avoid foreclosure: Short Short Sale Timeline? - 05/01/12 05:35 AM
 
The real solution to a shorter short sale timeline is to hire more negotiators and support staff. With most of our short sales, the majority of the time is spent waiting for a response from the short sale negotiator, short sale processor or mortgage holder. We are very skeptical this will yield any significant improvement.  
BofA Makes Changes to Trim Short Sale Timeline     04/09/2012 By: Carrie Bay, DSNews.com Bank of America is making changes to its short sale procedures and introducing an improved task flow within the short sale technology module from Equator, BofA’s short sale management … (1 comments)

avoid foreclosure: Need For Defined Foreclosure Timelines (Short Sale) - 01/19/12 01:26 AM
  I get that the GSEs need to have policies in place to handle bad loans. If a borrower stops paying their mortgage, abandons the home and does not cooperate with their lender, then foreclosure is the best option. But how about adding a little rationale to handling those loans where the borrower is doing everything they can to avoid foreclosure and work with the lender? We had a few instances over the past year where we actually had a reasonable market value offer on a property and the GSEs opted to not postpone the foreclosure sale date instead of approve … (0 comments)

avoid foreclosure: Why Does It Take So Long To Get a Decision On My Short Sale? - 12/28/11 02:18 AM
Question: Why does it take so long to get a decision on my short sale offer? Answer: A loaded question, to say the least.  Response times can vary depending on institution, mortgage holder/investor, mortgage insurance company and the actual representative handling the file.  Assuming the real estate agent is doing their job and the paperwork is complete and current, the main reason for it taking as long as it does to get a formal response on a short sale offer is generally due to the sheer volume of short sales being handled by these institutions.  It is not uncommon for a … (4 comments)

avoid foreclosure: Short Sales Expected to Increase in 2012! - 11/17/11 01:20 AM
This article serves as an indication that mortgage holders are slowly, but surely coming around to realize that short sales are a better solution than foreclosures when it comes to mitigating loss and reducing their exposure of non-performing loans.  Many of the national loan servicers have become much more proactive with recommending a short sale to their distressed borrowers.  However, it's the mortgage holders/investors who "call the shots" on these transactions, so their motivation to use short sales to mitigate loss is crucial. 
The best and most important aspect of this progression is that borrowers are becoming more educated about their foreclosure alternatives.
 
(3 comments)

avoid foreclosure: Short Sales: Possible National Loan Servicing Standards? - 10/13/11 11:07 AM
My instinct says that this would have a positive impact on the short sale process across the board, especially with servicers that have more ambiguous and/or difficult short sale procedures.  I think if the incentives are strong enough for servicers to find foreclosure alternatives, you'll start seeing more servicers being more proactive with their distressed borrowers (i.e. Chase & Citi).     CFPB, Other Federal Agencies Developing National Servicing Standards 09/20/2011 By: Krista Franks , DSNews.com The Consumer Financial Protection Bureau (CFPB) is working alongside other federal agencies to create “common-sense national servicing standards,” according to Raj Date, special advisor to the Treasury for … (2 comments)

avoid foreclosure: Pre-Foreclosure Short Sales Jump 19% In Second Quarter - 09/17/11 12:59 AM
To us, this means 19% more people being helped to avoid a foreclosure and get out from under a very tough financial situation. Pre-Foreclosure Short Sales Jump 19% in Second Quarter 08/24/2011 By: Carrie Bay, DSNews.com   Short sales shot up 19 percent between the first and second quarters, with 102,407 transactions completed during the April-to-June period, according to RealtyTrac.
Over the same timeframe, a total of 162,680 bank-owned REO homes sold to third parties, virtually unchanged from the first quarter.

