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Quick Short Sale Tip - 02/27/10 11:59 PM
“The Lender Agrees Not to Pursue a Deficiency Judgment” – This Realtor puts these words on his Cover Letter, right at the inception of Negotiations with Loss Mitigation on a Short Sale. He also advocates putting similar wordage about Promissory Notes. What do you think about that? Mirela Monte, Your Myrtle Beach Real Estate Connection
According to this video: The short sale approval letters are increasingly containing language that specifically allows lenders the option of deficiency judgments – in states allowing them. More recently organizations are popping up that are going to offer to buy these deficiency judgments from Lenders for pennies on the dollar, then turn around and pursue the past owners. The Lenders must obtain a writ of execution within one year of the finalization of the short sale. If it’s not filed within a year, then the Lenders can no longer pursue the avenue of the Deficiency Judgment. Deed (4 comments)
Via Jennifer Srock (RE/MAX Casa Grande): Seller's Beware!!! There are many realtors out there that will list a short sale for you but they don't know about a possible deficiency judgment against the seller after the home has been sold. Furthermore, they don't explain the possible afffects a short sale has on your taxes and credit. What is a deficiency judgment? The difference between the mortgage balance and the discounted amount will be the total that the lender may seek a deficiency judgment againt the seller who sold their home "short" of what they owed on their mortgage. If granted, this (3 comments)
In the cosmetics industry they call it “Gift With Purchase”. You buy, say, a $50 overpriced bottle of perfume and receive a $40 cosmetics bag for “Free”. Having worked in that field in my youth, I’ve often wondered how such a Gift with Purchase Program could lend itself to the Real Estate industry. I finally found my answer tonight, when I juxtaposed 2005 lot prices in a high end Myrtle Beach neighborhood, with prices garnered on such lots sold in the past 12 months. What I found was indeed remarkable: a price drop of over 83%, which means that (7 comments)
Waterway Palms Plantation in Myrtle Beach - Buy for 17 Cents on the Dollar! - 02/27/10 10:07 PM
Waterway Palms Plantation is one fine Myrtle Beach Neighborhood. It is located on the Waterway, only minutes to the Beach and close to everything our Area has to offer. It is a gated neighborhood with one of the finest Amenity Centers I’ve ever seen. The Homes are all gorgeous and well built. I could do on and on with the superlatives… Which is all the more reason I was surprised to find out that within the past four and a half years, lot prices in Waterway Palms Plantation have dropped over 83%. Go ahead, read that figure again: prices plummeted more (1 comments)
Waterway Palms Plantation is an exquisite gated Waterway Community located in the heart of Myrtle Beach. Patterned after Charleston’s historic Battery district, each home is a throwback to a bygone era, with expansive porches overlooking the water and beautiful details like exposed brick, stone and old fashioned street lights. Rows upon rows of indigenous Palmetto Trees underline the geography of this fine neighborhood: the sunny and bright South, where the living is easy… In this glorious neighborhood, a home has just been listed for sale. It is the most inexpensive home here, but make no mistake about it: the (0 comments)
Congratulations! After months of red tape and negotiations with your Lender, you were finally approved for a short sale. Time to break out the champagne, right? Not so fast!!! Before you sign the Bank’s approval letter and hurry on to closing, remember that “the devil is in the details”… One such small, but most significant detail is the possibility of a deficiency judgment. “What is a deficiency judgment”, you ask? Quick explanation: You owe the Bank $100,000, and you are approved for a short sale at the current market value, of say, $60,000. The lender has the right (11 comments)
Via Kevin Simpson (ForeclosureListings.com): The Obama government battling to ensure protection to foreclosure victims is not aware that there is a simple market based plan to combat this complicated problem. In 2009 White House was given a suggestion on modifying mortgages through the web that would erase many of the hurdles the government is facing to enforce Home Affordable Modification Program. The new plan that is an amalgam of LendingTree and dBay known as Mortgage Crisis Solution Program is basically set up on the lines of online marketing. The troubled mortgages are linked to (1 comments)
Via Kevin Simpson (ForeclosureListings.com): Washington was slapped in the first week of February by a harsh report that politicians will find difficult to ignore. Unless basic Wall Street problems are tackled the country is likely to face another foreclosure triggered mess in the near future. This was the gist of the grim warning given by Neil Barofsky, the Special Inspector General for TARP. Barofsky said, “Even if TARP saved our financial system from driving off a cliff back in 2008, absent meaningful reform, we are still driving on the same winding mountain road, but this time in a faster car.” (0 comments)
