short sale expert md: When Can I Buy a Home Again if I do a Short Sale?
- 05/25/10 11:58 PM
An excellent post about when can you buy again after a short sale. .
This is probably the most important factor for most homeowners when considering a short sale. What will the impact be to my credit, and when can I buy again? So, here is the scoop.
FHA Financing Guidelines after a Short Sale, Bankruptcy, Deed In Lieu of Foreclosure or Foreclosure:Chapter 7 Bankruptcy:FHA requires that the minimum waiting time is typically no less than two years from the discharge date. In addition, the borrower must have re-established good credit or chosen to not incur new credit obligations.Chapter 13 … (1 comments)
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short sale expert md: WELLS FARGO Loan Modification Denied. . Now What? Short Sales With Wells Fargo in MD, DC and VA
- 05/25/10 01:52 AM
WELLS FARGO Loan Modification Denied. . Now What?
After waiting for months and falling behind on your mortgage they told you:" NO DEAL"? As you are aware, depending on your individual circumstances, you may be able to work out an alternative repayment option that can help you get out of default. That is called a loan modification. Except under some circumstances Wells Fargo can deny a loan modification based on the 31% RULE. . You should know that homeowners must meet certain basic qualifications to be eligible for a modification under the Wells Fargo Program.You must pass their guidelines and … (1 comments)
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short sale expert md: UPSIDE DOWN? You may be able to avoid foreclosure!
- 05/21/10 03:00 AM
Excellent advice from Susan Neal. .
Lenders and the Government do want to help homeowners avoid a foreclosure at all costs. . . you must seek help with the right representation
Important! If your home is "upside down," you owe more on your home than its current market value, and you are having trouble making your house payments, there may be a chance of you to avoid foreclosure. The Home Affordability Foreclosure Alternative program (HAFA) has several ways you might be helped. Your bank will send you a letter offering you this program, but if you do not respond WITHIN 14 DAYS, you may be deemed to … (1 comments)
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short sale expert md: Feeling a little - "Sold Out"... (from Lender to Servicer and to Servicer to Servicer?
- 05/19/10 11:23 PM
Great post from Embarcadero Investments.
What is a SERVICER?
Having to deal with them in a daily basis doing short sales. . I know them too well
I don't think this really matters ...to know when your lender actually sold your loan or how many times they will probably do it before you pay it off, because your loan can be sold over and over.... Did you know that?
And I don't think it matter to you if they sold it or not! But some think that if their lender had not sold them out, they would … (0 comments)
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short sale expert md: Short Sale Myths Explained!
- 05/19/10 03:28 PM
One of the short sales myths dispelled.. .
"Short selling a home is embarrassing…"
in that case. . .what is a FORECLOSURE?
Many people in today's real estate market are underwater on their mortgages. Many have heard about short sales, but many also have false information regarding the short sale process. The truth is, a short sale can be a great way for a distressed homeowner to sell their home if they owe more money then the home is worth.
Some of those myth's include:
It’s better for a bank to foreclose on your home then short sale…
In order … (2 comments)
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short sale expert md: What Short Sales Are Really About
- 05/18/10 11:24 PM
A good example that perseverance pays when doing short sales
Sometimes the short sale business is less about money than it is about helping the seller out of a really tough spot. This is a special story, and for those of us who worked so hard on it, the outcome was well worth the (many) extra hours.
Because of this short sale, the real estate agent involved recently became the runner up for the longest short sale in our company's history! 21 months to get it through! Eight BPOs and multiple buyers later, we finally closed it. It's … (2 comments)
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short sale expert md: MARYLAND SHORT SALES: New HAFA Program Supporting Documentation Full Release From a "Deficiency Judgment"
- 05/17/10 10:27 AM
New HAFA Program Supporting Documentation Full Release From a "Deficiency Judgment"
Download the: The FULL RELEASE from a DEFICIENCY JUDGMENT if you use HOME AFFORDABLE FORECLOSURE ALTERNATIVES (HAFA) PROGRAM TO SELL YOUR PROPERTY AS A SHORT SALE . . .
Home Affordable Foreclosure Alternatives Program – The Best Terms for the HOMEOWNER . .FULL RELEASE!
