content top

Fannie Mae Short Sale : Completing Deal ...

Fannie Mae Short Sale : Completing Deal Change
Fannie Mae short sales are worked in their own portal called www.Homepath.com , for short sales its www.homepathforshortsales.com. Most Fannie Mae Short Sales are worked by the mortgage servicer until a certain milestone and then moved to Homepath for the completion of the review. Most servicers will submit the file to Fannie Mae once there is a value on file and a complete package for...

Short Sale Decline : Property not on Mar...

Short Sale Decline : Property not on Market for sufficient amount of time
Short Sale Decline due to Property not on Market for sufficient amount of time ? Fannie Mae and Freddie Mac implemented a new guideline a few years back that required a property to be on the Market for 5 business days and a full weekend before an offer could be accepted. Properties not marketed on the MLS for the 5 business days and a weekend have been getting a short sale decline and...

California reverse mortgage short sale

California reverse mortgage short sale
When you are in a Reverse Mortgage Short Sale position the reverse mortgage on the property has no equity and the property is put up for sale and the proceeds of the sale will not fully satisfy/payoff the loan on the property. Novad Management Consulting is the newest loan servicing contractor for Home Equity Conversion Mortgages (HECM also known as a Reverse Mortgage ), as well...

Novad Short Sale : HUD Declines all acco...

As of recently there has been an increase in declines for short sales on HUD backed FHA mortgages going through a short sale review that are more than 40 Months past due. Neglecting the size of the short sale, the qualifications of the borrower, or offer meeting all terms of an issued Approval to Participate ( ATP ) HUD has been declining these transaction. The worst part of this is...

Wells Fargo Short Sale : Wells Fargo won...

Wells Fargo Short Sale : Wells Fargo wont complete interior value
As of recently Wells Fargo has been very hesitant to complete interior values for their Wells Fargo owned assets during a Wells Fargo Short Sale. Per Wells Fargo escalations Wells Fargo is no longer ordering interior values on their Short Sales unless they have a verifiable reason to absolutely need to complete their valuation and take into consideration the interior of the property...

Novad Short Sale Escalations

Novad Short Sale Escalations
When you are going through some difficult challenges on a FHA short Sale , have any FHA short sale guideline related questions or issues during a short sale review then you need to open up a ticket with HUD to get a HUD counselor involved in the processing of the FHA short sale.  As of October 1, 2014, Deval LLC will no longer be HUD’s loan servicing contractor as Novad management...

Home Equity Conversion Mortgage Short Sa...

Home Equity Conversion Mortgage Short Sale
A Home Equity Conversion Mortgage Short Sale also know as HECM and a Reverse Mortgage is a mortgage in which a homeowner relinquishes equity in their home in exchange for regular payments, this is typically to supplement retirement income. A difference between a reverse mortgage and a traditional mortgage is unlike traditional mortgages, which decline as you pay down the loan, reverse...

Ditech Short Sale Help

Ditech Short Sale Help
As of August 31, 2015 Green Tree mortgage became Ditech. Green Tree Servicing and Ditech Mortgage Corporation combined to become Ditech Financial LLC. This means that all loans being serviced by Green Tree will now be handled by Ditech. All Green Tree Short Sales are now a Ditech Short Sale. Nothing has really changed in regards to the short sale process, a Ditech short sale is being...

Processing a successful Short Sale

Processing a successful Short Sale
Many Agents pass up on a lot of possible deals and miss out on hundred’s of thousands in commissions a year out of the fear of a short sale. Maybe its a lack of experience, knowledge, time, or a combination of all that keeps you away from a short sale, but even if you are processing your first one you too can process a smooth transaction. The first thing you must do if you have never...

4 Helpful Tips for Purchasing a Short Sa...

4 Helpful Tips for Purchasing a Short Sale property
Short Sales continue to close nationwide and the number of properties in foreclosure are seeming to begin to pick up again, If you are looking in the right places and for the right factors you can still find opportunities for some great bargains. Short sales allow borrowers struggling to make their payments to put their homes up for sale for an amount that is less than what they owe...

Freddie Mac Value Dispute

Freddie Mac Value Dispute
Freddie Mac Short Sales can be a Challenge as it is, Freddie Mac has been known to counter Short Sale buyers above the Market Value of subject Property at times as well. So what do you do if Freddie Mac Has a Inflated Value? Or Counters Short Sale Buyer above Value ? After years of Processing  Freddie Mac Short Sale Transactions this has been a  re-occurring challenge with this...

Dream Builder Investments issues with se...

Dream Builder Investments issues with servicing company
2nd liens owned by , serviced , or recently service released to DBI( Dream Builder Investments) are going through some great frustration trying to deal with DBI because DBI is currently going through a transition with their servicing company. According to DBI( Dream Builder Investments) CEO Peter Andrews the transition had been a lengthy one due to on going negotiations with the new...

