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The man joining us now needs no introduction. He is the only cowboy hat wearing, short sale closing guy that we know in the whole state of Texas, Knolly Williams. We have just finished up the Keller Williams Mastermind event, plus a special get-together regarding short sales. This assembly included reps from Fannie Mae, Citi, Bank of America, and Wells.
We took many valuable things away from these meetings. Firstly, it was exciting to see the banks show up for this meeting. They cared enough to communicate with us. These were VP’s of short sale departments. There is noticeably a disparity between what we see and what they see. A lot of times the bank reps admitted that there were issues. Lack of communication and lost documentation were only 2 things that they noted. The lender reps are also aware of their workforce situation and noted that it is important to escalate if you observe a problem.
Moreover, the banks have increased their workforce to deal with short sales. Bank of America doubled their workforce from 1500 to 3000. You can not train 1500 loss mitigators in a few months. So, the lesson is simple. You have to be good enough to work through or above or around the 1500 new loss mitigators.
There were some interesting moments where there was some hostility between the servicers and the investors. You have got to overcome that conflict. You don’t want the lenders to bring the solutions all of the way since you will be out of a job. You’ve got to carry your bag of magic tricks to each deal.
Lastly, a special thank you to Knolly Williams for joining us yet again today. He was our first guest on Short Sale Power Hour and we always appreciate his insights.
Get powered up by Kevin and Fred at Short Sale Power Hour by the Short Sale Specialists of Arizona
If you’re struggling with possible foreclosure on your home, there are a number of reasons why you may think about hiring a foreclosure attorney to aid you through the process. Obviously, for a lot of individuals, doing so isn’t even actually a consideration due to the cost involved. However, for those who can afford it, working with an attorney might supply numerous advantages over navigating the process by yourself.
Reason 1: Working With the Bank
First, think about the reality that the banks will without doubt have a plethora of lawyers at their disposal to pursue your foreclosure case or trustee sale. Most of the time, bank used attorneys won’t take calls directly from a borrower, but could be more very likely to speak with the borrower’s legal representation. They speak the same language and know the regulations of the game, while the borrower usually does not, and so hiring an attorney can sometimes make the process of communicating with the bank a little more productive.
Reason two: Prevent Being Taken Edge Of
A second reason why working with an attorney might be worthwhile throughout foreclosure is that it can pay off to have somebody familiar with your state laws examine all of the documentation and ensure that proper procedures are being came after. Banks may sometimes make use of the fact that borrowers generally do not completely recognize all the rules of the foreclosure process. If you have an attorney to review things, back you up, and object if you are not being treated fairly and in accordance with the law, you could be fewer probably to experience an devious practices by the bank.
Reason 3: Buying More Time
One more consideration is allowing oneself more time to reestablish income, arrive at a resolution with the bank, and retain the home. While it can frequently cost many thousand dollars to hire legal representation in the course of a foreclosure proceeding, doing so can often stretch the situation out for many more months, allowing a borrower to save more whereas still in the home, and lengthening the time in which an agreement might be worked out with the bank.
Reason four: Superior Loan Modification Prospects
If you’re seeking a loan modification, having an attorney on your side may lead to better modification terms. As an example, if you pursue a loan modification on your own, you may just be able to secure a temporary modification. If an attorney helps with the process, on the other hand, it may be achievable to secure a permanent modification to the loan.
At the conclusion of the day, determining if to hire an attorney might just be left up to the cash involved. If you’re already behind in making your payments, it may not be an option for you to come up with the fees to pay for legal representation. If you have the funds, nevertheless, having an attorney in your court can provide you with a variety of really helpful benefits.
After digging out from the most awful snow storm in Minneapolis for years, we’re here today to carry on our short sale talks about particular lenders. We have been noticing lots of Minnesota short sale packages from US Bank. US Bank is situated in Minnesota, so it’s not a surprise that they have a stout existence here. We simply wanted to talk about how well Minnesota short sales are going with US Bank.
After dealing with so many short sale files, there are many different directions your file can go within US Bank depending upon the investor. We feel like we have become US Bank experts because we have an insight about where the loan record is coming from and what type of short sale it is.
Because we follow a progression and a proven technique for completing short sales, we get through the troubles that we might have in dealing with your Minnesota short sale. Other agents will get hung up on those problems and find themselves at the same place two weeks later.
It has also been incredibly helpful for us to be especially organized with our acquaintances at the bank. We consistently work with the same people at the bank on numerous folders to help speed up the process. The lender staff appreciate this as well because this also helps us converse smoothly. Furthermore, they realize that we are experienced in dealing with short sales.
If you are considering a short sale in the Minnesota vicinity, please make contact with us today. We have more practice with Minnesota short sales than anybody in the state of Minnesota. You can telephone, email or make use of the chat function on our blog. We’re the leading short sale realtors in the Minneapolis/St. Paul region and we can help you elude foreclosure.
Get more help from short sale Realtors, Josh and Sarah, at Short Sale Shift presented by the Short Sale Specialists of Minnesota
Finding the best way to buy a home? Consider buying foreclosed homes. Even the experienced real estate investors are looking at properties in the Woodbridge Virginia Houses as they can get the best deals on these properties.
