Real estate blog entries tagged with short sales by Katerina Gasset, Amplify Your Real Estate & Life Dreams! (The Gasset Group & Get It Done For Me Virtual Services )

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short sales: Nationstar At It Again? - 08/06/14 11:46 PM

Nationstar is the nightmare that just keeps on giving.

There is a class- action lawsuit against Nationstar and Assurant Inc. in the U.S. District Court for the Southern District of Florida.

This class-action lawsuit alleges that Nationstar has a company that they used to funnel profits to Nationstar at their borrower's expense by selling those sky high priced forced insurance policies.

When you buy a home you are required if you get a loan for the property to have at all times, homeowners insurance in place to protect the lender's interest in the property.

If you fail at any time to pay your homeowners insurance then in … (17 comments)

short sales: Mortgage Debt Relief Act Ended on December 31-2013 - 01/09/14 06:04 AM

Mortgage Debt Relief Act Ended on December 31-2013

For six years now underwater struggling homeowners were able to use the benefits of the mortgage debt relief act to avoid having to pay taxes on the part of the shortfall on their note in a short sale and in some foreclosure cases.

When the subprime housing market crashed Congress enacted this act to give homeowners a break in the reduction of their mortgage debt.
Each household that was underwater was exempted from federal taxes under the 2007 law for up to $2 million. The law expired on December 31, 2013 … (11 comments)

short sales: What Matters Most In A Short Sale At The End Of The Day? - 06/27/12 08:18 AM

We never met our seller in person. All of our transaction was via phone and email. It was an investment property owned by a commander in the Navy, a pilot who did not live here in Florida.
He found us on our ActiveRain blog and then went to our website to read the short sale articles we have written over the years. When he first called us about listing his property as a short sale we told him that it would not be easy.
It would not be easy because he needed the lender to forgive his debt.
Many … (22 comments)

short sales: Short Sale Closings- Another Successful Short Sale Closing - 02/16/12 08:52 AM

Short Sale Closings- Another Successful Short Sale Closing
We take pride in closing our short sales and treating our sellers with dignity, respect and empathy as they deal with this chapter in their lives. It is great to help sellers close this door and move on with their lives. With tenacity and assertive proactive actions we make sure that the short sale lenders understand our sellers' positions and see that it is in everyone's best interest to not go down the foreclosure path.
Here is another testimonial from one of our short sale sellers that we closed on:

Dear … (8 comments)

short sales: Your Short Sales Are NOT Closing???? WHY???? - 12/27/11 03:42 AM

I just read a featured post about an attorney who is not going to be negotiating any more short sales in his office. There were many supportive comments but there were many that were quite disturbing. The post was a 'members only' post so I can not refer to it however I will go over what is most alarming to me.
More than one commenter stated that they don't like to do short sales because they rarely close.Some even said they don't want to take short sale listings because they don't close. I don't know the ratio of who's comments were those … (26 comments)

short sales: And We Trust These Banks With Our Money??? - 09/22/11 12:26 PM

When you are working negotiating short sales for your sellers you come across all kinds of negligence and ineptness. There sometimes feels in certain cases that there is no where you can turn to get help for your seller. After all, there does not seem to be anyone on the side of the homeowners especially when they behave responsibly like trying to do a short sale istead of just leaving the keys on the table and walking away.
I can not blame homeowners who feel like just walking away after months and months of idiotic runarounds that produce no meaningful results for … (15 comments)

short sales: Another Short Sale CLOSED- Vintage Condo in South Beach Miami and a VERY HAPPY Seller! - 07/28/11 07:14 PM

Closed- Sold- Another Short Sale - Vintage Condo in South Beach Miami!
South Beach Miami Condo Short Sale- 727 14th Place- Park Vintage Condo SOLD and CLOSED. Original Asking Price $169,777 in September 2010 Lowered price in increments until we got to $149,000 before we got an offer. Sold July 22, 2011. Buyer offered $124,500 in March 2011. Buyer seeking financing, FHA loan from Wells Fargo. Total time from offer to closing, 4 months. Total time from offer to acceptance letter, 70 days. During our short sale evaluation with the seller - we recommended the HAFA program because he met … (14 comments)

short sales: Bank Of America NOW Allows For Substitute Buyers When The Short Sale Buyer Walks! - 07/14/11 07:36 AM

Bank Of America NOW Allows For Substitute Buyers When The Short Sale Buyer Walks!
And it is ABOUT TIME!!!!! We have been discussing this with the executive department at BofA for several years now. Perhaps it was all the short sale brokers and agents that got them to finally listen to this biggest bottleneck in BofA short sales! We don't really care who BofA gave their ear to on this one, just that they finally took action on this! We used to have to start the entire process all over again when a buyer walked and you tried to submit a … (17 comments)

short sales: FHA Extends Missing Mortgage Payments To 12 Months For Unemployed - 07/08/11 12:04 PM

FHA is extending the unemployment benefit of allowing homeowners with FHA loans to go from missing from four months to twelve months to keep qualifying homeowners from losing their homes to foreclosure.
This is supposed to help a small group of homeowners who default on FHA loans which right now is about 3.500 homeowners per month who are unemployed while they try to find a job. The administration came out to say that expanding this assistance will help the economy and that they hope that other lenders will follow their lead in allowing homeowners to miss up to 12 months of mortgage … (6 comments)

short sales: Banks Are Learning Fast What Customers Think Through Social Media - 06/05/11 09:10 AM

Banks are learning fast what customers think through social media. Gone are the days when banks sent their tellers forms to fill out about what customers were saying. Gone are the days when banks would send out surveys to their customers to find out what products they liked and which ones they did not like.

