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Short Sale News

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Short-Sellers, Act Now or Face Big Tax Bill

The tax clock is ticking for homeowners considering short sale and those facing foreclosure. If they don’t officially get rid of their mortgages by the end of the year, they could receive jaw-dropping tax bills — unless Congress acts soon. … Continue reading

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Bank Of America Short Sale

Bank of America short sales earned well deserved black marks, say many short sale agents, beginning in 2005 and lasting well into 2009. Bank of America’s reputation was so bad that some real estate agents refused to list a short … Continue reading

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Fannie Mae will directly approve short sales

In an effort to prevent foreclosures and help stabilize communities,Fannie Mae introduced its HomePath for Short Sales tool to help assist common short sale challenges. The escalation tool is available to any real estate professional working on a short sale that … Continue reading

What is a Short Sale

 What is a short sale? Although the short sale process can be somewhat lengthy, a short sale can help a homeowner get out from a mortgage debt that they can no longer afford and can also result in a good … Continue reading

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Short Sale Document Checklist

Following is the lender package that I require all short sale clients to complete. When it comes to short sales, the devil is truly in the details. Required Items: Before the Sales Contract 1. Cover letter 2. Table of contents … Continue reading

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Understanding the HAFA Short Sale Program

The HAFA Short Sale Program has great benefits, but is riddled with challenges that even seasoned professionals struggle with. Troubles with the HAFA Short Sale Program I was just out cruising the Internet and I read a blog post where an agent … Continue reading

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Some improvement in California foreclosures

Statewide foreclosure numbers released Thursday illustrated the depth of California’s real estate crash. While August numbers for numerous Golden State jurisdictions and the state itself were a vast improvement over the recent past, many still ranked among the worst in … Continue reading

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Second-lien holders put drag on short sales

Tom Axon’s mortgage collection company gets about 25 calls a day from delinquent homeowners’ brokers seeking approval to sell their houses for a loss and avoid foreclosure. We’ll help, the staff at Franklin Credit Management tells them, as long as … Continue reading

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Bank of America to Cut Short Sale Approval Times in Half

Beginning Saturday, Bank of America will initiate a new process for reviewing short-sale proposals that is designed to cut approval time in half. According to BofA’s website for real-estate agents, realestateagent.bankofamerica.com, the new short-sale process will enable bank employees to … Continue reading