short sale process: More on Stopping a Foreclosure - 05/06/13 03:06 AM
I know that we have talked about this before but since this is the “Year of Foreclosure,” it warrants an update and reminder.
First of all we should remember that there is no right to a short sale and, by extension, no right to a postponement of the foreclosure sale.  We are essentially asking the bank or servicer to do us a favor and consider this short sale offer instead of selling the property on the upcoming foreclosure date.  We should understand that the bank and the foreclosing attorney have already spent time and money getting into the position to be … (2 comments)

short sale process: How Short Sales will Save the World! - 03/19/12 09:22 AM
Ok, maybe short sales won't save the planet (does that mean that I don't really need to finish designing my superhero outfit for Captain Short Sale, or maybe The Mighty Short Sale Warrior?  I was kind of digging the yellow cape). Anyway, short sales may not stop a speeding train or fix our banking system but they will certainly play an important and growing role in restoring the housing market to a balance. Let's look at the present situation:  Millions of properties are in the foreclosure pipeline and millions more are poised on the brink.  Properties are underwater to the … (4 comments)

short sale process: Home Owner Associations and Short Sales - 10/05/11 12:58 PM
If you have not had to negotiate with a Home Owner Association (HOA) regarding past HOA dues in order to get a short sale closed, well you haven’t lived.  It is, seriously, one of the more frustrating tasks that we have to handle.  It seems that more than half of the HOAs have some hard and fast stance on not accepting anything but a full payoff of the past due amount.  I have had a situation where we were racing to get a short sale approved in time to beat the foreclosure sale.  We got it approved but had to … (58 comments)

The mantra for a Buyer should be WHAT IS THE FASTEST WAY TO GET MY OFFER APPROVED AND THIS SHORT SALE CLOSED.  There is a long track of hurdles to get over between the offer and closing.  That list includes: 1) document collection; 2) package compilation and submission (sometimes multiple times); 3) document review and additional document request; 4) valuation; 5) follow up and escalation; 6) negotiations with the bank for the short sale…better known as horse trading; 7) negotiations with the bank regarding the deficiencies; 8) Investor approval; 9) final HUD approval; 10) closing.
There is a misconception … (0 comments)

short sale process: WHEN SHOULD A SHORT SALE BUYER GET THE INSPECTION DONE? - 09/08/11 01:11 AM
The simple answer is as soon as possible.  I know that the Buyers don’t want to spend $350 for a home inspection before they know if the short sale will get approved.  I get that, but lets analyze why it is better to get it done sooner rather than later:
1.      Think “AS IS” contract.  As you know, a short sale needs to be treated as an “as is” contract.  The old game of negotiating an offer price, get the home inspection and then use the results to lower the price even further does not work in a short sale.   If … (0 comments)

short sale process: Who Can Negotiate a Short Sale? - 08/17/11 02:35 PM
Completing a short sale involves much more than just sending in an offer that the bank accepts. By definition the Seller’s mortgage and judgment lien debts must be negotiated.  There are three issues of liability that face the real estate agent and/or a third party facilitator who takes on the job of negotiating a short sale with a bank in North Carolina.  First there is the Unauthorized Practice of Law.  Second, and just as important, is the liability that goes with every short sale.  Third is the statute concerning Debt Adjusting.
 1.  The Unauthorized Practice of Law Without a License.  A … (43 comments)

short sale process: Who owns this loan and why do they want to do a short sale? - 08/08/11 03:31 PM
I should start off by clarifying that the bank the mortgage payment is going to usually does not own the loan.  Most often they are just servicing the loan.  The loan is owned by an “investor.”  That could be another bank, a hedge fund, an investment group, Fannie Mae, Freddie Mac, a company or an individual.  It will make the discussion easier to just say bank as the servicer and the investor should have the same incentive.   “Should” is the operative word here.
The simple answer to why a bank wants to do a short sale is money.  More money now … (0 comments)

short sale process: What is the Average Length of Time for a Short Sale? - 08/05/11 05:33 AM
The Wilde Law Firm is a North Carolina law firm that concentrates exclusively on negotiating short sales.  We handle short sale files day in and day out.  We keep an eye on any trends or changes on how banks/servicers handle short sales from week to week.  At the present time we are receiving most short sale approvals 60 to 90 days after submitting the short sale package.  This is a change from just 3 months ago when the files were averaging 45 – 60 days.  There are a few banks/servicers that are taking longer still but the major banks/servicers are all … (0 comments)

Steve  Wilde (Wilde Law Firm, PLLC)

Steve Wilde

Asheville, NC

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Wilde Law Firm, PLLC

Address: 45 Wall Street, Suite 105, Asheville, NC, 28801

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