RealtyTrac’s study also found that the average time to complete a short sale is down, while the time it … (2 comments)

avoid foreclosure: HAFA Short Sales Become More Popular. - 08/17/11 03:59 PM
We have several clients in various phases of the HAFA program. So far I feel as if it's a beneficial program because it all but guarantees the borrower will avoid a foreclosure. It also takes a lot of the guess work out of the short sale process and typically shortens the amount of time it takes to get approval terms after the offer is submitted to the lender. The biggest downside that I've seen so far is if the approved list price is too high. Disputing the value in a HAFA short sale is a challenge.   HAFA Gains Steam with … (2 comments)

avoid foreclosure: Why Should I Pursue A Short Sale? - 07/19/11 03:32 AM
Whenever I meet with a prospective client who is considering a short sale, part of our initial meeting is used to "find the motivation".  What is the incentive for the borrowe/seller to go through the short sale process?  The answer is specific to each person/family, but there are a few reasons that typically motivate the majority of our clients to go through the short sale process. 
Avoiding foreclosure is the most common an general reason people pursue short sales, but it is also quite viable.  A foreclosure can have a long-term impact on someone in many ways, and the various results of it … (1 comments)

avoid foreclosure: More Changes To How Fannie Mae Handles Short Sales - 06/07/11 09:48 AM
My Take:  Fannie Mae continues to make adjustments to how they handle foreclosure alternatives for borrowers. I like this move because it gives some power to the servicers to make decisions on those who are claiming they will be imminently delinquent.  This should hopefully speed up the short sale approval process.  Plus, we have more and more people are coming to us BEFORE they are behind on their payments and want to know if they can pursue a short sale.  Fortunately, the short sale option is becoming more well known to the general public and proactive homeowners are looking into it as a way to improve their situation … (2 comments)

avoid foreclosure: More People Dealing With Negative Equity In Their Homes - 05/13/11 03:06 AM
My Take: This is one of the primary components as to why so many people are pursuing a short sale to sell their homes.  Unfortunately, the homeowner has no control over the real estate market and when they realize their mortgage is higher than the value of their house, it can very frustrating.  It is esepcially frustrating when the homeowner HAS to sell because they can no longer afford the home anymore.  It is important for the homeowner to keep a good long-term perspective when making a decision whether or not to pursue a short sale.  How will getting out from … (6 comments)

avoid foreclosure: Number of Successful Short Sales Continues To Grow - 04/27/11 04:55 AM
My Take: As the short sale option becomes more popular and well known throughout our real estate market, more distressed property owners are determining that it's a great option for them.  It is an "everybody wins" transaction. 
Industry Data Points to Record-High Level of Short Sales
04/25/2011 By: Carrie Bay
An industry study released Monday shows that nearly half of home sales activity last month involved distressed properties, a trend that is likely to continue as the backlog of foreclosures and mortgage defaults make their way through the pipeline. Within this distressed property segment, the market analysis shows a boom … (2 comments)

avoid foreclosure: Many People Having Trouble Making Their Mortgage Payments - 04/08/11 04:03 AM
My Take:  Unfortunately, this is just a sign of the times. While it can be embarrassing, frustrating and emotional, the important thing is to be proactive and seek ways to improve your situation. For many people who are having trouble with their mortgage(s), a short sale is the best option.

Poll: 22% of Homeowners Have Difficulty Making Mortgage Payments
04/05/2011 By: Heather Hill Cernoch
According to a new poll from the New York-based market research firm Harris Interactive, 22 percent of people with mortgages have difficulty making their monthly payments, and 7 percent have "a great deal of … (1 comments)

avoid foreclosure: Government Issues New HAFA Guidelines - 04/08/11 03:53 AM
My Take:  Servicers just couldn't live up to the updated terms that became effective back in February, so the government has decided to modify things a bit. Still a good program for certain borrowers. 
Treasury Department Issues New Guidance for HAFA Short Sales
By Carrie Bay 04/07/2011  
The U.S. Treasury Department has released updates to the policy guidelines for the Home Affordable Foreclosure Alternatives (HAFA) program, which provides additional options to homeowners who do not qualify for a federal modification and offers incentives to borrowers, servicers, and investors who utilize a short sale or deed-in-lieu to avoid foreclosure.
The … (0 comments)

 
John Verdeaux (Keller Williams Realty, Knoxville-West)

John Verdeaux

Knoxville, TN

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Keller Williams Realty, Knoxville-West

Address: 5616 Kingston Pike, Suite 201, Knoxville, TN, 37919

Office: (865) 694-5904

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