Is Chase Really Giving Phoenix Short Sale Homeowners $20,000? This was the question I received last week from someone who had received one of the now-famous letters (famous thanks to great blogs written by Tony Marriott, Bryant Tutas, and Katerina Gassett). Unfortunately, I hadn’t heard of the program until receiving this phone call. Naturally, I…
Fannie Mae Now Issuing Fines To Servicing Lenders Who Don’t Foreclose In A “Timely Manner”! On August 31, 2010, Fannie Mae released Announcement SVC-2010-12, “Foreclosure Time Frames And Compensatory Fees For Breach Of Servicing Obligations”. This announcement acts as a supplement to the Servicing Guide, which gives servicing agencies the Fannie Mae “rules for foreclosure”….
Miss Out On A Fannie Mae Short Sale? Just Wait Two Weeks! Over the past two months, I’ve noticed a trend with failed Fannie Mae short sales in the Arizona pre foreclosure market. We’ve had at least 5 cases where our buyers lost short sales because Fannie refused to extend the foreclosure dates. In all…
Making Sense Of The Mortgage Crisis-How The FDIC Loss Share Program Is Hurting Homeowners In September/2009 I wrote a blog titled “Is The FDIC Killing IndyMac OneWest Bank Short Sales & Loan Modifications?”. In February/2010, the folks at TBWS used this blog to create a video that ending up going “viral”. If you watch the…
OneWest Short Sale Dept Gets Caught In A Lie-In Writing Today, we once again caught OneWest in a lie, but this time they screwed up and put it in an email to us. Let me explain what happened. We turned in a short sale package on August 16, 2010. First, they told us that they…
Right of Offset-Yet Another Trick Up The Lenders Sleeve Folks, this is scary stuff. Yesterday, I received a call from one of my clients, telling me that her bank recently withdrew money out of her account to pay part of her missed mortgage payments. We are in the middle of the Arizona pre foreclosure process,…
AHMSI Short Sale Department-Are They Greedy Or Just Plain Stupid? On July 14th, 2010, I wrote a blog titled “Congratulations AHMSI Short Sale Department… You Just Bought Your Investor Another House!“. Had I known then what I know now, the title to the post would have read something like this; “AHMSI Just Lost Over $50,000…
Divorce With An Underwater Mortgage-Short Sale, Foreclosure, or Bankruptcy In Phoenix, Arizona Unfortunately, in recent months, several of my Arizona pre foreclosure clients are not only going through the emotional stress of having an underwater mortgage, but are also contemplating (or are in the process o)f going through a divorce, trying to decide between a short…
Attn Distressed Homeowners & Listing Agents-BEWARE OF THE NEGOTIATOR/INVESTOR! If you are a Real Estate Agent who specializes in helping homeowners through the Arizona pre foreclosure process by helping them short sell their home, you’ve undoubtedly received phone calls from investors. Usually, the conversation starts off with the caller asking for details about the home (i.e….
Congratulations AHMSI Short Sale Department-You Just Bought Your Investor Another House! The only thing I hate more than reading “rants” by agents is actually writing them myself. That being said, I’m about to write what many will consider to be a “rant”. I’d rather justify it in my own mind as being a way to…
