Short Sale Strategies

<p> My client 2nd lienholder was WAMU, but during the transfer to Chase they seemed to have lost the account. Neither bank says there is a mortgage. This definitely makes it tough to get a negotiator. </p> <p> </p> <p> And advice would be greatly appreciated. </p>

<p> To all San Diego and neighboring areas, </p> <p> I&#39;m thinking of organizing a monthly/bi-weekly get together to discuss our short sale experiences and bounce ideas off of each other ...... or rather yet, just to vent .... lol. </p> <p> Any takers? If enough are interested, I think this would be a great idea and can help our business. </p>

<p> Does anyone know any information about a New Law that went into affect on Oct 1st, stating home owners Must attempt a Loan Mod before proceeding with a Short Sale? </p> <p> I&#39;ve heard about this Law, but can&#39;t find any info on it. </p> <p> Thanks </p>

<p> Have a non recourse 1st and heloc, both used to purchase. Not worried about the fed tax but CA state is another issue. Differing opinions on how it&#39;s treated in CA. Some sites say Deed in Lieu has no tax consequeces in CA?? Versus foreclosure or short sale?? Some sites say no mortgage relief tax but capital gains comes into play. Comments please. I&#39;ll also check with my CPA and report back. </p>

<p> I&#39;ve being following the SS for some time, and seems like it all happens in CA. are there any experiences in WA state? </p>

<p> I&#39;m thinking of obtaining approval from the jr. lienholder first, then submitting for approval to the 1st with jr. lienholder&#39;s demand on the HUD. </p> <p> Anyone have any thoughts on this? </p> <p> 1st is EMC and 2nd was GMAC, but as of today SLS is the new service provider. </p> <p> With my luck, at the same time, EMC is switching their ss dept to TX so my negotiator is no longer my negotiator. My file is on &quot;pending negotiator assignment&#39; status with EMC now. (Both my negotiators at EMC and GMAC were easy to work with! I&#39;m praying for the same experience with the new negotiators but SLS is tough!) </p> <p> One of my files with SLS came back with an approval within weeks. So I&#39;m guessing I may get an approval on this one as well within weeks. By then, I should be assigned to a negotiator with EMC and I&#39;ll have an approval from the jr. to send to him/her. </p> <p> Any thoughts? </p>

<p> I am stuck! </p> <p> Sale date is set for 11/9/09 </p> <p> First lienholder (IndyMac) is allowing $3,000 to Jr. Lienholder (SLS). Jr. Lienholder is not accepting it. They want $12,508. </p> <p> I had Jr. Lienholder resubmit for investor approval to net the same $12,508 but $3,000 through escrow and the balance in the form of a note signed by the seller (but due at sale of property). </p> <p> I am still waiting for the Jr. to get an approval of this re-structuring. Everytime I call, they keep saying they would be surprised if the Investor approves on this b/c this investor doesn&#39;t blink an eye to at least 20% of the unpaid balance. The unpaid balance is $117,000 which is much higher than $12,508. I ask them if they would consider that they approved on this same net before, it&#39;s just a restructuring of the approval. They all say the same thing. &quot;I&#39;m surprised they approved at $12,508 to begin with and might realize their mistake and come back with something higher.&quot; </p> <p> So now I am at the waiting stage. I&#39;ve asked the 1st lienholder to postpone the sale date and she won&#39;t. (I&#39;m banking on the fact that with an approval from the 2nd, she&#39;d be willing to but for now I have no 2 legs to stand on.) </p> <p> I have contact information for the 1st&#39;s short sale dept. supervisor as well as the customer service supervisor. Do you think I should involve them now and ask to postpone the sale date since my negotiator won&#39;t? Or should I wait until I get a definitive answer from my 2nd? </p> <p> And in the worst case scenario if my 2nd declines the restructuring of the original approval, then what? Let this go to foreclosure? All b/c the 1st wasn&#39;t willing to pay an extra $9,500 to the 2nd or vice versa, the 2nd wasn&#39;t willing to take $3,000? </p> <p> I know I have several questions in this posting. I would appreciate your advise/opinions. Thank you! </p>

<p> If you are or know of a 3rd party negotiator/Realtor I need someone for my own Vegas property. Need the arms length.WaMu Chase. </p> <p> I own the property 3bd 2 1/2 ba 2 story 2car built1993 about 2000sqft- And I know an investor who would purchase cash. </p> <p> </p> <p> </p> <p> </p>

<p> I&#39;m taking a short sale listing this week..... both husband and wife&#39;s names are on the deed, however only the wife&#39;s name is on the mortgage. Since it is just her name on the mortgage, will the lender who happens to be Bank of America, use both his and her income, or just hers. </p>

