The banks are swamped. The major lenders get over a thousand new short [...]]]> Short Sales have been around for years. All the banks deal with them and almost everyone knows how long they can take. Over the past 5 years or so there have been these announcements about faster turn around times and easier approvals.

The banks are swamped. The major lenders get over a thousand new short sale requests a day. So with 1000 new short sales coming in everyday, how does one speed up the process without removing any of the steps? They systematize it. How do they systematize it? By adding more paperwork for the Realtors and homeowners, and requiring it to be precise before anything moves forward.

This paperwork is crucial. If one signature isn’t in the right place or you skipped a line, that can delay or even close out your short sale. Don’t believe me? Try it. During your short sale, skip a line on a form. The bank might not catch it right away or they might. Either way that one mistake could be a one week delay or more.

By the time it takes to get a hold of someone to review that document, then they have to find the mistake, then you have to refill it out and start over, it could be awhile.

So remember, with short sales, cross your T’s and dot your I’s.

Thanks for reading.

Sincerely,

Jeff Buettner

These letters will be sent to homeowners [...]]]> That’s right. Bank of America has made a statement that they will reduce 200,000 mortgages by up to $150,000. This is all part of a 25 Billion Dollar settlement reached last year between state and federal agencies and America’s largest banks due to fraudulent foreclosure document signing issue.

These letters will be sent to homeowners in batches throughout this 2012 summer. To qualify, homeowners must have been 60 days late on their mortgage as of Jan 31st, 2012. So don’t go missing your payments in hopes of getting one of these offers.

Lastly, and the kicker, if the homeowner doesn’t open up the letter in regard to the offer, they won’t receive anything.

So if you’re struggling, don’t avoid that Bank of America correspondence.’

For more, here is a short news segment on BofAs recent decision: http://www.bing.com/videos/watch/video/the-mortgage-gamble/3x57y1rj?src=CPSmall%3ashareBar%3apermalink%3auuids&from=cp%5eiv2_en-us_money_blogs-karen-mortgage-principal

Starting in June of 2012, [...]]]> As everyone knows, short sales can be a pain. Patience is needed as a bank can draw out the process and provide vague unclear answers as to why the process is taking several months. Now, Freddie Mac and Fannie Mae take a step forward to shorten the short sale process.

Starting in June of 2012, all Fannie Mae and Freddie Mac backed short sales will be processed within 30 business days. If this is not completed, a weekly update will be provided as to what the hold up is. If this is not done, monetary fines will be given to the lender.

This is done as an attempt to hold the lenders accountable for the long wait times, unclear updates, and obvious delays.

If you have any questions about the Arizona short sale process, please don’t ever hesitate to contact us.

Sincerely,

Jeff Buettner

Thanks for reading (or watching)

Sincerely,

Jeff Buettner

Well, there is some [...]]]> The Mortgage Forgiveness Debt Relief Act has been around since 2007. Believe it or not, it has also been utilized and talked about since 2007. The Mortgage Forgiveness Debt Relief Act has helped a lot of homeowners who were faced with a 1099 after going through a short sale or foreclosure.

Well, there is some unfortunate news. This bill expires at the end of 2012. Right now, at the start of 2013, this bill is set to disappear. All the homeowners who go through foreclosure or a short sale will be stuck with the 1099.My recommendation, if you see yourself heading down the wrong path, is to start the short sale process now. We will, more than likely, be able to close before the end of 2012.

For those of you who aren’t sold on the short sale yet, you can wait. There is a possibility that the Mortgage Forgiveness Debt Relief Act will get extended we just aren’t quite sure yet.

Let me know fi you have any questions.

Thanks.

Sincerely,

Jeff Buettner

Today it hit me. What do you want to [...]]]> Sometimes, actually pretty frequently, I think about YOU. You are the consumer. You are my client. It is your thoughts, opinions, and ideas that matter to me. At the end of the day, you are the person I am trying to help or want to help.

Today it hit me. What do you want to know about? What are the short sale questions you want answered? Can I clear something up for you?

Leave a comment and let me know what YOU want to talk about.

Thanks for reading and participating!

Sincerely,

Jeff Buettner

This [...]]]> It’s unfortunate as a percentage of the phone calls I receive are from desperate homeowners. They aren’t desperate because they are nearing foreclosure but because they aren’t sure how to proceed forward from their particular position. They are lost or confused and their short sale agent has mislead them in one way or another.

This isn’t uncommon. Short sales are rough and to get a straight answer (from the bank, buyers, or agents) isn’t as easy as it sounds. So what can you do? Do you just roll over and let the fate of your credit and home rest in the hands of a short sale agent you have spoken to once? I don’t think that’s a good idea.

I think you need to make yourself a short sale expert. Before choosing a Short Sale Realtor, call and speak to 3-5 of them. You should know short sale regulations and normal procedures like it’s the back of your hand. After hearing the pitch, call the agent you spoke with earlier in the day and ask them some questions this new agent brought up.

Without multiple points of reference, how do you know an agent is being honest or truthful? How do you know they are knowledgeable or even have their real estate license?

Stay sharp and keep yourself informed.

Thanks for reading!

Sincerely,

Jeff Buettner