short sale trends: Cash Contributions and Promissory Notes With Short Sales
- 01/20/11 05:34 AM
Yesterday we touched on cash contributions and promissory notes. There seems to be an increase in requests for these things over the past few weeks and months. Fannie and Freddie seem to be the leaders in this trend. In Arizona, there are no deficiency rights. If the home goes to foreclosure, the bank has almost no recourse on that money. However, that trend is starting to reverse and we are seeing it now all of the time. If you are seeing that increase in trends, we'd like to hear about it. Please mention what state you are in also. We are … (2 comments)
short sale trends: Trends In The Short Sale Industry
- 01/19/11 02:41 PM
Eliot Tomaszewski is back on the program today. He's got a great deal of experience with short sales. So, we decided that we would talk about some trends in the short sale industry. Right now one of the best things we've seen is Equator allowing you to slide names. You don't always have to restart the file now. It's easier to replace the original buyer. Eliot just took a reverse mortgage, which is extremely rare, so it's not a trend, but it is worth noting. There have also been lots of contribution requests. The requests are coming from the servicer, the … (2 comments)
Yesterday we touched on cash contributions and promissory notes. There seems to be an increase in requests for these things over the past few weeks and months. Fannie and Freddie seem to be the leaders in this trend. In Arizona, there are no deficiency rights. If the home goes to foreclosure, the bank has almost no recourse on that money. However, that trend is starting to reverse and we are seeing it now all of the time. If you are seeing that increase in trends, we'd like to hear about it. Please mention what state you are in also. We are … (2 comments)
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