ARCHIVED BLOG POSTS

2011 

The latest from SSAA's resource library is a short sale time-saver called delegated authority. Delegated authority is a specific level of permission granted to banks to approve loss mitigation transactions. Why is that important? If we back up and discuss the short sale process, you'll see where...
02/28/2011
Has anyone else heard the news about the Obama administration trying to push banks to pay for loan principal reductions? Sources say they're asking for a commitment from loan servicers to reduce loan balances for borrowers who owe more on their mortgages than what their homes are worth. If the ad...
02/24/2011
p.p1 {margin: 0.0px 0.0px 10.0px 0.0px; font: 11.0px Calibri} li.li1 {margin: 0.0px 0.0px 10.0px 0.0px; font: 11.0px Calibri} span.Apple-tab-span {white-space:pre} ol.ol1 {list-style-type: decimal} TELL Pattern The TELL Pattern is an easy-to-use conversation style that will help you earn the trus...
02/22/2011
If you are processing a short sale listing with Wells Fargo as the first lienholder, then consider using the following guide to work the transaction more smoothly: Make sure you receive the following forms from your Wells Fargo negotiator or loss mitigation representative: Short Sale Listing Adde...
02/22/2011
This posting will go over the specifics you should know processing an FHA-insured loan as a short sale. We recommend downloading and printing FHA’s official letter to lenders for a complete overview of the program. Here are the basics of the latest changes: Minimum List Price Requirements – “Pro...
02/17/2011
Earlier today The Mortgage Bankers Association (MBA) released foreclosure and default statistics from the fourth quarter of 2010. The MBA states the NORMAL percentage of seriously delinquent borrowers—those more than 90 days behind on their mortgages—are TYPICALLY just above 1 percent. In the fou...
02/17/2011
  Are you working on an FHA short sale? If so, you need to understand that the short sale process will look very different than your other short sale listings.   The Federal Housing Administration (FHA) backs mortgages for homebuyers in the form of federal assistance. Most homeowners approved thr...
02/15/2011
Short sale processing is as much of an art as it is a learned skillset. Your ability to think outside the box and adapt to the unique nature of each individual case will lead you to more approvals and closings. Processing short sales can be approached thinking logically but may not necessarily le...
02/14/2011
The following information is best received understanding a few basic suggestions:   Your previous knowledge of short sales will be applicable but may take on different meaning and understanding after this training from the lenses of an SSAA professional. Processing short sales can be approached t...
02/11/2011
SSAA Helping Agents Connect with Distressed Homeowners Tuesday February 08, 2011 - 05:01 AM EST Business Wire News Releases Released By Short Sale Association of America (SSAA) RealtyTrac.com predicts there will be over 1.2 million homes repossessed by banks in 2011,calling it “the peak” of our ...
02/07/2011
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