short sales: The Absurd and how to Deal with it. - 03/05/13 01:57 AM
SPS (Specialized Portfolio Servicing) has quickly become the worse company to work with. I have not seen such widespread incompetence and lack of knowledge since the 2008-2009 Bank of America days. I got a SPS short sale after the loan was serviced released to them in the Fall of 2012... it has been a nightmare ever since.
The seller qualifies for HAFA (non -GSE) and sent the RMA to get the file opened, valued ordered, etc... every call after has been both miserable and laughable. No one who answers the phone at that company has any understanding of HAFA, short sale … (5 comments)

short sales: Not All Sunsets are Beautiful. - 09/28/12 06:52 AM
In 2007, the Mortgage Debt Relief Act was passed in an attempt to help the millions of homeowners who due to the housing crisis and economic crash suddenly found themselves in danger of losing their home to foreclosure.
 
The act has helped many distressed homeowners find solutions to avoid foreclosure, and opened up options to them that were previously unavailable.
 
The Mortgage Debt Relief Act, however, was only intended to be a temporary solution, and is now set to expire at the end of 2012. There is a bill in Congress that would extend it, but it is … (12 comments)

short sales: New HOA and Condo Association Trend Alert! - 08/06/12 08:30 AM
Delinquent HOA and Condo Association fees are a huge problem down here in sunny South Florida, as I'm sure they are in all parts of the country. I think it's safe to say that a large percentage of homeowners who stop paying their maintenance fees assume that they have another 3-6 months before the Association puts a lien on the property and starts foreclosure proceedings. Up to now, I would have said that this was a safe assumption.
A few days ago, all homeowners in my very own HOA received a letter giving us notice of a new maintenance fee payment … (16 comments)

short sales: Keeping Your Sanity While Working Short Sales - 05/30/12 05:57 AM
I’d like to again invite all South Florida Realtors to attend the Short Sales class that I’ll be teaching at the South Broward Board of Realtors on June 5th from 1pm to 5pm. The class is open to all Realtors, regardless of membership, and there is plenty of space left!
 
If you are a member of South Broward, register here: www.goo.gl/fhBXk
If you are not a member of South Broward, register by calling: 954-431-5300


 
(6 comments)

short sales: BANK OF AMERICA'S INITIATIVE FOR VALUE DISPUTES. CAN SOMEONE EXPLAIN IT TO ME? - 05/03/12 08:34 AM
I know most of us have had the chance to read BoA’s email below about how they’ll be handling value disputes from now on, and I’m thrilled that they have taken that initiative. While reading through Bank of America Agent Resource Center page for "Process Refined Refined for Valuation Disputes" I came across an item that is confusing me, and I’m wondering whether anyone has any insight.
 
 “Do not reference property pricing amounts in the narrative on the form. This violates appraiser independence policy and is against industry standards. Any reference to pricing will disqualify the dispute.”
 
What does … (5 comments)

short sales: Lenders Holding Short Sale Approval Extensions Hostage - 05/01/12 09:34 AM
I’ve noticed a trend lately where short sale negotiators (especially on the second mortgages) are holding short sale approval extensions hostage, and I really don’t understand why.
There have been a couple of files lately where our negotiator gives us less than the usual 30 days to close a file. Of course we do our very best to meet these impossible deadlines, but there comes a point where we have to ask for an extension. Even in files where we have the full 30 days, there are situations where the buyer’s loan is not ready at the end of those … (9 comments)

short sales: The Phenomenon Called Strategic Default. - 04/30/12 04:18 AM
Escape Your Unmanageable Mortgage: Getting Free Doesn’t Have To Mean Running Away.

Perhaps you’ve seen a story on the news about how the housing crisis has caused some South Florida homeowners to simply walk away from their homes. It sounds crazy, but the masses are being led to believe that walking away from their home is a good (or even the best!) option. This phenomenon is called Strategic Default.
For distressed homeowners who feel that they have no other viable options left, the idea of walking away “free” may sound like a relief. The reality is that choosing strategic … (8 comments)

short sales: One Reason Why Short Sales Get a Bad Rap - 02/22/12 07:53 AM
There are days where I think I may be losing my mind while working South Florida Short Sales because I can’t make any sense of these investor's actions. Here are the latest shenanigans:
We started a short sale, and with the Seller’s permission, we waited until the Lender’s BPO came back before we listed. The value came back, the lender servicing the loan told us that the value was $199K, and so we listed and went under contract for $199K.
The file moved forward to a negotiator, and a few days later, he asked us for 3 closed comps and … (12 comments)

short sales: Mortgage Payments Weighing you Down? Take action now to turn it around in 2012 - 12/27/11 05:20 AM
 
Take action now to turn it around in 2012
 
Recent economic upheaval has taken a hefty toll on most of us. It’s impossible to know what’s next in 2012, or to know the kind of an impact that an unstable market will have on your family’s finances.
 
Regardless of what happens in Washington or on Wall Street, two things are very clear: 1) you are not alone; and 2) now is the time to brace for changes.
 
