hardship: Helping Others Is What We Do - 04/27/10 04:09 AM
I have crossed paths with so many people with so much hardship that I can’t help but to try to do my best to relieve them of this horrible time of their life.  I try to tell people that there are options available for everyone and that it is not the end of the world as they see it.  There are so many people out here right now that are taking advantage of someone’s hardship and trying to make money from their desperation, but then there are people like me that try to help their situation and make things better and … (0 comments)

hardship: Anyone with Short Sale or Loan Modification experience with National City Mortgage? - 06/03/09 04:50 AM
I have had a difficult time getting anything accomplished with National City Mortgage on both my short sale and a loan modification that I am working on.  I sit on hold for no less than 45 minutes at a time and then I will get someone rude, not helpful, and tries to rush me off the phone.  Curious if anyone else is having this type of response from them?    
 
 
 
 
 
 
 
 
http://www.stellabarbour.com/default.asp
            
 
… (5 comments)

hardship: Short Sales Getting Easier - 04/24/09 01:37 PM
I am finding the following improvements while working with  short sales:
 
* Phone numbers for the negotiators for the banks are getting easier to get.
* Wait time on the phone for someone at the bank to help you is getting shorter.
* More service reps are trying harder to help the situation instead of telling me to call back in 5 days
* Banks are becoming more realistic with the prices of homes.
* Banks are asking for less information up front.
 
I think that we will be able to help our clients succeed in their short sales … (5 comments)

hardship: MORTGAGE FRAUD STORY - SHORT BUT INTERESTING - 04/24/08 08:43 AM
As some of you know, I work at a law office as a Paralegal/bankruptcy assistant and today was interesting.  Potential client came in for a consultation.  (By the way, my clients gave me permission to share this with everyone in this blog and encourage others not to be as naïve as they were). 
Here is the scenario:
Clients Bought Single Family Home in late 2005 for $650,000.00. 
Put 20% down = $130,000.00
Refinance in early 2006 (3 months later) for $680,000.00 to pay back the Realtor who gave them $130,000.00 cash to put in their account sixty days before buying the home  (to … (27 comments)

hardship: Deliberate Foreclosure or Lack of Competence During Short Sale Process???? - 04/01/08 03:25 PM
I know I can't win them all, but I try my best to achieve that.
Here is the scenario:
 
Property:                      Single Family Home Purchased in 2003.  Never made payments late till November 2007
                                    About 3000 sq. ft. Nice lot, house needs a little cosmetic but mainly a good cleaning. 
 Behind on Mortgage:    Reason is family member (child) w/cancer (provided  medical bills as part of financial hardship package)
 Mortgage:                     $540,000.00
Mortgage Company calls my client stating "we are here to help you in your hard time" 
 Short Sale Attempt:      $379,000.00
 Offer 1:                        $310,000.00 rejected
Offer 2:                        $349,000.00 … (19 comments)

hardship: Do we have a contract or not? - 02/27/08 06:52 AM
Another Real Estate Agent I know had asked me some questions about a deal she was working on because she was unclear of what to do next.  I wanted to share this situation with others because in this market this situation may arise with one of your deals. 
Lister has property listed for sale.  Buyer's agent (person I know) has contract on property with her buyer.  During all of this, ratified contract in place, Owner of home files Chapter 7 Bankruptcy and does not inform anyone for some time.  During this time, buyer's agent orders home inspection, appraisal being order, the … (15 comments)

hardship: Beware of Short Sale Fraud - 01/23/08 10:24 AM
I was just speaking to a neighboring real estate agent who told me that some people she met, who are not well informed of what happens in a short sale, gave $3000 to a Real Estate Company who said they will not lose their home if they listed with them to do a short sale.  The owners have not seen any results or have heard from them since.  It is cheaper to seek Professional Advice from an attorney first for a quick consultation before doing something this drastic and giving away $3000 for nothing in return.
Look out for this type … (9 comments)

hardship: Foreclosure Leads to Judgments Issued. - 01/12/08 01:50 PM
The more I talk to people who are thinking about letting their home go to Foreclosure, just giving up, the more I realize that they think this decision will end their dilemma and everything stops because they are giving the home back to the bank.
 I explain that after a home goes to foreclosure that the financial burden is not lifted and they still may or most likely will receive a “Balance due” after all is said and done.  When they cannot pay, then a “Judgment” will be issued.  After that, collections will be pursued by possibly garnishing wages, bank accounts, … (13 comments)

hardship: Getting Professional Legal Advice is the Best Choice. - 01/12/08 01:30 PM
Yesterday’s market has created problems with property owners paying their mortgage timely or affording their mortgage, which leaves them with difficult decisions to make.
Try to keep the property and continue to be house poor and struggle with the stress of trying to keep up.
Attempt a short sale.
Let the home go to foreclosure.
File for Bankruptcy
 In any event, one thing everyone should remember is that there are options.  Choosing the best option requires professional advice. 
An attorney is worth a consultation fee.  When making decisions that will determine how your future may turn out, then it should be … (12 comments)

hardship: WHEN YOU THINK TOO MUCH IS OWED ON THE PROPERTY, A SHORT SALE CAN STILL BE APPROVED - 11/26/07 05:37 AM
If you think too much is owed on the property and a short sale doesn't look like an option, it may still be an option.   I want to share with you one of the most difficult short sales that I have had.
Here is one that I just completed sucessfully.
GMAC 1st Mortgage $465,000.00
GMAC 2nd Mortgage (different branch, with different investors) $120,000.00
plus fees, interest, costs, late mortgage payments, foreclosure sale costs, attorney fees, etc.
Contract for $400,000.00
4 months of negotiation, One foreclosure date put on hold while working with contract
 Approved for: $400,000.00
1st Mortgage settled for $373,000.00
2nd … (20 comments)

hardship: When someone requests a short sale - I follow up with a letter like this to get started. . . - 10/20/07 05:45 AM
AFTER SPEAKING TO A POTENTIAL SHORT SALE SELLER . . . I usually follow up with a letter that I found helps reiterate our conversation to make sure that we are all on the same page and have the same goal in mind.  Also, to make sure in writing I state that they should contact a tax professional regarding the 1099 issue.  This letter helps because then the seller, if serious about pursuing the short sale then, he will have a list of documents I will need to review and prepare to be one step further.  This isn't used for all of my … (21 comments)