A Wells Fargo executive made quite an announcement while on a short sale panel I went to recently… was it anything shocking or new? Not really, but it will have an impact on your Wells Fargo short sales. Let me explain my view on “working with banks” to help us get out of this depreciating […]
The Obama Administration announced that they hope to ‘eliminate’ Fannie and Freddie. The American Tax Payer never really wanted Fannie or Freddie anyway, but the Federal Government made the investment to ‘bail out’ these GSEs a couple years ago. Now, with the upcoming dissolution of Fannie and Freddie, some people are concerned about ‘how will […]
Here we are in January 2011 with Bank of America finally rolling out their ‘cooperative’ short sale program to the masses, on the heels of the Treasury’s announcement to ‘improve’ the guidelines for HAFA. What are the highlights of this Bank of America cooperative program? Well, it has been over simplified by many people who […]
[EDIT July 15, 2011] CLICK HERE to hear about the changes to the MARS disclosure requirements and how it affects Real Estate Agents! As of December 29th 2010 the FTC requires new disclosures to be made by anyone providing mortgage assistance services (which includes loan mods, short sales, or other foreclosure prevention services). Section 322.2 […]
As we’re entering the second half of January 2011 many real estate agents are reevaluating their business plan. Lee and I sat down and recorded our perspective on what we can expect from the real estate market for 2011 on. Our Predictions HAFA will double it’s record in 2011 and help 1400 homeowners! More real […]
I had a bunch of questions emailed to me about the video I did on SB 931. As a result I recorded a new video to answer the questions. Most of them had to do with the impact of SB 931 on approval letters with contradictory verbiage, 2nd liens or second mortgages.
HAFA has been updated! But what is it going to mean to you, me and the homeowners we serve?
We predicted this in late 2009. HAFA has helped 661 homeowners as of the end of 2010. So seeing that the program wasn’t working, there is an update in an attempt to jump start it.
First, they’ve waived the requirements for the bank to check the homeowner’s finances and debt to income ratio. I’m not sure how big a deal this is to the lenders, but we’ll see.
Short Sale Genius is all about getting more done with less effort and time invested. This isn’t laziness in it’s true form, but rather a focus on lifestyle. In an effort to reinforce this mission, in November, at our Short Sale Summit, held in San Diego, we introduced the Instant Implementer Award. While we had […]
The sad fact is this law doesn’t break any new and important ground for real estate agents or homeowners who are trying to close a short sale without future liability. As it is currently, any agent who knows how to negotiate short sales can get the release of liability on a first lien in California without SB 931. So what SB 931 does is make it so any agent can get the release of liability on any first position loan in California.
The House and Senate are working on two bills to determine how the First Time Buyer Tax Credit will be extended from June 30 to September 30, 2010. The Senate version of the bill includes an extension of unemployment benefits while the House version has the tax credit extension as a stand alone.