Short Sale Superstars

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Tracey Martin
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Dominique Van Ryckeghem replied to Tracey Martin's discussion 'Time line before short sale client can purchase again.' in the group Bank of America Short Sales
The way I understand it is that a short sale homeowner can get financing again after 2 years for conventional financing and 3 years for FHA. I'm sure a certain credit score minimum is going to be one of the requirements (like min 620 for FHA), but I…
March 2
Tracey Martin replied to Kevin Coffey's discussion 'Client is current on payments, but relocated out of state. BofA declined...' in the group Bank of America Short Sales
Tell your client what you were told and give her the options. She can continue to pay and have no chance at a short sale or she can stop paying and re-apply for a short sale. Be very careful not to tell her what to do. Give her the options and let h…
March 1
Dominique Van Ryckeghem replied to Tracey Martin's discussion 'Time line before short sale client can purchase again.' in the group Bank of America Short Sales
February 22
Tracey Martin replied to Dave Halpern's discussion 'Contacting The Bank Of America Short Sale Executive Matt Vernon?' in the group Bank of America Short Sales
I have a really difficult time understanding why the banks do not see us as "allies in mitigating their losses." Why can't they understand that by not considering the short sale Realtor part of their "team," they are causing greater losses. It blows…
February 18
Tracey Martin replied to Terrie Leighton's discussion 'Bank of America waiving future deficiency judgements' in the group Bank of America Short Sales
It has been my experience that B of A will not forgive the deficiency in writing. Does your client meet the general requirements for HAMP? It is my understanding that B of A is participating in HAMP which means they have to participate in the govern…
February 18
David Dee replied to Tracey Martin's discussion 'Time line before short sale client can purchase again.' in the group Bank of America Short Sales
Laura, just curious which lender have you used that has been able to do this?
February 18
David Dee replied to Tracey Martin's discussion 'Time line before short sale client can purchase again.' in the group Bank of America Short Sales
Dominique, not to take anything away from what you've stated but I've gone to seminars where the same thing has been said. I asked for testimonials and they could not provide to me proof of such 'outstanding' results being claimed. For this matter,…
February 18
Dominique Van Ryckeghem replied to Tracey Martin's discussion 'Time line before short sale client can purchase again.' in the group Bank of America Short Sales
Hi Thomas and all interested in this, The way it works is that the individual does take all the steps. Where I come into play is know-how and consulting. The "hammer" that is used to getting accounts removed from credit is FCRA, FTC staff opinions…
February 17
Laura Marshall replied to Tracey Martin's discussion 'Time line before short sale client can purchase again.' in the group Bank of America Short Sales
If your client is current, they can get an FHA loan immediately after closing. I just received the information from one of my lenders. The purchase price of the new property can not exceed the sales price of the old property, and must be within the…
February 15
Sean Wilder replied to Tracey Martin's discussion 'Time line before short sale client can purchase again.' in the group Bank of America Short Sales
In response to your comment about any individual being able to do any of these things themselves.... Couldn't you say the same thing about a short sale? Technically the seller could do it themselves, just like a loan mod. But the real truth is the a…
February 15
Carrie Haymond replied to Tracey Martin's discussion 'Time line before short sale client can purchase again.' in the group Bank of America Short Sales
Quite the opposite Wells Fargo is the leader in the industry. I am married to a lender for Wells Fargo - who was an independant Broker prior to our market change. The FHA guidelines have not changed to my knowledge and my husband was in a week long…
February 11
Tracey Martin replied to Tracey Martin's discussion 'Time line before short sale client can purchase again.' in the group Bank of America Short Sales
That is so true!!!!
February 10
Karen Hurst replied to Tracey Martin's discussion 'Time line before short sale client can purchase again.' in the group Bank of America Short Sales
Yes, I believe that is correct. It's so hard getting information on anything these days. Anything we "knew" is not relevant anymore.
February 10
Tracey Martin replied to Tracey Martin's discussion 'Time line before short sale client can purchase again.' in the group Bank of America Short Sales
Thanks for the info. It looks like this applies to FHA loans, correct?
February 9
Karen Hurst replied to Tracey Martin's discussion 'Time line before short sale client can purchase again.' in the group Bank of America Short Sales
Ummm...I just had this question regarding the "time" after the short sale and not many knew the answer. However, the guidelines "did" change. If I can figure out how to upload them I will. They are dated 12/09 and are from HUD, who I choose to belie…
February 9
Thomas McCombs replied to Tracey Martin's discussion 'Time line before short sale client can purchase again.' in the group Bank of America Short Sales
I keep hearing about those who say that they can take advantage of the "100's" of the provisions in the law about the need for credit reporters to provide data accurately and in compliance with these provisions. And the claim is that most of the tim…
February 8

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I am a certified short sale specialist and pre-foreclosure specialist. I close more than 50% of my short sales. I feel the key is getting a fair market value offer and a patient buyer.

Tracey Martin's Blog

Tracey Martin

The HAFA program is the government's new short sale/ deed-in- lieu program. The government created t…

The HAFA program is the government's new short sale/ deed-in- lieu program. The government created the program in an effort to assist homeowners who can no longer afford their home and who want to avoid the damage a foreclosure does to a borrower's credit. The following is my understanding of the program guidelines as presented in the MAKING AFFORDABLE Supplemental directive 09-09.
The federal government has asked lenders to voluntarily implement a new program called Housing Affordable Foreclosu… Continue

Posted on December 31, 2009 at 9:00pm —

Tracey Martin

Are attorneys too quick to advise on a short sale?

I am not an attorney and even though I do not give legal advice, I owe it to my clients to have a basic knowledge of the legal aspects of a short sale. If I am informed I can tell them what questions to ask their attorney.
Even though I may disagree with some advice they give, I know I cannot argue against an attorney’s advice because that would be, in fact, giving legal advice.
However, I often feel that some attorneys are too quick to advise clients to let the bank foreclose on recourse loans.… Continue

Posted on September 16, 2009 at 1:02pm — 2 Comments

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Forum

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Victoria Frieberg

Is HAFA toothless with the junior lien holder, if the lender does not participate in HAMP?

Started by Victoria Frieberg in Short Sale Discussions Mar 15.

Brenda Mull

Real Time Resolution 6 Replies

Started by Brenda Mull in Short Sale Discussions. Last reply by Paola Lopez De Armentia Mar 15.

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Started by Al Goldin in Short Sale Discussions. Last reply by Paola Lopez De Armentia Mar 18.

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Has anyone had issues with PMI? 3 Replies

Started by Travis Bryant in Short Sale Discussions. Last reply by Christine Donovan Mar 17.

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PNC Bank 1 Reply

Started by jim coddington in Short Sale Discussions. Last reply by Amy Cole Mar 10.

 

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