Knowing When To Flex Your Muscles On Short Sales

August 8, 2012 By

Atlantic Coast Title Group specializes in short sale processing and from time to time we find that we have to flex our muscles to get them approved. 

At times the negotiators for the short selling lender will not agree with us over a myriad of different issues. The most common issues are as follows:

  1. Sales Price
  2. Amount to pay the second lien(mortgage)
  3. Amount to pay on delinquent HOA dues
  4. Approving the sellers hardship

Many times negotiators are just missing in action and/or the file is constantly re assigned new negotiators. Fortunately for us we know which lenders are problematic and we know when and whom to escalate the file to. 

If your a real estate agent or a seller we are just a call away. We are happy to answer your questions and give you the best advice possible for any given situation. 

Call us at 561-624-9422 for more details.

Filed Under: Foreclosure, Home Buying, Home Selling, Mortgage, Short Sale Tagged With: , , , , , , ,

Does A Borrower Need To Be Late On Payments To Do A Short Sale

June 19, 2012 By

 

Maybe. Maybe not. Some lenders/investors will require the Borrower to be 30/60 days late to receive short sale approval and some won't. We are a company who has successfully handled lots of Short Sales we still haven't figured out what triggers the "You must be late" requirement.

 

Recently we have experienced the following:

 

  • Sellers that have a legitimate hardship such as illness or job loss are more likely to be granted an exception on being late in order for the short sale to get approved. 
  • Every Lender/investor is different and we have closed short sales where the borrower did not have a true hardship. Many times these approvals take longer because they are less of a priority to the lender and in some cases a seller contribution may be required in order to receive a waiver of deficiency. However, we almost always are able to get the approvals.

It appears that there Is no set standard for whether a borrower must be late as each short sale is unique and each lender looks at the process of approval differently. 

Our best recommendation would be to initiate the short sale to determine what stance the lender is going to take. 

We are available for questions at 561-624-9422.

Filed Under: Foreclosure, Home Selling, Short Sale Tagged With: , , ,

Bank Of America Set To Offer Up To $30,000 To Short Sale

May 16, 2012 By

 

Bank of America said Tuesday it’s launching a nationwide program that pays homeowners as much as $30,000 to complete short sales.

The lending giant tested a similar program in Florida last year from Sept. 26 through Nov. 30, and nearly 11,000 Florida borrowers verbally agreed to complete their short sales by August of this year. So far, 847 of the deals have closed.

The average payment as part of the Florida pilot is $12,000, the bank said.

To qualify for the national program, a seller must work with Bank of America to obtain a preapproved price prior to submitting an offer from a prospective buyer. The short sale must be started by the end of 2012 and close by Sept. 26, 2013. Also, Bank of America must own and service the mortgage.

Homeowners who now are in the process of a short sale with Bank of America may be eligible for the program.

The amount of money homeowners receive “will be determined on a case-by-case basis using a calculation that includes the value of the home, amount owed and other considerations,” Bank of America said in a statement.

In a short sale, a lender allows a borrower with a financial hardship to unload the property for less than the mortgage amount. The transactions are faster than foreclosures, helping banks get troubled loans off their books.

In recent years, some banks have given a few thousand dollars to borrowers who leave their foreclosed homes in good condition. Last year, lenders started giving cash to homeowners who complete short sales as an incentive to cooperate.

Bank of America says it expects the national program to get the greatest response from homeowners in Florida, California, Nevada, Arizona and other states hammered by the housing crash.

Call us at 561-512-3567  or comment below before apply with BofA.  (we have some tips you must know about this program)

Filed Under: Mortgage, Short Sale Tagged With: , , ,