Bergen County Short Sales: How To Find Out Who Owns The Loan So You Can Hold Your Bank Accountable - 11/23/11 09:10 AM
Bergen County NJ – In our last post, we talked about how you could contact the entity that owns a loan. But, some people were wondering how they could find out who owned their loan.
“I thought ABC Bank owned my loan. I send them a payment every month”, they told us. Well, here is how to research the owner of your loan.
Click here to discover how other sellers successfully did a short sale and avoided foreclosure.
Between 65% and 70% of all loan losses are borne by Uncle Sam. He has direct/indirect ownership or insures against losses thru the … (0 comments)

Bergen County Short Sales: What Occupy Wall Street Doesn't Know About Bankers - 11/21/11 08:54 AM
Bergen County NJ – Occupy Wall Street Protestors are not having the best success attacking Wall Street and the banks. But, that is because they are complaining about what they think is wrong with the situation.
Click here to discover how other sellers successfully did a short sale and avoided foreclosure.
If the protestors only knew the level of incompetence in the banks, then they would have a better argument. Here are some of the glaring mistakes we see the bankers make.
1. Doing an incompetent job on short sales and losing tens of thousands of dollars as a result. We … (0 comments)

Why Be Responsible When You Can Get A Bailout? - 11/04/11 10:58 AM
Bergen County NJ – Why does a British Bank do a better job than the American Banks?
We have always liked short sales with HSBC. They respond promptly and are easy to work with. The bottom line is that they do a solid, competent job handling short sales and loan modification.
I think the reason is because they never got a bailout from Uncle Sam. If they are incompetent, then themselves and their stockholders take the loss.
Menawhile, the large American Banks are awful to work with. I have countless stories of real estate agents working on a large national bank’s … (0 comments)

When A Bank Should Approve A Bergen County Short Sale - 11/03/11 09:51 AM
Bergen County NJ – A bank should accept your short sale when the following rules apply. All banks and servicers have a fiduciary duty to the investor of the loan.
If they own the loan themselves, they have a fiduciary duty to their stockholders. The duty is to get that investor the most money possible. So, a lender should accept an offer if it will net the most money.
Click here to discover how other sellers successfully did a short sale and avoided foreclosure.
Your only job is to prove that to the negotiator. Do that by showing them that the … (1 comments)

Bergen County Short Sales: Why Won’t My Lender Allow Me To Walk Away With No Deficiency? - 11/02/11 08:52 AM
Bergen County NJ – The Stop Foreclosure Institute recently received a question from James. Here was his question.
“We are in the middle of a very long negotiation with a large national lender.
I had my agent put a clause into the contract stating “upon approval of short sale by sellers’ lender, lenders, & or affiliates, client, or heirs will be released from any monetary shortages or deficiencies from said sale of stated property upon successful closing and transfer of title from that date and forevermore.”
The short sale negotiator, Nathan, has advised my agent that he will reject the file … (1 comments)

Ridgewood Short Sales: Is It Ethical For Lenders To Make Millions At Your Expense? - 11/01/11 12:14 PM
Ridgewood NJ – Many lenders do not own the loans they handle. Instead, they are paid by the actual loan owner to collect payment.
In my opinion, the banks make millions by understaffing their foreclosure departments? Here’s a real life example. A bank forecloses on a house and waits for over a year to list it for sale.
A year sitting in disrepair causes the home to sell for $30,000 less. But, the lender makes more money. Why? They might save $100 million by understaffing the department that handles delinquent properties.
Click here to discover how other sellers successfully did a … (0 comments)