by ste_admin | Oct 12, 2020 | blog
What? How can this be? Customer Service is there to help, right? Wrong! Let’s break it down: The Loan Servicer most likely does not actually own your loan, they are merely servicing your loan. Example of Loan servicers are BOA, Wells Fargo, Citi, Chase, Mr. Cooper,...
by ste_admin | Jul 1, 2015 | blog
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...
by ste_admin | Aug 1, 2014 | blog
As we discuss in this month’s newsletter, for the past several years BPO’s (Broker Price Opinion) have been the primary method that note servicers/note holders used to establish the short sale property’s market value. The servicer might have ordered a more expensive...
by ste_admin | Apr 30, 2014 | blog
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,...
by ste_admin | Nov 2, 2013 | blog
So you have your approval letter and now you are running into problems with the Buyer’s government backed loan. Whenever you take on a short sale an important consideration is the Buyer and the Buyer’s loan. For example, if the property is in unfit condition and...
by ste_admin | Sep 25, 2013 | blog
So here we are again waiting to see if Congress will extend the 2007 Mortgage Forgiveness Debt Relief Act (Act) for another year. The extension came late last year because of the Fiscal Cliff negotiations. It was finally extended as part of the American Taxpayer...
by ste_admin | Sep 7, 2013 | blog
In North Carolina the Short Sale Addendum allows the Buyer the right to unilaterally terminate the contract and receive the earnest money back at any time prior to the Seller notifying the Buyer of lien holder approval. If the parties have negotiated additional time...
by ste_admin | Jul 5, 2013 | blog
So according to several whistle blowers that used to work at BOA, it turns out that the BOA reps in the Loss Mitigation Department were paid cash bonuses to shut files down and move them on towards foreclosure. Shocked? I’m not. My staff just smiled and nodded when...
by ste_admin | May 6, 2013 | blog
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. ...
by ste_admin | Apr 10, 2013 | blog
I have heard real estate law described as “happy law.” That actually makes sense because in a normal real estate closing there may be some bickering over curtains but in the end the buyer is getting the house and the seller is receiving money. In a short sale,...
