Buying a Short Sale with CASH

A new trend seems to happening to folks buying short sales with cash. With a cash buyer there is no need for the property to have “value comps” to justify and approve a loan, banks can use an inflated market value BPO/appraisal to see if the unsuspecting buyer will pay more and take their “bait”. [...]

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Mar 09, 2011  |  Comments 0  |  Read More

How does a HELOC affect the Short Sale

If you are about to do a short sale and have a second lien, you should be aware of what type of loan it is. Usually if the second is “purchase money” meaning the second loan was made at the time of purchase you have a chance of walking away without a deficiency. (ex. 80/20 [...]

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Feb 21, 2011  |  Comments 0  |  Read More

January 2011 Foreclosure stats and median price points

Here are some stats provided by CNN last week from 10 cities across the nation. Notice Dallas and Houston both made the list. Thank goodness for the drivers that continue to move our economy forward and keep our unemployment lower than any other state. Not only that, but we have some of the most affordable [...]

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Jan 31, 2011  |  Comments 0  |  Read More
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Legal terms associated with a Texas-Short-Sale

If you are behind on your payments and are considering your property options, a few confusing legal terms may come up about foreclosure. I will make some sense of them for you. In Texas, lenders may foreclose on deeds of trusts or mortgages using either a judicial or non-judicial process. What is the difference? JUDICIAL [...]

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admin | Jan 24, 2011 | Comments 0
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The Importance of the Hardship Letter

The more short sales I do, I have found that the most important document of the short sale package is the hardship letter. It is read by a real person (loss mitigator) that have emotions and cannot help be influenced by a sincere hardship story. Please remember not to be embarrassed about your situation, create [...]

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admin | Aug 31, 2010 | Comments 2
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Fannie and Freddie to join HAFA Program

August 1 is the start of a new government program for what looks like all conforming loans. Until now the HAFA program was limited to only nonconforming primary residence loans. Now the conforming loan segment has entered the HAFA arena. It is supposed to be similiar to the original HAFA program, with a few minor [...]

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admin | Aug 02, 2010 | Comments 0
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Fannie Adds Incentive to Avoid Foreclosure for future Texas buyers

Beginning in July, Fannie Mae will allow financially troubled home owners to complete a “deed in lieu of foreclosure” or a short sale and be eligible to apply for a new Fannie-backed mortgage in two years. Currently, borrowers who have completed a deed-in-lieu must wait four years to apply for a loan that Fannie will [...]

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admin | May 03, 2010 | Comments 3
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Updated HAFA guidelines for Dallas Short Sales

Here are updated guidelines as of March 2010. I’m sure this s not the last of changes or updates going forward.  Servicers who wish to participate must complete their applications by 10/03/2010 (was 12/31/2009)  Latest “Supplemental Directive” was issued 03/26/2010 (was 11/30/2009)  Added evaluation criteria: Property may be vacant 90 days prior [...]

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admin | Apr 30, 2010 | Comments 0
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New HAFA Short Sale Regulations affect Dallas preforeclosures

What do these new short sale guidelines mean to you? The new federal push provides lenders with financial incentives to accelerate the short sale process — $1,500 for servicers to cover administrative costs and up to $2,000 for investors, according to the National Association of Realtors. Still the guidelines are voluntary, and to be eligible [...]

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admin | Apr 28, 2010 | Comments 3
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Streamlined Short Sales

There has been allot of rumors out there the treasury will step in to either take over or mandate a response time for servicing companies to respond to short sale offers. There is talk that there will be a required 21 day response time either by acceptance, rejection or counter to the seller. Supposedly there [...]

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admin | Sep 25, 2009 | Comments 12
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