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Comment on One Third of New Owners Owe More Than House Is Worth by browny

browny — Thu, 04 Sep 2008 06:18:10 +0000

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Comment on The 3 Steps to Short Sale Success – by Speare Valasakos/Frontline by UncleLouie

UncleLouie — Fri, 05 Oct 2007 15:54:55 +0000

Recently, I submitted an offer for my client (buyer) on a condo that is a Short Sale. The seller just stopped his first payment in October. There is a 1st and 2nd mortgage on this property. The seller has a Option ARM loan and made negative payments. His loan has increased over the past 9-10 months and the FMV of his property has dropped, so he is bailing out. The list price is over $130,000. The second is $120,000. I am wondering if what the second will say to the offer that wipes him out and a portion of the 1st. I understand that the mortgage companies can counter our initial offer. Is this correct? The listing agent suggested to hold off any inspection to this property until the lender approved our offer. This lender is expected to take 3-4 weeks to review our offer.

Comment on The 3 Steps to Short Sale Success – by Speare Valasakos/Frontline by lchurch

lchurch — Mon, 04 Jun 2007 17:19:18 +0000

slord: The short sale approval process sometimes can be long. This is usually because of the parties that have to approve a short sale or any counteroffer that is made. If the loan is insured by a government entity or a private mortgage insurance company they may have to be part of the approval process depending upon the amount of the discount required in the short sale offer. Also if the loan has been “securitized” then the investor may have to be consulted. Unfortunately this silence can be days or weeks depending upon the lender or who is behind the loan. Today most loss mitigators have hundreds of files to work on. Their silence doesn’t mean they aren’t interested; it just might mean they haven’t looked at your file yet. Of course if a better offer comes along in the meantime it will be considered. Hopefully, as lenders staff up to deal with the current crises they will be more timely and efficient in responding to offers.

Comment on The 3 Steps to Short Sale Success – by Speare Valasakos/Frontline by lchurch

lchurch — Mon, 04 Jun 2007 17:04:40 +0000

Bernadette: your commission is paid by the lender in a short sale. The lender will usually try to negotiate it down if it can but lenders recognise that paying real estate commissions is a vital part of successful short sales. Once the commission amount is agreed upon it will appear on the final HUD 1 and be paid by the escrow company as part of the closing.

Comment on The Cup is Half Full – Not Half Empty – By Lance Churchill/Frontline by Fender

Fender — Wed, 30 May 2007 00:48:02 +0000

Great post! I absolutely agree 80% is a great success rate.

Even at the increased rate of a sub-prime mtg, home ownership has benifits over the long term for those with the courage to step up and commit to home ownership.

Making sub prime loans harder to qualify for actually removes the lowest rung on the ladder of achieving the “American Dream” for many families.

Comment on Lenders get into foreclosure business, particularly in West by slord

slord — Wed, 23 May 2007 15:53:31 +0000

Article above: “…Major mortgage lenders, such as Countrywide Financial Corp. and GMAC Financial, that also have in-house foreclosure businesses.” Can someone illuminate how this in-house foreclosure business is conducted? — i.e., aside from loss mitigation and REO management.

Comment on The 3 Steps to Short Sale Success – by Speare Valasakos/Frontline by Bernadette

Bernadette — Wed, 23 May 2007 15:06:08 +0000

How will we insure our commission from the lender?

Comment on The 3 Steps to Short Sale Success – by Speare Valasakos/Frontline by slord

slord — Tue, 22 May 2007 23:52:09 +0000

From the time Buyer submits an offer to the time Lender “approves” it, weeks or months may be gone. How does the counter-offer process actually work? When Lender is silent, and Buyer is losing patience, does Lender’s silence mean Lender’s not interested, Lender needs more time, or Lender’s waiting for a better offer?

Comment on For Distressed Homeowners, Short Sales Stave Off Credit Ruin by Annie1955

Annie1955 — Fri, 27 Apr 2007 19:44:18 +0000

This is good information to have. I am hopeful Frontline Seminar Schools will teach an intensive short sale class in order that I might assist clients faced with this situation.