There are thousands of foreclosed homes available in the market today. If the home owner’s right to a property has been terminated due to default, the property may proceed to the foreclosure process and usually involves a forced sale at a public auction to pay off for the mortgage debt. A foreclosure happens when a property is reclaimed by a lender (in some cases, a bank) and sold to recover the money the lender has loaned to the potential home owner.
The number of foreclosures has increased because of the economic situation in the past few years. These repossessed properties can be found on Homes for Sale at Reisterstown MD for instance, kept open by banks and other lending companies to all people as well as for the benefit of all real estate investors and agents.
Foreclosure listings online include properties in different states in the country. Also, the laws and regulations involved in the buying process of these foreclosed properties are included in the information.
Truly, foreclosed homes are the ideal way to buy homes at a bargain price. If the home owner has found the property that he is looking for, the next step is to meet all the requirements involved in the buying process. Since there are thousands of foreclosed properties available for investors, buyers, and agents, competition in finding the best foreclosure deal has also increased.
But this does not mean that you have to rush and buy a property. Before buying a foreclosed property, make sure that you were able to meet the requirements and knew the regulations as well as the legalities clearly.
In a tight budget? Buy a foreclosed home.. Find and purchase foreclosed homes in Homes for Sale in Suffolk Virginia.
From 2.The current status of employment in the country today is from the current status of employment in the country today. But this still made some people having a hard time keeping up with their mortgage payments while others face the threat of repossession.
While this has been quite alarming, anyone can avoid repossession. Here are some direct ways on how to avoid foreclosure and definitely keep your home from Litchfield Park AZ Real Estate.
1. Have you been late in paying for your mortgage payments? Don’t ignore your lender. Do you think you will miss payment next month? Contact your lender. You can ask your lender for a longer term of the mortgage or switch to an interest-only loan that can cut monthly repayments temporarily. Borrowing to another lending institution and use the money to pay for your outstanding debt is definitely not the answer. You might as well look into your budget to see if you have been on the line of prioritizing some payments that have serious consequences if they are not paid on time.
2. Don’t panic if your lender called you about your missed payment. It takes about 9 months between that day and the day you actually get evicted, unless you have a subprime mortgage where repossession can take place faster. To avoid going to court, negotiate with oyur lender and seek some independent advice. Citizens Advice, National Debtline, Shelter, and the Consumer Credit Counseling Service offer free debt advice.
3. Prevention is better than cure. You’ll never know where your savings will go so you might as well save at leat 5-10 percent of your monthyl income. You might look into Homes in Chesapeake Virginia, lose your job, or miss payments so if you saved up, you’ll have some cash to tide you over for a few months.
4. Heard about the unemployment insurance? It normally pays about two-thirds of your take-hoem salary. And not only that, it also includes accident and medical benefits.
5. Seek government help. The government has a few programs that can help home owners pay for their mortgage interest payments.
7. One way to avoid foreclosure is by selling your house. One disadvantage is that the selling process can take a few months or even years. However, if you sell to a cash buyer then you can get it within just a few days just you have to drop your asking price.
There are actually lots of ways on how to avoid repossession. Facing foreclosure? Missing payments? Don’t panic. There are immediate and guaranteed help for you in case you wanted to buy from Homes for Sale in Gresham Oregon but is still hesitant to do so because of the impending threat of foreclosure.
Short Sale Specialist Videos,
Our short sale service is free to all seller’s that need a short sale specialist to guide them through
this difficult process. During the short sale which often take 3 to 4 months to complete we also help
the sellers find a home to move into via our property management service.
We have just started to use video to help get the word out to our future clients.
Below are links to some of our first videos about our short sale and property management services.
If your looking for a short sale specialist or need a home to rent in the Temecula or Murrieta area,you can
look to us for free & professional care.
Bank of America’s new cooperative short sale is like it’s title “Cooperative”
I am half way through my first cooperative short sale with Bank of America and I hope this test program goes permanent.
With this program you are assigned a negotiator up front. This person has a direct phone number and will answer the phone when you call.This is HUGE! For those of us working short sales this is almost unheard of.This one improvement will speed up the whole process.What a great idea someone at Bank of America had,answer the phone and cut the processing time in half! GENIUS.
Temecula Short Sale Specialist,Expert,Agent.
Which one is it?
In my blogs I will call myself a Short Sale Specialist one day and in my next blog I will be a Temecula Short Sale Agent and then a Short Sale Expert. Well I like to cover all bases. I am even a HAFA Certified Short sale agent. I wear all these badges as I continue to study and learn all I can about short sales as they are a major part of our market here in Temecula.I have been doing short sales for over 16 years,way before they became the number one type of transaction in our market. But I still continue to take as many classes or workshops that I can find to keep my edge for my client that face foreclosure. So call it what you want. I am a short sale specialist,short sale expert,but most of all I want to be your short sale agent. Call or email me. FREE short sale service,never a fee to help you with a short sale.