preforeclosure: Fannie Mae launches a new consumer-education website on foreclosure options - 08/03/10 09:38 AM
Today Fannie Mae launched a new consumer education website on foreclosure options.
The way I found out about it was when I received a call from the Orlando CBS affiliate, Channel 6 News asking if they could interview me about the new site... www.KnowYourOptions.com
So while he was asking me questions about the ramifications of a foreclosure on your life (credit, jugdments, etc.) I pulled the site up quickly to take a peek!  It's actually a pretty good site!
A lot of the information they are sharing is similar to the info I put on MY info site, www.BeforeYouShortSale.com which is … (2 comments)

preforeclosure: Yet Another Countrywide Short Sale Fiasco...You'll Laugh, You'll Cry! - 05/20/09 09:28 AM
I know, I really shouldn't let it get to me, but this one just takes the cake! I'm running out of room for notes for all the times I've called them on this one... These are NOT all of the notes, but it will give you a rough idea... my favorites are the ones in the last 2 weeks.
Now, before you read on, please realize how I take notes... I write the info down in my log with a date, person's name, and details of their comments, THEN I repeat back to them my notes like this: "so if I … (11 comments)

preforeclosure: Florida Foreclosure Stats by County, End of Year 2008 - 01/20/09 01:42 PM
I just got the most recent stats from Foreclosures.com for the Florida Market. Here's the top 10 Counties based on percentage of households with an LP filing against them in '08.
#10 Palm Beach 10.37% of all households
#9 Hernando 10.47%
#8 Dade 10.96%
#7 Orange 11.06%
#6 Pasco 11.46%
#5 (tie) Broward 11.71%
#5 (tie) Walton 11.71%
#4 St. Lucie 16.4%
#3 Flagler 16.58%
#2 Lee 21.59%
And the #1 County in all of Florida #1 Osceola 23.33%!
Many areas of Florida are seeing HALF of their MLS are either pre-foreclosure or REO. I guess it can't be ignored anymore...we … (5 comments)

preforeclosure: I just got a short sale answer in 6 business days! Bank United - 12/05/08 09:44 AM
I didn't believe it myself!
I snail-mailed the whole package (that's how they wanted it) to Bank United on November 26th, the 27th was Thanksgiving, so at the EARLIEST (if they were open) they got it on the 28th, which was last Friday.
Today, Friday December 5th, I got a call from them with a counter offer.  Do you believe how fast that was!
The truth is...there's NO REASON for a file to sit on someone's desk for over a month waiting.  I have one that the bpo was done about 6 weeks ago and we're still waiting... and it's a … (11 comments)

preforeclosure: When can you buy another house after Foreclosure or Bankruptcy? - 08/12/08 12:54 PM
I get this question all the time, and there's a lot of misinformation floating around out there, so I decided to get you some clarification.  This is as of 8/1/08.
Please note, this is Fannie Mae's Guidelines, so FHA, VA, and other types of loans will differ.
Chapter 7 Bankruptcy (liquidation): 4 years from the discharge or dismissal date
Chapter 13 (repayment plan): 2 years from discharge (paid as agreed) or 4 years from dismissal (kicked out) Extenuating Circumstances: reduced to 2 years.
Multiple Bankruptcies: 5 years (exceptions may reduce it to 3 years)
Foreclosure: must wait 5 years from the … (7 comments)

preforeclosure: New Laws all Over the Place: Federal Mortgage Changes and FL Foreclosure - 07/17/08 01:53 AM
New Laws All Over the Place!
This week I have an update on the HB 643 Foreclosure Rescue Law AND an update on some BIG changes in the mortgage market that were passed Monday. Both of these may have a HUGE impact on your business and it's important that you become familiar with both.
Monday the Federal Reserve approved a measure to change some of the guidelines about what types of loans can and can't be made. Here's some of the highlights (or lowlights, depending on how you look at it!):
Prepayment Penalties will be restricted and can't exceed 2 years. … (1 comments)

preforeclosure: Yet Another Wrinkle in the new Florida Foreclosure Law.... UGGHHHHH! - 07/17/08 01:43 AM
I know that Rob Arnold over at http://activerain.com/blogs/groberto has been talking a lot about this new law, and both he and I have been diligently researching not only how this law will change the way Realtors do business, but also title companies, investors, attorneys, etc.
Well, on Monday I attended a lecture from attorney Barry Miller about this very same topic and he brought up a few MORE points (one I don't think Rob OR I had thought of!  Thanks Barry!)
First let me say that Barry's suggestion was even if we MAY be exempted, you will never get in trouble … (1 comments)

preforeclosure: Webinar with a Loss Mitigator on Thursday, discussing Short Sales - 07/07/08 06:47 AM
Hey All!  On Thursday at 3pm Eastern time I'm interviewing a former Loss Mitigator on a webinar and he's going to spill the beans on short sales and forebearance agreements.
He's now "crossed over" to our side and helps agents and investors get more transactions closed.  Like 'em or Hate 'em, short sales ARE a part of our business now, and no matter how hard we try, there is no way to avoid them, both on the listing AND buyers sides! 
I believe that the more you know about ALL of the pieces and parts to a real estate transaction, even … (0 comments)