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At this time last year, Bank of America was on my black list for short sales. I would still work with short sale clients that had Bank of America loans, but I had to make an extra effort to mentally and emotionally prepare sellers for a process that could Read More...
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Have you stopped making your mortgage payments? Are you considering it? If you’re just considering it and haven’t already stopped, read the post, Should You Stop Making Your Mortgage Payments? If you have stopped making your mortgage payments, Read More...
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On April 5th, the government implemented the Home Affordable Foreclosure Alternatives (HAFA) program, designed to standardize and streamline the short sale process. I'll give a brief overview of the program, along with some additional comments (and Read More...
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As short sales are becoming more common, I’m finding that a higher percentage of people who contact me regarding a short sale are still current on their mortgage(s). Many of them have just made the last mortgage payment that they can afford to make, Read More...
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Washington State is a non-judicial foreclosure state, meaning that the lender is not required to sue the borrower in default in order foreclose. Most home loans in Washington State are based on a deed of trust (mortgage instrument) with a “power Read More...
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I’ve received many calls from prospective buyers interested in my short sale listings asking if the listing price has been approved by the bank. On a short sale, the seller owes more than their house is worth, so the seller’s lender(s) must Read More...
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Many real estate agents in Washington State use unlicensed third-party negotiators to handle their short sales. I have always discouraged that practice (see my March, 2009 blog post, Is Your Real Estate Agent Breaking The Law? ). The Washington State Read More...
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Is there such a thing as an unsellable house? There’s a wealth of information available on preparing and staging a house to sell, but what about situations where the house can’t be properly prepared or fixed up to sell? I work a lot with short Read More...
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Consider this scenario: You paid off your house a few years ago now you’re selling it for $300,000. You figure that you would make a better return on your money by offering owner financing instead of cashing out and investing the money somewhere Read More...
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We’ve all seen the horror stories relating to short sales, and some of us have experienced them. As a short sale specialist, I often times find myself questioning the logic of banks. The government has even stepped in on occasion, passing legislation Read More...
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I specialize in short sales, and I’ve observed many actions by banks that seem to defy logic. This particular experience is no exception. A while back, I had a short sale listing that was being negotiated with the bank at $300,000. The buyer ended Read More...
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If you were asked who your lender is—who actually owns your mortgage, what would your answer be? Your mortgage statement may come from Wells Fargo, Aurora Loan Services, Select Portfolio Servicing, or some other lender, so they must own the loan, Read More...
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Can investors help stop foreclosure in Seattle? There are many real estate agents and investors offering to help stop foreclosure in Washington State. Have you been approached by an investor claiming that they can help you stop foreclosure ? The general Read More...
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Do you qualify for a short sale? You may have determined that you wouldn’t be able to sell your house for a high enough price to pay off the existing mortgage(s), and you’re now considering a short sale. You may be in foreclosure or just one Read More...
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Is a deed in lieu of foreclosure a viable alternative to foreclosure? I don't usually spend a lot of time discussing the deed in lieu of foreclosure option, because it isn't used very often for homeowners in Washington State, but several people Read More...
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