Short Sale Agent Warning: Bank of America short sale form update. - Harris Real Estate University Students, Bank of America has redefined what forms they require for short sale approvals. This seemingly minor formage change has the potential to cause much confusion. If these new “specific’ forms and guidelines aren’t used correctly the short sale may ‘auto default’ and not close. - Here are the forms: 20120329081313991 20120329081314744 20120329081313437 20120329081313841 - Hello! I have been assigned this file, and before we can order our valuation, and in an effort to expedite ST this process, PLEASE UPLOAD ALL OFFER & SUPPORTING [...] Click Here To View More
Foreclosure or Short Sale…Do you OWE TAXES? | Mortgage Debt Relief Act of 2007
HARRIS REAL ESTATE UNIVERSITY Students (and future students). Share this article with all of your clients, share on Facebook…share everywhere. It is absolutely critical that your clients understand that the Mortgage Debt Relief Act of 2007 is set to expire at the end of 2012. Let your underwater owners know that they need to take action now before this act expires. NOTE: Agents, NEVER give accounting or legal advice. When a client has a legal or tax related question refer them to the appropriate professional. Additional information is available from IRS.gov. A tax tip from IRS.gov Canceled debt is normally [...] Click Here To View More
Breaking News: Dramatic Increase In Short Sale Approvals!
Breaking News: RealtyTrac reports a dramatic increase in SHORT SALES! Big surprise, I know… Bank-owned and distressed properties sales rose to 24 percent of total home sales from 20 percent in the third quarter. “We expect to see foreclosure-related sales increase in 2012, particularly pre-foreclosure sales,” Chief Executive Officer Bandon Moore said in the statement. Translated: More SHORT SALES WILL BE CLOSING IN 2012! WARNING: Short Sales…love em or hate em…they are here to stay! Go beyond the basic ‘expert’ short sale designation. Watch the FREE 2012 Agent Short Sale Secrets video and download the FREE Short Sale training guide.NOTICE: Free [...] Click Here To View More
JPMorgan Bulk REO Sales Program | How To Buy Bulk REOs
HARRIS REAL ESTATE UNIVERSITY Students, the banks are now (finally) rolling out programs so that investors can buy REOs in bulk. Bulk meaning…100s of homes…if not 1000s. This is great news for you is you have great sums of money. ALL the bulk REO sales programs require massive purchases and only the most qualified need apply. The small Mom and Pop investors who are looking to purchase a few homes here and there….need not apply. Here is how to apply to buy bulk REOs from JPMorgan: Thank you for contacting the JPMorgan Chase Alternative Liquidation department regarding your interest in [...] Click Here To View More
Breaking News: Dramatic Increase In Defaults | Wave Of Foreclosures Expected
BREAKING NEWS: The rate of defaulting owners is INCREASING…. No surprised when you consider: * 4,000,000 have already lost their homes to foreclosure ** 6,000,000 are in default. Headed to become tomorrow’s foreclosure (unless they make the smart move to short sale) *** 11,000,000 owners are considered ‘underwater’. The average underwater owes $50,000 more on their homes than current market value. **** The actual number of underwater owners is actually closer to 20,000,000 when those who are ‘near underwater’ are factored in. For example, someone owes $300,000 on a house that is worth $300,000. Any downward market fluctuation they are underwater. [...] Click Here To View More
NOTICE: California Foreclosure Fraud Settlement FAQ..Do YOU Qualify For Benefits?
The FAQ below is based on information fromnationalmortgagesettlement.com and the California Attorney General’s Office. What does the settlement mean for me? The Attorney General has obtained a broad-ranging settlement from five major banks. If you are a homeowner struggling to pay your mortgage or facing foreclosure, or if you have already lost your home to foreclosure, it is possible that this settlement could help you. Not every homeowner will qualify for relief under this settlement. Those who do qualify may receive various forms of relief depending on their circumstances. Available forms of relief include: payments to borrowers who were wrongly [...] Click Here To View More
Big Bank Mortgage Fraud Settlement Details, Who Is Getting Money and Why.
