Tweet Video testimonial from a seller/client of one of the agents in my office at John L. Scott/Kent North. I handled the short sale end of the transaction. Two liens involved and no remaining deficiency as a condition of the sale–I’ll let him tell the story.… Continue Reading
Tweet If you are a real estate agent in 2010 and you intend on doing a lot of business, you’re going to be involved in a lot of short sales. For the vast majority of agents it’s just unavoidable. Right now about a third of the closed transactions throughout the MLS are short sales or… Continue Reading
Tweet Yesterday I received final approval for a short sale from Wells Fargo. The home in question is a 1950′s rambler in the Cascade area of Renton, WA. The loan was an FHA 100% cash-out refinance of $305,000 taken out in Feb. of 2008.… Continue Reading
Tweet Announcing Wednesday that it was participating in the Obama administration’s Second Lien Modification Program (2MP), Wells Fargo became only the second major servicer after Bank of America, to agree to participate in the program. As I stated in a recent post,… Continue Reading
Tweet Bank of America says it has systems in place to begin implementing the administration’s Second Lien Modification Program as soon as the Treasury releases final program policies and guidelines. Known as 2MP, the program was introduced last April but no lender… Continue Reading
Tweet The seven month legal saga which began in August, 2009 ended when Judge Jed S. Rakoff of the Southern District of New York, approved the previously rejected settlement between Bank of America and the Securities and Exchange Commission over its merger with Merrill Lynch. Summing up what he thought of the controversial deal that… Continue Reading
Tweet After talking to hundred’s of homeowners in default, I have to hand to them because it seems that the toughest thing to do is make a decision to let go.… Continue Reading
Tweet Although efforts to avert foreclosures through loan modifications have slowed the rate of foreclosed homes, two recent studies predict that most efforts to modify loans with easier terms will only delay, not prevent, the loss of homes to foreclosure. The studies—by John Burns Real Estate Consulting Inc. and Standard & Poor’s Financial Services LLC—reach… Continue Reading
Tweet The Federal Trade Commission has proposed a new rule that would prohibit third parties, including loan modification specialists and loss mitigation attorneys, from collecting payment for foreclosure prevention services until after they obtain a documented offer from a lender or servicer for a modification or other form of mortgage relief. In an effort to… Continue Reading