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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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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Oh Those Pesky 2nd’s

10% of the amount owed:   As we all know the land of short sales is anything but settled.  Even after three years of doing this full time there always seems to be something new coming or going…like unsecured promissory notes or confession of judgments.  Over the summer all of the investors and servicers for…

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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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We strongly suggest that the Seller use his/her own closing attorney for a short sale. Our firm requires it if we are facilitating the short sale. Why? Well, if the Seller docs are prepared by the Buyer’s closing attorney, as is usually done in a real estate closing in North Carolina, the Seller ends up…

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In North Carolina we now have a Due Diligence Period that can be negotiated and put in the Offer to Purchase and Contract (Offer to Purchase). We could have done it with the old contract but it is now a prominent part of the new Offer to Purchase. In a short sale situation, however, the…

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The simple answer is as soon as possible. I know that the Buyers don’t want to spend $350 for a home inspection before they know if the short sale will get approved. I get that, but lets analyze why it is better to get it done sooner rather than later: 1. Think “AS IS” contract….

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Completing a short sale involves much more than just sending in an offer that the bank accepts. By definition the Seller’s mortgage and judgment lien debts must be negotiated. There are three issues of liability that face the real estate agent and/or a third party facilitator who takes on the job of negotiating a short…

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