Short Sale Strategies

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About this Group

Are you working the booming niche market of pre-foreclosures (short sales)? Come join the discussion with other real estate professionals working this important market now. Share real life solutions, strategies and ideas on all related subjects ranging from working with our clients and marketing the properties, to working with the banks and achieving positive results. Have ideas of marketing, negotiation, lender relations or overall survival tips? We want to hear from you.

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CitiMortgage Short Sale Info (5) Citimortgage (Citi has MANY numbers it seems, so if you have others that have worked, please sha... 151 views <p> <u><strong>Citimortgage</strong></u><br /> <em>(Citi has MANY numbers it seems, so if you have others that have worked, please share!)</em> </p> <p> <font size="2">Short Sale Number: 866-680-8631, 866-713-4785<br /></font><font size="2">Short Sale Fax: 636-261-7709, 636-261-7706, 866-704-8050</font> </p> <p> <font size="2">Authorizations: <font size="2">866-675-5772</font></font> </p> <p> Short Sale (2nds): 866-520-5499 </p> <p> Workable Solutions package<a href="https://www.citimortgage.com/Mortgage/body/help/CitiMortgage_Financial_Application.pdf">LINK to PDF</a> </p> <p> Or Clients can complete <a href="https://www.citimortgage.com/Servicing/workableSolution.do">online</a> </p>	Catherine Myers 11/14/09 10:21 AM	Catherine Myers 11/18/09 8:10 PM
Sun Trust Mortgage Info (0) Sun Trust has a Short Sale Guide (LINK) for homeowners to complete which include the financial state... 62 views <p> Sun Trust has a <a href="http://65.175.93.226/LossMit/ShortSale.pdf">Short Sale Guide (LINK) for</a> homeowners to complete which include the financial statement plus their specific addendums required. It also recaps their process and timing. Good info for realtor and homeowner. </p> <p> Loss Mitigation Dept: </p> <p> 800-443-1032 Press Option 3 (PHONE for SS inquiries. </p> <p> 804-675-7399, Attn: Setup (FAX for short sale package) </p>	Catherine Myers 11/18/09 8:08 PM	--
Chase Short Sale Info (plus WaMu) (0) Again, several numbers. Let me know what you all have, and we can clean it up. Borrowers Assis... 70 views <p> Again, several numbers. Let me know what you all have, and we can clean it up. </p> <p> <a href="https://www.chase.com/ccpmweb/chf/document/Borrowers_Assistance_Form_Chase_2009.pdf">Borrowers Assistance Form LINK</a> </p> <p> <strong>Short Sales:</strong> </p> <p> <font size="2">800-446-8939 or 800-848-9136 (PHONE for short sale)<br /> <br /> 866-282-5682 or 614-422-7912 (FAX for Authorizations)<br /> 614-422-7259 or 866-271-8709 (FAX for short sale packages)</font> </p> <p> <strong>CHASE RECOVERY DEPT: </strong><font size="2">800-834-9218 (phone)</font> </p> <p> <font size="2">__________________</font> </p> <p> <font size="2"><strong>Previously WaMu:</strong></font> </p> <p> <font size="2"><font size="2">866-926-8937 (PHONE loss mitigation)</font></font> </p> <p> <font size="2">904-886-5529 (FAX for Authorizations)<br /> 866-272-0040 or 866-220-4130 (FAX for short sale packages)</font> </p> <p> (another fax: 904-866-1329 or 1328) </p> <p> Email extensions: </p> <p> <a href="mailto:first.last@chase.com">first.last@chase.com</a> </p> <p> <a href="mailto:first.last@jpmchase.com">first.last@jpmchase.com</a> </p> <p> Now I'm seeing middle initials <a href="mailto:first.middleinitial.last@chase.com">first.middleinitial.last@chase.com</a> </p>	Catherine Myers 11/18/09 7:49 PM	--
Wells Fargo Short Sale Info (2) Wells Fargo (1st loans): Short Sale Phone: 866-903-1053 Short Sale Fax: 866-359-1975... 110 views <p> <u><strong>Wells Fargo (1st loans): </strong></u> </p> <p> Short Sale Phone: <font size="2">866-903-1053</font><br /> Short Sale Fax: 866-359-1975<br /> </p> <p> Authorizations: 866-917-1877<br /> </p> <p> <em>(They have a financial worksheet packet, plus addendums that need to go with every short sale, I will try to find where I can upload this)</em> </p>	Catherine Myers 11/14/09 10:35 AM	Rachel Luckow 11/17/09 7:23 PM
B of A/ BAC (formerly Countrywide) Short Sale Info (1) Countrywide (now BAC/ Bank of America): Short Sale Phone : 866-880-1232 Short Sale Fax:... 119 views <p> <u><strong>Countrywide (now BAC/ Bank of America):</strong></u> </p> <p> Short Sale Phone : 866-880-1232<br /> Short Sale Fax: 888-491-4947 </p> <p> Authorizations: 805-520-5019 </p> <p> Also, now they say they would not start short sale until the homeowner called directly the homeowner assistance line: 800-669-0102 </p> <p> </p>	Catherine Myers 11/14/09 11:03 AM	Gail McClendon 11/14/09 1:50 PM