Novad Reverse Mortgage Short Sale

Novad Reverse Mortgage Short Sale
When you are in a reverse mortgage short sale position the reverse mortgage on the property has no equity and the property is put up for sale and the proceeds of the sale will not fully satisfy/payoff the loan on the property. Per HUD novad management consulting is the newest loan servicing contractor for home equity conversion mortgages (HECM also known as a reverse mortgage ), as...

Mortgage Forgiveness & Debt Relief ...

Mortgage Forgiveness & Debt Relief Act
The 2016 Appropriations Bill (H.R. 2029) was passed by Congress and it has been signed by the president Barrack Obama on December 18th, 2015, as part of this bill the Mortgage Forgiveness & Debt Relief Act of 2007 was also extended through 2016. This extension is huge for borrowers and homeowners who are suffering with an underwater home and facing potential foreclosure and even...

Making Home Affordable Programs will exp...

Making Home Affordable Programs will expire December 31st 2016.
The federal government’s Home Affordable Modification Program (HAMP) and Home Affordable Refinance Program (HARP) as well as the  Home Affordable Foreclosure Alternative program (HAFA) were originally due to expire on December 31st 2015. The Federal Housing Finance Agency (FHFA) announced that the popular mortgage refinancing, modification, and foreclosure alternative programs will be...

Chase HAFA Short Sale

Chase HAFA Short Sale
As of February 1, 2015 the Making Home Affordable (MHA) Program increased the HAFA relocation incentive for qualifying occupants from $3,000 to $10,000. Chase HAFA Short Sales offer $10,000 when qualified as the program changes affected all mortgage servicers and investors who participate in the program. Chase HAFA Short Sale program guidelines state that a borrower, tenant, or other...

Bank Of America HAFA Short Sale

Bank Of America HAFA Short Sale
  Beginning February 1, 2015 the Making Home Affordable (MHA) Program has increased the HAFA relocation incentive for qualifying sellers to $10,000. Bank Of America HAFA Short Sales are now offering $10,000 when qualified as the program changes have affected all mortgage servicers and investors who participate in the program. The updated Bank Of America HAFA Short Sale program...

Ocwen HAFA SHORT SALE

Ocwen HAFA SHORT SALE
Beginning February 1, 2015 the Making Home Affordable (MHA) Program has increased the HAFA relocation incentive for qualifying sellers to $10,000. Ocwen HAFA Short Sales are now offering $10,000 when qualified as the program changes have affected all mortgage servicers and investors who participate in the program. The updated Ocwen HAFA Short Sale program guidelines state that a...

Chase Short Sale Eligibility Review

Chase Short Sale Eligibility Review
Chase Bank has made some recent changes to their Short Sale Processing Guidelines and procedures that have changed the way the big mortgage servicer has processed their Short Sales for years. Early in 2015 Chase implemented a new guideline and procedure that would require a borrower interested in short selling their property to first go through an eligibility review. Previously if you...

Wells Fargo HAFA Short Sale

Wells Fargo HAFA Short Sale
Effective February 1, 2015 the Making Home Affordable (MHA) Program has increased the HAFA relocation incentive for qualifying sellers to $10,000. Wells Fargo HAFA Short Sales are now offering $10,000 when qualified as the programs changes have affected all mortgage servicers and investors who participate in the program. The updated Wells Fargo HAFA Short Sale program guidelines state...

Wells Fargo Modification and Re-entry De...

Wells Fargo Modification and Re-entry Department
Wells Fargo is one of the most challenging servicers to complete a Loan Modification with; if you have ever attempted to complete a Wells Fargo modification then you may agree. Wells Fargo is one of the most nit picky servicers when it comes to analyzing all of the Borrowers financials and they can at times request supporting documents that most servicers do not. For Example While...

HAFA Relocation Incentive $10,000 starti...

HAFA Relocation Incentive $10,000 starting 02/01/2015
Effective February 1, 2015 the Making Home Affordable (MHA) Program has increased the HAFA relocation incentive for qualifying sellers to $10,000. The updated program guidelines state that a borrower, tenant, or other non borrower occupant who live in the home as their primary residence and must relocate as part of the HAFA short Sale may be eligible to receive a relocation incentive...

California Transition Assistance Program...

California Transition Assistance Program (TAP)
Financially distressed California homeowners who can no longer afford their homes may be eligible for financial assistance through part of the Transition Assistance Program (TAP).     If you have financially distressed California clients and or if you are a California Homeowner pursuing a short sale or a deed in lieu of foreclosure, because you can no longer afford the property the TAP...

Freddie Mac Countering Above Market Valu...

Freddie Mac Countering Above Market Value
Freddie Mac Short Sales can already be a Challenge as it is, but lately Freddie Mac has been countering Short Sale buyers Above the Market Value of subject Property. After years of Processing  Freddie Mac Short Sale Transactions this has been a  re-occurring challenge with this investor that can SOMETIMES be very easy to over come. I emphasize sometimes because with every transaction...

