You read that right! According to a study just published by Deutsche Bank that ranked prime and subprime loan servicers, the average time it is taking for Bank of America/Countrywide to close a short sale is 11 months! The study went on to rank GMAC at the top of the list at an average short [...]

Tough financial times are the breeding ground for those who prey on the misfortunes of others. Check this out: June 10 (Bloomberg) – Two Connecticut real estate agents found a way to profit in the U.S. housing bust: Buy low, sell fast. Their tactic was also illegal. Sergio Natera and Anna McElaney are scheduled to [...]

How long will it be before former home owners who walked away from their mortgages can buy again? Here is what CNNMoney has to say… Mortgage lenders are saying that in the future, losing a home because of illness or job loss will be seen differently than choosing to abandon a mortgage obligation for other [...]

Congratulations to two Agents with my company: Chris Prickett and Ron Jones. Chris was the listing and selling agent on a recent short sale transaction where over $500,000.00 in mortgage debt was FORGIVEN by the lenders and the seller is no longer responsible for it. Ron was the transaction coordinator and assisted in the process [...]

It seems everyone is claiming to be a “Short Sale Expert”. Many REALTORs, Agencies and Lawyers have started adding a tag-line to that effect to their marketing. We are in a time where many people are desperate financially and as is always the case, there are those out there who are eager to take advantage [...]

It is said there are 7 deadly sins, I say there are 7 deadly myths being circulated about short sales. 1) Short Sales are impossible and never get approved. FALSE TRUTH: Short Sales are difficult and you need to learn a new process, but they are NOT impossible. While there are no guarantees in any [...]

There has been some talk about a new FHA guideline that allows short sellers to re-purchase a home providing they were never late on the payments from the loan they sold short. Lets take a look at the actual text from the FHA guidelines: 1. Borrowers are NOT eligible for new FHA financing if they [...]

This post courtesy Bankrate.com & CNBC.com (portions edited) HAFA SHORT SALE RULES MAY HELP SELLERS By Michele Lerner • Bankrate.com Homeowners struggling to sell their homes in a short sale are getting some relief, thanks to the federal government’s Home Affordable Foreclosure Alternatives, or HAFA, program. Up to now, many short sales — in which [...]

The latest act of civil disobedience surrounding the housing crisis involves a University of Arizona professor who is advising homeowners that they should walk away from their home if it’s underwater. According to the LA Times, University of Arizona law school professor Brent T. White has published an academic paper titled, “Underwater and Not Walking [...]

I get a lot of crazy things in my email. Today I received this image of the “Recession Version” of Monopoly. Note the “Foreclosed” and #Short Sale” real estate. Humorous..yes.  True…yes.  Sad…yes.