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short sales: Understanding Short Sales and Loan Modifications - 05/14/09 10:01 AM
Understanding Short Sales: As foreclosure rates hit record levels, more sellers are turning to short sales as a way to avoid foreclosure. So, how does it work? In a short sale, the seller arranges with their mortgage lender to accept a price that's less than the amount they owe on the property. As part of this arrangement, the lender typically agrees to forgive the rest of the loan. As a result, the seller doesn't have to go though a foreclosure, the buyer picks up a property at somewhat of a discount, and the lender avoids taking on the burden of unloading … (4 comments)
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short sales: LENDERS: Why Lie? We're here to help you also! - 05/04/09 02:26 PM
Most of you that follow my blogs know that I love doing real estate and have focused most of my energies over the past few years doing short sales. What really gets to me more than anything is when; as an agent, I contact the lender over and over again, send them everything they need (most of the time, many times to many different fax numbers and addresses), and deal with their red-tape bureaucracy just to save my client from foreclosure, and then they LIE about me even being in contact with them. What is that all about?
Lately, I have seen … (6 comments)
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short sales: Countrywide / BOA Short Sale Tip and Update! 5-1-09 (IMPORTANT) - 05/01/09 06:17 AM
Countrywide and BOA (and soon other lenders) now require all borrowers to call and request a short sale before it can be started. In other words, if you have a listing and it's a short sale, you must have the seller contact the lender and request a short sale. Until the seller has spoke to the lender, they will not process a short sale application. This is called "Borrower Profiling". It's an attempt to try everything else first before "allowing" a short sale. As of RIGHT NOW, short sale applications are NOT going to be accepted until this is done!
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short sales: Short Sales and Foreclosures in New Jersey - Important Decision! - 02/18/09 09:16 PM
Lately, I have been overwhelmed with listing homes. Everyone who thought that they may be able to work a deal out with their mortgage company are starting to feel the frustration, hopelessness and despair. Then they decide to give up and list the home.
Unfortunately, most loan modifications and forbearances rarely work out. The mortgage company strings you along until you are so desperate you make any deal to save your home. Remember, they are "negotiators", that's what they do, and they know how to win.
When you decide enough if enough and you list your home, make sure the agent … (1 comments)
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short sales: Updated: Documents & Items Required For Short Sale Package... - 08/01/08 08:14 AM
When formulating your short sale package, there are items that you will need to collect. By now, most agents that have performed a short sale know what these items are. However, to keep my list up-to-date, I have a checklist that I use all the time. This form helps me create a short sale package that is accepted most of the time from any lender.
I have attached a link so that you may download this form if you like.
____ Cover Letter to Lender____ Authorization to Release Information____ Seller's Hardship Letter____ HUD- 1 (Settlement Statement)____ Purchase Agreement____ Buyers Pre-Approval Letter____ … (4 comments)
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short sales: Short Sales; Lender Level System Flaws Identified. - 07/08/08 11:26 AM
If you read 100 different agent blogs about foreclosures and short sales, you will undoubtedly have 100 different opinions about how to successfully achieve and complete one. You will begin to hear (1) avoid them if possible; (2) the tasks to complete when you have a short sale listing; (3) what you should do first; (4) what lenders to avoid and which to work with; (5) and what to do as a buyer or seller stuck in a short sale scenario. All good advice by the way...and there really are no wrong opinions or directions. This is a business that truly … (7 comments)
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short sales: CBS Evening News - Short Sale Market Data - 06/24/08 07:47 PM
For everyone who missed the show, I wanted to post here so you can preview it. It was a great spot on short sales and I want to thank you all for all the great emails
The main objective is to help homeowners that need a short sale and this nationwide spot gives some good insight on the process.
Thanks again for all your great emails!
Frank Wible
REMAX ALL PROS … (5 comments)
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Frank Wible, Foreclosure/Short Sales
Sewell,
NJ
More about me…
REMAX CONNECTION
Address: 5701 Route 42 South, Turnersville, NJ, 08012
Office Phone: (856) 228-7990 x 150
Cell Phone: (856) 745-7700
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