shortsale: Being a Great Listing Agent is One Thing, Being a Great Short Sale Listing Agent is Another Thing - 04/16/11 04:57 AM
A few weeks ago, I received a call from someone who has found me through someone who I have helped in the past, asking me for advice on their ongoing short sale.  They just had some questions, even though they have an agent working for them, but they called me because I have experience in bankruptcy and they are thinking that  they may be heading in that direction and asking me for an appointment at the law firm I work at.  I found through this conversation that their listing agent has not been doing everything they can with the negotiations.  Apparently … (20 comments)

shortsale: QUESTION ABOUT SHORT SALE PROCESS - WHAT IS YOUR APPROACH? - 10/30/10 02:24 AM
I spoke to a few agents and attorneys over the last week and I was told that some banks are allowing agents/attorneys (who ever is working on it) get a pre-approval of the shortsale before having the property listed.  How many of you are getting your short sales done that way now.  Before, it seemed like a more difficult way to approach the short sale approval process without a listed property, now I am hearing that banks are doing it.  Everytime I speak to the bank about a short sale, one of the first questions to me is "Do you have … (13 comments)

shortsale: Finding the BEST Short Sale Real Estate Agent is Important!!! - 10/02/10 03:29 AM
Finding the BEST Short Sale Real Estate Agent is important.  Make sure that your agent has the knowledge and experience that it takes to get the job done.  You need an agent that works hard for you.  There have been too many people coming to our law office because their short sale was denied asking to file bankruptcy.  The reason for most of the denials is that the proper paperwork was not submitted or some of the paperwork is missing.  It is important the sellers check in with their mortgage company to make sure things are moving along smoothly.  If not, … (8 comments)

shortsale: Part 2 of Bad Citi Mortgage Short Sale - 09/27/10 01:05 AM
The entire short sale fell apart and the property went to foreclosure as said in previous post.  I had contacted Fannie Mae before the foreclosure and they told me they would give me a 30 day window to complete and not foreclose on the property.  After the foreclosure, the bank put the house back on the market.  Last Week, I received a call from Fannie Mae asking how my short sale went.  I could not believe that the communication between Fannie Mae and their mortgage servicers are so poor.  I said the property went to foreclosure according to Citi Mortgage, they … (7 comments)

shortsale: Anyone with Short Sale issues with US Bank? - 08/30/10 01:16 PM
I am and have been working with a short sale with US Bank.  They are the only lender with this property.  I have been assigned a negotiator that just flat out denied my short sale with a reason being that the net proceeds to them need to be at least $207,000.  My HUD 1 shows that they are receiving $217,643 in net proceeds, more than asked for.  So I have attempted many times to contact my negotiator and I have left emails and messages.  Finally after many attempts, I received an email with this as a response "Here is my email … (3 comments)

shortsale: Filing Bankruptcy when you have a short sale listing - 10/15/08 11:48 AM
Since I wear two hats, one as a bankruptcy paralegal and the other as a Real Estate Agent I have clients coming to the office to file bankruptcy who have their home on the market for a potential "short sale".  They are being told that you can still sell your home while in Bankruptcy  or Bankruptcy will not have anything to do with the sale by their RE Agent.  In Virginia, if you file Bankruptcy then the listing agreement as all agreements and contracts are voidable and you cannot continue the sale until motions are filed and orders are signed by … (5 comments)

shortsale: Is Your Real Estate Agent Honest About What They Really Know? - 02/06/08 01:07 PM
Someone who called me today at the law firm I work at, was asking for legal advice before pursuing a short sale with a real estate agent.  After asking some questions, she stated the following:
 
The Agent she wanted to represent her interests told her that he is very successful with short sales and very experienced.
       He is working some short sales right now that are going well.
 
That he closed on some short sales and were very successful.
 
That if the short sale doesn’t work, then you can give the home back to the mortgage company.
… (18 comments)

shortsale: IS SHORT SALE THE ANSWER TO ALL OF THEIR FINANCIAL PROBLEMS? - 12/14/07 01:30 PM
 
The answer to this is “NO”.   I am still finding that people that call me regarding a possible short sale that Bankruptcy is still the answer.
 
If the short sale does not accomplish all of someone’s financial distress, because someone may have a ton of other debt, and possibly unemployed, maybe a short sale is not going to work for someone in this situation. There has to be something that benefits the “Seller”.  That this will be a road to recovery for the homeowner that may be losing their home.
 
The seller has no other large amount of … (9 comments)