How to Get Auhthorized With Ocwen

How to Get Auhthorized With Ocwen
There are different approaches available when authorizing a 3rd party on a Ocwen Account. In this Article you will learn the fastest and most convenient methods to authorize or get authorized on a Ocwen account. The Most dated and slowest way to get Authorized is mailing a letter of Authorization, this way has mostly been  fazed out due to the length of time it could take for a...

NationStar/Auction.com Short Sale

NationStar/Auction.com Short Sale
Nation star has begun to use Auction.com in a lot of their short sales, what began as some “Investor Specific” loans going through this process seems to have increased to most of their Short Sales and even referred to as an  “offer validation process”. Their involvment can sometimes hurt the transaction, but also can better the situation and in some cases...

Initiating Your Short Sale

Initiating Your Short Sale
Sending documents to a mortgage servicer can be a nightmare, and can make submitting and initiating a short sale sometimes very difficult. The Best method to submit your initiation package is via email, keep in mind some mortgage servicers stuck in the past do not have an email address specifically for this. Fax is the second best and mail being last.With big servicers their intake of...

Ocwen Contacting your clients for Docs a...

Ocwen Contacting your clients for Docs already Submitted?
Ocwen Loan Servicing a lot of time when reviewing a borrower for any sort of work out options, weather it be a short sale or loan modification, they send Automatically generated notices to the borrower via mail advising what documents are needed at the current stage of their review. Good deal right? Not quite. A lot of the times when these sort of notices reach the borrower they no...

How To: Loan MOD

As a Borrower your knowledge of the inner workings of a mortgage servicer is limited, making something like attempting to Apply for a Loan Modification Review very intimidating. The first thing you must do if you decide to pull the trigger on applying for a loan modification is prepare your self. Determine what your servicer will require to review a loan modification, some mortgage...

HSBC Agent Comission Restrictions

HSBC Agent Comission Restrictions
Before you begin to process a Short Sale with HSBC its extremely important to know that HSBC has some very strict guidelines on the commissions they will allow paid from the proceeds of the sale. A lot of Agents who Double end deals with HSBC, or tag team them with a fellow associate from their brokerage that have not done their homework into these regulations always find out the Hard...

Recording a Subordination Of lien

If you are processing a subordination of lien in los Angeles county it is possible to have the subordination recorded your self through a priority recording. It is important to stay on top of both mortgage servicers from the beginning and determine what their procedure is when it comes to subordinations and what departments you will be working with. Once the correct parties and...

How to Negotiate a smooth and easy Short...

How to Negotiate a smooth and easy Short Sale
Many Agents pass up on a lot of leads and miss out on possible hundred’s of thousands in commissions a year out of the fear of a short sale. Maybe its a lack of experience, knowledge, time, or a combination of all that keeps you away from a short sale, but even if you are processing your first one you too can process a smooth transaction. The first thing you must do if you have...

Interest Rates on a rise

Interest Rates on a rise
Lenders are very anxious to begin lending during the current upswing of the housing market as rates might never be this low again. Everyone is taking advantage of the current rates in fear that they will only keep rising,  and that has been a huge factor in the markets slow recovery. This buying frenzy might be good for the economy, but it could also mean an end to the record low...

QUICK AND EASY WAY TO GET YOUR MORTGAGE ...

Borrowers with a Freddie Mac and Fannie Mae backed mortgage who are at least 90 days behind on their payments have been receiving offers directly from their investor to lower their mortgage payments. Thanks to a new effort called the Streamlined Modification Initiative, borrowers are now receiving aid without the lengthy application process. Back in May the Federal Housing Finance...

OBAMA ADMINISTRATION EXTENDS MAKING HOME...

The Making Home Affordable Programs have been a critical part of the Obama Administration’s effort to prevent struggling homeowners from falling into foreclosure and stabilize the housing market from the historic housing crisis. The dead line for applications was previously December 31, 2013, as of May 2013 the dead line was extended to December 31,2015 to align with the deadline...

OCWEN Loan servicing no longer accepting...

If you have been reviewed for any kind of mortgage assistance program and have provided financials to your lender  then you have probably claimed a family cash contribution as income to be considered in your financial evaluation. Well OCWEN loan servicing beginning late may has stopped accepting cash contributions as considerable income. you  can no longer have your son, daughter,...

WHAT IS A SHORT SALE?

A short sale is a sale of real-estate when the proceeds of the sale do not cover the full amount of the debt owed on the property, the lien holders agree to accept less of the amount owed on the debt and release their lien on the real-estate. There are different types of short sales and short sale programs. Traditional, Hafa, va, fha. A short sale is often used as an alternative to...

What is a Loan Mod?

A loan mod is the process of working with your lender to modify your loan.  When you do a loan modification you are simply restructuring the current terms of your loan. You are not creating a new loan but can cut the rate and years of your loan down.  There are different types of loan modifications. The most common mods are traditional modifications and HAMP modifications. In a...