hafa short sale: The Problem With Chase Bank HELOC Short Sales in Equator
- 03/25/14 02:06 AM
This morning, not for lack of anything better to do, I rip into Chase Bank because it feels so good to stop talking about its inept short sale HELOC department. Those second loans at Chase Bank are like a thorn in our sides in Sacramento, especially during a HAFA short sale, because Chase does not seem to have any procedures in place to properly execute a short sale in Equator for its junior loans.
We've been working on computers for a long time. For me, it's been since 1988. Why the junior loan department at Chase struggles to work in the … (8 comments)
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hafa short sale: Working That Green Tree Short Sale in Sacramento
- 02/18/14 12:31 AM
It seems lately that every time I turn around, I am bumping into a Green Tree short sale in Sacramento. Some of my short sales have a Green Tree loan in first position but most of them are in second and hard money. I had a conversation with a Bank of America negotiator a few days ago about Green Tree because Bank of America wanted to offer the sellers a Cooperative Short Sale. Well, that's all fine and dandy if there is no second lender, but a second lender can throw a wrench into a Cooperative Short Sale transaction, and Green … (3 comments)
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hafa short sale: Three Short Sale Approval Letters in One Day
- 05/24/13 01:16 AM
It's not often I get a barrage of approval letters for a short sale all at one time. They are generally spit out, one by one, very slowly, like your luggage on the conveyor belt at the airport. In one of the approval letters, I noticed the letter did not match the HUD. That's the very first thing a Sacramento short sale agent does when she receives an approval letter. She looks to see if it matches the HUD. If it doesn't match the HUD, there could be issues or problems that would prevent it from closing, so the approval letter … (7 comments)
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hafa short sale: Changes in the HAFA Short Sales Make Sacramento Short Sales Attractive
- 05/21/13 03:03 AM
Almost every short sale I've been initiating lately in Sacramento has been a HAFA short sale. The government just keeps tweaking the HAFA and making it more attractive to a seller.
Because sellers don't work in short sales and, hopefully, the short sale they do will be the only short sale they will ever do in their lifetimes, they look to a Sacramento short sale agent for advice and guidance. Although, we can't give legal advice or tax advice, we can certainly advise a seller about what kind of short sale might be best for that individual.
That's because everybody's situation … (6 comments)
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hafa short sale: Approval for a HAFA Short Sale From Wells Fargo in 14 Days
- 03/05/13 11:16 PM
Although I have been doing short sales in Sacramento and Elk Grove for almost 8 years now, it is still exciting to get short sale approval. Especially for a HAFA short sale, because all that red tape tends to slow down the processing. It's like any time you get the government involved in something, it causes delays. I don't know if it's Wachovia's streamlined procedures that has affected the way Wells Fargo does it short sales, but Wells Fargo has come a long way in the short sale world.
I used to tell sellers it would be about 3 months from … (5 comments)
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hafa short sale: The Bank of America Switch from HAFA to Cooperative Short Sale
- 10/31/12 12:09 AM
This is my second or third Sacramento short sale in the last few months in which Bank of America has switched the borrower mid-short sale to a Cooperative Short Sale. We started out as a HAFA and were switched. I always start out as a Cooperative Short Sale if I can. That's because it's typically much easier on the borrower, and when the borrower is happy, so am I. Plus, generally the Cooperatives don't involve a hardship letter or financials, but there is no guarantee that the bank won't ask for those documents. It always reserves the right to request financials.
… (3 comments)
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hafa short sale: A Bank of America HAFA Short Sale Pays Ten Bucks a Day
- 10/11/12 12:23 AM
What is it about those Bank of America HAFA short sales that make you want to poke out your eyeballs? You know what they say about insanity, right? Insanity is when you do the same thing over and over and expect different results. Well, I am not insane because I know when I accept a HAFA short sale transaction that I must negotiate through Bank of America, it will take a long, long time. It won't take the 30 days the government tells you it will take. It will take months and months and months. It could run into years if … (11 comments)
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hafa short sale: Speak No Evil of a Bank of America HAFA Short Sale
- 10/06/12 12:37 AM
How many HUDs does it take to close a Bank of America HAFA short sale? How about 25? Yup, this short sale required 25 HUDs, 3 final HUDs at closing. There probably wasn't more than 10 line items on that HUD. Ever. Not even from the beginning. But the Bank of America third party vendors in a HAFA short sale all have different opinions. Especially when you've gone through 4 different third-party vendors in a HAFA short sale.
I lost count of the number of auctions we postponed. I stopped counting the months we waited for short sale approval. We sailed … (8 comments)
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hafa short sale: Updates About an Investor Short Sale Through HAFA
- 09/24/12 01:01 AM
The thing about working day after day on short sales is you learn stuff changes day after day. Nothing stays the same. What was true yesterday is not true today. Short sale sellers don't always understand this but a Sacramento short sale agent has no choice. If you don't go with the flow, you'll go insane. This week is no different as I'm working on an investor short sale that will be an investor HAFA short sale. I have another investor short sale too, and both homes are occupied by tenants.
The first step is talking to the tenant. I caution … (4 comments)
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hafa short sale: Why You Want to Avoid a Short Sale Charge Off If You Can
- 08/25/12 12:33 AM
I've had clients ask me if they should make a payment to avoid a charge off on a short sale. It's a risky situation if they don't. But I can't tell them to do it one way or the other. Every short sale seller has to make that decision for herself. I know it is often better to deal with the devil you know.
