Posts from — March 2010

Back in late 2009 Bank of America was the first lender to start utilizing the online system “Equator” to process their short sales. Supposedly this system was to expedite the short sale process and for anyone who has ever been subject to a Bank of America short sale the word “expedited” doesn’t come up too often!

I am happy to say that Equator has certainly streamlined the process and we are happy so far with the results. GMAC has also jumped on board and although it isn’t exactly cutting the approval time in half it certainly organizes the files much easier and does cut down on processing times.

Hopefully as the months move along and other lenders jump on board the short sale process will continue to become easier to control.

We list, process, & sell Arizona short sale properties 7 days a week and are experts in the entire short sale process as well as all lender systems such as Equator. Please contact us at 480-241-4406 if you would like more information about how to short sell your Arizona home.

Effective 4/5/2010 the FHA upfront mortgage insurance premium will be increased from 1.75% to 2.25%.

This will take effect for all FHA case numbers assigned on or after 4/5/2010.

Monthly premiums will not change.

8.4 Billion dollar lawsuit for Countrywide!! A nationwide settlement costing Countrywide 8.4 billion dollars has been settled due to their unfair & predatory lending practices.

Attorney Richard Blumenthal from Connecticut said it best:

” Countrywide turned the American dream of homeownership into a nightmare for thousands of home buyers and families”

370 Consumers in CT received up to $3400 each in the settlement.

One of the challenges in short sale transactions is getting the lenders to approve the postponement of the foreclosure.

Lenders seem to be getting more difficult to deal with when it comes to getting these foreclosures postponed unless there is a very solid offer, a full short sale package, and fully signed paperwork.

This makes the timing of a short sale listing pertinent and the sooner the better! The more time we have to properly list, sell, and process the short sale the better the chance that we can avoid the foreclosure altogether or at least get it postponed to the point where we can get the property closed.

On most deals the lenders will postpone the foreclosure but it’s not worth taking the chance.

If your property needs short sold and you have missed a payment or more then please contact us at 480-241-4406 quickly so we can get moving before the bank decides to foreclose. We’ll have a better chance of short sale success.

Buckeye Short sale home — HUGE loft area, large backyard, in a great newer subdivision!!