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Bank of America has come a long way in processing short sales. Compared to four to five years the difference is like comparing a ballerina and a football linebacker. You have come a long way baby!! Especially helpful has been the social media team that Bank of America has put together. I have called upon them several times over the past two years to get clarification and most importantly solving problems and closing short sales. Many times it has resulted in teaching moments for negotiators (and I have (1 comments)
short sales: Foreclosure Backlog - 02/27/12 12:33 PM
Question about the foreclosure backlog due to the robo signing issue that was settled two weeks by the signing of the National Mortgage Settlement. Is there a time frame as to when the foreclosures will hit the market? When these properties enter the market then that should lead to downward pressure on prices and an impact on appraisals (comps) by the quantity of reo's sold in the market. If this happens, the downward pressure, will that put more homeowners in jeopardy of being upside down on their mortgage with more potential to be in a short sale situation? Jack Lara, Broker-Associate (0 comments)
short sales: National Mortgage Settlement - 02/14/12 08:03 AM
National Mortgage Settlement are there unintended consequences? Clarification for the banks to move forward with foreclosures? Here is an article from Realtor® Magazine, "Could the Mortgage Deal lead to a Jump in Foreclosures?" “It will speed up processing, and perhaps mean that foreclosures that have been waiting around since robo-signing came to light in 2010 will now gain legitimacy.” Housing Wire The settlement will help those that are current on the mortgage payments with the lenders named in the settlement. This settlement does not apply to those mortgages backed by Fannie Mae or Freddie Mac, a major player in the mortgage (0 comments)
short sales: Pensacola Real Estate Short Sale Tip - 01/16/12 12:49 PM
Pensacola Florida Real Estate - Short sale tip for you. Remember besides the short sale lender running a credit check on the short sale seller, the mortgage insurance company can and will do the same. Heads up if you the seller did a refinance loan on your primary residence and your an investor. Your an investor that did a refi in order to improve your cash flow at home in order to save your investment property from going into foreclosure. You have hung onto your investment property and have done as much as you can to meet your obligation and finally you (1 comments)
short sales: Pensacola Real Estate News Cooperative Short Sale Progam by Bank of America - 05/31/11 11:15 PM
Pensacola Real Estate News Cooperative Short Sale Progam by Bank of America I am currently working with BofA on a “Cooperative Short Sale” and here is what Bank of America is saying about their cooperative short sale program: 120 days to sell the property and if it does not sell then BofA may seek a deed in lieu of foreclosure Pricing set by Bank of America based on appraisal that they order Price corrections made every 21 days (what I was told on the phone) Benefits if successful (sale-closing) If the cooperative short sale is successful, the bank will pay the (1 comments)
short sales: Pensacola Real Estate News - Short Sales - Avoid Foreclosure - 01/16/11 12:12 PM
Pensacola Real Estate News | Short Sales & Avoiding Foreclosure Here is a little bit of news I got from Bank of America………… Seems like some of the loans that they are not approving for a “short sale” are being moved toward a “loan modification”. Could not get any details other that are a few select, could be in the thousands, of borrowers that are being offered loan modifications unbeknown to the Borrower. How? In the short sale process Bank of America has already received the borrowers financial information. If it does not make economic sense for them to do the “short sale” or to (0 comments)
short sales: Pensacola Real Estate News - Short Sales - Short Sale tip - 11/12/10 06:47 PM
Short Sale Tip. Great training yesterday at our Keller Williams office. Juli Jenkins of Keller Williams Realty in Baton Rouge shared some great information that sellers need to be aware of. She said that there are lenders checking social meeting sites to see what their clients are doing. Checking to see if their short sale sellers are spending money on things that they may deem non essential and cause a short sale to not be approved. Here are some examples. Taking a vacation Going gambling, Las Vegas, Biloxi. So that saying “What happens in Vegas stays in Vegas…” may not (0 comments)
Your lender is more than likely just the service provider for the loan. They make their money by being paid a fee for processing the payment. An investor entity owns the note. The investor can be a business such an insurance company or investment firm. It can also be a government organization that is invested in mortgage back securities to fund a retirement fund. The investor can also be located in another country that only meets once a month to make decisions. Your loan may be held by more than one investor. Some lenders are better organized (0 comments)
short sales: Short Sales - Deficiency Judgement - IRS Tax - 02/22/10 09:50 PM
Short Sales - Deficiency Judgement - IRS Tax With a short sale, the lender has three possible ways to handle the deficiency balance, which is the portion of the mortgage debt not covered by the sale of the home. The lender can attempt to collect the deficiency balance from the seller after the property has closed. The lender may require the seller to sign an unsecured promissory note for the deficiency balance as a condition of agreeing to the short sale. If the new note is for less than the balance of the original debt, the difference would be considered canceled, (1 comments)
short sales: Home for Sale in Milton Florida Near NAS Whiting Field - 01/17/10 11:05 AM
Home for Sale in Milton Florida Near NAS Whiting Field Just listed 1 block from Tanglewood Golf Course and about 10 minutes from NAS Whiting Field. Listed for $125,000 Three Bedrooms Two Baths contemporary home floor plan and 2 car garage. Short Sale with only one mortgage to deal with. Great price for 1,892 square feet of living area.
Home is located in a cul-de-sac.......Great Value!
