short sale association of america: Bank Told My Client to Miss Payments to do a Short Sale - 08/10/12 07:47 AM
One of my agents is in an awkward predicament with a short sale client. She sent me the following message last night about her client in Michigan trying to move to New Jersey:
"Hi Jonathan,
I have a client here in Michigan who is trying to move to NJ. They have not paid their mortgage for 3 payments. It of course, shows on their credit report. They try to explain that their lender wouldn't look at doing a short sale until they had missed 2 payments. However, the folks they would like to lease from in NJ act like they've never … (4 comments)

short sale association of america: Were Agents Designed To Be Short Sale Processors? - 08/09/12 09:21 AM

Are Banks Urging Real Estate Agents to Use Short Sale Processing Centers? Read Below And Learn Where Banks Are Heading
 
Well The Simple Answer is...
 
...YES. In order for banks to streamline the short sale process, they have realized that they will have to rely on national short sale processing centers to be an intermediary between real estate agents and themselves.

For Example!
 
Bank of America has two main vendors that they have been beta-testing new short sale programs, including the most popular one, the “Cooperative Short Sale Program".  The main two vendors running this program … (1 comments)

short sale association of america: White House Mortgage Plan Shut Down: Your Thoughts? - 08/02/12 03:10 PM
I'll admit that over the past two weeks I have been glued to my television totally addicted to NBC's coverage of the summer olympics. I am an avid basketball fan, so watching the USA team has sort of felt like an extension of the NBA season. Of course, the swimming, diving, and gymnastics have been great too, but I can't wait to see USA basketball go for the gold. 
The olympic coverage has been a distraction to some significant news in the distressed mortgage world. In the middle of this week, head of the Federal Housing Finance Agency (FHFA), Edward DeMarco, … (8 comments)

short sale association of america: Inspections May Affect Short Sale Outcomes - 07/19/12 01:27 PM
Throughout the course of a conventional real estate transaction, home inspections and appraisals are utilized to help the buyer--and their lender--understand exactly what they are about to get into. Even though most states require homesellers to provide prospective buyers with a property disclosures form, inspections and appraisals help buyers understand property conditions that may not be apparent with the naked, untrained eye. It's hard to believe that most homebuyers in this day and age would even consider getting into a real estate deal without an inspection, but recent studies show that only 84 percent of buyers request an inspection as a … (6 comments)

short sale association of america: You Can't Find Distressed Homeowners? Seriously? - 01/25/12 03:59 PM
On a number of occassions in the past year, I've heard agents ignorantly state "I can't find a distressed homeowner anywhere." My initial reaction is to grab the individual by the shoulders and shake some sense into them screaming, "Are you serious! Look around! There are over 7 million homeowners in default in the U.S.! Knock on your neighbor's door!" Obviously, I can't do that; however, I can help these individuals systematically find distressed homeowners who need assistance. 
To the individual who said, "I can't find a distressed homeowner anywhere," here's my response:
Where have you been looking? There are a … (2 comments)

short sale association of america: Were We Intended to be Short Sale Negotiators? - 09/09/11 12:17 PM
Everyday we hear more stories about how the economy continues to worsen. As you know, millions of homeowners are upside-down on their mortgages and defaults have deflated home values across the U.S.; thousands of agents are going out of business due to a general failure to adapt to current market demands.
Many of our comrades fell by the wayside because they were never properly trained to work with distressed properties. In my opinion, real estate agents were never intended to be short sale negotiators.
When I got started in short sales, the distressed market was almost exclusively saturated by investors and home-flippers … (1 comments)

short sale association of america: Examining Foreclosure Basics: Judicial vs. Non-Judicial Foreclosure 2 of 2 - 08/30/11 02:26 PM
Let's continue our discussion about foreclosure basics:
Even though the loan is purchased by an Investor, the original Lender will oftentimes sign an agreement with either the Investor or the Issuer to become the Servicer of the loan. The Servicer agrees to perform basic customer service, collect monthly payments, and even handle foreclosure alternatives and foreclosure proceedings for the Investor. In other words, when a Borrower receives a loan from Bank of America, the loan is usually sold to a third party, and the Bank becomes the middle man between the homeowner and the owner of the loan, the Investor. Hopefully … (4 comments)

