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short sales: Breaking news on FANNIE & FREDDIE Short Sales Policies - 05/02/11 04:59 PM
I just read this and wanted to pass it on!
Maybe somebody is listening to us agents!
http://theagentinsider.com/uniform-short-sale-standards-coming-for-fannie-mae-and-freddie-mac-short-sales/
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short sales: New video to help homeowners in financial distress - 01/17/11 02:27 PM
Fannie Mae has come up with a great video to help troubled homeowners arrive at a next step solution that best fits their situation. You can view and participate with the video at the following web address:
http://www.knowyouroptions.com/
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short sales: Are you in the middle of a B of A foreclosure or short sale? - 10/08/10 02:03 PM
Bank of America halts foreclosures in 50 states! Check with your negotiator or bank contact to see if this will affect your transaction!
For more info read the full article
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short sales: California Cancellation of Debt Tax forgiveness - Straight from the "Horses Mouth" - 04/14/10 10:20 AM
To see the details of SB401 go to the link below:
This is the best form of risk management, if you are trying to help a client; by referring them to a third party. Let them take this info to their tax preparer or get expert advice from a qualified individual or reach their own conclusion. We can only point them in the right direction, they must be fully responsible for their own decision and therefore the consequences.
CA State Franchise Tax Board: with links to IRS, work sheets and the full text of the bill:
http://www.ftb.ca.gov/aboutFTB/newsroom/Mortgage_Debt_Relief_Law.shtml
To your success,
Cathy
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short sales: Would a loan modification help? Did you know you can modify the 2nd, too? - 04/09/10 05:46 PM
The following website explains the process far better than I could parphrase. It is the official government site so you can rely on the factual information even if the collection department from your bank doesn't explain this is available.
http://makinghomeaffordable.gov/lien_modification.html
If you need help with the process or have decided to sell your home, I would be provide compassionate, caring guidance. There is no upfront fee or cost for assistance. Together we can get you through this.
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short sales: HAFA rules took effect April 5th, did you feel the shift? - 04/09/10 05:14 PM
Nothing short of an earthquake in it's sweeping changes of how the servicers will be treating, responding and closing more short sales. Instead of waiting months for an approval it will be possible to get pre-approved net prices when listing! All kinds of new software platforms have arrived to handle the volume, no more faxing. Bank of America is now using Equator (free sign up) formerly Resnet. This software allows all parties with specific permissions to upload and view documents. A transparent platform.
Approvals on offers are dictated to be 10 days or lessif the pre-approved process is used.
The forms … (0 comments)
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short sales: Everything you Know and hate about SHORTSALES is about to change - 12/21/09 03:02 PM
This new federal policy (Supplemental Directive 09-09)takes affect April 5th, 2010, but many are adopting these guidelines earlier.How about pre-approved short sales and 10 response to offers? I wanted to bring to your attention some important details about the recently announced Home Affordable Foreclosure Alternatives program (HAFA), which provides instructions for lenders and servicers participating in the Making Home Affordable Program and Home Affordable Modification Program (HAMP).
The HAFA program will permit PRE-APPROVED SHORT SALE TERMS before a property is listed; prevent servicers from attempting to reduce real estate commissions established in the listing agreement as a condition for short sale approval; RELEASE borrowers … (0 comments)
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short sales: BofA Short Sales, policy change. The devil is in the details - 08/06/09 08:27 PM
Bank of America (Countrywide, included) has had a major recent policy change in the way they will be handling short sales. On the face of it reducing the acceptable amount on a junior lien (HELOC) from 10% to 5% sounds real good. However, read between the lines and the fine print! Even though California is a non-recourse state on purchase money loans, Terry Francisco VP of BofA said they "Reserve the right to include deficiency judgment language in all their approvals". In other-words, they will release the lien, but not the debt. It may come back to haunt the seller for years … (7 comments)
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short sales: Why short sales are a shot in the dark. - 01/13/09 06:08 PM
Short sales are fraught with many challenges.
First off, is the seller/owner eligible for a short sale? Did they recently refinance and pull out more equity in the property during the high market value times? Is the seller 100% cooperative? Is there more than one loan on the property? Are the lenders large or small companies. Do they have an established department to handle inquires? Secondly, who will be negotiating the short sale? How much experience does that person have and what is their personal closing average? How good is the communication between agents, seller, lenders and buyer? Are you willing to … (0 comments)
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Cathy Sarmento
Auburn,
CA
More about me…
Granite Real Estate "Cool Team"
Address: 1011 Lincoln Way, Auburn, CA, 95603
Office Phone: (530) 823-5783
Cell Phone: (530) 320-5783
Email Me
Real Estate Topics and Tips for Central California Sierra Foothill towns of Auburn, Meadow Vista, Newcastle, Cool Pilot Hill, Garden Valley, Georgetown, Applegate, Weimar, Colfax,Loomis, Rocklin and surrounding areas
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