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THE TABLE OF CONTENTS HAS BEEN UPDATED AND MOVED - PLEASE CLICK ON THIS LINK TO GET TO THE NEW TABLE OF CONTENTS

CLICK HERE >>>>>>>>TABLE OF CONTENTS - SHORT SALE AND LOAN MODIFICATION ARTICLES

 

Copyright 2009 Richard P. Zaretsky, Esq.

 Be sure to contact your own attorney for your state laws, and always consult your own attorney on any legal decision you need to make.  This article is for information purposes and is not specific advice to any one reader.

Richard Zaretsky, Esq., RICHARD P. ZARETSKY P.A. ATTORNEYS AT LAW, 1655 PALM BEACH LAKES BLVD, SUITE 900, WEST PALM BEACH, FLORIDA 33401, PHONE 561 689 6660  RPZ99@Florida-Counsel.com - FLORIDA BAR BOARD CERTIFIED IN REAL ESTATE LAW - We assist Brokers and Sellers with Short Sales and Modifications and Consult with Brokers, Buyers and Sellers Nationwide!  Shortsales@Florida-Counsel.com  New Website www.Florida-Counsel.com. 

See our easy to understand articles at:

TABLE OF CONTENTS - SHORT SALE AND LOAN MODIFICATION ARTICLES

 
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18 Comments on SHORT SALES AND MORTGAGE MODIFICATIONS TABLE OF CONTENTS

NOV
06
2008
3 Featured Posts Outside Blog

Holy cow!  I figured you'd have a few articles but I think you've created THE SHORT SALE WIKI!  I'll be back to keep reading.  Thanks for taking the time and sharing.  Great info!
10:36pm • #1
977,616 Points 81 Featured Posts Outside Blog Attended Rain Camp Called Shot Master

Richard,

This is really a terrific source of good information on the subject. I will have to reblog them (if you marked them for reblogging, and if I can't, would you allow me to use them with proper credit?

Thanks

 
11:33pm • #2
NOV
07
2008
145,428 Points 38 Featured Posts Outside Blog Attended Rain Camp

Reblog is activated!  Thanks for the ability to help.

Copyright 2008 Richard P. Zaretsky, Esq.

 Be sure to contact your own attorney for your state laws, and always consult your own attorney on any legal decision you need to make.  This article is for information purposes and is not specific advice to any one reader.

Richard Zaretsky, Esq., RICHARD P. ZARETSKY P.A. ATTORNEYS AT LAW, 1655 PALM BEACH LAKES BLVD, SUITE 900, WEST PALM BEACH, FLORIDA 33401, PHONE 561 689 6660  RPZ99@Florida-Counsel.com - FLORIDA BAR BOARD CERTIFIED IN REAL ESTATE LAW - We assist Brokers and Sellers with Short Sales and Modifications and Consult with Brokers and Sellers Nationwide!  Shortsales@Florida-Counsel.com  New Website www.Florida-Counsel.com
6:55am • #3
1 Featured Post

Just so you know, at Genworth Mortgage Insurance, we have a loss mitigation department and we are very involved in executing all types of workout soultions for borrowers in trouble - including short sales.  We have a policy that if we agree to the short sale and it is successfully completed, we will not pursue any deficiency from the seller.  If you need more information, please do not hesitate to ask.
1:28pm • #4
NOV
20
2008

We have been working with Wells Fargo to short sale our home and want to thank you for your contribution to helping not just realtors/brokers to sort through this process but also the homeowners. We have gotten so much from your blog!

We have finally gotten an approval letter from WF but there is one thing I am not clear on. We have only the first with no second liens although we did have mortgage insurance, as we only had put down 10%. We negotiated with the mortgage insurance to accept a lump sum payment at closing as WF told us we needed not only the investors approval but also the MI company. My question is about the approval letter. They are stating that this approval covers only the first lien not any junior liens, would the mortgage insurance count as a junior? We are just concerned about them coming after us for  their loss as we have not received any written confirmations as to our agreement with them and they are not mentioned in the approval letter nor is the lump sum payment. The only monies stated are what the expect to receive in total,  commission allowed and approved closing seller closing costs. We just want to be sure not to have any nasty surprises come our way further down the road, we would rather know the potential ramifications upfront. Thank You
Joan
2:34pm • #5
324,532 Points

Richard-THANK YOU for this very useful post on short sales.
3:26pm • #6
1 Featured Post Localism Sponsor

I will bookmark this one.  Since Colorado is in he top 5 for foreclosures, I expect to encounter the short sale more and more.
4:14pm • #7
145,428 Points 38 Featured Posts Outside Blog Attended Rain Camp

Joan -

Thank you for the compliment.