B of A and REOTRANS (2) There appears to be much confusion and miscommunication on this new process. Does anyone know how th... 100 views <p> There appears to be much confusion and miscommunication on this new process. Does anyone know how this is supposed to work? B of A short sale support has no idea. Some other blogs state that all new loans have to be sent through Reotrans (new name Equator?), but I have sent new files to B of A as recently as Nov 3. Then they state that the seller needs to sign up on the web site as well and then the seller selects the agent thathas listed the property. Who at B of A places the loan on the REOTRANS website with my information? </p>	Tony Morales 11/11/09 7:56 AM	Duane DeSalvo 11/29/09 8:26 PM
Permanent Loan Modifications (3) In case you missed it, this NY Times article by Peter S. Goodman is worth reading. Some devastatingl... 32 views <p> I<span class="Apple-style-span" style="font-family: 'Franklin Gothic Book'; font-size: medium;">n case you missed it, this NY Times article by Peter S. Goodman is worth reading. Some devastatingly low numbers for permanent loan modification. Apparently the Treasury Department will be making some major announcements this week. <br /> <br /> <font face="Times New Roman,Times,Serif" size="-1" color="#666666"><strong>BUSINESS / ECONOMY </strong></font> <font face="Times New Roman,Times,Serif" color="#000000" size="-1">\| November 29, 2009</font> <br /> <font face="Times New Roman,Times,Serif" color="#000066" size="+1"><strong><a href="http://www.nytimes.com/2009/11/29/business/economy/29modify.html?emc=eta1">U.S. Will Push Mortgage Firms to Reduce More Loan Payments </a></strong></font><br /> <font face="Times New Roman,Times,Serif" color="#000000" size="-1">By PETER S. GOODMAN</font> <br /> <font face="Times New Roman,Times,Serif" color="#000000">Only a tiny fraction of mortgages have been permanently reduced under a $75 billion program for troubled homeowners. </font></span> </p>	John Cleek, Ph.D., e-PRO 11/29/09 4:11 AM	Paula Bean 11/29/09 11:00 AM
Short Sale Resources (19) [1,2] Hi all, I love that this group has become such a great resource for so many. One thing I'd lov... 213 views <p> Hi all, </p> <p> I love that this group has become such a great resource for so many. One thing I'd love to start (and please tell me if you like it) is to have a post dedicated to each lender. On the top post of each we share info such as phone numbers, url's to their workout packages, fax numbers, or any other relevent tips that are useful to someone pursing a short sale with that lender. </p> <p> I'll start today with a couple, and please let me know what you think. Please start a post for a lender you've worked with if one has not been started. If you add other resources in subsequent posts, I'll move the important information via cut and paste to the top post so the most important is always in that top post. </p> <p> What do you think? </p>	Catherine Myers 11/14/09 10:09 AM	Kathy & Danny Carbaugh 11/28/09 11:26 AM
Doing an Inspection etc. before approval (16) [1,2] Here's a new one on me ... .someone was asking my advice (all of a sudden I've become the expert rig... 382 views <p> Here's a new one on me ... .someone was asking my advice (all of a sudden I've become the expert right :) _ anyway - before the question was even out another agent comes over and is so adamant about her answer - the question: </p> <p> The listing agent of the SS is telling the selling agent to get the inspectiond one and get her financial application done because "if" approved they'll want to close in a week <<< I was going to tell the agent - wait until approval if that happens because so many things can happen - and this other agent was like all the short sales I've worked req'd that we close in less than a week after approval? is this common??? I never heard of such a thing??? </p> <p> Thanks- </p>	Maha Kapageridis 8/3/09 4:00 PM	Howard the Realtor from Oregon 11/26/09 10:17 AM
2nd asking for 1st's payoff demand (0) My 2nd lienholder, SLS, denied our offer of 10% of the loan balance and has asked me to get the 1st'... 34 views <p> My 2nd lienholder, SLS, denied our offer of 10% of the loan balance and has asked me to get the 1st's payoff statement (not the mortgage statement) for further review because they want to see how much loss the 1st is taking. </p> <p> Anyone experience this? And any thoughts on this? Should I be concerned about anything? </p>	RE ShortSale 11/24/09 2:05 PM	--
