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citimortgage: The Newest Wrinkle in Short Sales: Fair Debt Collection Practices Violations - 03/29/12 08:06 AM
Are short sale banks violating Fair Debt Collection Practices Act? In America, we have federal law and, in many states, state fair debt collection practices rules. These laws govern who can attempt to collect a debt and how they can do it. For example, borrowers have the right to tell a collection company in writing to stop contacting them because they have no intention of paying a debt. It's not like banks don't know about the Fair Debt Collection Practices Act as I'm fairly certain this is intimate knowledge to them. Yet, some collection attempts by short sale banks are most … (9 comments)
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citimortgage: Those Non-Mortgage Recorded Liens Will Kill Your Short Sale in HAFA - 02/21/12 07:34 AM
As usual, the answer is found in the words. I get a lot of emails from people asking me questions about their purchase contracts. They want to know how to cancel, fire, enforce -- an explanation of the rights of a buyer or seller in a short sale, and much of the time the answer is right under their nose. It's in the paperwork. But nobody wants to read the paperwork because that's like, oh, I dunno, being responsible, choosing the smart path and everybody wants the easy way out.
Because I'm a Sacramento short sale agent, I have to stay … (7 comments)
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citimortgage: Here's What CitiMortgage Short Sales Have in Common With an Airline - 10/07/10 10:47 AM
It seems that every business is always trying to find a way to make a buck. One of the ways to make a buck is to maximize profit -- increase the amount of money that's already pouring into a business. For example, let's say you sell pencils for $1.00 each. If you increase that price to $1.01 and sell 50 million pencils a year, you've made an extra $500,000. But if you break that pencil in half and package it as 2 pencils at $1.25 per package, you've pumped another $1,250,000 into your business.
Don't get me wrong, I'm not against … (17 comments)
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citimortgage: If Banks Make More Money on Foreclosures than Short Sales, Why Am I Closing So Many Sacramento Short Sales? - 11/08/09 09:25 AM
A fellow blogger and agent on Active Rain, Pacita Dimacali, wrote a piece that included links which substantiate the theory that banks make more money on foreclosures than short sales. Pacita works in Alameda, about 90 minutes away from me in Sacramento, and she is also a contributor to my book, The Short Sale Savior. Pacita knows her stuff.
If the federal government is subsidizing lossses suffered by banks through foreclosure, it would appear that banks such as Bank of America, Wells Fargo and CitiMortgage have very little incentive to do a short sale. Yet, month after month, those same banks … (10 comments)
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citimortgage: Short Sale Approval from CitiMortgage Delights This Sacramento Short Sale Agent - 06/20/09 09:06 AM
I imagine the short sale approval letter I received yesterday from CitiMortgage delights my Sacramento short sale sellers as much as it does their agent. Because an agent's job isn't over when the short sale approval letter arrives. Sometimes, those approval letters contain conditions that require more negotiation on the agent's part.
We might negotiate a work-out plan, similar, in some ways, to a loan modification. For example, the short sale seller might agree to repay a small portion of the debt in cash or by executing a non-interest bearing, unsecured promissory note, among other options.
However, here is the type … (5 comments)
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Elizabeth Weintraub, Sacramento Short Sale Agent, Land Park, East Sac, Lyon RE
Sacramento,
CA
More about me…
Top 1% at Lyon Real Estate #00697006
Address: 2801 J Street, Sacramento, CA, 95816
Office Phone: (916) 233-6759
Cell Phone: (916) 233-6759
Email Me
Broker-Associate at Lyon Real Estate, midtown Sacramento. Selling since 1974. Home Buying Columnist at About.com. Sacramento short sale agent.
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