Big Bank Foreclosure Fraud, Robo-Signer Settlement Federal officials announced a $25 billion settlement Thursday with the five largest mortgage lenders over foreclosure abuses — a deal that requires the banks to reduce some loans, send out checks to foreclosed Americans and refinance mortgages for underwater borrowers. Bank of America will pay the most to borrowers as part of the deal — nearly $8.6 billion. Wells Fargo will pay about $4.3 billion, JPMorgan Chase will pay roughly $4.2 billion, Citigroup will pay about $1.8 billion and Ally Financial will pay $200 million. This does not include $5.5 billion in federal and [...] Click Here To View More
Is Strategic Default, Short Sale Ethical? | Walking Away From Underwater Mortgage
Thanks to HARRIS REAL ESTATE UNIVERSITY Coach Mark Shandrow for sending me this article from The New Yorker. Read the original article here. Share this great article with all of your potential Short Sale sellers. Remember, there are 6,000,000 owners currently IN default and another 11,000,000 who are underwater. (actual number of underwater owners could be as high as 20,000,000 if those who are considered ‘near’ underwater. Meaning, they owe what the house is worth. If they were to list their home for sale, factoring in the normal selling fees etc..they would be underwater) We normally say that a company [...] Click Here To View More
BREAKING NEWS: Principal Forgiveness Program Coming NOW! (Video)
Remember the whole robo-signing fiasco that lead to state’s Attorney Generals filing suit against the nations largest lenders? Well, there is a proposed settlement on the table. Now the question is, who gets what? * 17 Billion for principal reduction. * 3 Billion for foreclosed borrowers who can prove some sort of fraud with their loan or foreclosure. * 850,000 borrowers will get a $20,000 Principal Reduction. Sounds good, right? Not so fast, 4,000,000 Already foreclosed, lost their homes. 6,000,000 In the foreclosure process (will lose their homes to foreclosure IF they don’t do a short sale.) 11,000,000 Now Underwater [...] Click Here To View More
Obama Refinance Program Details..Do YOU Qualify? (Video)
Obamas Refinance Proposal Details: * The owner is allowed to have only missed one payment in the past 6 months. That shouldn’t be too large of an obsticle for most owners to overcome……but…. * Owners who are underwater by more than 40% must get their lender to agree to forgive the negative equity. LENDERS must agree to do this. Lenders would have to get investors to agree to this forgiveness. * Mid 500s credit score. * No Jumbos. ‘Qualifying Loans’ only. Loans must be less than $725,000 (or there abouts). Remember, the max loan amount differs depending on where the [...] Click Here To View More
Tim and Julie Harris, Short Sale Cruise Information
Hello, Happy Friday! Would you like to join us on a cruise….leaving out of Ft. Lauderdale March 17th? 7 Days, Southern Carribean….yes, it will be warm. (Perfect excuse for a spring break!) Julie and I are the keynotes speakers for this event and would love to spend one on one time with you. HREU will have an amazing private party suite set aside for just HREU students…. The host of the event is The Short Sale Specialist Network. Many of our students are reporting great results with the listing referrals they receive from The Short Short Sale Specialist Network. WARNING: Short [...] Click Here To View More
HARRIS REAL ESTATE UNIVERSITY Presents: 7 Critical Lead Generation Systems
HARRIS REAL ESTATE UNIVERSITY PRESENTS: - 7 Critical Real Estate Lead Generation Systems: Building Your Real Estate Lead Generation Wheel - You will learn: 1) How to build your real estate lead generation wheel. 2) How to choose which 7 lead generators for your business. Hint: Start with the free lead generators first, then once those are 100% operational then you can scale. 3) There is no such thing as passive marketing. Hint: We love social networking but, it will never replace actual real life contact. Phone calls, face to face meetings. 4) What are the top spokes used by [...] Click Here To View More
Urgent: Bank of America, Equator Back Up Offer Change
8-Day Window to Submit Backup Offer Based on agent feedback and to reduce overall cycle times, we are making a change to the short sale process. If it becomes necessary to submit a backup offer during a short sale, you now have a reduced window for making the submission. Instead of 14 days, backup offers must now be submitted within eight calendar days after the initial offer becomes invalid. When a backup offer becomes necessary: Contact your short sale specialist immediately. Let the specialist know if you have a backup offer to submit. Within eight calendar days, resubmit the listing [...] Click Here To View More
