A month into the era of no-recourse-for-all-short-sale-lenders, how is it going? The U-T carried this comment: Since the law has passed, agents have seen banks revise their release of lien amounts in letters to larger figures. In one case, the number was bumped from...
Kingside is a real estate attorney, and our resident expert on short sales and the law. He left this comment yesterday about the new California SB 458, the non-recourse law for short sales: SB 458 only applies to lenders, not HOAs. It changes nothing as to HOAs....
We tend to spend a lot of time on short sales and foreclosures, what percentage of the market are distressed sales in the North San Diego County Coastal region (La Jolla to Carlsbad)? The REO and short-sale MLS detached listings that have closed escrow equal 19% of...
From the examiner.com: San Diego homeowners who are considering a short sale of their troubled properties can rest easier today after Gov. Jerry Brown signed into law Senate Bill 458. The new law broadens previous short sales laws. The previous law allowed...
Thanks to the several people who sent in this article, from CNNMoney.com: In this latest twist on short sale fraud, scammers have found a way to rip off mortgage lenders by tens of thousands of dollars -- sometimes in a matter of hours. The scam artists, usually real...
1. The first house in this video shows why going direct to the listing agent can be concerning. 2. The others demonstrate more short-sale shenanigans. My specific beef about short-sale flipping: When agents join the MLS membership they agree to share their listings...
If you are a homeowner who is thinking of getting foreclosed vs. trying a short sale, there is a wealth of information and Q&A’s available – click on the “Short Sales” button in the top border above. Get legal advice too. Who should short-sale? It’s uncertain,...
I get a constant barrage from realtors who want to argue their position on short sales. Back in September, I was ranting about the short-sale negotiator's fee here, saying the listing agent should pay it if they can't do the work themselves. But Tim disagrees - he...
From HW: CitiMortgage, the mortgage servicing arm of Citigroup is paying borrowers an average $12,000 after completing a short sale this year alone. Justin Rand, the senior vice president of loss mitigation at the bank, said servicers are putting more of an emphasis...
From HW: Bank of America completed more short sales than it unloaded previously foreclosed homes every month for the last year and a half. In May, BofA completed roughly 9,000 short sales compared to 7,000 REO, said David Sunlin, the bank's real estate management...
