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All Blog Posts (184)

Looking for B of A help.....muddling through Equator is a good way to phrase it

I saw the title of the Equator group....."muddling through the process" is certainly accurate. I have an offer long overdue to get approval or a response from B of A and as always seems to be the case with B of A, they seem to want to do everything to sabotage the deal. I thought Equator was supposed to solve their internal confusion and all it seems to do is make it worse. B of A is the 2nd on this one and we have now had approval from the 1st for over a month and it's due to expire soon. I

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Added by Keith Kyle on March 10, 2010 at 1:28pm — No Comments

FHA allowing buyer contributions to the 2nd ?

Anyone have experience trying to get FHA to allow buyer contribution to the 2nd lender ? In this case the 1st lender is paying a 3% buyers credit toward the closing costs -and allowing the buyer to come to closing with an equal amount toward the 2nd, but buyer's agent is worried their client's FHA loan regs. won't allow the contribution on the HUD, even though they get it back...Any input is greatly appreciated !! Continue

Added by Amy Cole on March 10, 2010 at 12:31pm — No Comments

Equator Held / Review Status

Does this mean we are getting close to an approval? Is it still in negotiation? I'm confused, any help would be great.... Continue

Added by Nathan Dale Tramel on March 9, 2010 at 10:21pm — No Comments

Final Hud-1 Approval

Can anyone answer a question about a short sale which was appoved 2/1/2010? We have B of A approval expires on 3/7/2010, Sunday and the approval letter states B of A must approve the final HUD, the listing agent had been told to upload it to the Equator site, which was done last Tuesday 3/2/2010. At this point no one has reviewed the HUD, a closer was just assigned according to the Equator Site, buyers lock expired Friday and title and buyers bank are requiring an extension letter on the short s… Continue

Added by Gin Rich on March 9, 2010 at 12:44am — 1 Comment

Does Equator have you frustrated yet? We want to know your thoughts.

Hi folks. If you deal with short sales on a regular basis then you probably know by now that most of the major lenders are now requiring the transaction to be
processed through the Equator
system.

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Added by Bryant Tutas on March 8, 2010 at 8:30am — 3 Comments

Extortion from banks on short sales

I have two short sale listings where the mortgage company is Everhome Mortgage. They are requiring that I go through National Quick Sale for the actual short sale processing. The problem is that National Quick Sale wants up front money, one percent of the sale price plus another $250 processing fee for the "right" to do business with them even though I don't want to do business with them. They say the seller cannot pay the fees and that they must be listed on the HUD as coming out of my commissi… Continue

Added by Jim Stewart on March 3, 2010 at 5:26pm — 6 Comments

Promissory Note - Killing Your Deals? The Buyer Might Come to the Rescue

Working wonders with short sales, Janet and I have a short sale where the second lean holder wants a $25,000.00 promissory note; which the seller can’t come up with. The second has PMI which adds to the challenge. Normally a seller who elects to sell short doesn’t have the capital to make the payment and is trying to do the right thing by using the short sale option and not foreclos

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Added by Richard OBrian on March 2, 2010 at 5:36pm — 4 Comments

BOA Finallysaid yes..but!!!!

Hi everyone..first let me thank all of the responces I recieved. I am writing for 2 reasons...the first to let you know that BOA finally answered!!! They came back with a counter of $5500 more..going from 132500 to 138000...with 2500 back at closing.....should I take it and run...or counter back??? Continue

Added by William Booth on February 28, 2010 at 12:27pm — 2 Comments

Nothing Good to Say About Fannie Mae...

This is a repost of an ActiveRain blog post...http://activerain.com/blogsview/1518488/no-more-money-for-fannie-mae-i-say-

NOTE: I am calling my congressional reps on Monday to see if they can do anything on this client's behalf.

AN OPEN LETTER TO FANNIE MAE, CONGRESS AND PRESIDENT OBAMA:

Please do not give any more money to Fannie Mae, if only for one reason. They are

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Added by Dawn Maloney on February 27, 2010 at 11:59pm — 3 Comments

Ohio Man Bulldozes $350K Home to Avoid Foreclosure!

