hardship: Is it legal to flip short sales? See posted question. - 07/11/10 08:06 AM
I recently found this post on the internet asking if flipping short sales is a good opportunity.  After reading this it made me analyze the big picture here. _______________________________________________________________
If I can buy fully negotiated short sales directly from the agent/broker that represents the lender at 80% of BPO, is this a good flip opportunity?
I have someone that can provide me properties consistently for 80% of BPO before they hit the MLS. I plan to wholesale it for 85% of BPO and list with the same agent that provided me with the deal so he can double end and make a … (4 comments)

hardship: HOW LONG HAVE YOU WAITED FOR A SHORT SALE APPROVAL? - 03/25/10 06:12 PM
I wanted to follow up on my recent post regarding Promissory Notes required in order to facilitate short sale approvals.
I took a short sale listing in February 2009 on a condo with one purchase money loan at a 97% LTV.  The condo was purchased for $325,000 in 2007.  I have a transaction going with the lender, buyer and seller for $189,000 with $5,000 allowance to the buyer, FHA.
In June 2009 I received a conditional approval from Aurora Home Loans.  The terms of the original offer were acceptable to Aurora but not to Guaranty Mortgage Insurance Co.  They made a … (5 comments)

hardship: NEED HELP WITH US BANK SHORT SALE - 03/22/10 06:06 PM
 

I need some help with this one.  I have a new client looking to short sale his home.  I've dealt with many, many different banks and have some good contacts with most of them.  However, U.S. Bank is one that I have not dealt with yet and cannot find a local colleague who has either. 
My client attempted a loan mod with U.S. Bank last spring 2009.  Long story short, he was denied.  U.S. Bank is holding the second trust deed on his home with a Bank of America first of $250,000 that he is current on and this … (3 comments)

hardship: IS HAFA’S PROGRAM A BREACH OF HUD’S FAIR HOUSING ACT?? - 02/27/10 08:59 AM
 
According to HAFA (Home Affordable Foreclosure Alternatives) program slated to take effect April 5, 2010, lenders MUST first evaluate/advise homeowners on HAMP (Home Affordable Modification Program) loan modification programs prior to any consideration of eligibility of the HAFA short sale option.
 One of the goals of the new HAFA program is to simplify and streamline the use of the short sale option by incorporating the following unique features:
Uses borrower financial and hardship information already collected in connection with consideration of loan modification. Allows borrowers to receive pre-approved short sales terms before listing the property (including the minimum acceptable net proceeds). … (22 comments)

 
Diane Wheatley, Broker, SoCal Real Estate Expert (909) 815-4499 (Move Up Properties) Rainmaker large

Diane Wheatley

Broker, SoCal Real Estate Expert (909) 815-4499

Rancho Cucamonga, CA

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Move Up Properties

Address: 2335 Foothill Blvd., Suite 5, Upland, CA, 91786

Office: (909) 981-5400

Mobile: (909) 815-4499

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Survived the mortgage meltdown and live to teach others how to buy and sell in the "move up" market in California.


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