I have had a few foreclosure attorneys send my customers offers for "cash for a deed in lieu".  I questioned the servicer as to why the attorneys were sending investors and second homeowners letters for cash.  Bank of America states that this is an option if a short sale does not work out.  Why the attorneys are sending out letters for deed in lieu instead of telling homeowners to FIND A REALTOR and list for a short sale is troubling.  I have asked Fannie Mae to tell me why as a tax payer we are paying investors money to give back property?  Why are foreclosure attorneys being paid a bonus ($1500) to complete deed in lieu's?  Why are Realtors asked to help lenders and servicers but it seems like we are being cut out on our own deals?  I have had two deals in for short sales with cash contribution requests from Bank of America.  At the same time the borrower is asked for a deed in lieu where the lender will pay them cash?  Tell me why the borrower would want a short sale and have to pay money?  The deed in lieu program allows foreclosure attorneys to offer cash AND FULL RELEASE of DEFICIENCY.  We are sending the wrong message.

IF YOUR SELLER HAS RECEIVED A ATTORNEY LETTER FOR A DEED IN LIEU WHILE IN AN ACTIVE SHORT SALE, PLEASE EMAIL ME THE DETAILS.  LET ME KNOW IF YOUR FILE WAS FANNIE MAE OR FREDDIE MAC AND IF YOU WERE IN EQUATOR UNDER REVIEW.

LORI YOUNG PA REALTOR

NAPLESAGENT@YAHOO.COM

 

 

Short Sales
05/12/2010
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You know you have been doing too many short sales when your family starts calling you "Shorty". more
Wachovia Short Sale Department Update
09/24/2009
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Well seems Wachovia short sale department will be on a break with files until after October 1st 2009. I was informed today that all Fannie Mae short sales are on hold awaiting transfer to Wells Fargo. Could they make it any more complicated? I hope… more
1099-C Fact or Fiction
09/04/2009
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So the borrower is told by some fast talking loss mitigation company that "we can get the lender to not send you out a 1099-c for the remaining balance written off" or "if the lender does not send the 1099-c you don't have to report it to the IRS"… more
Bank of America SHOUT OUT to Porsha Grier Five Star Service
09/03/2009
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Wow, after twenty five follow-ups this week with various lenders, Porsha Grier receives my Shout Out of the week. I had a problem file that she helped me out with and now I am back on track. This is the second time in six months that Porsha helped… more
Specialized Loan Servicing FIVE STAR SERVICE - LIQUIDATION DEPARTMENT…
08/26/2009
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How wonderful to work with such a great department and professional reps. A big shout out to Cassandra Cole in the Specialized Loan Servicing Liquidation Department. FIVE STAR service. All the employees in working for this servicer are top notch… more
Top 10 Reasons Why Your Short Sale Will Not Close
08/22/2009
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Reposted from a very smart Realtor in Miami. Via Noel Padilla, CDPE (Surreal Properties, LLC. ) : 10. ) You sent in multiple offers to the bank. Put yourself in the bank's shoes, what would you do if you got 3, 4, 5 or 6 offers on your property?… more
Bank of America Borrower Cash Contribution
08/22/2009
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For the past two weeks, more supervisors are reporting the new requirement for a cash contribution to close the investment short sale. Not much to request for investment property if it means getting out of your current situation and moving on with… more
American Home Mortgage Servicing Great Job
08/12/2009
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Wow, two great short sale files from this servicer. Very professional experiance on both files. I want to give praise on a very large Realtor platform. Jeff Hunter, outstanding communication. FIVE STAR SERVICE Abigail Doyle, quick reply and… more
Mortgage Insurance Companies Looking for $$$
08/11/2009
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I believe some mortgage insurance companies are starting to feel the crunch. I was recently informed by three separate MI companies that sellers with investment properties will be asked to sign unsecured notes. Notes range from 10% of outstanding… more
 
Loriphoto

Lori Young, Broker/Owner

Naples, FL

More about me…

Young Realty Group, Inc.

Address: 5621 Strand Blvd, Suite 204, Naples, Fl, 34110

Office Phone: (239) 234-5420

Cell Phone: (239) 438-5061

Email Me



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