short sale association of america: Examining Foreclosure Basics: Judicial vs. Non-Judicial Foreclosure 1 of 2 - 08/30/11 11:53 AM
SSAA receives questions from time to time regarding foreclosure basics and the impact foreclosure will have on distressed homeowners. Foreclosure is the removal of a homeowner’s right to redeem their mortgage due to their inability to continue making their mortgage payments. It’s important to help homeowners understand that foreclosure is not an event, but rather a legal process that is inevitable unless alternative steps are taken to prevent it from occurring.
Homeowners can receive more information using www.SSAAHelps.com. 
There are Two Different Foreclosure Processes
States use either a judicial or non-judicial foreclosure process when a homeowner goes into default. Some states … (0 comments)

short sale association of america: 1 in 5 of all Home Buyers are....Single Women! - 08/12/11 11:07 AM
We are always on the lookout for positive trends in today's market that will help us look to the future with hope and encouragement. Once in a while we come across some statistical gems that standout in our journey for bright-side information. 
According to the National Association of Realtors, single women made up 20 percent of all home buyers, compared to only 12 percent of single men. Have you noticed an increase in the number of single women purchasing homes in your area? 
One of our short sale trainers related a story to us recently about his brother's home in Indianapolis … (2 comments)

short sale association of america: Top 5 Short Sale Time-Killers - 08/12/11 11:06 AM
 
The short sale process is different for each bank, but most of them still follow the same basic pattern: the Authorization to Release Information is sent, then the short sale package and the loan is assigned to a negotiator in the Loss Mitigation Department. The negotiator orders a Broker’s Price Opinion or BPO to determine the as-is value of the property. The completed BPO is reviewed by the negotiator and compared to the buyer’s offer and then the investor reviews the offer as well to see if the deal falls within their terms. 
Agents who decide to do their own … (3 comments)

short sale association of america: New Agent Resource for Distressed-Homeowner Appointments - 08/12/11 11:05 AM
Short Sale Association of America (SSAA) has recently released an ebook real estate agents can access and view online that is designed to help distressed-mortgage homeowners do the following:
Come to a realization that the mortgage crisis is being felt nationwide Face the reality of their circumstances Objectively assess their situation using facts and reputable educational resources Clearly understand their rights and options Know how to discern foreclosure rescue scams from true professionals Execute a plan that will result in a long-term resolution The book, "The Distressed Homeowner Guide," has been released in response to multiple requests to SSAA by real … (0 comments)

short sale association of america: What Percentage of All Home Sales will be Short Sales in the Coming Months? - 06/14/11 03:31 PM
What percentage of all home sales will be short sales in the coming months?
What about in one year? 40%? 50%?
Short sales rose from 17 percent in February to a record-high 19.6 percent in March. This is a chart that was included in the Housing Pulse Survey from Campbell Surveys and Inside Mortgage Finance:

Pay close attention to the sudden decrease in Damaged REO properties (red line) compared to short sales (blue line), which is drastically on the rise.
How would you interpret these results?
Are you prepared to handle the overwhelming demand for short sale expertise in the … (0 comments)

short sale association of america: Lenders Can Detect Double Closings on Short Sales: The Solution? - 06/06/11 03:13 PM

Did you know that lenders can detect double-closings on short sale deals AND find out if a short sale property was sold again in the months following a closing? They can!
I was doing some research today on some of the latest short sale facts and trends and came across a research article with some great information:
 
The number of short sales has nearly tripled in the last eight quarters 23 percent of all mortgages in the United States have negative equity (upside-down) The number of short sales is expected to increase by another 25 percent in 2011 Here … (15 comments)

short sale association of america: Listing a Short Sale in 3 Easy Steps - 05/17/11 02:47 PM
Listing a short sale can be broken down into the following three steps: identify, sign, and pursue.

