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The Preliminary Title Report provides us with a wealth of information as we prepare to list and market a short sale listing. This information helps us develop a strategy, find tools, and streamline our efforts with the short sale process. Upon the initial interview with a potential client, there may be many assumptions that we will initially make, and these assumptions can be clarified with examination of the preliminary title report. What are some of the nuggets of information that are available?

Loans have been transferred

It is very common for loans to originate with one lender only to be resold on the secondary market. The original lender may choose to outsource the servicing of their loan to a third party. The lender may write off a loan and send their loan to a collections agency. The preliminary title report will identify the current owners of all the existing loans on the property, providing us with the correct destination where we will be submitting a short sale application.

Notice of Default, Notice of Trustee Sale

If any of these are filed against the property, you will be aware of the potential timeline you have to market the property and find a buyer. You may need to take action to obtain a postponement of a trustee sale by contacting the lender to request additional marketing time.

Loan Origination Information

The date of the loan origination may be significant with respect to government programs that benefit the homeowner. For example, the Home Affordable Foreclosure Alternative (HAFA) program applies to loans that originated before January 1st, 2009. The report will also show if the loan is the original loan, or if it has been refinanced – and help determine eligibility for programs such as the “Mortgage Forgiveness Debt Relief Act of 2007″ or the “Home Affordable Mortgage Program”.

Other non-mortgage liens

There are several other parties that can attach a lien on a property. You will find mechanic liens from contractors who have not been paid, IRS or state tax liens for unpaid past due taxes, city liens for code violations, Homeowner Association liens for delinquent HOA dues, private party liens from loans from individuals, child support liens for past due support payments. For every single lienholder, there is a need to deliver an approval letter detailing the lienholder’s agreement to release the lien, and the agreed terms for the lien release. If you discover that a lienholder will refuse to negotiate for the release of their lien, do not take the listing, as it will not be possible for the title company to complete the close of escrow.

Look out for our future blogs/articles from our Short Sale Leadership Series content. To view our blog updates, visit www.whbsolutions.com/blog

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Ask about the Trustee Sale Status During Every Call - Short Sale Education

Posted by Usual in Lender Approved Short Sales, tags: about, Call, During, Education, every, Sale, Short, Status, Trustee

Ask about the Trustee Sale Status During Every Call - Short Sale Education

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Ask about the Trustee Sale Status During Every Call - Short Sale Education

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One of the major differences in a short sale is that we are faced with a deadline to sell the property. If the property does not sell by the deadline, the property will be foreclosed, and title will transfer back to the lender. It is critical that we understand the timeline of each and every short sale listing that we take.

Here are three major scenarios that you as a listing agent may face, and the associated timelines you have for listing and marketing the property

1) Seller is late on payments, and banks have not filed anything:

In this case, you are not under a deadline to sell the property. The foreclosure timeline has not started, and there is no immediate danger of the seller losing their home to the lender. Each bank has a different policy on when to commence the foreclosure process. Some lenders start the process after three missed payments, while other lenders have loans that have more than one year’s worth of late payments and have still not taken any action towards foreclosure proceedings. Questions to ask during every call:

“Have foreclosure proceedings started?”

If yes, “When was the notice sent to the sellers?” and “When is the estimated trustee sale?”

2) Seller is late on payments and received a notice of default

The deadline has started so it is important to understand what is the foreclosure timeline for your state. For example, in California the notice of default lasts for 90 days, followed by a notice of trustee period of 21 days. This is the timeline you have to get an offer and submit a short sale application to the lender for consideration. Questions to ask during every call:

When is the trustee sale?

How can I help you get an approval for a postponement while the short sale is being processed?

3) Seller is late on payments and received a notice of sale

If the seller approaches you during this stage, there is very little chance that you will be able to find a buyer before the home is foreclosed. The only reason to take the listing is if a qualified buyer has been identified, and the seller has all the documents ready to submit to the lender. Some banks will permit a postponement when a complete short sale application is immediately submitted, while others prefer to let the property proceed to foreclosure because of policy or because of their heavy workload. Questions to ask:

“When is the Trustee Sale?”

If I submit a complete short sale application today, will you be able to postpone the trustee sale so that the application can be processed?”

Look out for our future blogs/articles from our Short Sale Leadership Series content.To view our blog updates, visit www.whbsolutions.com/blog

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I was denied a Hamp mod due to NPV caculations. My lender will not explain these terms to me. They said they cannot help me. I need to short sale and get out. Can u please help me
What are tax implications of short sale ?

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Feb 15 2011

Pre-Qualify All Potential Listings - Short Sale Education

Posted by Usual in Short Sales, tags: Education, Listings, Potential, PreQualify, Sale, Short

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Dec 01 2010

Short Sales and Credit Scores - Short Sale Education

Posted by Usual in Lender Approved Short Sales, tags: Credit, Education, Sale, Sales, Scores, Short

Short Sales and Credit Scores - Short Sale Education

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Short Sales and Credit Scores - Short Sale Education

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2010 Short Sale Education Trends

Posted by Usual in Lender Approved Short Sales, tags: 2010, Education, Sale, Short, Trends

If you are a Real Estate Professional, you are hurting yourself by not pursuing short sale opportunities. If you had a previous client in trouble, would you be able to serve them? Would you just walk away and hope you find another client who isn’t in trouble? If you are looking to stay in Real Estate, you’d better take the time to know how to deal with homeowners in trouble or you will be throwing away good commission dollars and decreasing your customer base you worked so hard earning.

