A two-year waiting period is permitted if extenuating circumstances can be documented. Divorce is NOT an extenuating circumstance!
Even though the Great Recession has been with us for more than 4 years, and Short Sales have been around for years, nobody has really been able to find a way to deal with them very efficiently. Fannie Mae is attempting to change that with the launch of the new tool they call The HomePath for Short Sales tool. The tools is divided into three categories:
After a few weeks of the multiple times per day barrage of phone calls from Bank of America I attempted to resolve this by calling them myself. The colossal comedy of incompetence a person has to suffer in order to get a straight answer from Bank of America is deplorable! As a Mortgage Loan Officer with nearly 15 years of experience speaking the language of mortgage lenders I can only imagine how impossible this experience is to someone without similar experience.
“The federal government is considering moving its local Immigration and Customs Enforcement office from a Cary office park to a former Kroger supermarket on N.C. Highway 55 and High House Road.” reported Sloane Heffernan from WRAL News. Read the story here. The debate rages onward. If you read the local online forums, neighbors and Cary…
I recently had to engage in a transaction with the loss mitigation at the same bank that employs me. You would think there would be an unwritten code that Loan Originators and Loss Mitigation might share but alas, that simply isn’t so. If you have bad service at a restaurant, you ask to speak…
Unlike Scotty however, most people although they have heard the term SHORT SALE they really don’t know what the term means so here is a very basic explanation that I tried out on Bella (my six year old daughter) and although it bored her to tears, even she understood it.
Some today experts are saying that only 1 out of 10 short sales reach successful conclusion. Yet others say that 1 out of every 4 close escrow. Regardless a 10% to 25% success ratio is pathetic no matter what your business is!