short sale: Short Sales Tips - 04/10/10 07:18 AM
I've had the opportunity to work a couple of lengthy short sales in the last year.  Realizing it is an evolving process and wanting to learn updates, I attended a brief short sales seminar this week and want to share my takeaways:
1. HAFA is a volunteer government program.  ZERO banks volunteered to be in the program.  The government may extend the deadline to volunteer and "persuade" banks to volunteer by taking away government incentives such as FDIC insurance.
2. Every loan has a "Pooling & Service Agreement" with their investor.  This includes the terms of authority which indicates if the bank can … (3 comments)

short sale: Short Sales, Lien Holders and Judgments, Oh My! - 03/13/10 04:25 AM
Today I have a tale to tell ... a story of perseverance, patience and longevity.
I am writing to ask for help, advice and any creative suggestion...
I am working with buyers on a short sale transaction, to buy the cutest darn house.
We had mutual acceptance August 30, 2009. 
The good news is we received bank approval in February!  Quick compared to other short sales, I've learned.
Two lien holders ... both approved! 
But here's where it gets troublesome:
After the second lien holder approved $3,000 (and the sellers agent and I stepped up to give them more from our … (6 comments)