"Satisfaction and Release of Liability. If all of the terms and conditions of this Request are met, upon sale and settlement of the property, we will prepare and send to the settlement agent for recording, a lien release in full satisfaction … (0 comments)
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short sale expert md: MARYLAND SHORT SALES: New HAFA Program Supporting Documentation DEED IN LIEU OF FORECLOSURE READY FOR USE. .
- 05/17/10 10:17 AM
New HAFA Program Supporting Documentation DEED IN LIEU OF FORECLOSURE READY FOR USE. .
Download the: DEED IN LIEU (DIL) HOME AFFORDABLE FORECLOSURE ALTERNATIVES (HAFA) PROGRAM TERMS AND CONDITIONS
Home Affordable Foreclosure Alternatives Program – Deed-in-Lieu of Foreclosure
A “deed-in-lieu of foreclosure” is specifically designed to help borrowers who are unable to afford their first mortgage and want to avoid foreclosure. With a DIL, you voluntarily transfer ownership of your home and all real property secured by your mortgage loan (Property) to us to satisfy the total amount due on the first mortgage.
Enclosed you will … (0 comments)
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short sale expert md: MARYLAND SHORT SALES : HOME AFFORDABLE FORECLOSURE ALTERNATIVES (HAFA) PROGRAM TERMS AND CONDITIONS
- 05/17/10 10:10 AM
New HAFA Program Supporting Documentation READY FOR USE. .
Download the: HOME AFFORDABLE FORECLOSURE ALTERNATIVES (HAFA) PROGRAM TERMS AND CONDITIONS
Enclosed you will find the full HAFA Agreement TERMS and CONDITIONS Please go here to find out if you can use HAFA to get relief from an underwater home.
What is "HAFA" Home Affordable Foreclosure Alternative all about?? It is part of the Obama Administration's broad, comprehensive strategy to get the economy and the housing market back on track. It all started with the making "Home Affordable Program" offering options for homeowners in distress. They started with an alternative for refinancing mortgage loans … (0 comments)
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short sale expert md: Fannie Mae Pushed Sellers Into Default and Then Demanded Cash
- 05/13/10 11:40 PM
Another short sale that did not occur because of a
Lender's Greed. .
My husband and I watched a cute movie last night -- Pirate Radio. It's about a bunch of misfits in the mid-1960s who broadcast Radio Rock off the shores of Great Britain. The movie stars Philip Seymour Hoffman, who has won an Oscar, and Rhys Darby, that guy who plays Murray in the Flight of the Conchords. My husband thinks he knows everything about the 1960s, although, as I love to point out, in 1966 he was still mastering the art of walking by learning how … (3 comments)
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short sale expert md: New foreclosure rules in Maryland effective June 1, 2010
- 05/13/10 01:49 PM
*** Please note, the new law is to be effective on JULY1st 2010
Short Sales Expert
A new attempt to help homeowners in Maryland when they need help to save their homes or have a dignified exit using a short sale.
I do short sales in Maryland and Virginia and I can tell you that Maryland residents should thank the General Assembly and the Secretary General for their efforts to assist homeowners.
Virginia does not offer the same protection unfortunately . .
Here's the new law Foreclosure Bill Maryland
The Maryland General Assembly has recently ended it's session for the year and the Maryland Land Title Association was following many of … (0 comments)
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short sale expert md: Losing a Rental Property Thru a Short Sale? Consider a Zero Equity 1031 Exchange!
- 05/11/10 11:39 PM
Another way to protect yourself if you are an investor and you are doing a short sale
You are probably asking yourself "why would I even need to think about a 1031 Tax Deferred Exchange if I'm losing my rental property through a short sale transaction?" The answer is an easy one, but its one that many investors going through a short sale on rental property may not be aware of.
Short Sale Scenario
Our story begins with a real estate investor who has been acquiring and accummulating rental property over the last five years. The investor has also … (1 comments)
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short sale expert md: Need Legal Advice about Your Short Sale? Don’t Start with a Bankruptcy Lawyer!
- 05/11/10 11:34 PM
An ethical family law attorney will advise their clients to search for alternatives to Chapter 7 or Chapter 13. A short sale can be an alternative that could be the determining factor NOT to declare bankryptcy.
Unfortunately some bankruptcy attorneys have only one advice. . .
Let's say Mrs. Eichenberry is a regular at "Antiques ‘R Us." The proprietor knows her house is about to split apart at the seams, and that Mr. Eichenberry has threatened to move his bedding into the garage to get away from all the antiques his wife has purchased in the last 26 years. … (2 comments)
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short sale expert md: Bank Of America Loan Modification Denied. . Now What Are My Options?
