Short Sale Power Hour

Last Friday we spoke about a commission disagreement with Condor Capital. They are not really a servicer of loans. They are actually a buyer of loans. They call themselves a scratch and dent lender. It turns out that Condor Capital goes out and purchases up the worst loans out there for a specific fraction of the outstanding balance. Then they pass them off to their loss mitigation team and try to turn a profit. They do this through completing short sales and additional techniques.

Short Sale Shift

Every once in a while, we want to voice our frustrations to maintain our sanity in the difficult short sale business. It also helps us keep fueling the fire to fight the banks because certain days are more difficult than others.

We don’t loathe Wells Fargo. Nonetheless, they are failing us today. The loan that we are having troubles with is an FHA loan. So, that might be part of the problem holding things up. We will have to escalate with this folder. Here is the account.

Short Sale Shift

Every once in a while, we want to voice our frustrations to maintain our sanity in the difficult short sale business. It also helps us keep fueling the fire to fight the banks because certain days are more difficult than others.

We don’t loathe Wells Fargo. Nonetheless, they are failing us today. The loan that we are having troubles with is an FHA loan. So, that might be part of the problem holding things up. We will have to escalate with this folder. Here is the account.

Short Sale Power Hour

Kevin Kauffman is united for forgettable Friday by the forever dapper, Coach Collard. We’ve got a small scenario to share with you today about a listing that Fred and Kevin took in November of 2008.

So, a year and a half ago, Kevin and Fred took a listing in the Scottsdale, AZ area listed at $330,000. That is what the property was worth in November of 2008. Remember that the market was still plunging progressively at that time. They received an offer at $330,000 and took it to lender. Utilizing the same short sale practice, they kept getting rejected. There was a disagreement on the value of the house and were repetitively rejected through January of 2009.

Specifically what options can a mortgage company have to get the court to hear a motion to force the hand of one party to sign papers to sell a house. There are two parties involved, but one is dragging their feet. There is no disagreement over the validity of the mortgage or that foreclosure is imminent. The stalling party continues to delay the proceedings by switching attorneys and then being granted a continuance. There is a buyer for the house, but needs the signature of both parties to continue. Given that the financial interest of the mortgage company is clear, can they file a AC brief?