Short Sale Help
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Property Taxes Paid By Bank
Property Taxes Paid By The Bank Through A Short Sale Property taxes through a short sale are almost always paid by the lender. Not having property taxes reviewed correctly by the lender is very common and can end up being a costly mistake. If approved you may end up...
Buyers Closing Costs Credit
Buyers Closing Cost Credit A buyers dream scenario on a short sale would be to get a great deal on the property and to have the bank approve a fee to their buyers closing costs credit. The general practice of the mortgage servicers and investors are to approve a 3%...
Freddie Mac Closing Extension
What You Need To Know About Requesting A Freddie Mac Closing Extension When Freddie Mac (FHLMC) is the investor on an approved short sale they typically will allow 60 days max to close. The initial approval letter is usually issued for 30-45 days unless if there is a...
Franchise Tax Board Lien
Franchise Tax Board Lien If you pick up a short sale listing with a Franchise Tax Board (FTB) Lien on title it is a red flag, but don't worry too much as these liens can often be resolved without too much complication. FTB liens are handled similarly to IRS liens, but...
Real Time Resolutions Short Sale
Real Time Resolutions Short Sale Help At times you will find Real Time Resolutions (RTR) as the mortgage servicer typically for liens in 2nd position. It is important to know that a Real Time Resolutions Short Sale often can be difficult as they tend to request high...
601 Program HUD
HUD 601 Program We had a short sale being ran through the Pre Foreclosure Sale Program ( FHA short sale ) and the file was service released. Once it was service released we were advised by the new lender that this is now being processed through that HAFA program....
Ocwen Short Sale Results
Ocwen Short Sale Results Ocwen used to be a nightmare to deal with in our industry as they rarely postponed foreclosure sale dates and communication was extremely difficult. As of lately they have shown promising results in certain areas of their short sale...
Second Mortgage Is A Short Sale Only?
Second Mortgage Is A Short Sale Only! In some transactions you may realize that their may be a possibility that the first mortgage will be paid off in full from the proceeds of the sale, but that the subordinate lien(s) will not. Situations such as this can often be...
IRS Lien Short Sale
IRS Lien Short Sale When processing short sales you may run into an IRS lien on title. You should try to get authorized with the IRS right away. The IRS authorization Form 2848 is required for the IRS to speak to you. It’s very important to know that the Internal...
Deficiency Judgments After Short Sales
Deficiency Judgments After Short Sale Completed When processing a short sale it is very important to know whether or not the bank may pursue the borrower for a deficiency judgment after a short sale is completed. If deficiency judgments are allowed in the state the...