Jonathan Osman, The Charlotte House Hunter Group - Keller Williams Realty
In February, the Justice Department and 49 states Attorney’s General reached a settlement between themselves and the nation’s five largest mortgage servicers: Bank of America, Ally / GMAC, Citi, Chase, and Wells Fargo. At the time, it was viewed as a monumental accomplishment for foreclosure abuses related to the robo-signing scandal, where banks forged signatures [...]
Now that the FTC has once again exempted real estate agents from the MARS disclosure act, some agents and services are once again charging up front fees. These fees range anywhere from $500 – $2,000 to assist a homeowner through a short sale or a loan modification. In North Carolina, its illegal to collect up-front [...]
The latest con/scheme/scam out involves homeowners facing foreclosure and so-called “investors” who will negotiate a short sale on their behalf. These people approach the homeowner either via letter, phone call, or even through their agent and they typically have the term “solutions” in their name. Here’s the pitch: I want to make an offer on [...]
If you have a mortgage with Bank of America (including a former Countrywide loan) and are experiencing trouble making your mortgage payments, you may want to attend the free borrower Outreach Event May 13-14 2011. Bank of America staff will be on hand along with HUD housing counselors to assist in working through a loan [...]
I get this question a lot of borrowers that have either missed a mortgage payment (or two) or are fearing that they might soon face foreclosure. Fact is, moving out of your home ahead of a possible foreclosure is about the WORST thing that you can do. First off, if you intend to keep the [...]
If you have a first or second mortgage with CitiMortgage, the first step to call their Homeownership Counseling team at 1-866-915-9417. Citi makes it easy for homeowners to apply by completing and online application via their website although the Workable Solutions Packet is still accepted. The documents that you will need to provide: Copies of [...]
The Bank of America Cooperative Short Sale Program is designed to assist homeowners avoid foreclosure and speed up the short sale process. It is modeled after the Treasury Department’s HAFA short sale program, which Bank of America also participates in. However, as some homeowners are ineligible for HAFA, the Cooperative Short Sale Program is a [...]
Probably the second question after “What is a short sale” is what the impact will be to the borrower’s credit score. Thankfully, FICO (the ones that created the credit scoring system that we use today) just released a study where they address just that. They cover everything from mortgage delinquencies to short sale, foreclosure, and [...]
If you have an FHA loan and are possibly facing foreclosure, there’s help for you in the form of the FHA Pre-Foreclosure Sale Program. Introduced in 1994, this program is one of the best short sale programs available in my opinion. For more information, you can read the entire program guidelines in HUD Mortgagee Letter [...]
The following documents are needed for your Wells Fargo or Wachovia Short Sale. Traditional Short Sale Files (First or Second Mortgage Short Sales): Last 2 months bank statements for all accounts Last 2 pay check stubs If unemployed, unemployment benefits letter (if receiving benefits) or letter stating employment situation If self employed, 90 day Profit [...]