B of A reduction of escrow fee (4) The Phase 2 negotiatior reviewed our file with an offer of $455,000.00 The escrow fee on the HUD1 is... 63 views <p> The Phase 2 negotiatior reviewed our file with an offer of $455,000.00 The escrow fee on the HUD1 is $1,340.00. Here in Calif the escrow fee has a base fee and then percentage of sale price. Phase 2 negotiator sent me email that maximum escrow fee they can approve is $750.00 and stated I must revise the hud1 to this or the file is cancelled. Does anyone have a closed deal where I can show them they did approve an escrow fee over $750.00? </p> <p> <a href="mailto:tmshortsales@earthlink.net">tmshortsales@earthlink.net</a> </p>	Tony Morales 11/22/09 8:59 AM	Tom White 11/24/09 11:47 AM
Wow! An actual phone call from my B of A Negotiator (8) FYI to all - I actually received a call from my negotiator of B of A this morning (on a Saturday on... 125 views <p> FYI to all - I actually received a call from my negotiator of B of A this morning (on a Saturday on top of that!) just to let me know that she has reviewed my file and will be taking this to phase 2 now. And that I will be assigned to a phase to negotiator in the next 72 hours. </p> <p> An actual phone call just to give me a status update from the negotiator? Wow! </p> <p> Is everyone else experiencing this with B of A as well? Or are they really trying to get better in their ss process? </p>	RE ShortSale 11/21/09 12:17 PM	RaytheRealtor 11/23/09 4:54 AM
Foreign National Short Sale (2) This property was bought during the heydays when the Foreign National Loan Program existed. Being a... 47 views <p> This property was bought during the heydays when the Foreign National Loan Program existed. Being a foreign national purchaser, he obviously didn't have U.S. tax returns, bank accounts in the U.S., a social security #, etc. etc. ...... everything the bank would need for a short sale package. </p> <p> In this case, will the bank even consider a short sale without all these documentations? His credit is not in jeopardy because he has no social security number and he doesn't even live in the U.S. anymore. But he'd prefer to do a short sale rather than foreclose if possible. </p> <p> Anybody run into something like this? </p>	RE ShortSale 11/20/09 10:15 AM	Jason Opland 11/22/09 8:41 AM
Anyone worked with the company...SaveAmericaHomes.com (3) Welcome to Save America Homes - We Provide Homeowners with Options to Avoid Foreclosure and Rebuild... 50 views <h2 class="contentheading"> Welcome to Save America Homes - We Provide Homeowners with Options to Avoid Foreclosure and Rebuild Credit. </h2> <p class="contentheading"> I just recently had a seller sign on to work with the company to help negotiate a short sale. Even though I've worked several, he signed up with this company. One of their people told me that they charged the seller with a 2% fee. The lender would only negotiate to pay 1% so this company came after me, the listing agent for the other 1%. I did not sign any type of agreement nor ever agree to pay any fee. My commission was reduced by the lender which the buyer's agent and I agreed upon. Price of the house was only $115,000. Imagine what my cut was and after having the house listed for almost 18 mos. Now this guy with the company has stated that I'm the worst realtor he was ever worked with because I'm not willing to pay him 1% when myself and the seller had already had the lender agree to a short sale just needed a little more room. </p> <p class="contentheading"> </p>	Cheryl 11/20/09 8:39 PM	RE ShortSale 11/21/09 12:56 PM
Looking For New Business (3) Unfortunately or fortunately as many of my listings have sold but in either case I have recently fou... 76 views <p> Unfortunately or fortunately as many of my listings have sold but in either case I have recently found myself with a very low inventory. Listings used to come easily but over the last 4-6 months it seems everyone wants to get into the short sale business which makes it much more cpmpetitive. I have worked expireds, fsbo, sent thousands of costly postcards and tried the lead generation companies with no great results. Has anyone found any way to buy quality leads or creative ways to locate owners and find sellers who need our help? Thank you in advance...any ideas are much appreciated! </p> <p> Susan </p>	Susan Heller 11/19/09 6:19 PM	Marion Suro 11/21/09 4:01 AM

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