short sale expert: Banks Offering Money to Borrowers to Complete Short Sales! - 07/20/12 07:09 AM
This is an absolutely fantastic program for B of A customers that qualify.  We just had a short sale client of ours qualify for $15,000 at closing.  Chase Mortgage is also offering a similar incentive program for some of their loans.  FHA and HAFA are two other programs where borrowers can qualify for a monetary incentive. Feel free to contact us to not only find out if you qualify for a short sale, but also to find out if you qualify for one of these incentive programs.  The Holli McCray Group: (865) 291-0355   Email    Our Website  BofA Offering Up to … (2 comments)

short sale expert: Extension of the Mortgage Debt Relief Act? - 06/22/12 01:33 AM
All indications to this point are that this Act will be extended, but just like a real estate transaction, it’s not a done deal until the documents are signed.  If you take this incentive away from distressed homeowners, there is little doubt it will cause more people to walk away from their homes.  Many of our short sale clients benefit from this Act, and if it was not in existence, they may not have pursued the short sale at all.
What an Extension of the Mortgage Debt Relief Act Could Mean 04/27/2012 By: Esther Cho. DSNews.com
 
 
According … (2 comments)

short sale expert: 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)

short sale expert: Proposed Bill To Speed Up Short Sale Process? (Short Sales) - 03/21/12 01:00 AM
Not sure government regulation is the answer here.  My question is, how would the government possibly enforce this?  Unless you provide a real incentive to the servicers to complete short sales in a more efficient manner, I don't think you can expect any change.  Proposed Bill to Speed Up Short Sale Process and Prevent Foreclosure By: Esther Cho, DSNews.com  
To avoid losing homes to foreclosure due to long response times for short sale transactions, three senators introduced legislation to speed up the short sale process.

Senators Lisa Murkowski (R-Alaska), Scott Brown (R-Massachusetts), and Sherrod Brown (D-Ohio) proposed the bill … (1 comments)

short sale expert: Proposed Extension on Mortgage Debt Forgiveness (Short Sales) - 02/23/12 12:42 AM
 
This is a "no-brainer" if you ask me! It would have a very positive impact on those who complete a short sale on their mortgage. It keeps homeowners from having to pay income tax on the debt forgiven by their lender. This Act has been quite beneficial for those we've helped close short sales for over past few years. Obama Proposes Extending Tax Waiver on Mortgage Debt Forgiveness 02/15/2012 By: Krista Franks Brock, DS News.com
Obama’s FY2013 budget proposal includes an extension of the Mortgage Forgiveness Debt Relief Act of 2007.
The Act ensures that homeowners who received principal … (2 comments)

short sale expert: 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)

short sale expert: 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)

short sale expert: More Than One in Four Underwater (Short Sale) - 12/12/11 02:13 AM
Unfortunately, property depreciation is still occurring in a lot of markets. We are seeing more and more people pursuing a short sale in order to sell their homes.  More specifically, we are seeing a growing number of those having to explore a short sale because they are relocating for employment reasons.  They may be current on their payments, but their house is worth less than their mortgage balance and they do not have the financial resources to cover the shortfall.
 
 
Rising Negative Equity Puts More Than One in Four Underwater
 By: Carrie Bay, DSNews.com After declining between the … (3 comments)

short sale expert: 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)

short sale expert: Lenders Providing Monetary Incentives to Complete Short Sales - 11/10/11 01:34 AM
Several of the larger national lenders are using a similar model for mainly their "bank owned" portfolio. We had one client who left the short sale closing with a check for $10,000. It's definitely a great incentive for people to pursue a short sale. However, it applies to a relatively small percantage of loans, so not all distressed borrowers can take advantage of these programs.
 

