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Short Sale Listing Agent’s Common enemy

Who is the Short Sale Listing Agent’s common enemy? Is it the lender, the negotiator, or the market? Well…none of the above. The common enemy of the listing agent is the BPO (Broker’s Price Opinion) as requested by the short sale lender.

In order to have the BPO, it is requested either by the short sale lender or the servicer. Sad to say, the listing agent has no power over who’ll choose to prepare the BPO.

In sending the short sale package to the short sale lender, the package is placed to the loss mitigation systemand that is when a BPO is ordered. Along with this, an appraisal may also be needed as determined by the lender. The requirements along with the BPO depend on the note holder and the amount of loss there is. It can be accompanied by an appraisal, BPO only, or two BPOs.

Like Fannie Mae and Freddie Mac, they entered into a deal with a huge BPO company to do the work of their BPOs for the short sale notes that they own. With this, the servicers will not need to worry about ordering BPOs. Herewith, the short sale processis shortened, but can affect the seller and the listing agent.

Most agents want to have a BPO immediately so that price will be up when the property will be listed. This is mostly done in theory but too seldom in practice. The problem would then be if a BPO is old, the listing will stay on the market for quite some time.

As for Fannie Mae and other note owners, their short sales are now required to have a BPO and an appraisal if the loss mitigation is greater than $125,000. Some agents perform this in anticipation of getting the listing when it is an REO. But it is doubtful for a lender to give a particular agent the listing should it become an REO. There are also agents that turn ordered BPOs and are bringing considerable income, but usually this is not the case.

Other Articles to Read:

Gainesville Short Sale Cost

Why it is Important to Understand the Short Sale Process

Options To Prevent Gainesville Foreclosure when Unemployed

Fraudulent Short Sales and Passing the Hardship Test

Call Stephanie Anson today at 352-260-0153 for a confidential phone interview regarding your options.

Please seek legal advice. This information is for informational purposes only.

Contact Stephanie Anson, CLHMS, CDPE, SFR, Realtor®, Anson Properties LLC. Licensed Realtors® in Florida at 352-260-0153 to list your property for sale or to purchase a property in Gainesville, Archer, Alachua, High Springs, Waldo, Keystone Heights, Hawthorne, Melrose, Cross Creek, LaCrosse, Williston, Earlton, Ocala, Micanopy, Newberry, Kanapaha, Haile Plantation, Duck Pond and the rest of Alachua County Florida, Orange County Florida and Seminole County Florida. We are accepting referrals. Gainesville Short Sale Agents

  

Is your Mortgage Lender and Where you Bank the Same

Is your Mortgage Lender and Where you Bank the Same – How many of us truly sit down and read every document we sign when we have a stack of papers sitting in front of us and we have some place better to be? This is all too common, especially in Gainesville Real Estate, Car purchases, signing up new bank accounts.

Now, if we all sat down and read the fine print we would see that verbiage that might just make us go “hmmm?”

So let’s talk about your short sale lender, mortgage lender or foreclosure lender and having a bank account with them. You may want to think twice! In the fine print, when you sign up for an account it states you give them the right to directly access your bank account and remove the monies owed them if you become behind on your payments, such as a loan.

It is not that Gainesville Home Buyer’s intention to default on their mortgage, life happens. This can be attributed to loss of job, financial hardship, medical hardship, death in the family.

Accounts that you share with your children or family are not protected either. In most instances, if you are only an authorized user on the account and it is not in your name the short sale or mortgage lender is unable to touch it. The same goes if the account is opened as Tenancy by the Entireties.

Let’s say you are husband and wife and you share a joint bank account however your spouse has a mortgage only in his/her name and they are delinquent on their payments. A creditor cannot go after those monies based upon the joint account being tenancy by the entireties. They are not to consider this money on a financial worksheet as monies that can be accessed when working through a short sale.

