We've had a breakthrough! The first mortgage holder, Select Portfoio Services, sent a fax yesterday saying that they have approved the short sale on this condo in Benicia that has been the subject of this narrative. And the approval is good through May 5th. With this in hand, I called back the 2
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03/31/2009
I got a call yesterday from the Countrywide "2nd Phase Negotiator." She told me that their expectation when granting a short sale is to be paid 10% of the amount of the loan outstanding. In this case, that's $6800 on a 2nd loan of approximately $68,000. However, she also said that the borrower w
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03/25/2009
It's been 10 days since my last update on the process of getting this short sale approved. Countrywide now has the appraisal that they ordered (even though this seemed unnecessary as described in Part 7 of this saga.) When I called 2 days ago, they had just assigned a negotiator, whose name I wa
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03/19/2009
At a meeting of the local Independent Brokers Network, it was reported that 43% of all home sales in Marin County during Jan-Feb 2009 were "distressed" property sales. That includes bank-owned (REOs), pre-foreclosure (Notice of Default recorded) and Short Sales (loan is more than the property is
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03/11/2009
The wheels are slowing grinding on with this short sale. Last week when I called Countrywide, I was told that they would have an appraisal done by today. Today when I called, I was told that they now have a second BPO (broker price opinion) completed and that they are now going to order an apprai
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03/09/2009
Congress just enacted a new tax credit for first-time home buyers who purchase a home between Jan 1-Dec 1, 2009. You are a first time home buyer if you have never owned a home or haven't owned in the past 3 years. As a credit and not a deduction, this means that you will get the money regardless
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03/02/2009
