In the last several months we have seen a pattern emerge; first with our Freddie Mac files and now, predictably, with our Fannie Mae short sale files. As you know the requirement for most short sales is that the Seller must be at least 31 days late on the loan payments prior to being able…

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I know that we have talked about this before but since this is the “Year of Foreclosure,” it warrants an update and reminder. First of all we should remember that there is no right to a short sale and, by extension, no right to a postponement of the foreclosure sale.  We are essentially asking the…

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BB&T will usually not waive the deficiencies in a short sale if they own the loan (if they are servicing the loan then there is a chance that the deficiencies will be forgiven). Like most smaller or regional banks and credit unions, they simply cannot afford to forgive all of the deficiency in a short…

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As we have discussed before there are new players coming into the loan servicing business. Additionally, because of new rules and guidelines for banks, some are getting out of the loan servicing business. When one bank/servicer sells its loan servicing rights to another servicer the loan is “service released” to the new servicer. When negotiating…

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I first ran into NationStar a couple of months ago when all of our Aurora loans were serviced- released to NationStar. That is a fancy way of saying that the files were sent to another servicer and we now have to start over with them. Well, not only did we have to start over but…

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In a short sale it is always a good idea to close as quickly as possible. Just because you have an approval letter with a green light to close by a certain date does not mean that things won’t change. The bank will usually honor the terms of the approval as long as it closes…

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I have already written about the buyer getting the home inspection done earlier instead of later. The absolute best way to handle the home inspection for a short sale, however, is for the Seller to get a pre-inspection before putting it on the market…or at least before there is an offer. If the Seller does…

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The answer is, maybe.  Before April of this year,  this would have been put in the “myth” category.  We have handled many files in which the Seller continued making their payments throughout the short sale.  However, back in April we had two BOA files and a Wells Fargo file rejected in one week because the…

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The simple answer is…more than meets the eye.  Let’s backtrack a bit.  In February the Big 5 banks: Bank of America, JPMorgan Chase, Citibank, Wells Fargo and Ally Financial (formerly known as GMAC) got a slap on the wrist and a $25 Billion dip in their rather deep pockets for their part in the Robo-signing…

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Ok, maybe short sales won’t save the planet (does that mean that I don’t really need to finish designing my superhero outfit for Captain Short Sale, or maybe The Mighty Short Sale Warrior?  I was kind of digging the yellow cape). Anyway, short sales may not stop a speeding train or fix our banking system…

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