - S & W Real Estate, Newport OR (S & W Real Estate, Newport, Oregon)
In the current climate of lower priced homes, foreclosures and absentee sellers I see many homes being sold with a fair amount of clean up necessary. Buyer's need to be aware that what they see during the initial showing of a home is likely what…
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Barbara Le Pine - S & W Real Estate, Newport OR (S & W Real Estate, Newport, Oregon)
No matter how much you need a commission, it is dangerous to try to keep a transaction together for your own personal needs, especially important when dealing with buyers who place unreasonable demands on the agents (Buyer wants the agents to "kick…
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Barbara Le Pine - S & W Real Estate, Newport OR
Newport,
OR
More about me…
S & W Real Estate, Newport, Oregon
Address: 2466 N. Coast Hwy., Newport, OR, 97365
Office Phone: (541) 265-2251
Cell Phone: (541) 270-6758
Email Me
A mix of thoughts and ideas from a full time Real Estate Broker who lives in and works in the entire Lincoln County Area, serving Lincoln City, Otis, Gleneden Beach, Depoe Bay, Otter Rock, Beverly Beach, Agate Beach, Newport, Yaquina Bay, Toledo, South Beach, Seal Rock, Waldport, Alsea, Tidewater, and Yachats.
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