Jack Lara, "The Jones and Lara Team" at Keller Williams Realty of Pensacola Give us a call to see this home, call Toni Jones at (850) 471-5020 visit our website at (0 comments)
short sales: What a Short Sale is Not - 08/02/09 03:29 PM
What a Short Sale Is Not It needs to be clear to You the homeowner; a short sale is a way to avoid foreclosure. It is not a ‘get out of my mortgage free card'. For a short sale to be approved the seller has to either be in or be headed for foreclosure. This means that you have to have a valid financial hardship for why you can't pay the mortgage. A seller without a financial hardship that is upside down on their mortgage and wants to sell is not a potential short sale, they are a dissatisfy homeowner. Unfortunately (0 comments)
short sales: Pensacola Real Estate News | Avoiding Foreclosure | Loan Modifications - 03/22/09 11:51 AM
The federal government has launched a new website with online tools that will allow a homeowner to determine if they are eligible to participate in the "Making Home Affordable" loan modification and refinancing program. The site is http://www.makinghomeaffordable.com and shares information about how this program works and who is eligible for assistance. This is the same $75 billion program you may have heard of recently in the media. The homeowner should have the following available: * Information about your first mortgage, such as your monthly mortgage statement. * Information about any second mortgage or home equity line of (0 comments)
short sales: Short Sales Pensacola | Pensacola Real Estate - 03/21/09 12:36 PM
I've just sold a Single-family property at 8200 Tempest Drive in Pensacola. It was a "short sale" that closed in 4 1/2 weeks from the time the offer was accepted by the seller to the time we closed. Key was putting the short sale package together in a logical fashion in order for the lender to have an easier time of making a decision. Come and visit my site to see other properties in that area. If you are interested in looking for or selling your home, please Contact Me. Visit my site to view all real estate for sale, gather info, (0 comments)
short sales: Avoiding Foreclosure the First Step - 02/24/09 02:12 PM
If you see that your current financial position will lead to missing payments or you will not be able to make the full payment then you need to take action. It is important to call your mortgage company promptly if you realize you are in trouble or are going to be in trouble. This is the first step to take. You want to stay ahead of the situation. If you do not stay in touch with the lender you will go to foreclosure. Call your lender today. You will need to be able to demonstrate that you are facing a financial hardship. (0 comments)
short sales: Avoiding Foreclosure | East Hill Area Homes for Sale Pensacola - 02/22/09 06:15 PM
Employers have the right and are actively checking the credit regularly of all employees who ae in sensitive positions. A foreclosure in many cases is grounds for immediate reassignment or termination. A successful Short Sale may avoid the problem. A short sale is not reported on a credit report and is therefore not a challenge to employment. 2. Homes for Sale: East Hill and surrounding area homes for sale Jack Lara, Broker-Associate at Keller Williams Realty of Pensacola Shop for Pensacola Real Estate at Pensacola Area Properties.com
short sales: Avoiding Foreclosure | Foreclosure vs Short Sale | Pensacola Real Estate News - 02/19/09 12:19 PM
Foreclosure vs. Short Sale (Homeowner Consequences) Issue: Future Fannie Mae Loan for Primary Residence Foreclosure: A homeowner who loses a home to foreclosure is ineligible for a Fannie Mae Backed mortgage for a period of 5 years. Successful Short Sale: A homeowner who successfully negotiates and closes a short sale will be eligible for a Fannie Mae backed mortgage after only 2 years. = = = = = = = = = = = = = = = = = = = = Issue: Future Fannie Mae Loan for non Primary Foreclosure: An Investor who allows a property to go to Foreclosure is (0 comments)
short sales: Pensacola Real Estate News | Mortgage Fed Intervention - 02/18/09 12:44 PM
The other side of the coin...Lets see if banks are forced to modify loans then what? When a new borrower enters the market do you think his rate will be affected by any previous forced loan modifications? Just wondering if the new borrower's rate will be higher. Newton said: That for every action there is an equal and opposite reaction...(i think it was Newton). Have you ever notice that anytime the Federal Government gets involved and provides a solution that there seems to be a consequence. And with this consequence the Federal Government gets involved again to fix the consequence. Jack (0 comments)
short sales: Real Estate News | Pensacola Real Estate | Housing Market - 02/11/09 03:42 PM
Investors, now is the time to Buy. Interest rates are very low. $$ entering the market...is inflation around the corner, say 18 months from now? What will happen to those investors that buy today? Inflation will cause your real estate asset to grow in value, paper value. Get into an investment at today's rates. Prime loans are at highest default rate n the last 10 years. IN 2008 • 2.97% in foreclosure • 6.99% in Default (30+ days late) • 9.96% total in default Prime loans 2008 • 5.92% are in default Subprime • 32.57% total in default (30+ days late) • (0 comments)
Pensacola Real Estate News, Buying or Selling in the Pensacola Area (Cantonment, Pace, Beulah, Northeast Pensacola), Short Sale and Distressed Property Info, Avoiding Foreclosure, Current Events in Pensacola: Blue Angles, Pensacola Beach
Disclaimer: ActiveRain Corp. does not necessarily endorse the real estate agents, loan officers and brokers listed on this site. These real estate profiles, blogs and blog entries are provided here as a courtesy to our visitors to help them make an informed decision when buying or selling a house. ActiveRain Corp. takes no responsibility for the content in these profiles, that are written by the members of this community.