Short Sale Power Hour

We’ve been observing an increase in questions concerning IBM and LBPS. In the last couple weeks we have had a handful of files transferred to a new servicer. We have had files at Citi, Chase, B of A, and Aurora that have been transferred to IBM and LBPS. This caused us to do a little investigation.

We found out that it looks like all of the files that are being transferred are Fannie Mae loans. Then we discovered an article from January of 2010 concerning IBM getting thousands of loans from Fannie Mae. Evidently this is beginning to take place.

Short Sale Power Hour

Yesterday we talked about the foreclosure freeze and how, in our view, it has virtually no impact on our business. Let’s continue with that discussion. There has been more information from BofA and GMAC in the last 48 hours. As early as next week, these lenders are going to resume foreclosures. This is remarkable because, in the 23 judicial foreclosure states, they will recommence foreclosures. However, they will assess their method in the other states.

Short Sale Power Hour

Hi and welcome. We are Kevin Kauffman and Fred Weaver, Arizona’s leading short sale specialists. We’ve closed more than 300 short sales in the Ahwatukee region. Still, this blog isn’t about us. It’s about you, the property owner. This website is designed to give you a little information and clarity concerning short sales.

We’re here today to speak to you about GMAC bank. Owned by Ally Financial, GMAC has made a lot of changes over the past few years. They have just changed their process to Equator, which is a smooth online system for dealing with short sales. Their process has gotten much smoother in recent years.

Short Sale Power Hour

There are a lot of ways that you can correspond with the lender while working on a short sale file. However, email communication is certainly the favored method of the bank. In order to better organize your process and collect extra information give a few of these suggestions and tips a try.

Standarized the topic line of your email. For illustration, every time put the loan number, street address, and seller name in the subject line. If you keep those three pieces of information in the topic line, in that order, your email will be much better organized.

Short Sale Power Hour

Last week we chatted at length regarding mortgage insurance and dealing with mortgage insurance companies during the short sale process. In that episode, we spoke about how we were presently in a battle with a mortgage insurance business that is asking the borrower for a giant promissory note. We finally got to the COO of that mortgage insurance business and emailed him numerous times with the confidence that they are making a terrible decision.

Short Sale Power Hour

Today’s installment is on site in front of a active listing in Mesa. It seems like a good time to talk about the consultation that we have with the home owner upfront. That is probably a 30 minute subject that we won’t be able to deal with entirely today. Yet, you can get the whole discussion information if you go to one of our approaching Crush It courses.

One of the things that we hear from realtors commonly is that the seller does not want to sign the approval that says they may be pursued for the shortage. Or the seller was stunned when they found out that the mortgage insurance company asked for a promissory note.

Short Sale Power Hour

We have got extraordinary guest Brian Gubernick with us now to speak about bankruptcy attorneys and how they affect the real estate industry occasionally. There are a number of attorneys that are offering advice on short sale or foreclosure when they do not really grasp short sale or foreclosure.

One of the challenges we meet, as agents, is when we have to counsel our customers to talk with an attorney and, at the same time, fix details that the lawyers give to our clients. We can’t give legal advice, just like we can not give tax advice. We are comfortable speaking about legal and tax concerns, but we are not going to sign off on these things and we are surely not defending them in court.

Short Sale Power Hour

A fantastically important topic that has come up in the last few weeks is our focus today. We’ve seen this predicament pop up over the last couple weeks and we want you to be able to avoid it.

Make certain that the lender you are working with on a short sale is not the lender where the home owner has a checking account. We have currently had numerous people over the course of the last few weeks that have approached us on this issue. Both active customers and soon to be customers have been telling us that the have missed payments and the bank has taken the cash out of their savings account without their authorization.

Short Sale Power Hour

Short Sale Power Hour is happy to welcome Trent Chapman, Short Sale Genius, back to the episode. Trent has exhausted a lot of time teaching agents how to escalate. He provides a form letter on his website, theshortsalegenius.com, to give people an illustration of how to impart the escalation idea to the lender. Basically, it gives a universal script as to how you can rationalize that the short sale is better than foreclosure.

Short Sale Power Hour

Today is a fantastically unique installment, because the idea for this installment is that Kevin will not speak. If he does, Kevin and Fred might end up in a courtroom. They were really fired up about this situation when it happened. So, they had to wait a little bit before chatting about it today.