A junior lien is in the scenario you mention any mortgage that is subordinate to the first mortgage.  It sounds like you have only one mortgage.  The Mortgage Insurance is actually a participant in the first mortgage with Wells Fargo.

Good job with Wells Fargo - they are becoming difficult to deal with - especially as 2nd mortgagee!
10:12pm • #8
NOV
21
2008

Thanks for the infromation. I'm sure the rules of the game will keep changing.
6:27am • #9
FEB
07
2009
177,234 Points 14 Featured Posts
What a great resource you have provided. I'm printing off ever article and creating the quintessential short sale guide.
10:26pm • #10
AUG
12
2009

I  was asked by my son to add him to my mortgage , iwould like to know what are the pro's an con's of

doning this. i'm in good standing with my mortgage company, and  what will this do to me putting him on it.   THANKS   DGP USN RET
DON
12:39pm • #11
145,428 Points 38 Featured Posts Outside Blog Attended Rain Camp

Don

Adding your son to your mortgage.  Interesting concept.  Since you are in good standing with your lender, what could possibly be the reason for this request and what is he trying to accomplish? 

That aside, the lender will almost never allow the names of borrowers to be changed (by adding or deleting) on a mortgage and promissory note.
8:37pm • #12
FEB
05
2010

Richard - we looking to settle HELOC.  Loan Modification was just completed for 1st mortgage w/Chase.  However, HELOC was denied for loan modification.  Now that the 1st loan is current and we of course intend to keep the property, the 2nd loan becomes secured and less likely can be settled for less,even though, still underwater?   Thank you.   
Alla
3:51pm • #13
145,428 Points 38 Featured Posts Outside Blog Attended Rain Camp

Alla -

I would say the 2nd probably is no more "secured" than before.  However, there is less likely to be a default by you on the first mortgage, which gives the 2nd lender a greater "comfort".

You have my agreement that with the 1st lender in place for modification, the 2nd can and will drive a harder bargain.  We prefer to work on the 2nd mortgage before the first just to avoid that problem.  In your case the cat is out of the bag (so to speak), so you have to do the best you can with the financials that now exist.
10:44pm • #14
145,428 Points 38 Featured Posts Outside Blog Attended Rain Camp

Alla -

I would say the 2nd probably is no more "secured" than before.  However, there is less likely to be a default by you on the first mortgage, which gives the 2nd lender a greater "comfort".

You have my agreement that with the 1st lender in place for modification, the 2nd can and will drive a harder bargain.  We prefer to work on the 2nd mortgage before the first just to avoid that problem.  In your case the cat is out of the bag (so to speak), so you have to do the best you can with the financials that now exist.
10:45pm • #15
145,428 Points 38 Featured Posts Outside Blog Attended Rain Camp

Alla -

I would say the 2nd probably is no more "secured" than before.  However, there is less likely to be a default by you on the first mortgage, which gives the 2nd lender a greater "comfort".

You have my agreement that with the 1st lender in place for modification, the 2nd can and will drive a harder bargain.  We prefer to work on the 2nd mortgage before the first just to avoid that problem.  In your case the cat is out of the bag (so to speak), so you have to do the best you can with the financials that now exist.
10:45pm • #16
JUL
05
2010

What are the affects of defaulting a VA backed loan + 2nd mortgage on my disability checks in SC
Helen Welker
8:08pm • #18
OCT
13
2010

Richard, I am in the middle of short sale.  Let's say for the sake of the argument I bought the place for $200k with Bank A providing $150k and Bank B providing $50k.  I did provide a hardship letter which highlighted my extenuating circumstances. 

Bank A just approved of the sale and I'm looking at the documentation which says at closing the cash contribution is to be $0 and in the area where they discuss a promissory note, it says NA.  

This leads to me to believe I will not have a deficiency.  Does this sound right?  How can i find out if if there will be any tax consequences?  And what issues may I say from Bank B?

I appreciate any guidance you can provide.
Chris
5:59pm • #19

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Richard Zaretsky, Florida Real Estate Attorney

West Palm Beach, FL

More about me…

Richard P. Zaretsky P.A. - Board Certified Real Estate Atty

Address: 1655 Palm Beach Lakes Blvd, Suite 900, West Palm Beach, Fl, 33401

Office Phone: (561) 689-6660 x 107

Email Me

Legal true life experiences, general observations and commentaries for Realtors, Lawyers and Mortgage Brokers - also see our Palm Beach County Short Sales group blog.
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