Housing Recovery In 2012? | 2012 Home Value Predictions
Will 2012 see a housing recovery? Not according to LPS. (LPS) reports that home prices in September dropped 1.2 percent from August and the company predicts a 1.1 percent drop in October as home values continue to slide, falling 1.8 percent from the beginning of the year. The national average home price for transactions during September was $202,000 and has been on the decline since the market peak in June 2006, a total value drop of 30.2 percent in just five years. WARNING: Short Sales…love em or hate em…they are here to stay! Watch the FREE 2012 Agent Short Sale [...] Click Here To View More
Buying A Home After A Short Sale or Foreclosure
Waiting Period to Purchase After a Short Sale or Foreclosure Depending on which lending institution you ask you will receive different timeframes allowed to purchase again after a short sale or foreclosure. The reason is some lenders have credit overlays, which translates into stricter underwriting guidelines than Fannie Mae and FHA have published. The following guidelines are as written in the governmental agencies published underwriting manuals. WARNING: Short Sales…love em or hate em…they are here to stay! Go beyond the basic ‘expert’ short sale designation. Watch the FREE 2011 Agent Short Sale Secrets video and download the FREE Short Sale [...] Click Here To View More
Bank of America HAFA Short Sale | Distressed Property Designation
Bank of America is making a process change that will reduce cycle time and improve customer service for many short sales that are submitted with an offer. The change went into effect Dec. 1, 2011, and impacts all short sales submitted with an offer in which the homeowner is eligible for the Home Affordable Foreclosure Alternative (HAFA) program. When a short sale is submitted with an offer and the homeowner is HAFA eligible, we will no longer halt work on the file while waiting to contact the homeowner. HAFA eligible homeowners are no longer required to call our Short Sale Customer [...] Click Here To View More
Alarming Facts About Housing | 2012 Real Estate Predictions
Where are all the REOs…when will the banks finally start releasing all of their millions of homes from their ‘Shadow Inventory’? Simple answer, now. Consider these facts: * The average loan in foreclosure has now been delinquent a record 631 days. * Bank repossessions surged in October, up 48 percent in New Jersey and up 73 percent in Indiana month-to-month. * A record-high inventory of foreclosures in process, overall foreclosure inventory is at an all-time high, 4.29 percent of all active loans, according to LPS. WARNING: Short Sales…love em or hate em…they are here to stay! Go beyond the basic [...] Click Here To View More
Coming Soon: Fannie Mae’s HomePath Online Offer System
Fannie Mae’s HomePath® Online Offers system is coming soon! On December 7, agents and brokers representing buyers are required to submit offers exclusively on the web site. Only properties listed in the following areas are eligible to submit online offers on the designated launch date: · California · Florida · Wayne County, Michigan Benefits The Online Offer system simplifies the offer submission process with the following features: · An easy to use, self-service system. · A transparent offer process that keeps Selling Agents informed of the status of their clients’ offers on HomePath properties listed on HomePath.com. · Improved communication [...] Click Here To View More
Bank of America Mortgage To Lease Program..Qualifications and Details.
Bank of America announced today that they are testing a mortgage to lease program. The goal of this pilot program is to give defaulted owners a path to staying in their homes as tenants. B of A’s stated goal is to then sell the rented homes to investors. On the surface, this seems like an overall excellent idea and HARRIS REAL ESTATE UNIVERSITY applauds Bank of America for this bold foreclosure alternative pilot program. Here are the qualifications for this ‘pilot program’: * Borrowers would agree to a what is known as a “deed-in-lieu” of foreclosure, where they essentially sign [...] Click Here To View More
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