<p> I was SOOO DRAINED yesterday at my Open House. I had 25 families walk through and how many asked the same questions - what is a SS, the process, etc etc. so I&#39;m thinking I need a nice little write-up for my Open Houses to use so when someone asks what&#39;s a short sale - I just had them something short and bulleted so they know the pros/cons as well I want to make sure I&#39;m not saying something wrong. </p> <p> My colleague that helped me at the OH was listening to me at one point explain - said &quot;you&#39;re making it sound like if they make the offer they will be accepted&quot; - I said no way I said bank can reject, counter or accept - but people only hear portions of a conversation that they want to hear and I don&#39;t want someone to say you said this or that - I want to be on point and documented - but instead of me recreating the wheel I&#39;m hoping someone has a handout for laypeople explaining SS -- Anyone have something like this that you can share? Thanks! will be much apreciated! </p>

<p> Dear Community, </p> <p> Please help!!! </p> <p> Can anyone send me an email contact or direct fax number for a decision-maker on a GMAC USAA mortgage? </p> <p> The property has been scheduled for foreclosure sale next week, Tuesday, November 3rd, even though the lenders have had a complete CDPE short sale package with a fair market offer sitting in someone&#39;s queue for more than 60 days! </p> <p> Both seller and buyer are active duty soldiers, both served in Iraq, and the buyer JUST returned form his 2nd deployment to Iraq. Yet, USAA is telling me that VA loans have different rules for forestalling foreclosure than a &quot;normal&quot; short sale. </p> <p> Long story short (pun intended), I can&#39;t get past the front line to speak with someone who can forestall this foreclosure until the short sale package has been fully considered. I despeartely need this community&#39;s help to get to a decision-maker, and only have a few days. </p> <p> send contact info to <a href="mailto:elva_lee@msn.com">elva_lee@msn.com</a>. Many thx. </p>

<p> I have a listing that I&#39;m hoping to get at least a few offers by end of Open Houses scheduled. I want to be proactive in some of the forms I send to the bank as part of the SS process as well I want to protect my sellers. </p> <p> All I can think of is the short sale addendum which states that it&#39;s an as is property and owners can cancel contract at any time and selling broker and potential buyers have no recourse if the deal falls through in the ss process... </p> <p> My sellers are not YET in default, they have two mortgages, and if the response from the banks is that they want the owners to come to closing table with money or have them sign a promissory note of sorts - my sellers will want the option to withdraw the offer but not have any issues with the buyers -&lt;&lt;&lt;&lt; </p> <p> Am I wrong in thinking this is the one and only form that will protect them, is there anything else I&#39;m forgetting? </p> <p> Thanks- </p> <p> </p>

<p> I have had 3 short sales where AHMS is the only lender and in all three transactions AHMS has been pretty awful.<br /> The loss mitigators are rude, unresponsive, do not communicate in any way, just down right uncooperative.<br /> <br /> I am just wondering if my experiences are isolated or if this is the way they deal in their short sales.<br /> <br /> I would would be very thankful if you could share your experiences dealing with AHMS, good or bad, as I am trying to decide if I will continue to take listings where AHMS is the lender.<br /> <br /> Thank you so much!<br /> <br /> Help lots of people and have a great day!<br /> <br /> Patty Da Silva, CDPE©, RESS®, AHWD®, e-PRO®, GREEN, CFS<br /> CERTIFIED DISTRESSED PROPERTY EXPERT© and Real Estate Short Sale Specialist®<br /> BROKER Associate REALTOR® &amp; Licensed Mortgage Broker - Senior Financial Advisor<br /> <br /> <a target="_blank" href="http://www.linkedin.com/redirect?url=http%3A%2F%2Fwww%2Etwitter%2Ecom%2Fpattydasilva&amp;urlhash=INxY&amp;_t=disc_detail_link">http://www.twitter.com/pattydasilva</a><br /> </p>

<p> I&#39;m doing a Short Sale with BOA (Countrywide) with a strong offer. I have been escalated to Level 2 negotiator when the seller gets notice of a foreclosure date. In calling BOA numerous times they say there is no sale date showing up in the system, therefore they can&#39;t postpone or cancel it. They confirm that we are in SS review and it is proceeding that way. But, when I call the attorney&#39;s office it IS there on their list for sale. Of course the attny says that they can&#39;t remove it unless their client Countrywide notifies them. What a convoluted mess! It was finally cancelled two hours before sale at courthouse steps. Anyone out there have this experience? </p>

<p> Greetings to all members, </p> <p> I say &quot;THAN YOU&quot; to all of members for sharing your experiences in SS. </p> <p> I&#39;ve taken a short sales class here in Yakima, WA, follow other SS articles for quite some time, &amp; now subscribed to this community. </p> <p> I am getting brave &amp; getting started in my first SS. </p> <p> My clients, simply, don&#39;t want the home anymore. </p> <p> If you like to share the sequence of the process, as well as any short cuts, with me, I&#39;ll, very much, appreciate it . </p> <p> </p>