Unemployment and underemployment are national epidemics, and 25% of the homeowners in the country owe more on their mortgage than … (9 comments)

short sales: Do you take ALL short sale listings....??? - 03/02/11 04:59 AM
Do you take ALL short sale listings....??? .... that come your way or do you select the listings you take based on any one or more of the criteria below (or some other criteria)?
* Minimum value/listing price
* Only owner/occupied or vacant homes (no tenants)
* Which Lender(s) is/are involved
* Type of home (e.g. no condos)

I look forward to reading your input. :)
 
(10 comments)

short sales: But why so many obstacles? - 07/25/09 09:59 AM
Today of my favorite buyer’s agent asked me the above question… “But why so many obstacles?”
For the most part, I have been very lucky with the buyer agents who I have worked with in my short sales listings. We though it out and make things happen; we work together, towards the goal: CLOSING!
But that is only a part of the success. Working with the lenders is a huge challenge - in every way… from lost documents, to banks who do not allow for emails, to loss mitigators who have not cleared out their voicemail boxes in two months, MI … (43 comments)

short sales: Multiple Contracts submitted to lenders on short sales?!?!?!? - 04/30/09 12:18 PM
An agent contacted about a week ago telling me he was going to submit an offer on one of my listings. I explained to him the listing price had been approved by the investor who owns the loan and that amount was what they would approve for, not one dollar less.
Two days go by and I received another offer on this property, for a little bit more than listing price. Seller executed and off it all went to the servicer to be sent for final approval. As it always happens, the following day I received an offer from that agent, … (24 comments)

short sales: Countrywide, have you learned or is this a fluke? - 04/01/09 12:23 PM
For those of us who work with short sales we know Countrywide is synonyms for incompetence but I could not be happier as I type this message. Countrywide approved my latest short sale is less than 40 days! That might sound like a lot of time, for normal banks, but Contrywide (definitely NOT normal) does everything differently.
The now 4 negotiators that now work on every file, are likely not to be in the same state so the file moves around from Texas, to Nevada and California. You can imagine what that does to a file!! Too many hands touch it, … (2 comments)

short sales: HUD - They would rather foreclose!!!!! - 03/13/09 06:31 AM
Just got my first short sale denial letter and from nowhere other than HUD! The lack of common sense is so unbelivable!!!!! Client lived in the home for many years before job relocation left him with no choice but to move. At the time he tried it all, first to sell, then refinance (a few times) to no success so he had to put the home for rent. Things got more complicated by the birth of his second child at the same time the tenant left the rental. Being a responsible person he contacted his mortgage company (Wells Fargo) who told … (10 comments)

short sales: Short sale with National City Home Mortgage as second lien holder. - 01/23/09 03:25 AM
Hi everyone,
Just thought I would share my experience so no one else would be as surprised as I was today.
I have been working on a listing where the second is National City Home Mortgage. I got an approval last year but the offer fell through because the BPO for the first came is about $15,000 higher than the same exact home for sale next door (an REO) the buyer bought that home. It has taken me months to secure another buyer which I just did in the beginning on this month then.... package resent to first,  to 2nd and … (49 comments)

short sales: How my business has thrived in the 7th most distressed market in the country- Fort Lauderdale, Florida - 01/08/09 02:09 PM
I am writing  in response to the numerous inquires I receive from fellow Realtors who have seen my business grow in a declining market, asking for me to share my experience in being a Certified Distressed Property Expert and how also asking me how to become certified .
Some Realtors who have contacted do not have any short sale experience and want to get started in this wide open field, filled with business opportunities and the incredible opportunity to help families in distress. Some are already doing short sales and have some experience, which was my my situation before taking … (0 comments)

short sales: GMAC-- TWO THUMBS UP! - 12/09/08 06:27 AM
Navigating through the short sales sea can be a challenging adventure... to say the least...
Most of the time there is MUCH more to complain then to compliment but today, I received a very pleasant surprise.
I submitted a complete short sale package to GMAC (the first mortgage) on 11/20/2008, followed up the next day to make sure the fax was received-it was. I called back to follow up 10 days later, Dec 1st to make sure of the sure that everything was ok, and I was told that the file was complete and I should expect an answer between six … (4 comments)

short sales: New Listing- 2 Bedroom - 1 1/2 Bath Condo in Desirable Fontainebleau! (Miami, FL) - 12/08/08 07:36 AM
(0 comments)

short sales: Foreclosure Fundamentals - Be an Agent of Change - 11/08/08 02:28 AM
This is a good article written by Rick Sharga who is a senior Vice president of RealtyTrac.
I also believe that we, Realtors, have an once in a life time opportunity to change the course of this housing difficulty we are facing.
Every home that gets sold through a susscessful short sale is a home that is not going to become a foreclosure.
A short sale has an enornmous benefitial effect in the family and in the neighborhood where the home is located.
"By Rick Sharga
RISMEDIA, Nov. 8, 2008-Despite his lame-duck status, George W. Bush, president of the United States … (6 comments)

short sales: Shouldn't foreclosure always be the homeowner's last resort? - 08/18/08 05:26 AM
 
Many families are in financial trouble because of a declining economy and an unstable real estate market. Numerous families are finding it increasingly difficult to pay for their mortgages and are in jeopardy of losing their homes to foreclosure*. Unfortunately, homeowners are not aware of the options that are available to them, or whom they can turn to for help.
First and foremost, a homeowner who is about to be or already is in financial distress should contact their current lender(s) to find out if there are options available for their particular situation. In some cases, a loan modification can … (17 comments)

 
Broker Patty Da Silva Da Silva, Top Listing Broker ( Green Realty Properties® - 954-667-7253)

Broker Patty Da Silva Da Silva

Top Listing Broker

Cooper City, FL

More about me…

Green Realty Properties® - 954-667-7253

Address: 5556 S Flamingo Road, Cooper City, FL, 33330

Office: (954)667-SALE (7253)

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