OC Foreclosure Options

It blows my mind the reasons I have been given by sellers when asked why they hired a particular agent. Many times it’s something like, “They’ve lived in my neighborhood forever”, “They seem to be real nice”, and my favorite, “They remind me of my grandpa”. None of which establish any kind of experience in dealing with your specific

Continue reading Short Sale Myth #12

While we know that in most cases the bank does not want to foreclose on your property, they will still proceed with a foreclosure if you’re not making progress. And unfortunately progress isn’t necessarily defined as simply having an

Continue reading Short Sale Myth #11

If your agent listens to the banks “advice” and hold off on submitting your initial hardship paperwork until you actually get an offer, you’re going to drag out that escrow by an extra four weeks just to get your file processed. Believe us when we say that four weeks is a conservative estimate with most banks. We’ve seen transactions with some of the lenders or loan servicers that easily take six to eight weeks to actually set up and order the BPO from the time they initially received a file with an

Continue reading Short Sale Myth #10

The bank nor it’s employees even care that the house was listed at ‘full payoff’. In most cases they don’t even care that it was on the market for 5 months. The main thing you will notice is that they want to make sure your offer submitted is as close to full market value as possible to get it

Continue reading Short Sale Myth #9

A HELOC (Home Equity Line Of Credit) is not comparable to a traditional closed end second position lien and must be negotiated differently with the bank. A HELOC is not just a note that is tied to a piece of collateral like a traditional mortgage.

Continue reading Short Sale Myth #8

The Short Sale Myth

 Lenders don’t care about accepting a short sale and would rather foreclose than accept.

Due to the fact tat most agents nationwide only close 10% of their short sales, this myth has spread like wildfire.  Now let us be fair and explain why most agents fail 90% of the time; they simply don’t

Continue reading Short Sale Myth #7

A Good agent who understands the Short Sale Process won’t let the bank dictate the terms especially their commission.
A Good Agent will work hard to put together a good deal and move the file forward and deserve their full commission.
Also a bank has no right to dictate the terms between you the seller and your

Continue reading Short Sale Myth #6

More often than not, the person you’re agent is speaking with at the bank is a lower-level paper-pusher. They don’t really care about the loss the bank stands to take because it’s not their money. They probably don’t care one way or another about your offer because they’re being paid by the hour or are on salary and if the bank loses more money because of their bad decision, it does not affect their paycheck on Friday. They can’t think outside the specific guidelines they’ve been instructed to follow by their

Continue reading Short Sale Myth #5

Sorry, there are no second position liens or any junior liens for that matter that will accept zero dollars.
Everybody wants at least something in order to take the time and close out their position, even if they have no chance in getting a penny if the home is taken to foreclosure by the first position lien.

Continue reading Short Sale Myth #4

Most agents think that the banks care about loss severity a lot more than they actually do. Now don’t get us wrong, the banks do care about loss severity a lot. $40,000 recovery on a $100,000 loan is a loss severity of 60%, and that is taken very

Continue reading Short Sale Myth #3