I closed a short sale in Sacramento a few days ago that was a HAFA short sale. I was very concerned that a second mortgage might go to charge off and land at another institution. That new … (8 comments)
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hafa short sale: The Bank of America HAFA Short Sale That Just Won't Close
- 08/17/12 01:01 AM
Most of my short sales do not go on for years. They don't even go on for months and months. The bulk of my short sales, even those short sales at Bank of America, tend to close within a reasonable period of time. I've closed HAFA short sales in 3 or 4 months, and some of the Freddie Mac HAFAs much faster than that. But when I'm looking at a Bank of America HAFA short sale, it just doesn't happen that way. Part of the problem is the fact Bank of America has outsourced its HAFA short sales to third-party vendors, … (10 comments)
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hafa short sale: The Differences Between the Cooperative Short Sale vs the HAFA
- 08/14/12 11:45 PM
One would think that Bank of America would be happy that a short sale agent in Sacramento is opening so many Cooperative short sales on her own. The bank is not spending money to solicit the borrower. The bank is not pounding the pavement. I am bringing these short sales to the bank.
When I open a Cooperative Short Sale in Equator, the first thing that happens is my requests for a Cooperative are ignored. The third-party vendors pursue the HAFA. I send emails that say do NOT review this for HAFA because the seller wants to pursue a Cooperative Short … (8 comments)
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hafa short sale: What's New in Short Sales?
- 08/09/12 12:12 AM
I could talk all day long about short sales, and I often do. There's so much going on in my life as a Sacramento short sale agent. It's hard to pick just one thing to talk about. For example, a few weeks ago I was contacted by a Bank of America third-party vendor, which I won't name. It asked me to sign up for its short sale agent portal so I could get early acceptance for my clients in the Cooperative Short Sale program offered by Bank of America. I was encouraged to enter those short short sales that were in … (7 comments)
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hafa short sale: A Soft Decline Can Be Reversed for a Bank of America Short Sale
- 07/18/12 11:20 PM
People think you can't reason with a short sale bank but you can. You've just gotta talk to the right people. The right person is not always the negotiator nor the asset manager. I hate to say this, but the truth is that sort of person is just somebody who is doing a job and not necessarily a very rewarding job at that. They're not like a short sale agent, for example.
One of the reasons why I love selling Sacramento short sales for sellers is because it's personally rewarding. That's not to say it's not rewarding to sell a home … (9 comments)
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hafa short sale: If You're Doing a Bank of America HAFA Short Sale You Have My Empathy
- 07/07/12 12:21 AM
A third-party vendor for a Bank of America short sale called yesterday to request HUD #15. It's also getting close to the expiration date of the short sale listing. It's rare that short sales drag on this long. In this particular case, it's been almost a year. I take my short sale listings for a 12-month period, but not because it will take that long because it generally does not. Most of my short sales get approved within 3 to 4 months.
I wish I could say that a Bank of America HAFA short sale was a slam dunk but that's … (7 comments)
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hafa short sale: Elizabeth Weintraub Turns 60 Today
- 06/28/12 12:06 AM
You might think on my 60th birthday that I would talk about something other than a short sale. But if you know me, you would know how nuts that thought would be. Because I talk about short sales all day long. Just ask my husband. He's sick and tired of it. And now he's gonna be locked in an oceanfront cottage with me because we're off to the coast to celebrate. I tell you, this man is a saint.
I had this photo taken last week at Ella Dining Room & Bar, back at the tender age of 59.99. I am … (16 comments)
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hafa short sale: Does Green Tree Violate HAFA Short Sale Guidelines?
- 06/21/12 12:13 AM
Short sale banks will do whatever the banks want. As a Sacramento short sale agent, I witness flagrant and cavalier attitudes toward law over and over. It especially doesn't matter if the transaction is a HAFA short sale, the banks find ways to circumvent federal regulations. Some of them just flat-out violate the guidelines and don't give a hoot. Because where are the short sale police? At Starbucks banging away on their laptops in Facebook, and they don't care about anybody else, either. No, seriously, there are no short sale police.
Well, you've got a few government organizations to which you … (7 comments)
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hafa short sale: Bank of America Needs a Family First Program
- 06/11/12 11:55 PM
Odds are if I have a problem with a Bank of America short sale, it's due to AMS. Overall, Bank of America has been a lot more focused on solving its short sale issues than a few other banks I won't name. Most of my Sacramento short sales go pretty smoothly when they involve Bank of America. Except for an AMS HAFA short sale. I suppose it probably comes down to choosing the devil you know, for Bank of America, over the devil you do not. The least of the evils out there. And thank goodness Bank of America isn't blaming … (7 comments)
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hafa short sale: Why Closing a Short Sale is Like Solving the Rubik's Cube
- 06/10/12 12:12 AM
You buy 'em books, send 'em to school, and look at what they do. That's what my father used to say. Isn't it weird how you can sometimes hear your parents' voices echoing in your head? My father was a lot like Archie Bunker. Sort of a toss up between Archie Bunker and Jackie Gleason. But I think of him sometimes when I deal with lenders. It's my sole reference point for distaste.
There are so many moving parts in a buyer's loan it's hard to know where to look first. As a Sacramento short sale agent, I generally deal only … (5 comments)
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hafa short sale: What Makes You Choose a Sacramento Short Sale Agent?
- 06/07/12 11:49 PM
Why do clients choose to work with any particular real estate agent? You know, what makes them pick me over some other Sacramento short sale agent? What is their hiring criteria? In looking for professionals in other industries for myself, I can draw on my own experience a little bit and share what I have discovered.
It's not fun to search for a professional to hire. You just want the job done. You're tempted to pick the first person who comes along. It's easy to eliminate a person from consideration. You want to feel good about your decision. Some people think … (4 comments)
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This morning, not for lack of anything better to do, I rip into Chase Bank because it feels so good to stop talking about its inept short sale HELOC department. Those second loans at Chase Bank are like a thorn in our sides in Sacramento, especially during a HAFA short sale, because Chase does not seem to have any procedures in place to properly execute a short sale in Equator for its junior loans.
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