A number of short sale clients have shown me letters, mostly from Chase, offering them an almost incomprehensible amount of money if they’ll do a short sale. It would seem hard to believe, in a world where short sale sellers typically walk from closing with the clothes on their back and no proceeds, that lenders … Read More…
Tag: HAFA
Dealing with Second Mortgages in a Short Sale
Categories: Short salesTags: 2nd mortgages, HAFA, New York short sale Realtor, New York short sales, Westchester short sale Realtor, Westchester short salesNew HAFA rules are forcing home sellers to negotiate directly with subordinate liens, or, in common terms, second mortgages, on their own, according to Bankrate.com. The way the rules are written, there is a financial incentive for the 2nd mortgage to settle and release the lien, but the onus of getting assurances that the bank … Read More…
The Wall Street Journal Agrees with Me on Short Sales
Categories: Short salesTags: HAFA, New York short sale Realtor, New York short sales, Wall St Journal, Westchester short sale Realtor, Westchester short salesAmy Hoak’s timely article on HAFA and short sales in yesterday’s Journal concludes with timely advice that I wrote myself the very same day. The article focuses on the many pitfalls of short sales, as well as the new HAFA (Home Affordable Foreclosure Alternatives) regulations which are set to go into effect on April 5, 2010. … Read More…