SHORT SALES AND MORTGAGE MODIFICATIONS TABLE OF CONTENTS

By
Real Estate Attorney with THE ZARETSKY LAW GROUP - Board Certified Real Estate Atty and AUTOMATED LAND TITLE COMPANY
http://activerain.com/droplet/qFm

THE TABLE OF CONTENTS HAS BEEN UPDATED AND MOVED - PLEASE CLICK ON THIS LINK TO GET TO THE NEW TABLE OF CONTENTS

CLICK HERE >>>>>>>>TABLE OF CONTENTS - SHORT SALE AND LOAN MODIFICATION ARTICLES

 

Copyright 2009 Richard P. Zaretsky, Esq.

 Be sure to contact your own attorney for your state laws, and always consult your own attorney on any legal decision you need to make.  This article is for information purposes and is not specific advice to any one reader.

Richard Zaretsky, Esq., RICHARD P. ZARETSKY P.A. ATTORNEYS AT LAW, 1655 PALM BEACH LAKES BLVD, SUITE 900, WEST PALM BEACH, FLORIDA 33401, PHONE 561 689 6660  RPZ99@Florida-Counsel.com - FLORIDA BAR BOARD CERTIFIED IN REAL ESTATE LAW - We assist Brokers and Sellers with Short Sales and Modifications and Consult with Brokers, Buyers and Sellers Nationwide!  Shortsales@Florida-Counsel.com  New Website www.Florida-Counsel.com

See our easy to understand articles at:

TABLE OF CONTENTS - SHORT SALE AND LOAN MODIFICATION ARTICLES

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Re-Blogged 4 times:

Re-Blogged By Re-Blogged At
  1. Palm Coast Homes 11/12/2008 08:16 AM
  2. Bryant Tutas 11/24/2008 08:08 AM
  3. Bryant Tutas 11/24/2008 08:08 AM
  4. Jon Zolsky, Daytona Beach, FL 01/08/2009 02:02 PM
  5. Charles Stallions 09/15/2011 04:27 PM
Topic:
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Location:
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Groups:
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Coldwell Banker Group
PALM BEACH COUNTY SHORT SALES
Tags:
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Rainmaker
123,920
Connie Betz
Berkhire Hathaway Home Services Ambassador Real Estate - Omaha, NE
Top Omaha Realtor - Omaha Homes for Sale

Holy cow!  I figured you'd have a few articles but I think you've created THE SHORT SALE WIKI!  I'll be back to keep reading.  Thanks for taking the time and sharing.  Great info!

Nov 06, 2008 02:36 PM #1
Ambassador
1,694,220
Jon Zolsky, Daytona Beach, FL
Daytona Condo Realty, 386-405-4408 - Daytona Beach, FL
Buy Daytona condos for heavenly good prices

Richard,

This is really a terrific source of good information on the subject. I will have to reblog them (if you marked them for reblogging, and if I can't, would you allow me to use them with proper credit?

Thanks

 

Nov 06, 2008 03:33 PM #2
Rainmaker
258,359
Richard Zaretsky
THE ZARETSKY LAW GROUP - Board Certified Real Estate Atty and AUTOMATED LAND TITLE COMPANY - West Palm Beach, FL
Florida Real Estate Attorney

Reblog is activated!  Thanks for the ability to help.

Copyright 2008 Richard P. Zaretsky, Esq.

 Be sure to contact your own attorney for your state laws, and always consult your own attorney on any legal decision you need to make.  This article is for information purposes and is not specific advice to any one reader.

Richard Zaretsky, Esq., RICHARD P. ZARETSKY P.A. ATTORNEYS AT LAW, 1655 PALM BEACH LAKES BLVD, SUITE 900, WEST PALM BEACH, FLORIDA 33401, PHONE 561 689 6660  RPZ99@Florida-Counsel.com - FLORIDA BAR BOARD CERTIFIED IN REAL ESTATE LAW - We assist Brokers and Sellers with Short Sales and Modifications and Consult with Brokers and Sellers Nationwide!  Shortsales@Florida-Counsel.com  New Website www.Florida-Counsel.com

Nov 06, 2008 10:55 PM #3
Rainer
23,865
Steve Richman
Genworth Financial - Raleigh, NC

Just so you know, at Genworth Mortgage Insurance, we have a loss mitigation department and we are very involved in executing all types of workout soultions for borrowers in trouble - including short sales.  We have a policy that if we agree to the short sale and it is successfully completed, we will not pursue any deficiency from the seller.  If you need more information, please do not hesitate to ask.

Nov 07, 2008 05:28 AM #4
Anonymous
Joan

We have been working with Wells Fargo to short sale our home and want to thank you for your contribution to helping not just realtors/brokers to sort through this process but also the homeowners. We have gotten so much from your blog!

We have finally gotten an approval letter from WF but there is one thing I am not clear on. We have only the first with no second liens although we did have mortgage insurance, as we only had put down 10%. We negotiated with the mortgage insurance to accept a lump sum payment at closing as WF told us we needed not only the investors approval but also the MI company. My question is about the approval letter. They are stating that this approval covers only the first lien not any junior liens, would the mortgage insurance count as a junior? We are just concerned about them coming after us for  their loss as we have not received any written confirmations as to our agreement with them and they are not mentioned in the approval letter nor is the lump sum payment. The only monies stated are what the expect to receive in total,  commission allowed and approved closing seller closing costs. We just want to be sure not to have any nasty surprises come our way further down the road, we would rather know the potential ramifications upfront. Thank You

Nov 20, 2008 06:34 AM #5
Rainmaker
591,545
Joseph D. Federico
Donahue Real Estate Co. - Dedham, MA
Eastern Massachusetts Real Estate

Richard-THANK YOU for this very useful post on short sales.

