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short sales: Short Sales for 2nd homes - 07/28/08 04:07 AM
I would appreciate if you could share your experience with short sales for 2nd homes, especially experience with short sale for 2nd homes in Las Vegas:
Do you know how are lenders treating
- Las Vegas - second homes? - Second homes in Las Vegas I had an inquiry from a client who was renting her 2nd home in Las Vegas, however for quite sometime she cannot rent it out and looking for options.  I do a lot of short sales in California, but none for 2nd homes and none in Las Vegas.
 
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short sales: Need to complain about Indymac no more - 07/12/08 11:12 AM
A lot of us are actively involved processing shor sales with Indymac.  There was a lot of frustration out there with the way Indymac was procesing files (Indymac is a pain). The need to complain is no more.  Indymac was taken over by the Government.
Now we have to anxiously wait to see what happens to Indymac's assets and who and when will take over loss mitigation function of Indymac. I have two current sales being processed (close to 6 months each).  I received short sale payoff approvals on both, however there was a  mixup with the one and it was … (8 comments)

short sales: Why loss mitigation and short sales are not happening? - 06/16/08 10:26 PM
                                              
Many of us realized that lenders and mortgage servicers are giving short sales a “cold shoulder”. It simply doesn’t make sense that lenders and mortgage servicers don’t seem to care for success of short sales, as they don’t seem to have incentives (!) to do so. A good friend of mine and even better broker sent me a link to the excellent article from Money magazine – “WHY MORE HOMEOWNERS AREN’T GETTING HELP? It is an eye opener.
Did you know “that servicers have financial reasons for not helping homeowners who fall behind? As middlemen, they are paid a … (5 comments)

short sales: Senate panel passes housing rescue plan - 05/21/08 01:47 AM
One of the key problem faced by home owners facing foreclosures is inability to refinance. The House has just approved the rescue plan to provide cheaper, government-backed mortgages to half a million debt-ridden borrowers. The plan would let the Federal Housing Administration take on up to $300 billion in new mortgages.
You can read more about it in "Senate panel passes housing rescue plan". "Under the plan, lenders who agree to erase a large share of the original loan amount could win a government guarantee on future mortgage payments. Both the Senate bill and a similar plan passed by the House … (6 comments)

short sales: Has FICO score penalty for short sale increased? - 03/13/08 03:18 AM
In my post Credit consequences of the Short Sale we came to a joint conclusion that the FICO score penalty for short sale is 150 points and for foreclosure 300 points.  I have just received an email from myFICO stating that there is no difference in the penalty for short sale and foreclosure:
"However, as far as your FICO score in concerned, there is no difference between foreclosures and short sales or deeds-in-lieu of foreclosures."
Is that true? Has it changed in the new FICO algorithm or was it the case all along? Or, possibly, it varies dependent on some other … (13 comments)

short sales: Short Sales: Are lenders becoming more responsive? - 03/13/08 02:55 AM
At the end of August I posted a question regarding Credit consequences of the Short Sale and received many wonderful replies.  Since then I closed several short sales myself. Every time it was a frustrating experience. Based on this experience I came up with a mini-process for short sale and I give it to my potential short sale sellers and buyers, before they decide to go ahead with it. Here it is:1. Fax or mail the short sale package (missing a single documents or lender misplacing it can cost anywhere from a week to 6 weeks delay) - I have not … (7 comments)

 
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Artur Urbanski

Burlingame, CA

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Cimpler Real Estate, Inc.

Address: 533 Airport Blvd., 4th Fl., Burlingame, CA, 94010

Office Phone: (650) 401-2245

Cell Phone: (415) 672-5051

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