short sale: Hogwash? You betcha!
- 10/29/08 07:52 AM
A recent post from a previous blog, An Open Letter to Countrywide David - I have not met one lender that was willing to work with homeowners as the current media bull trys to get out there. All you here is "Call your lender" - "they'd love to work something out" - that is hogwash IMO. I have not come across one that is willing to "work with a homeowner". There are a few loan servicers who will voluntarily workout certain non performing loans at terms which favor the distressed borrower, but they are the exception to the rule. Another rule, "A lender … (4 comments)
short sale: the 4-1-1 for short sale
- 08/07/07 12:05 AM
Every upside down scenario doesn't indicate short sale, and not all loans qualify as having short sale feasibility. Three key elements must be present before a short sale may even be considered. The specific loan itself must be eligible for a short sale workout as imposed by servicing criteria. If deemed eligible, all servicing criteria must be met. Some criteria includes loan default, or mortgage foreclosure. The property must be marketed for sale at a defendable, fair market value. The property must be sold in its as-is condition with no seller concessions, and the seller can't receive a dime from the transaction. Typically, the lender … (10 comments)
short sale: Information mining: short sale deficiency
- 05/09/07 11:59 AM
Let's compare notes so our short sale Proposals are more compelling! How are you handling the deficiency arising from the short sale of over-mortgaged properties? Typically, mortgagees either forgive the debt, require a cash payment from the seller at closing, or arrange for a post sale repayment plan. If you've had lender demand a post sale repayment plan, what were the terms? Please identify the lender, and then describe position of mortgage, amount of deficiency, and repayment plan. Thanks. An Ethical Approach (to short sales)
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short sale: FYI ForeclosureFocusFriday: Q. When is a Sale and Leaseback OK?
- 03/16/07 02:49 AM
Restricted Sale and Leaseback For our Clients who face the loss of their continued homeownership due to financial hardship, BUT whose hardship has been resolved yet they remain unable to refinance, negotiate a workout, or qualify for a bankruptcy repayment plan, I sometimes advocate a restricted preforeclosure sale and leaseback as a means for them to remain in the home... instead of losing it to a forced, public sale. Ordinarily an ill-advised non-foreclosure alternative of the last resort, I have been suggesting to uniquely qualified distressed mortgagors to consider the sale of their property (sometimes via a preforeclosure short sale) to a friend or … (3 comments)
short sale: Honesty and the (preforeclosure) Listening Appointment
- 02/26/07 07:20 AM
Honesty is a two way street. Be honest with your Client, and the Client will want to be honest with you... however painful that may be. I was speaking with a broker today who was interested in developing a comprehensive marketing strategy designed to increase the number of preforeclosure listings his office generated. I reminded him it wasn't so much the number of listings that mattered, but the number of listings that went into contract, and sold mattered much more. Personally, Id rather see 3 properly prequalified listings taken in and then close per month... instead of 10 or 20 taken in, and allowed to … (0 comments)
short sale: Loss Mitigation & Listings: Perfect Together!
- 02/21/07 11:24 PM
Now that remarkable increases in mortgage loan default and foreclosure statistics become media's fodder, loss mitigation becomes a largely repeated, but often misunderstood buzzword. Most experts' talking points suggest the homeowners contact the lender early on to 'workout' their mutual problem implying the homeowner will enjoy continued homeownership. While proactive contact is recommended, this in itself is not a solution. The primary reason to contact the lender early on in the delinquency is as much to exclude unrealistic options as it is to explore feasibility.... In most workout interviews, the sale of the home is the lenders' recommendation of choice. To many, especially … (4 comments)
short sale: Preforeclosure Listing Workshop
- 02/07/07 11:04 PM
The nonprofit, preforeclosure housing counseling organization, S.P.O.C.H., choreographs preforeclosure, and preforeclosure short sales. As a mutually beneficial service to realty professionals, we have developed a "Preforeclosure Listing Workshop" after which we could train a selected agent to be your 'short sale pro', and provide short sale transaction support. We also can assist in the development of a preforeclosure listing campaign. See our blog "A Perfect Storm" … (0 comments)
short sale: If you find a Client in financial trouble...
- 02/05/07 11:28 PM
Tough times ahead? Tough times now! Personal savings are at historic lows (in the negative) while borrowing is at an all time high! Jobs, once secure, are being lost to automation and offshore employers. The minimum payment requirements for credit cards has doubled while personal bankruptcy plans are harder to get and more expensive to keep. Property and other regressive taxes are climbing to record levels making homeownership more precarious for hundreds of thousands working Americans who live from paycheck to paycheck. People are pawning their possessions to fill their tank, and mortgage delinquencies are on the rise to historic levels. … (0 comments)
All things foreclosure: subprime & predatory lending updates, mortgage origination fraud, loan servicing errors, loss mitigation, preforeclosure sale and preforeclosure short sale transaction construct, etc.
A recent post from a previous blog, An Open Letter to Countrywide;)
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