The normal short sale with my office usually takes between 45 and 90 days to obtain an approval.  The bank/servicer usually gives the party a 30-day window to close after approval. Some banks/servicers traditionally take longer and some take less time. Additionally, there are 8 steps to a successful short sale and we complete each…

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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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Let’s Take a Ride

Sometimes a reminder is needed about an unfortunate fact that we all have to live with: The bank drives the bus, not us……not the seller, buyer, agent or attorney. We are asking the bank/investor to take a loss on this loan and for that they get the keys. Our job is to keep everything moving…

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There is a new game in town and it goes by the intimidating name of “Flopping.” Freddie Mac and Fannie Mae also use another name…Mortgage Fraud. Did that get your attention? It should. The real estate agent will encounter this in a number of ways but most ways will be a variation of the following…

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