I was listening to talk radio and was intrigued by the teaser for the next segment. "Ohio man bulldozes $350K home to avoid foreclosure". Hmmm. I REALLY wanna hear that one. I listened to the entire interview and at the end I was perplexed. First of all, here are the details. Terry Hoskins of Clermont County found himself in a predicament with his Moscow, Ohio home. He was facing foreclosure and was upset that the bank that held the note, River Hills Bank, would not work with him. So, to quot

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Added by Ray Wright on February 27, 2010 at 1:49am — 2 Comments

I need advice!!

Is it legal for a seller's listing agent to have the seller sign multiple purchase agreements and then submit all offers to the bank on a short sale? What can I do if this has been done? I am "offer #1" but the listing agent has told my agent she has submitted several other offerswith signed PAs since my offer 2 weeks ago. Continue

Added by Debra Zimmerman on February 26, 2010 at 5:27pm — 5 Comments

C.A.R.'s “2009-2010 SURVEY OF CALIFORNIA HOME SELLERS”

The California Association of Realtors released their "2009-2010 SURVEY OF CALIFORNIA HOME SELLERS”. The report showed that approximately 67% of all California home sellers that were able to sell their house in this market sold their home because they had an inability to meet their mortgage obligations. In other words, they couldn't afford their house. Whether it be due to a variable rate mortgage that was resetting higher, a job loss, sickness or just the fact that they overextended

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Added by Ray Wright on February 25, 2010 at 9:18pm — No Comments

SHORT SALE FLIPPING......

I really hope someone can help me on this one, I had research for almost 2 years how to put a back to back closing ( ok please do not laugh) I have the seller I have the B (investor buyer) how does the investor market and list a house that is laready listed by the agent who is representing the original seller? in other words how does the B list a property as a seller to C buyer?

how does the B to C transaction takes place when doing a new listing? ( to re-sell to a higher price

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Added by Elizabeth Monje on February 25, 2010 at 5:30am — 8 Comments

Franklin Credit Management Corporation???

Hey all you short sale superstars. First off, I want to thank you all for your great information and informative posts/tips. I am working with this company for the release of a 2nd lien on a CA property. I have already retained the first from our friends at BofA, and I thought that was bad. This company has been extremely difficult to work with! After sending my clients package in four different times (as of course they never received it the first 3 times, and fourth time around they were missin… Continue

Added by jj suri on February 24, 2010 at 2:56pm — 2 Comments

Bank of America Goes Equator…

Bank of America have made the move to an internet based short sale system modeled after there foray into the REO world. We have and are currently using the system and it seems to be an improvement at lest with adding information… One issue is supplying the buyer social security number a requirement is the first 5 numbers not the standard last 4. Coming from a computer background I s

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Added by Richard OBrian on February 24, 2010 at 12:30pm — No Comments

If You’ve Decided to Short Sale Your Home

If you’ve decided to Short Sale your home, you must find an agent who has the experience and credentials in today’s short sale market. Some questions to ask: How many short sales have you closed? An experienced short sale agent should have closed at least 20. Your short sale agent should know:

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Added by Richard OBrian on February 24, 2010 at 12:29pm — 1 Comment

Home Affordable Foreclosure Alternatives Program (HAFA) Begins April 5, 2010

HAFA,(Home Affordable Foreclosure Alternatives Program) will be implemented on April 5, 2010, is part of the Home Affordable Modification Program (HAMP). The new initiative aims to help homeowners who are unable to retain their home under HAMP through the use of short sales and deeds-in-lieu of foreclosures. As part of the program, incentive payments will be provided to both homeowners and servicers, but homeowners must meet certain requirements to participate.

NAR’s new resources on

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Added by Beau Bowling on February 22, 2010 at 10:30pm — No Comments

The Short Sale Revolution and the 5 Stages of Grief

If you haven’t noticed, there’s been a revolution going on.

Some of you would say, “How could you not notice?”

And yet, a new model of real estate sneaked up on most real estate agents.… Continue

Added by Judy Chapman on February 22, 2010 at 1:30pm — 2 Comments

Homeowners Under House Arrest

To write a recent post Do You Have 10 Years to Wait Around for the Housing Recovery, I put on my analytical hat to il

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Added by Judy Chapman on February 22, 2010 at 1:30pm — No Comments

Stay current in today's Short sale and ever changing market.

Great Short Sale, Foreclosure Seminar.

NAR Resource to Reduce Short Sale Stress: Learn more about it:

http://www.realtor.org/RMODaily.nsf/pages/News2010021902

Continue

Added by Surbhi Desai on February 22, 2010 at 7:30am — No Comments

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