While I’m sitting here on hold with GMAC, I wanted to post their current contact info for everyone. Our last approval with them went really smoothly and we were able to get it in about 3 weeks.
Again, one of the most important things with any bank is sending the COMPLETE short sale package the first time.
Good Luck!
GMAC Loss Mitigation
(800) 799-9250 extension 8743235
(866) 506-4890 fax for both authorization and short sale package Read the rest of this entry »
We had another good day today… We received two more short sale approvals on a Countrywide 1st / 2nd. Hopefully there are some more to come soon.
Here are a few additional approvals we have recently received in the last month… For all of you that are discouraged with short sales and the process, they do close if you’re willing to hang in there or are working with a team that understands them.
Short Sales Ban NOT Related to Real Estate
Last Friday, Securities & Exchange Commissioner Christopher Cox made a dramatic move today to show that the SEC is doing something: banning short sales of 799 financial stock.
“This action, which would not be necessary in a well-functioning market, is temporary in nature and part of the comprehensive set of steps being taken by the Federal Reserve, the Treasury, and the Congress,” Cox said. The ban went into effect immediately and expires at midnight on October 2, 2008. Read the rest of this entry »
Beware of Short Sales with Franklin Credit in the second lien position. (We haven’t worked with them in the first position, so I can’t comment on that.)
Our seller was a single mother who bought a condo in Chula Vista, one of San Diego’s hardest hit areas. She has run into financial troubles and is not able to afford her home anymore. Both of her loans are purchase money loans, meaning they were non-recourse. The first with ASC and the second with Franklin Credit. Read the rest of this entry »
Bank REO & Short Sales a Major Part of San Diego Resale Housing
The home resale picture appeared to improve in San Diego County in August — but if the Chula Vista and Oceanside markets are any indication, the situation is far from ideal. The San Diego Association of Realtors reports the detached resold listing total was 21 percent higher in August than in the same month a year ago. Read the rest of this entry »
This weekend, the U.S. Dept. of the Treasury placed Fannie Mae and Freddie Mac, government sponsored enterprises (GSEs), into a conservatorship. The federal government is authorized to take up to an 80 percent stake in the companies, and, as part of its duties under the conservatorship, will review both Fannie’s and Freddie’s financial condition quarterly, as well as inject money into the operations as needed.
Under the conservatorship, both GSEs will be allowed to increase their mortgage funding over the next year and a half, then, beginning in 2010, the plan calls for a reduction in their portfolios of 10 per cent a year until they have been reduced to $250 billion. As part of this weekend’s action, both CEOs were relieved of their duties and Herbert Allison, former Merrill Lynch vice chairman, and David Moffett, former U.S. Bancorp CFO, were selected to lead Fannie Mae and Freddie Mac, respectively. Read the rest of this entry »
For all of you that have heard the horror stories about short sales & that they don’t ever close, here is a little bit of hope. Below is a small selection of actual approval letters we have received from the lenders on some of our recent short sales. In the letters, you will see the large amounts we have had written off, (sometimes over 50%!) with complete forgiveness, without the sellers repaying any! Along with that, we have had back taxes paid, delinquent HOA dues and all traditional fees involved with selling a property.
So there is hope, and yes, short sales really do close if you’re working with a team that understands them.
Home prices in San Diego dropped again in June, reaching a point not seen since September 2003, according to the Standard & Poor’s/Case-Shiller Index released Tuesday, August 26th.
San Diego Home Prices
June’s price index for resale houses fell 30 percent from the market’s peak in November 2005. The overall index logged a 24 percent decline compared to June 2007. The lowest tier, homes priced lower than $363,772, registered a 33 percent decline compared to June 2007, the worst dip in the index. Read the rest of this entry »