This type of account is not permanent. Say your spouse passes away, this type of account is no longer considered tenancy by entireties.

Other Articles to Read:

Gainesville Short Sales Update: If You Have A Short Sale Or Foreclosure, You May Owe Federal Income Taxes In 2013

Options To Prevent Gainesville Foreclosure when Unemployed

Gainesville Short Sales – Know Your Options

Banks to Prove they Own Note to Foreclose

Call Stephanie Anson today at 352-260-0153 for a confidential phone interview regarding your options.

Please seek legal advice. This information is for informational purposes only.


Contact Stephanie Anson, CLHMS, CDPE, SFR, Realtor®, Anson Properties LLC. Licensed Realtors® in Florida at 352-260-0153 to list your property for sale or to purchase a property in Gainesville, Archer, Alachua, High Springs, Waldo, Keystone Heights, Hawthorne, Melrose, Cross Creek, LaCrosse, Williston, Earlton, Ocala, Micanopy, Newberry, Kanapaha, Haile Plantation, Duck Pond and the rest of Alachua County Florida, Orange County Florida and Seminole County Florida. We are accepting referrals. Gainesville Short Sale Agents

  

Is your Gainesville Short Sale Lender Delegated?

Is your Gainesville Short Sale Lender Delegated? You may be surprised to find out what “delegate” means in short sales.

To come straight to the point, the word “delegate” in short sale literally means what it is, to entrust to another.

You may be making payments directly to Bank of America, Wells Fargo, or Nationstar, but that doesn’t mean that they are your lenders. In this case, they are referred to as “servicers”. This is because, even though these lenders have lent you the money, they may have subsequently sold your loan to an investor which legally transfers their authority over the loan to the new owner—the Investor.

Your lender is now stripped of the power to approve the short sale.

What happens is that these servicers have been assigned by the investors to receive the mortgage payments, which is why you are still making payments directly to them. They are paid to do so.

You may have wondered why this happened without your knowledge. It is because when your note gets sold, they do not need to notify you. It is only when your servicer is changed that you must be notified.

The investors hire the servicers to keep them from being involved with the day to day operations of payments and other servicing details. The investor could be Fannie Mae, Freddie Mac, Pension funds, Insurance companies, and etc. Although majority of the notes are presently owned by Fannie Mae or Freddie Mac. Ask your Gainesville Short Sale Agent to lookup your loan for Freddie Mac or Fannie Mae

By delegating, these investors assign authority to the servicers to approve short sale on their behalf. However, this is grounded by certain parameters that vary for each investor.

A simple example: An investor authorizes the Servicer to approve a Gainesville Short Sale given that the loss they incur is less than 35% of the loan value. The borrower becomes 30 days delinquent on payments, they live in the property and with their debt plus mortgage payment they are 31% of gross income. Should the short sale fit within these parameters, then the Servicer can issue the approval without asking the investor.

When you are requesting a Short Sale request, it is almost always made to the Servicer. And if the Servicer is delegated, they are able to approve the Short Sale without going to the Investor which saves a lot of time. The time saved is significant— as it easily cuts the Short Sale time for approval in HALF.

Other Articles to Read:

What is a Short Sale?

Short Sale Process – What to Expect

Short Sale Top 10 Questions

Do I Have to Pay for the Real Estate Agents Commission?

Call Stephanie Anson today at 352-260-0153 for a confidential phone interview regarding your options.

Please seek legal advice. This information is for informational purposes only.


Contact Stephanie Anson, CLHMS, CDPE, SFR, Realtor®, Anson Properties LLC. Licensed Realtors® in Florida at 352-260-0153 to list your property for sale or to purchase a property in Gainesville, Archer, Alachua, High Springs, Waldo, Keystone Heights, Hawthorne, Melrose, Cross Creek, LaCrosse, Williston, Earlton, Ocala, Micanopy, Newberry, Kanapaha, Haile Plantation, Duck Pond and the rest of Alachua County Florida, Orange County Florida and Seminole County Florida. We are accepting referrals. Gainesville Short Sale Agents

  

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Gainesville Short Sales Agents Refinancing Bankruptcy Trick

Gainesville Short Sales Agents Refinancing Bankruptcy Trick
The scammer assures you that they can negotiate with your lender to help you refinance your home. The scammer then asks for an upfront fee and disappears with the your money and files a bankruptcy in your behalf without your knowledge.