If Banks were slow to jump on board the social media trend, the customers led the way right to Facebook and Twitter. Now when a customer is upset the banks know instantly. A lot of the banks now have employees that monitor the social media scene … (106 comments)

short sales: Short Sale Question and answer Call on Wednesday February 16 - 02/11/11 04:42 PM

What Is Your Biggest Short Sale Question? Do you list short sales? Do you work with buyers who make offers on short sale listings? Do you want to close more of your short sales? We will answer as many of your Short Sale questions as time will allow on the FREE Biggest Short Sale Q & A call. Don’t miss it! Enter your name and email address in the form right here. That’s it! You will get your call in details or if this is after the live call you will get your replay link to listen to the replay. … (6 comments)

short sales: How Long Is My Short Sale Going To Take? - 02/04/11 05:49 PM

How long is my short sale going to take? That is a question most sellers ask when we do a short sale intake evaluation. Like most answers to short sale questions- it is- IT DEPENDS!
We know that sounds so vague but in short sales, things change from month to month, week to week and sometimes even day to day. The one thing that is constant in short sales is change. The major factors that determine how long your short sale will take are: How many loans you have on your property. How long it will take to get a good … (20 comments)

short sales: Bank Of America Leaves Mortgage Brokers and Buyers In The Dust - 10/08/10 08:09 PM

Bank of America announced that they will no longer be working with mortgage brokers. They are leaving the wholesale part of the loan business. They will no longer be working with mortgage brokers to do loans. They say that the broker part of their business was only 4% in the first 6 months of this year.
President of Bank of America Loans- Barbara Desoer made this comment: " By exiting the first mortgage wholesale channel, we can redirect critical operational resources to further enhance our capabilities in direct- to -consumer channels." Hmmm, let's see. I wonder if that will be any consolation … (98 comments)

short sales: Chase Suspends Foreclosure Cases Temporarily - 09/30/10 01:18 PM

If you have a short sale you are trying to get approved through Chase right now and you are facing a foreclosure date now may be a good time for you to see your attorney and ask them to get a further postponement of your foreclosure date because of the problems that Chase and other lenders are having with being accused of approving foreclosure affidavits when they did not really know the details.
Chase who is the third largest loan servicer has suspended their foreclosure cases that are open right now until they can examine the documents being presented to … (7 comments)

short sales: Bank Of America Short Sale Training Video- A Must For Training in Short Sales - 07/26/10 06:16 PM

Bank of America Short Sale Training Video- A must for training in short sales. If you are a short sale agent this is a must see video about Bank of America short sales.
Are you a Short Sale agent? Do you work with Bank of America short sales? We all have had our share of nightmare closings and high doses of Tums and Alka Seltzer to deal with lenders on short sales. Here is the long awaited for how to do short sales with Bank of America video training module. Warning- Move liquids away from your keyboards and laptops!
… (68 comments)

short sales: Etrade Is The Worst Note Owner There Is! What The Heck Are They Thinking! - 07/24/10 03:29 PM

We have a listing that we got over two and a half years ago! Yes, that long ago! We have had more than a dozen offers on this property with about 6 of them going through the wringer with short sale negotiations.
There are two loans on the property. Both were originated with Countrywide. Both were assumed by Bank of America. One of the notes is owned by Wells Fargo and BofA is servicing it. The second note is owned by Etrade and is being serviced by Bank of America. This property has been in lis pendens status for over 1.5 … (21 comments)

short sales: Short Sale Negotiating Companies- Demanding A Part Of Your Commission? - 07/15/10 07:01 PM

We get the acceptance letter from the lender who approves a short sale we have the listing on.
Then we get another email that says that we have to reduce our commission by 1%. That was strange, we thought. We have done a lot of short sales with this particular small lender and never had an issue before with our commission. It is a small lender who mostly owns their own notes and services their own notes. This of course saves us a lot of time. With this particular lender we can close on our short sales within 30 to 60 days. … (77 comments)

short sales: HAFA- One More Hyped Up Media Campaign With No Teeth - 07/10/10 06:43 AM

HAFA- such a big deal right? I wonder where all the agents and media operatives for the insiders press departments are now? Remember at the beginning of the year everyone and their mother was writing songs of worship for the new miracle to save underwater homeowners- HAFA?
Remember when I asked if everyone was writing these posts and articles on blogs and newspapers because they loved the google juice they were getting from it or if they actually knew anything about the HAFA program? Do you remember all the posts that I wrote and the comments I was making about how … (13 comments)

short sales: Another Case In Point about Why Homeowners Don't Know They Can Do A Short Sale - 07/08/10 03:18 PM

Another case in point about why homeowners don't know that they can do a short sale! Where do the reporters get their information and how do they check their facts or do they? Are they running against time lines so they don't have time to check?
When something is an opinion, preface it so. If something is a fact, check the facts. Perhaps more reporters should come to Active Rain for their fact checking. They may just learn a thing or two. There was an article in the Orlando Sentinel about the Central Florida real estate market. The reporter goes into … (9 comments)

short sales: So If You Know Your Listing Price Is NOT Going To Get Approved.... - 06/03/10 06:20 AM

So if you KNOW your listing is NOT going to get APPROVED at that price why do you have it listed at that price?
There are two sides to this issue- One is from the listing side- your answer to me is that you want something to get the ball rolling. Understandable, however, there is a code of ethics IF you are a member of your local Realtor® to follow and most states have false advertising statutes that you legally are bound by. Of course, you don't HAVE to obey either and you can CHOOSE then to accept the consequences … (8 comments)

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