Nov 20, 2008 07:26 AM #6
Rainer
76,239
Sabrina Kelley
ERA Herman Group Real Estate - Woodland Park, CO
Woodland Park Colorado Mountain Homes and Land

I will bookmark this one.  Since Colorado is in he top 5 for foreclosures, I expect to encounter the short sale more and more.

Nov 20, 2008 08:14 AM #7
Rainmaker
258,359
Richard Zaretsky
THE ZARETSKY LAW GROUP - Board Certified Real Estate Atty and AUTOMATED LAND TITLE COMPANY - West Palm Beach, FL
Florida Real Estate Attorney

Joan -

Thank you for the compliment.

A junior lien is in the scenario you mention any mortgage that is subordinate to the first mortgage.  It sounds like you have only one mortgage.  The Mortgage Insurance is actually a participant in the first mortgage with Wells Fargo.

Good job with Wells Fargo - they are becoming difficult to deal with - especially as 2nd mortgagee!

Nov 20, 2008 02:12 PM #8
Rainmaker
57,061
Scott Barr
Pacific Sotheby's international Realty - Newport Beach, CA
Realtor

Thanks for the infromation. I'm sure the rules of the game will keep changing.

Nov 20, 2008 10:27 PM #9
Rainmaker
203,459
Kent Anderson
Coldwell Banker Realty-Schweitzer Mountain, Sandpoint, Idaho - Sandpoint, ID
from Schweitzer to the Lake
What a great resource you have provided. I'm printing off ever article and creating the quintessential short sale guide.
Feb 07, 2009 02:26 PM #10
Anonymous
DON

I  was asked by my son to add him to my mortgage , iwould like to know what are the pro's an con's of

doning this. i'm in good standing with my mortgage company, and  what will this do to me putting him on it.   THANKS   DGP USN RET

Aug 12, 2009 05:39 AM #11
Rainmaker
258,359
Richard Zaretsky
THE ZARETSKY LAW GROUP - Board Certified Real Estate Atty and AUTOMATED LAND TITLE COMPANY - West Palm Beach, FL
Florida Real Estate Attorney

Don

Adding your son to your mortgage.  Interesting concept.  Since you are in good standing with your lender, what could possibly be the reason for this request and what is he trying to accomplish? 

That aside, the lender will almost never allow the names of borrowers to be changed (by adding or deleting) on a mortgage and promissory note.

Aug 12, 2009 01:37 PM #12
Anonymous
Alla

Richard - we looking to settle HELOC.  Loan Modification was just completed for 1st mortgage w/Chase.  However, HELOC was denied for loan modification.  Now that the 1st loan is current and we of course intend to keep the property, the 2nd loan becomes secured and less likely can be settled for less,even though, still underwater?   Thank you.   

Feb 05, 2010 07:51 AM #13
Rainmaker
258,359
Richard Zaretsky
THE ZARETSKY LAW GROUP - Board Certified Real Estate Atty and AUTOMATED LAND TITLE COMPANY - West Palm Beach, FL
Florida Real Estate Attorney

Alla -

I would say the 2nd probably is no more "secured" than before.  However, there is less likely to be a default by you on the first mortgage, which gives the 2nd lender a greater "comfort".

You have my agreement that with the 1st lender in place for modification, the 2nd can and will drive a harder bargain.  We prefer to work on the 2nd mortgage before the first just to avoid that problem.  In your case the cat is out of the bag (so to speak), so you have to do the best you can with the financials that now exist.

Feb 05, 2010 02:44 PM #14
Rainmaker
258,359
Richard Zaretsky
THE ZARETSKY LAW GROUP - Board Certified Real Estate Atty and AUTOMATED LAND TITLE COMPANY - West Palm Beach, FL
Florida Real Estate Attorney

Alla -

I would say the 2nd probably is no more "secured" than before.  However, there is less likely to be a default by you on the first mortgage, which gives the 2nd lender a greater "comfort".

You have my agreement that with the 1st lender in place for modification, the 2nd can and will drive a harder bargain.  We prefer to work on the 2nd mortgage before the first just to avoid that problem.  In your case the cat is out of the bag (so to speak), so you have to do the best you can with the financials that now exist.

Feb 05, 2010 02:45 PM #15
Rainmaker
258,359
Richard Zaretsky
THE ZARETSKY LAW GROUP - Board Certified Real Estate Atty and AUTOMATED LAND TITLE COMPANY - West Palm Beach, FL
Florida Real Estate Attorney

Alla -

I would say the 2nd probably is no more "secured" than before.  However, there is less likely to be a default by you on the first mortgage, which gives the 2nd lender a greater "comfort".

You have my agreement that with the 1st lender in place for modification, the 2nd can and will drive a harder bargain.  We prefer to work on the 2nd mortgage before the first just to avoid that problem.  In your case the cat is out of the bag (so to speak), so you have to do the best you can with the financials that now exist.

Feb 05, 2010 02:45 PM #16
Anonymous
Helen Welker

What are the affects of defaulting a VA backed loan + 2nd mortgage on my disability checks in SC

Jul 05, 2010 01:08 PM #17
Anonymous
Chris

Richard, I am in the middle of short sale.  Let's say for the sake of the argument I bought the place for $200k with Bank A providing $150k and Bank B providing $50k.  I did provide a hardship letter which highlighted my extenuating circumstances. 

Bank A just approved of the sale and I'm looking at the documentation which says at closing the cash contribution is to be $0 and in the area where they discuss a promissory note, it says NA.  

This leads to me to believe I will not have a deficiency.  Does this sound right?  How can i find out if if there will be any tax consequences?  And what issues may I say from Bank B?

I appreciate any guidance you can provide.

Oct 13, 2010 10:59 AM #18
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Rainmaker
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Richard Zaretsky

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