short sales: Warning - Be Careful While Dispensing Advice to Clients About HAMP/HAFA - 01/09/10 06:48 AM
I have been having a very mentally stimulating and enjoyable debate with another AR'er when it dawned on me that this person may intend to advise his clients to do something that could possibly cause harm.  Of course it would not have been done intentionally to cause harm, but out of a misunderstanding.
I would like to issue a warning to Realtor's and Investors alike as well as a heads up to all sellers, that come April 5th, we need to be careful what we advise our seller to do when their servicer calls. 
Now I am aware that there can be changes implemented … (3 comments)

short sales: HELP!!!! with Equator System - 01/08/10 09:30 AM
My question is short and sweet. I have a homeowner who had a typo in her contact info on Equator and we can't get it corrected. I spent 4, yes four, hours on the phone with BOA and NO ONE knew how to get into the system and make a correction. I had several helpful suggestions like , tell your seller to be careful when they enter information. Well....YEAH?....but can you help to get it changed????? Anyone out there have an answer? … (13 comments)

short sales: Was I Featured or Not? - 12/05/09 11:16 AM
I am confused!!   
I wrote a post that apparently was featured..  Other people thought it was featured - they congratulated me.  On my home page it said-Featured Posts -1. Now I will be honest -  I didn't really think much about being Featured until it happened.  Then I was excited, told my husband, bragged to my kids.
But the next day, when I expected to see that Gold Star,  it said Featured Posts-0.  Wow, I didn't know how much I really cared until they took it away. But I thought oh well not a big deal.  Then it came back, Featured Posts  -1.  … (20 comments)

short sales: Here is THE LIST of Lenders participating in MHA, HAMP and HAFA - 12/03/09 12:53 PM
Here you go..  Remember lenders can enter into contract to participate in the programs until 12/31/09, so the list may expand.


short sales: Section Four - Evaluation - 12/02/09 11:39 PM
Section Four - Evaluation
This section has a few twists.  Deadly deadlines!  Once the servicer determines the borrower is eligible for HAFA (based on its own written policy) there are 6 steps the servicers must follow to determine if a SS or DIL will be extended.  I want to find out if the policies written by each servicer are open documents.  Can we get copies?
1. Borrower Solicitation and Response. If the servicer has not already discussed a SS or DIL,  the Servicer MUST proactively notify the borrower in writing of the availability of these options.  Now here is the … (2 comments)

short sales: Section Three - Consideration - 12/02/09 04:32 PM
Section Three - HAFA Considerations
This section outlines what a servicer must do to participate in the HAFA program.  First they need to have developed a written policy (consistent with Investor guidelines) that describes the basis on which the servicer will offer the HAFA program to borrowers.   The servicer can incorporate many factors in this policy, such as local market conditions, timing of pending foreclosures, the  severity of the loss involved and even the borrowers motivation and cooperation.  Remember they already have entered into an agreement with Fannie Mae to participate in the HAMP program.  These policies must be submitted and … (4 comments)

short sales: Section Two - Foreclosure Alternatives - 12/02/09 02:50 PM
Section Two - Foreclosure Alternatives
We already covered what a short sale is in the Background Blog.  So under this program the servicer will allow the borrower to list the property for less than the full amount owed and the net proceeds from the sale are accepted as a short payoff of the mortgage.  The servicer accepts the short payoff in full satisfaction of the total amount due on the first mortgage. Now the short sale must be an arm length transaction. That means a transaction between two otherwise unrelated or affiliated parties.  So you can't have your Grandma buy … (0 comments)

short sales: The Supplemental Directive Background - or Section One - 12/02/09 01:40 PM
Section One - BACKGROUND
We should all be familiar by now with HAMP (Home Affordable Modification Program).  That is the program that was set up to apply uniform loan modification processes to assist eligible borrowers to obtain monthly payments on their 1st mortgages that were affordable.   What has happened (and was expected), is that  some borrowers do not qualify for, default on or choose not to participate in the modification process. 
Hence,  HAFA (Home Affordable Foreclosure Alternatives Program).  HAFA is part of HAMP.  The program provides incentives to servicers and borrowers who choose to go the route of SS (Short Sales) … (2 comments)

