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A Rant About Lender Incompetence On Northeast OH Short Sales

Northeast OH – I am so sick of the incompetence and arrogance of people in the banking industry! It seems like the incompetence never ends.

We had a short sale closing last week. The underwriter for the buyer’s lender didn’t like the way the short sale approval letter was worded. They wouldn’t approve the . . . → Read More: A Rant About Lender Incompetence On Northeast OH Short Sales

A Common Northeast OH Short Sale Myth: Everyone Who Short Sells Their Home Will Be Released From The Debt

Northeast OH – Be careful who you take short sale advice from. Unfortunately, not everyone knows and understands short sales.

Here is an example of the myths propagated by people who think they know and understand short sales. I received an email from another agent recently.

Click here to discover how other sellers successfully . . . → Read More: A Common Northeast OH Short Sale Myth: Everyone Who Short Sells Their Home Will Be Released From The Debt

USA Short Sale Deficiencies On

Northeast OH – Another common type of loan that does not usually have a deficiency is a “Sliced and Diced” loan. A “Sliced and Diced” loan is a loan that has been securitized along with a bundle of other loans.

Here is how that happened. John gets a loan from ABC Bank. ABC Bank . . . → Read More: Northeast OH Short Sale Deficiencies On “Sliced & Diced Loans?

Northeast OH Short Sales: Is Renting or Buying Back a Short Sale Mortgage Fraud?

Northeast OH – In many cases, short selling your home and then renting or buying it back is considered mortgage fraud. Because loan modifications are so difficult many homeowners are considering selling their home and then renting it from the new owner.

Many homeowners look at this as the best way to get their . . . → Read More: Northeast OH Short Sales: Is Renting or Buying Back a Short Sale Mortgage Fraud?

Northeast OH Short Sales: Why Would a Bank Issue an Extension on a Short Sale Approval Letter?

Northeast OH – The most likely reason why a bank would accept to issue an extension on a short sale is because the bank prefers to do the short sale over the foreclosure.

This is a reason why your agent needs to continue to tell them on why the short sale will be beneficial . . . → Read More: Northeast OH Short Sales: Why Would a Bank Issue an Extension on a Short Sale Approval Letter?

Northeast OH Short Sales: Will Banks Issue an Extension on a Short Sale Approval Letter?

Northeast OH – Under normal circumstances, banks are not required to extend the closing of a short sale. The last thing a buyer would want to hear is that their mortgage lender can’t perform especially after waiting for a number of months to buy a home.

Click here to discover how other sellers successfully . . . → Read More: Northeast OH Short Sales: Will Banks Issue an Extension on a Short Sale Approval Letter?

Northeast OH Short Sales: Will Bank Of America Approve Short Sales With No Deficiency?

Northeast OH – The Stop Foreclosure Institute recently received this question from another agent. Here was his question.

“”Have you had any luck getting short sales done with no deficiency with Bank of America? My seller is a young couple. They received a job transfer but are very upside down on the house. David”

. . . → Read More: Northeast OH Short Sales: Will Bank Of America Approve Short Sales With No Deficiency?

Northeast OH Short Sale Question About Deficiencies

Northeast OH – The Stop Foreclosure Institute recently received a question from Chris. Here was his question.

“I just got an approval from a large national lender this morning and the approval letter stated the following: “Promissory Note of 0.00.” What does a Promissory Note of 0.00 imply?

It shows the promissory note of . . . → Read More: Northeast OH Short Sale Question About Deficiencies

Northeast OH Short Sale: My Lender Is Charging The Buyer A Fee To Buy My House

Northeast OH – The Stop Foreclosure Institute recently received a question from Brandon. Brandon is selling his house and something very interesting happened.

Brandon’s Question: “My loan is with American Home Mortgage (AHMSI for short.) They are charging a 1% short sale processing fee to the buyer. Is that legal? The buyer is upset. . . . → Read More: Northeast OH Short Sale: My Lender Is Charging The Buyer A Fee To Buy My House

Northeast OH Short Sales: Does Fannie Mae Pursue Deficiencies?

Northeast OH – The Stop Foreclosure Institute recently received a question from Steve. Here is his question.

“We are doing a short sale with one of the largest nationwide banks. I told them I wouldn’t do the short sale unless they specifically changed their short sale approval letter to completely release me from the . . . → Read More: Northeast OH Short Sales: Does Fannie Mae Pursue Deficiencies?