Yes, filing bankruptcy will temporarily stop the foreclosure, but this is just the beginning of a nightmare. Since you are not aware of it, you are also not aware of ongoing court hearings, and your absence on these hearings will compel the judge to start the foreclosure proceedings. This scenario further creates many other unfavorable circumstances.

Scam Alert: Do not entertain companies or individuals who:

1. Guarantee to save your home from foreclosure even under any circumstance. There is no such powerful company/ individual that can make such wonders.

2. Makes you pay your mortgage dues directly to them and not on your lender. This is ridiculous, you must be able to detect it’s a scam at the moment this is brought up.

3. Shows intent to buy your home for a fixed price that is not in accordance with the present housing market. These kinds of negotiations always have a malicious plan behind. To think, who would buy a property that cost more than the present market value? And are you willing to sell your house for less than its worth?

4. Makes you urgently sign documents that you do not understand. This is one of their tactics so you wouldn’t have to review the pages. Under no circumstance should you affix your signature on any document that you have not examined. And much more if you have to sign via coercion.

5. Advises you to stop contacting your short sale lender and short sale attorney.
At some point during the deal, you may be misled by this proposition. If the settlement offered is legal, then there is no reason you should stop communicating with your lender and attorney. And remember, there is no such means of saving your home through illegal means or under the table agreements.

6. Collects an upfront fee (except attorneys). Charging upfront fees is against the state law of Florida. All fees must only be paid and accepted upon work completion. Common sense will tell you that you have no assurance the work would be done when you pay upfront fees.

7. Requires you to transfer your title to them. Please refer to the Rent to Buy Scheme.

8. Proposes to rent your home from them and then buy it back later. Discussed in Rent to Buy Scheme.

9. Accepts only cash or cashier’s checks for payments. Scammers designed it this way since it is difficult to track down transactions made through cash or cashier’s check since there are no appropriate money transmittal records.

There are strict guidelines regulating the purchase of scammed houses during the short sale process. A penalty of $15,000 is imposed to every infarction. This law refers to the foreclosure fraud CS/HB 643.

Please refer to your state’s law on this issue as laws vary from state to state.

Gainesville Real Estate Agents need to be very careful before they do business with any short sale mitigation company. It would be safe to verify their background and references and check their closing ratios. There are actually no licensing requirements for a short sale negotiator in most states. It would serve you best if you transact with a Gainesville short sale specialist who have assistants that help you do the paperwork and allows you to step into the negotiation process so that everything is transparent.

Other Articles to Read:

Banks Are Calling Homeowners To Solicit Short Sales

Options To Prevent Gainesville Foreclosure when Unemployed

Do I Have to Pay for the Real Estate Agents Commission?

Call Stephanie Anson today at 352-260-0153 for a confidential phone interview regarding your options.

Please seek legal advice. This information is for informational purposes only.

Contact Stephanie Anson, CLHMS, CDPE, SFR, Realtor®, Anson Properties LLC. Licensed Realtors® in Florida at 352-260-0153 to list your property for sale or to purchase a property in Gainesville, Archer, Alachua, High Springs, Waldo, Keystone Heights, Hawthorne, Melrose, Cross Creek, LaCrosse, Williston, Earlton, Ocala, Micanopy, Newberry, Kanapaha, Haile Plantation, Duck Pond and the rest of Alachua County Florida, Orange County Florida and Seminole County Florida. We are accepting referrals. Gainesville Short Sale Agents