South Jersey Short Sale Attorney

California Dreaming – $100K Principle Forgiveness – $25K in Late Payment Fee Forgiveness and $5K Incentive to Move I was sitting at a meeting Wednesday night with some key business leaders from Egg Harbor City and we were discussing the rise in home beer brewing. Someone made the comment, “I have friends and family out on the west coast and it is HUGE out there, we all know that the trends start in California and then move to the East Coast and then back to the middle of the country…” Well I don’t know about all of that but one trend in...

7 Walnut Avenue Pleasantville NJ – $65,000 Newly listed for the first time home buyer or the investor looking at immediate positive cash flow. The house is rough but on a friendly family street, close to Atlantic City, schools and shopping. This is a short sale with one lender to negotiate. The process has already started. Bring all offers to the lender. Email for more information or to see the...

Foreclosure Fraud – Short Sale Fraud Don’t get hung out to dry by someone who wants to use your housing misfortunes for their gain. These people are out there and they are making lots of money. It should never really come to this because 99% of homeowners who are facing foreclosure should be able to work out some sort of Short Sale or Deed in Lieu. However not everyone moves fast enough to do so, others may have very special circumstances. There is no lack of ways people will try...

How Not to Get Stuck in The Mud…

One of my favorite new shows is called Duck Dynasty. It is about the Robertson family that created a multimillion dollar enterprise building duck calls and marketing duck hunting related items. The show is chock full of wisdom like when Phil, the founder says, “Ducks and Women are a lot alike, neither likes to sit their hind end in a bunch of mud.” Phil’s problem was beavers, beavers that jammed up the...

Do I have to list my house in order to short sell ...

I had a person pose this question to me in a good ole fashioned jersey diner the other day. People just seem to come up and talk to me at diners and I like it. I travel a lot throughout the southern part of the state and often am eating alone between meetings or appearances. I have my own mental notebook of NJ Diners, Drive Ins and Dives. Guy Fieti, call me! The person wanted to do a short sale and they already had...

Carrington Mortgage – Customer Review

From time to time I am going to post about my experience in dealing with a mortgage company – today Carrington Mortgage. Last week I closed a file for a client whose lender was Carrington. I worked with an agent named Toby who did a great job handling the file once it was in his hands. From his first email to the approval it was eight days. The lender countered the initial offer and when I got back to them promptly,...

20 Day Approvals – Bank of America’s L...

Bank of America has recently changed their process for evaluating short sales and has set a goal of making a decision on a file within 20 days. Great goal! There are a few things they will need to work on including scrapping their subcontractor model for some loans who lose more documents than they handle and change assigned agents several times per file. As of today the process changes… I applaud the effort to...

How Much will the First Lien Holder Pay on a Secon...

There are a lot of files that cross my desk with a second lien. There are even more borrowers who think it is impossible to do a short sale if they have a second lien or loan on the property. Harder? Of course but not something to paralyze you into losing your house to foreclosure! Here are the generally accepted contribution limits for FHA and HAFA short sales: HAFA $6,000 Freddie HAFA $6,000 Fannie HAFA $6,000 FHA PFS...

How to Write a Hardship Letter

OK – I have to admit a bit of a Short Sale crush on Melissa Zavala. She is the best blogger I know on the subject of Short Sales. She has done it again with a recent post over at Short Sale Expeditor. Check out their website and the link to the post here. But here is what she writes and I agree with her advise. A well written hardship letter is an important step and one many borrowers gloss over. The...

Bank of America Changes

Like them or hate them Bank of America is the largest player in the short sale game. They are a company after Charles Dickens’ heart “they are the best to deal with… they are the worst to deal with”. Now they are changing their process again and have decided to only acknowledge third party authorizations if they are completed using their specific form (this is for Equator processed files –...

Atlantic City Press Feature Article on Deed-In-Lie...

It was my pleasure over the past two weeks to work with Kevin Post, Business Editor of the AC Press on an educational article regarding Deed-In-Lieu options for area homeowners. You can read the full article by using the link...

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