short sales: Journey into SUPPLEMENTAL DIRECTIVE 09-09 - 12/02/09 11:33 AM
Well, Here we go.  My good friend Matt sent me these bullets of the program's key guidelines:
Lenders must respond to Short Sale requests within 10 business days of receipt of the offer package. Is this for approval to participate in a short sale, approval of the actual short sale acceptance, ordering the BPO or just contact saying we have your package? The seller will be released from all liability for repayment of the mortgage debt. Is this on both the first and any and all subsequent liens? Subsequently, the seller is entitled to a relocation incentive of $1,500, which will be … (3 comments)

short sales: Lets Break this Down Into Bite Sized Pieces (New Short Sale Guide Lines) - 12/01/09 04:49 PM
Ok, lets break this down into bite sized pieces.  Starting tomorrow I will read the all 43 pages of the Supplemental Directive to 09/09 and blog on each section.  By the time we are done, we will all understand much better the proposed guidelines announced on Monday.
I can't wait to dive in and find out more about the proposed changes to the foreclosure, loan modification and short sale process.  Come with me on this journey by joining this blog.
Check in later tomorrow!

short sales: Let's Hope Short Sales Become More Timely - 12/01/09 09:58 AM
Well, 21 hours ago The U.S. Treasury set  the long-awaited guide lines on a plan for mortgage companies to speed up "short sales" of homes to stem a rising tide of foreclosures.  These guide lines address the problems that have often caused Realtors, buyers and sellers to avoid short sales.   The new guidelines will set limits on the time it takes a bank to approve an offer.  Mortgage servicers will have 10 days to approve or disapprove a request for short sale, and when done the transaction must fully release the borrower from the debt.
It also prohibits mortgage servicing companies from reducing real estate commissions … (54 comments)

short sales: Acronyms Anyone? - 11/11/09 02:53 AM
There are so many acronyms flying around out there that it can be confusing if you don't use them all the time. So, I have taken a few that show up fairly often to help out our non-professionals and professionals alike who read these blogs.
MHA - "Making Home Affordable" program introduced by the Obama Administration on 2/18/09
HASP - "Home Affordability and Stability Program" - Program under MHA for stabilizing home ownership. 
HAMP - "Home Affordable Modification Program" program under MHA for modifications. Servicers              enter into a contract with MHA and are offered incentives to do loan modifications.
HPDP -"Home Price Decline Protection" program that includes incentives to support … (11 comments)

short sales: Short Sales - Have you considered the other side? - 11/05/09 03:28 AM
Short Sales get a bad rap.  I see comments posted all the time about why people hate short sales.  "They never work out".  "The banks have an evil agenda".   Then you have the people that claim they close on every short sale they handle.  I don't know which is worse!  The hype!  The misinformation!  The out and out BULL! 
Short Sales are lucrative.  They meet a need in the population we service.  For many homeowners in financial distress, they can be the best option possible.  "About half of short sales never close. We see it as a big lost opportunity, … (6 comments)

short sales: Virtual Short Sale Assistants: To Use or Not to Use? - 07/07/08 06:54 AM

My name is Dawn Uselding,  I am new to ActiveRain and this is my first blog ever.  However I am not new to Short Sales.  And I am in the position of having insight on both the short sale negotiator and loss mitigation negotiators side. 
I have been doing short sales for 8 years.  I started in my own business helping rehabbers find and finance properties to rehab.  I did this for 2 1/2 years until I caught the eye of an investor.  We had been in competition on several properties over the years.  At one point he (the … (8 comments)


Dawn Uselding

Short Sale Assistant

Manitowoc, WI

More about me…

A New Dawn Real Estate Services, LLC

Address: 10309 Middle Rd, Manitowoc, WI , 54220

Office: (262) 573-6309

Mobile: (262) 573-6309

Email Me

This is a blog about why a short sale negociator is a good investment.



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