Many analysts have predicted that short sales will only last until 2011, but the fact is it will be much longer. With limited help provided by the government and the economy failing to create enough jobs, more and more people will lose their homes. Look at how long it’s taken to deal with sub-prime defaults, which started in 2005 and still count for a large part of today’s foreclosure inventory in 2010.

Following are the short sale trends as of Dec 2009, heading into 2010, which will explain the challenges short sales in 2010:

Trend #1 – Can’t Pay Me Now, Then Pay Me Later…..Lenders are scrutinizing reasons for hardships and predicting future financial status:

In order to prevent short sale approvals for homeowners who may really not be in trouble, lenders have been scrutinizing the reasons provided in a short sale submission. If you broke your leg and you missed a few months of work that caused you to be behind, but your ability to continue earning income when you recover shows to the lender you really don’t have a real enough hardship to approve a short sale.

Trend #2 Junior Lien holders get paid $3000 by the Senior Lien holder regardless of how much debt is owed:

In most transactions when there are multiple lien holders and the first mortgage lender forecloses, Junior lien holders understand that they will receive nothing. Junior lien holders know this but also don’t want to give up their hand that easily. Don’t expect Junior lien holders to lay down so easily. In fact, short sale deals have died because the Junior lien holder wanted more than $3000, even when the first and second lenders where the same company!

Trend #3 Junior Lien holders gets borrowers to continue paying on payment plan:

Junior lien holders are asking for a promissory note from the borrower if they want them to release the lien from their property and give up their rights to deficiency. The thought is that they will get $3000, and even if the borrower makes a few payments from the promissory note, it is still more money in their pocket. The payment plan is very reasonable with a long payment term with a very low rate.

Trend #4 Commission adjustments:

The maximum lenders have been allowing on commissions is 3% for each agent involved. A full 6% commission is supposed to be allowed by FNMA backed loans but lenders may still scrutinize these commissions. In fact, the amount of commissions will most likely be affected if they are not able to recover enough money from a short sale offer. Be aware that if a deal has two separate agents from the same office, the commissions may be reduced.

Trend #5 Strict compliance of title companies for short sale transactions:

Every short sale transaction will need title insurance and there has been concern from title companies that a lender will take back an approval if the title company is not able to comply with their closing practices. If any mistakes are made by the title company, they would be paying out money on any future claims.

Trend #6 Homeowners will continue to face foreclosure:

This is an obvious trend, but the 24+ billion adjustable mortgages this year will add more inventory to the housing market. Values will continue to decline and lenders will be pressured to allow more short sale approvals to prevent additional inventory hitting the market and reducing the values of their REOs in the market.

Note: Short sale trends vary between different housing markets. Although some may seem to be recovering, a single foreclosure in a neighborhood can reduce values 25%. The foreclosure issues are nationwide and in every neighborhood with varied conditions.

To learn more about how to qualify the best candidate for your short sale transaction visit whbsolutions.com. The number one factor in becoming successful in Short Sale Education, Short Sale Success and Short Sales is to learn how to pre-qualify your deal which includes finding the right buyer.

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Jul 21 2010

Negotiating Short Sales with Two Loans, Same Lender - Short Sale Education

Posted by Usual in Lender Approved Short Sales, tags: Education, Lender, Loans, Negotiating, Sale, Sales, Same, Short

Negotiate with only one lien holder is the best short sale scenario, but what do you do when there are multiple liens with the same lender? It has been WHB Solutions experience that negotiating with the same lender can be an advantage depending on the lender.

For example, if both the first and second loans were held by Chase, there is a good chance of getting a short sale closed. If there was one loan with Countrywide and a second loan with Bank of America, it will be hard to get a short sale closed. Even though Bank of America bought Countrywide, they have different loss mitigation departments with different short sale approval guidelines.

We a short sale file that we could not close because Bank of America, as the first lender, would only give Countrywide $3000 in a short sale approval. Countrywide wanted $25,000 and would not give a short sale approval unless this was received. We tried to provide reason and arguments on how Countrywide would receive nothing if the property went to foreclosure and that they are technically the same bank and the overall short sale would net more money than going to foreclosure. Countrywide was so stubborn to get their money, they ended up getting nothing. It does not make any sense.

In a case where you have two loans that were originated from the same lender, it has been our experience that the second lien holder is more flexible. A typically response is that the second lien holder would give an approval for $3000 any day, but no full release or giving up their rights to deficiency is provided. Depending on the homeowner’s situation, they may be excluded from any future deficiency rights. Either they prove insolvency to the IRS or they qualify for the primary residence exclusion rules.

Typically, in any short sale negotiations, getting an agreement from the second lien holder should be obtained before going to the first lien holder. If this is not done, you would not have the right numbers to show what the first lender would net. So to avoid going back and forth with the both lenders, find out what the second lien holder is expecting to approve a short sale first.

In the majority of short sales, the first lien holder is the one who files for foreclosure. Once this filing occurs, many times, the second lien holder would move the loan to their Charge Off or Debt Recovery department. We have noticed that it is much easier to obtain an approval when this happens as the guidelines of providing an approval is less strict. At the point it is in debt recovery, the expectation is that the dollar amount they are looking to recover would be less than what would be expected if it was still with the loss mitigation department. Keep in mind that loans sent to a debt recovery department are sold on pennies on the dollar and there is a high possibility where no money would be recovered.

Full Article Resourse: www.whbsolutions.com/blog/

To learn more about how to qualify the best candidate for your short sale transaction visit whbsolutions.com. The number one factor in becoming successful in Short Sale Education, Short Sale Success and Short Sales is to learn how to pre-qualify your deal which includes finding the right buyer.

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