You are here: Home > Lakewood Short sales
Tag Archives: Lakewood Short sales

Is short sale flipping illegal??

by on October 7, 2009

The answer is yes and no, and let me explain: Different banks have different contracts with Fannie Mae and Freddie Mac.  That’s why Bank of America can’t do some loans that Wells Fargo can.     The 90 Day Rule Here’s a general rule.  When someone buys a home for a certain price, and tries to immediately [...]

Read full story • Comments { 2 }

No New 21-Day Turnaround Requirement For Short Sale Approvals

by on October 5, 2009

In this crazy market I guess we jumped the gun for my previous post about SB 306. Recently enacted Senate Bill 306 doesn’t require lenders to review short sale requests from sellers and their agents within 21 days.  The new California law, which addresses certain escrow procedures, has been mischaracterized by some practitioners as landmark [...]

Read full story • Comments { 0 }

Is This Correct 50% of Modified Loans in Default??

by on October 1, 2009

The Obama administration’s plan to tackle the foreclosure crisis was a very slow start, but as of last month, about 360,000 borrowers, or 12 percent of those eligible, have signed up for three-month trial modifications.  However, the federal Office of the Comptroller of the Currency and the Office of Thrift Supervision (where did all these [...]

Read full story • Comments { 0 }

New California Short Sale Law Just Passed!!! California SB 306

by on October 1, 2009

Oh Happy Days!!! Will you start learning about short sales now? This is the section of the recently passed California SB 306 law. This new law creates opportuinty to the way short sales will now be done in California… Here is the shortest version we decided would be best for our readers: we read this over and over, and this [...]

Read full story • Comments { 4 }

Is Freddie Mac door knocking on delinquents??

by on October 1, 2009

Freddie Mac has contracted Titanium Solutions, a third-party servicer, to go to the homes of delinquent borrowers to get the missing information and documentation necessary to start a three-month long trial repayments under the Home Affordable Modification Program (HAMP).  “By meeting with our borrowers, one on one, Titanium Solutions can help them overcome the roadblocks [...]

Read full story • Comments { 1 }