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Common Short Sale Misconceptions

by Atlanta Short Sale Agent on June 15, 2010

Common Real Estate Short Sale Misconceptions

  1. The bank owns the home – Nope! The home owner owns it until the bank takes it in foreclosure (or deed-in-lieu).
  2. All offers on the home go to the bank – Actually, by Georgia Real Estate Law, all offers need to go the seller.  If the seller decides to send them all to the bank or just one, that’s up to the seller. [click for more short sale info...]

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Who Are The Real Short Sale Experts? Part 2

by Atlanta Short Sale Agent on June 11, 2010

Key Questions For Determining Short Sale Expert Status

Last time we talked about the other people that try to help. There are certainly well meaning individuals out there that are qualified and can help.  However, more often then not, these “other” people are looking for another angle to get paid on the short sale than just what the bank has to offer.

Real Estate Agents

Although it’s a bit biased opinion, Real Estate Agents are typically the ones that you should be turning to, especially if the only debt you are dealing with is your home. [click for more short sale info...]

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Who are the Real Short Sale Experts?

June 9, 2010

Key Questions to determine if you’re dealing with a True Short Sale Expert
If you are in the unfortunate majority of home sellers who are upside down on your home and needing to move, it can be a stressful situation.  Add to this the complexity of choosing someone to help you.  You have supposed short sale [...]

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Loan Modification – Letter from the Bank, Post-op

May 8, 2010

I received this e-mail recently regarding some loan modification completions that we had recently done.
“After the assignment has been completed and submitted, check back with the homeowner in one to two weeks.  More often than not, the homeowners you contact will not be able to recover financially. For whatever reason, it doesn”t [...]

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GMAC Short Sale Exchange

May 7, 2010

The more short sales simplify the more they get complicated, instead of complaining about it here, I thought I would show you from quotes from e-mail correspondence with GMAC Loss Mitigation department:
Hi,
Thank you for submitting an offer.  I have a counter offer for your offer. If possible, you should reply to this note through Equator [...]

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Even More HAFA (Home Affordable Foreclosure Alternative) Information

April 12, 2010

It is important to note that lenders are not required to participate in the Making Home Affordable Program, and those which choose to participate have their own internal guidelines for how the program works within their company. In order to determine what internal guidelines are offered through your client’s lender you [...]

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HAFA (Home Affordable Foreclosure Alternative) Qualifications

April 10, 2010

I’ve been fielding calls about the HAFA program for the last month and it’s so unfortunate that the “powers that be” decided to market this program so heavily but did not decide to use their “power” to inform the public. Here’s a quick run down of the qualifications:

You must be 60 days behind
Your home [...]

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HAFA – Home Affordable Foreclosure Alternative – Video to Realtors

April 8, 2010

Understanding HAFA is going to take some time from Realtors and home owners alike. What this video fails to mention is that only 30% of the loans out there would even be eligible for this program. The shocking part is that what % of that 30% actually qualify by being behind 60 days [...]

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Short Sales Aren’t Short or Simple

March 24, 2010

Short Sales can be really simple, or very complex. Let’s us a real life example of a short sale we are working on with Suntrust.
In this example, Suntrust is just a servicer, while another “investor” is holding the “investment”  Suntrust takes orders from this investor which can delay the process significantly.   This situation [...]

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You HAFA learn about HAFA

March 23, 2010

The HAFA (Home Affordable Foreclosure Alternative) programs is going to be rolled out on April 5th and there’s a lot of hub-bub about it.  Let me ask you, did you remember or notice the HAMP plan?  Probably not.  Home Affordability Modification Program was a failure.  With good intentions, the servicers found out ways to get [...]

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