- 05/10/10 11:41 PM
Bank Of America Loan Modification Denied. . Now What Are My Options?
What is your next step when a loan modification has been denied? Fernando,We sent in the requested income and expense worksheet to Bank of America , and they told us that we didn't qualify for a hardship modification because our expenses were larger than our income and we need to sell the house in a short sale. We do not want to lose our home, Can you help us?XXXXXXDear XXXXXUnfortunately most people see selling their home as losing their home in a short sale. That is not the case. You … (2 comments)
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short sale expert md: The Short Sale "Hardship" Defined
- 05/10/10 11:25 PM
The most important factor why a lender should approve a short sale is:
The Hardship
Another great post explaining the definition of a HARDSHIP
A Short Sale is often a last resort alternative to foreclosure. It is, in simple terms, a seller's attempt to sell their home for less than what is actually owed on the property. In most cases (but not all), you must have a "hardship" for the lender/lienholder to consider accepting the short sale. As far as they are concerned, they would much prefer it be your problem than their problem. So, you are going to need to make it … (1 comments)
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short sale expert md: So, Where is the "Moral Obligation" on Commercial Loans and Strategic Defaults?
- 05/10/10 01:32 PM
A 3 Billion Dollar plus Short Sale. . .(3,000,000,000,000,000,000.00) where the moral constraint does not reign over their decisions and is instead diverted to a poor homeowner that is prisoner of it's own demise in an underwater home.. . working two jobs and sacrificing to pay their mortgage.
There has been article after article and blog post after blog post on the subject of strategic defaults and the 'moral dilemma' of it (or lack there of, if that's your position). Many believe that it is immoral for a person to decide to strategically default on their mortgage.Let's stop there for a minute and define strategic … (2 comments)
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short sale expert md: "WALKING AWAY" IS A MAJOR TREND---LET'S NOT PUT OUR HEADS IN THE SAND!
- 05/10/10 12:00 AM
The sad thing about this is that homeowners in over 50% of foreclosed properties, never say a word and they just accept the fact.
With the new HAFA Program and different ways to do loan modifications. . walking away should not be the only thing to do.
Excellent post that warns us not to commit the same mistakes again.
IF YOU WATCHED 60 MINUTES LAST NIGHT ON CBS, YOU TOO CAN SEE THE WRITING ON THE WALL! Homeowners are considering walking away from "underwater" homes---and they are doing it in great numbers. These are not your "subprime" mortgage foreclosure---they are average homeowners who have been making payments and CAN AFFORD … (0 comments)
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short sale expert md: SHORT SALES FRAUD. . .an Emerging Trend?
- 05/09/10 11:54 PM
SHORT SALES FRAUD. . .an emerging trend?
What can you DO as a Realtor when someone promises you a double commission? It's hard enough that your client finally has giving you their full trust to help them in such a serious problem. . They are underwater, they can't pay their mortgage and a foreclosure slowly is becoming a reality . . Here come SWIPER ( We watch a lot of Dora The Explorer on my house) out of the woods and tells you: it is OK for you to give your clients confidential information and they will take … (3 comments)
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short sale expert md: LOCK CHANGES ARE KILLING THE SHORT SALE BUSINESS
- 05/08/10 03:24 AM
What authority has the bank to change the locks of a borrowers's home before they foreclose on the property?
Last time I checked the homeowner still have full control of a property while the title is on their names. .
Since I wrote my last blog post about BANKS CHANGING LOCKS on short sales I have had three more cases of lock changes. Today it was on an $850,000 home in a secure gated subdivision on 30-A in Santa Rosa Beach, FL. In fact, just yesterday we received an offer on the property. The home is currently on a rental program and is regularly and well-maintained. We … (6 comments)
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short sale expert md: Two Loans on a Short Sale Are Not Impossible to Close
- 05/08/10 03:18 AM
The question I get the most form buyers agents on my short sale listings is ... "How many loans? "
The number of loans does not make it easier or harder. . is the investor itself.
I had closings with two lender and a lien with HOA's to close and I also had one lender short sales that dis not close.
In general is not the number that counts . .is the quality and their motivation that make a short sale successful
As a Sacramento short sale agent, the most common question I get asked by other agents when they call is how many loans are secured … (1 comments)
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