Bank of America Launches 'Test-and-Learn' Short Sale Program in Florida
10/11/2011 By: Carrie Bay, DSNews.com
Bank of America has begun a pilot program in Florida offering extra incentive payouts to distressed … (1 comments)

short sale expert: Short Sale Process Driving First Time Buyers Away - 10/26/11 06:17 AM
To successfully close short sales with first time home buyers, it's crucially important to correctly set their expectations and educate them on the process before an offer is made.   Short Sale Delays Drive First-Time Buyers From Market: Survey 09/26/2011 By: Carrie Bay, DSNews.com   Processing delays have taken their toll on first-time homebuyer interest in short sales, according to the latest HousingPulse Tracking Survey released by Campbell Surveys and Inside Mortgage Finance Monday.First-time homebuyers were a part of 39.7 percent of the short sale transactions completed in August, the HousingPulse survey found. That tally marks a three-month slide in the … (3 comments)

short sale expert: 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)

short sale expert: More than 1/5 of US Home Mortgages Underwater - 09/29/11 04:17 AM
A short sale is a great option for homeowners that need to sell their homes, but unfortunately owe more on the home than they can sell it for. Even those who ARE NOT delinquent on their mortgage can possibly qualify for a short sale. More Than One-Fifth of Mortgages Underwater: Report 09/13/2011 By: Phil Britt 10.9 million, or 22.5 percent, of all residential mortgages had negative equity at the end of the second quarter of the year, according to a report released Tuesday by the analytics firm CoreLogic. The figure is actually a slight improvement from the 22.7 percent of all … (0 comments)

short sale expert: 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)

short sale expert: Mindset of Underwater Borrowers - 09/01/11 04:48 AM
Interesting information.  The article does give the impression that consumer confidence in the housing market and economy is shaky at best.  It seems pretty rational that a high percentage of borrowers who are "underwater" are delinquent on their mortgages.    The Financial Mindset of Underwater Borrowers: Survey 08/16/2011 By: Carrie Bay, DS News.com term ‘underwater’ has become common industry jargon in today’s marketplace of depressed home values and high loan balances, and it’s increasingly making its way into the everyday vocabulary of consumers. Twenty-six percent of mortgage borrowers now say they are underwater, meaning they believe they owe more on their … (1 comments)

short sale expert: Realtors Dissatisfied With Loan Servicers Regarding Short Sales - 08/23/11 10:56 AM
Quite honestly, we think the level of service provided by most of the large national lenders on short sale transactions has actually improved pretty significantly over the past 12 months. The same can't be said for the regional lenders in our area who we feel are the hardest to deal with and have the slowest response times.  An agent with the proper experience handling short sale transactions can overcome many of the shortcomings the loan servicers have.       Realtors Increasingly Dissatisfied with Servicers Regarding Short Sales 08/04/2011 By: Krista Franks , DSNews.com  
 
Realtors continue to be dissatisfied with … (2 comments)

short sale expert: 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)

short sale expert: Banks Prefer Short Sales Over Foreclosures - 08/10/11 05:40 AM
It's about time!  This has actually been the case for quite some time, but there are other factors that weigh into a bank's decision to foreclose on a property. The bottom line is that the mindset of MOST lenders is to pursue the option that best mitigates loss.
 
Banks Now Prefer Short Sales to Foreclosures
 
A lender’s interest is in profit, and a foreclosure used to be more lucrative for a bank than a short sale. Now, however, the average foreclosure takes more than 300 days to process and the time and work that goes into the process now costs banks … (1 comments)

short sale expert: 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)

short sale expert: Pros and Cons of the HAFA Short Sale Program - 06/30/11 02:11 AM
Over the past few months, we have seen a pretty significant increase in the number of our short sale clients pursuing the HAFA program.  The jury is still out on whether or not I actually like HAFA, but I think the program does offer some positives for the borrower. 
We've recommended HAFA to several of our clients who were closing in on a foreclosure date.  We've found it's a pretty decent way to help stop a foreclosure and give us, the agent, a chance to sell the home.  However, you can't wait until the last minute.  Most servicers won't allow borrowers to … (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

Fax: (865) 291-0355

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