We recently competed a short sale closing where the property was in foreclosure. The property is still in foreclosure and will be until the lender, one of the larger banks, and their assembly line lawyers dismiss the suit. This, of course, can take several months. If anyone has tried communicating with a lender, you will understand that something so simple is, in fact, next to impossible. The large lenders communicate with the lawyers in the same inefficient manner.
One of my goals for 2013 was to get my website up and running. Check. Next goal, start blogging for search engine optimization. Check. Make sure you blog once a week so you are consistent. Ok, so blogging is not my strong suit. Let’s put this down in “Things I Need to Work on” colomun – maybe I will get better in 2014.
Its hard to get back to work after vacation, but thanks to technology there is no reason you cannot take the office with you on vacation. I know, this defeats the whole purpose of going on vacation, but most small business owners cannot afford to just shut their doors for two weeks and hope when they return from their vacation everything will be as they left it. The fact is, the mail is still delivered, bills are still due, the phone will still ring, and clients may want to use your services – all while you are supposed to be relaxing somewhere.
Most people know that an association can foreclose a lien. However, most people do not understand how the association foreclosure works. This was brought to my attention when a client came into the office. He had just purchased two association foreclosure judgments and he wanted title insurance on his newly acquired property. He thought he had gotten a real bargain wanted to know what to do next.
Working with lenders can be very difficult. We recently closed a short sale where the buyer was getting a loan through the Veterans Administration and working with a mortgage broker. This was also a short sale, so not only were we working with the buyer’s mortgage broker and lender, we were also working with the seller’s lender. Continue reading
I have been working on short sales on a regular basis over the last few years. This has gone hand in hand with clients going into foreclosure and attempting to find a reasonable resolution for them. I don’t know exactly how many foreclosures I have been involved in, or how many short sales I have been involved in. I cannot say that it has ever been a high priority to actually keep count. I am more concerned with doing a good job for my client and giving them an acceptable exit to their stressful situation. That being said, I can say that a high percentage of the properties that do become short sales are eventually approved and successfully closed. Continue reading
Recently, we did a short sale closing with Wells Fargo. To clarify, our client was in foreclosure with Wells Fargo, he was also being sued by Wells Fargo on his second mortgage. The plaintiff in both cases were the same – Wells Fargo, N.A. It is not unusually to be working on a short sale while the property is involved in a foreclosure. In fact, it sometimes helps the short sale process if the property is being foreclosed.
The term “underwater” took on a new meaning a few years ago. Before 2006 has anyone ever heard of a homeowner being “underwater”? Although we have helped hundreds of clients who are “underwater”, this term always had a different meaning to me. I have actually enjoyed being underwater, and try to get underwater as often as possible. Continue reading