Via Lise Howe, Assoc. Broker and Attorney Licensed in DC, MD, VA,Coldwell Banker (Coldwell Banker Residential Brokerage Chevy Chase): The most frustrating component of a short sale is waiting for the bank to approve the buyer's offer. Now that all may change under new federal guidelines that give lenders a 10-day limit in which to respond to purchase offers. The U.S. Treasury rules, which will be applicable to banks that owe the federal government the repayment of TARP bailout funds, start to apply in April 2010. The Treasury rules, in addition to imposing a 10-day deadline for bank decisions, call for sellers to (10 comments)
Via Elva Branson-Lee, CDPE (Solid Source Realty GA): If a real estate agent does not yet know how to manage the intricacies of the short sale, it's time they learned. These tricky transactions are going to be a major part of our industry for a while yet. In the metro Atlanta market, short sales easily comprise 25-30% of all current listings. As we short sale specialists continue to anticipate the institution of the new Home Affordable Foreclosure Alternatives(HAFA) program's short sale guidelines, I am encouraged on five important points: (1) No more commission cuts! Participating lenders will no longer be permitted subsidize their own contractors by grabbing a (1 comments)
Via George & Arlene Paukert (Road to Wealth, Inc.): On the front page of this Sunday's Palm Beach Post was an article about foreclosures in South Florida and how homeowners are making "business decisions" to walk away from their properties rather than keep making mortgage payments on homes that have lost HALF of their value. Although this may not be the "right" thing to do, homeowners are concerned about being in the same predicament when they sell their homes 10 years later. It's a crying shame that government's so-called "Home Affordable Program" is such a failure ... as of the (1 comments)
Via Melissa Polce (Keller Williams): BACK BY POPULAR DEMAND I would really like to get a database for Fax numbers as well...we all know how those can change at the blink of an eye...Thanks again for the requests and emails! Glad I could help! Now...Let's Close'Em!
Loss Mitigation Contact Information ABN Amro Mortgage Loss Mitigation:Customer Service: 800-793-8900Web: http://www.mortgage.com Aurora Loan Services Loss Mitigation:Customer Service: 800-550-0508Claims Department: 800-723-6578E-mail: email@example.comWeb: https://www.alservices.com Bank of America:Loss Mitigation: 800-846-2222 or 716-635-2000Authorization Fax: 716-635-7265Short Sale Package Fax: 716-635-7255 Bank of New York Loss Mitigation:Phone: 212-495-1784Fax: 212-415-2035 Cendant Loss Mitigation:Phone: 800-750-2518Fax: 856-917-8334 Chase Hone Finance Loss Mitigation:Phone: 800-848-9136 (5 comments)
Via Sandy Mitchell (The Kelly Group, Keller Williams): 10 Important Facts about the Extended First-Time Homebuyer Credit If you are in the market for a new home, you may still be able to claim the First-Time Homebuyer Credit. Congress recently passed The Worker, Homeownership and Business Assistance Act Of 2009, extending the First-Time Homebuyer Credit and expanding who qualifies. Here are the top 10 things the IRS wants you to know about the expanded credit and the qualifications you must meet in order to qualify for it. You must buy - or enter into a binding contract to buy a principal residence (2 comments)
Haiti - The Politics of Rebuilding - 02/12/10 11:50 AM
“Even though I’m not a believer in any religion, but I know that every religion believes in the notion of sacrifice. People are to die for people to live and our dead died for us to live. We have to feed off their spirit, understand their message, understand that they could no longer live in this environment, and in these circumstances, and these conditions and they died so that we could pick up that strong message.” Patrick Elie, Presidential Adviser For anyone interested in the plight of the Haitians, this is a movie well worth watching.
Why it takes so long to get aid to the people of Haiti - 02/06/10 02:10 AM
Here is a letter from an Aid Worker currently on the ground in Haiti: Hello tout moun, It has been an interesting experience sitting here in Port-Au-Prince being part of a coalition of 25 non-profit organizations coming together to coordinate the dispensation of food, water, and medical supplies. It hasn’t been easy because of the extreme difficulty of passing through the myriad loops that the large NGO’s require before anything will be given out. There is a 100 question form that they are passing out to communities to fill out bring back in order to receive aid. This alone can take them a week or so. (5 comments)
Can Shipping Containers provide much needed housing for the million displaced Haitians? Why not? Shipping containers are cheap, mobile and highly recyclable. They’re pre-insulated and already have hardwood floors. They’re strong, resistant to mold, termites and fire and above all they’re plentiful. Our trade deficit has left hundreds of thousands of empty shipping containers piling up in storage yards all over the country. The City of Los Angeles might gladly donate hundreds of thousands of these containers to Haiti. Please watch the videos and tell me what you think of this idea! Mirela
I realize that several of you have nominated me for a Shorty award for my Social Media Haiti efforts. Thank you! …And Please Don’t! Here’s why I DON’T WANT a Shorty Award: 1. I am not important. 2. I have not done nearly enough and never will be able to do nearly enough, regardless of my efforts. 3. 100% of the focus should be on the people of Haiti right now. There is no ego in Humanitarian work. The participants must be 100% focused on the task at hand. No attention should be diverted away from the cause. I am (3 comments)
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.