| |
mortgage: Overcoming Bank of America's Short Sale Delaying Tactics - 02/18/11 01:13 PM
Bank of America Realtor defending short sale
This week, amidst all the other gut-wrenching challenges presented by today's short sale real estate, I discovered yet another B of A sneaky delaying tactic that they use to prevent short sales from operating in a timely manner.
This is a particularly FRUSTRATING tactic - and I'm sure they delight in using it. Here is the realtor, uploading documents as requested on Equator. Pictures must be in jpg format. Written documents must be in PDF format. No problem, right? WRONG!!!!!!!!!
I uploaded all the pertinent documents 3 different times, and … (3 comments)
|
mortgage: Short Sale Disasters 101 - 02/04/11 02:05 AM
Imagine this screaming woman as a buyer, a seller, a Realtor...maybe it's YOU! I know we're in a bad economy and real estate is still operating at a level of about 10 below Rock, but seriously, does the short sale process have to be so heinous?
Picture this...a married couple gets a loan approval about three years ago based upon their ability to work overtime. The bank assures them that they can re-fi their property in two years and bring their mortgage payment down. Then the economy goes haywire, and their overtime is stopped. All this happens the year before they were to re-fi … (2 comments)
|
mortgage: Short Sales - Same Old, Same Old - 01/20/11 11:54 AM
Due to the current economy, I, like most Realtors, have had to deal mainly with short sales. I kee reading all these hopeful articles detailing how much the short sale process has improved when, in reality, it is barely better than it was a year ago. Sure, B of A has started their Equator.com, and Chase actually lets you talk to real people instead of just emails. But Wells Fargo certainly hasn't developed any better customer service - most of the negotiators I've dealt with only give you an email or, at best, a fax number by which to contact … (3 comments)
|
mortgage: Keeping Your Home in California - 01/18/11 07:10 PM
KEEPING YOUR HOME IN CALIFORNIA
The U.S. Treasury Department has approved CalHFA's plan to use nearly $2 billion in federal funding to help California families struggling to pay their mortgages.
The Keep Your Home California programs are focused on assisting low and moderate income families stay in their homes, when possible, and leveraging additional contributions from mortgage servicers.
Primary objectives for the Keep Your Home California programs include:
Preserving homeownership for low and moderate income homeowners in California by reducing the number of delinquencies and preventing avoidable foreclosures;
Assisting in the stabilization of California communities.
Each of the Keep Your … (1 comments)
|
mortgage: FHA'S SHORT REFI PROGRAM FOR NEGATIVE EQUITY HOMEOWNERS - 08/17/10 11:33 PM
So FHA is boasting about launching it's new short refi program for underwater homeowners. Woot, woot. Have you actually LOOKED at their requirements? It reminds me of the evil stepmother in Cinderella who tells the girl that she can go to the ball "IF" she can get an impossible amount of work done. In other words, "NOT GOING TO HAPPEN!"
The U.S. Department of Housing and Urban Development (HUD) Mortgagee Letter 2010-23 lists the eligibility requirements for lenders and negative equity homeowners. The first glaring issue is that the lender participation is "voluntary" and "requires the consent of lenders." … (6 comments)
|
mortgage: Don't Panic Because of Short Sales! - 06/21/10 08:07 PM
When our clients have to do a short sale, we tell them not to hit the panic button!
At Realty Partners, we have the expertise to help our clients get through a short sale as smoothly as possible. Being certified Short Sale Specialists helps, as does our familiarity with Equator.com. Our clients need expert guidance in order to get all their questions answered, so we work collaboratively with tax accountants, attorneys, bank, title, and escrow representatives, as well as other professionals in order to best serve our customers. We've found some great alternatives that help our clients not to panic because of short sales!
… (0 comments)
|
mortgage: MORTGAGE RATES ARE GOING UP - 04/15/10 04:10 PM
Mortgage Rates Are Going Up
According to Pete Carey of Mercury News, mortgage rates have shot up in the past few weeks, and may climb even higher, raising concerns about the recovery of the fragile housing market.
Nationally, rates have gone up to 5.31 percent, a sharp increase from the average 5.04 percent that was reported March 26. Rates had hovered under 5 percent since late last year.
Economic recovery sparked the increase, and has led to higher interest rates on government bonds, as well as the Federal Reserve's decision to stop propping up the mortgage market, which had kept loan rates low.
Several mortgage brokers said rates in California remain … (2 comments)
|
mortgage: B of A Principal Reductions - 04/01/10 01:36 AM
B of A Principal Reductions. Bank of America announced plans to begin forgiving mortgage loan principals for homeowners who owe more than 120 percent of their home's value and for homeowners who are experiencing expanding negative amortization loans.
B of A promised to offer such homeowners an earned principal forgiveness of up to 30 percent in two stages. First the lender will offer an interest-free forbearance of principal that homeowners can turn into forgiven principal annually over 5 years, as long as the homeowners stay current on their payments.
The forgiveness program can allow homeowners to bring the loan value back … (2 comments)
|
mortgage: Mortgage Balance Reduction Details Being Released - 03/30/10 03:21 PM
According to several articles I recently read, the the new Obama Administrations Mortgage Balance Forgiveness Program will not be available to all homeowners in all markets. This begs the question of how many homeowners WILL actually qualify? And the investors (banks) still have to agree to participate. So how many lenders will really do this?
Qualifications for the program: It will write down the 1st lien prinicpal to 97.75% of the home's value. Some homeowners will have their negative equity wiped out to the point where they in fact have some equity! The 1st and 2nd will be 115% LTV. Section 14B in … (1 comments)
|
|
|
|
|
|
Michele Ashbarry
San Diego,
CA
More about me…
Realty Partners
Address: San Diego, CA
Office Phone: (760) 440-9812
Email Me
 Links
Archives
|
;)
;)