Identify: Most real estate professionals might say that a short sale will occur when the value of a property is lower than the principle loan balance on a mortgage. This is true in most cases. A short sale can also occur when the net payoff to the first mortgage on the sale of a property is less than the total loan payoff amount, however. Let’s explore a few examples: Scenario #1: A potential seller asks an agent to list their property for $200,000. … (0 comments)

short sale association of america: SSAA's Take on HAMP and "Worsening" of Housing Downturn - 05/11/11 03:53 PM
SSAA's email alerts were bombarded this week as articles were released from the national press regarding the "worsening" of the housing downturn. With every article that gets released, I'm crossing my fingers hoping the press, the government, and the other "powers that be" will finally grasp the severity of our nation's foreclosure crisis and do something about it once and for all. 
Moody's Analytics chief economist Mark Zandi was quoted saying, "Prices decline, that pushes people underwater. There's 14 million people now underwater. Half of those are underwater by more than 30 percent. That's the fodder for (more) default."
The government … (0 comments)

short sale association of america: Get your Paperwork to the Bank BEFORE you Receive a Short Sale Offer - 04/26/11 10:37 AM
 
Many agents mistakenly believe that the negotiations process is the most important stage in the short sale process. They think that if they can be persuasive and persistent with the bank negotiator, they will secure a short sale approval more quickly. I would argue that getting your paperwork organized BEFORE you receive an offer is the best way to expedite short sale approvals. By getting your packages sent to the bank the right way the first time, you will spend less time going back and forth with a negotiator and more time preparing the seller and buyer for closing. 
You … (2 comments)

short sale association of america: SSAA Webinar Replay Available: Understanding Delegated Authority - 04/20/11 09:50 AM
Last Thursday's turnout was AMAZING to say the least. Our presenters did a fabulous job and I honestly feel like we all left the webinar more well-rounded, trained agents. I think my favorite part had to be the question and answer session at the end. The webinar itself only lasted about 30 minutes, but we ended up going over our time answering incoming questions...and it was worth every second. 
If you would like to access the REPLAY version of the webinar from April 14th, it's now available via Facebook:
VIEW REPLAY ON FACEBOOK
We're going to do one more live version … (0 comments)

short sale association of america: SSAA Helps Agents Pre-Screen Clients for Short Sales or Loan Modifications - 04/19/11 12:38 PM
 
Freddie Mac reported more than half of all homeowners going through foreclosure do not understand their rights and options. Furthermore, more than half of all homeowners going through foreclosure do not contact their bank(s) to work out a solution because they think it will only make their situation worse.
A recent Harris Interactive poll reveals homeowner's emotions during the foreclosure process:

 
I have developed a one-of-a-kind tool that allows homeowners to find out whether they should do a short sale or a loan modification. The evaluation essentially pre-screens prospective clients so that the agent can formulate the best plan to provide assistance. I … (0 comments)

short sale association of america: SSAA Free Live Webinar: Short Sale Banks' Limits of Delegated Authority - 04/13/11 11:51 AM
Short Sale Association of America (SSAA) is proud to present a free webinar on Thursday, April 14th at 2:00pm EST, called "Understanding Delegated Authority." This presentation is Part 1 of the Short Sales 101 series and will be streamed live April 14th for free.  
REGISTER HERE  
"Understanding Delegated Authority" will help you identify the bank's bottom line before you send them an offer. Every bank answers to an investor who purchased a pool of mortgages from them in the past. The bank services the loan and makes decisions on short sales based on a specific set of permissions granted to them by the investor. We'll teach you how to use this information to get your short sales approved more quickly.
… (0 comments)

short sale association of america: SSAA Helping Agents Adapt to Market Demands - 04/08/11 12:54 AM
We teach our agents at SSAA how to take their distressed-property expertise to new heights. When I launched our full platform in late-March 2011, I intended to provide agents with the appropriate tools and instruments that would help them reach a greater number of distressed-property homeowners. Anyone can provide agents with tools; but it's the system behind those tools that defines the difference. 
I knew that the platform we were creating was going to be special but--as faithless as this may sound--I never anticipated the release to be so widely accepted so quickly. Last week I released an e-book that includes … (1 comments)

 
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Jonathan Bowman

Louisville, KY

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Short Sale Association of America

Address: Louisville, KY, 40243

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