Category Archives: Strange but True

The Hard Decline (aka the Short Sale Mulligan)

I currently represent the buyer in a short sale transaction, and the lender is Wells Fargo.  Within a couple of weeks of submitting our purchase contract to the lender, the list agent received a “hard decline” from Wells. A hard decline is short sale lingo for starting over.  The frustrating thing is that there is […]

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Can a Lower Short Sale Price be Better for a Seller’s Tax Situation?

Believe it or not, a lower contract price on a short sale can actually be better for the seller.  I know…I know… it sounds ridiculous, right?  IRS 1099-C rules will come into play, and so a short sale attorney or tax professional should be consulted.  This should really happen BEFORE a seller agrees to ANY […]

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Can Buyers Sue Short Sale List Agents?

I recently came across an article by Walter Sanford, a former real estate agent who now coaches and trains real estate agents.  The article poses a hypothetical situation, whereby a listing agent successfully moves a short sale to the point of closing…and then the bank reneges.  

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Meet Linda Green, Your Bank’s Vice President

Disclaimer: Do not read this before you take your happy pills.  This is going to make your blood boil! A recent CBS News article discusses the outlandish lengths banks will go to in order to process a foreclosure.  Their methods can be illegal, unethical, and downright bizarre.  The overall story here is not new…it has […]

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Chase Offers Cash for Keys to Short Sale Borrowers

This may sound absurd, but according to the South Florida Sun-Sentinel, Chase is offering certain borrowers a sizable chunk of change for closing a short sale. Borrowers may receive $10,000 – $20,000 from the mortgage giant for agreeing to a short sale.  But not every borrower is eligible, and the borrower cannot ask be to […]

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North Carolina Foreclosure Rescue Scam Shut Down

North Carolina Attorney General Roy Cooper’s office has shut down a foreclosure rescue firm that actually tried to change its name to avoid prosecution by the state.  Wow, did this guy really think he would get away with it? North Carolina law prohibits charging fees up front for loan modifications or foreclosure assistance, which is […]

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BofA Settles with Fannie & Freddie, but Troubles Remain

Bank of America continues to dominate the headlines, this time due to a $2.8 billion settlement with Fannie Mae and Freddie Mac.  According to Reuters, the mortgage finance companies had claimed that BofA sold them bad home loans.  Well, duh! The article goes on to quote Alan Villalon, senior bank analyst at Nuveen Investments (Chicago): […]

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Wikileaks to Target Bank of America?

(This article was updated on Jan. 31, 2011) Well, it’s the new year, and we’ve already got another story of a major bank being caught with its pants down…potentially.  According to Reuters, Wikileaks founder Julian Assange previously said he had intended to “take down” a major U.S. bank and reveal an “ecosystem of corruption” from […]

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Buyer’s Feet Stave off Foreclosure (for now)!

A client of mine just sold her house in North Carolina and moved to Nevada, just outside of Las Vegas.  As you probably know, Nevada is full of foreclosures and short sales.  So, naturally, my client contracted to buy a short sale.  During the escrow period (and during short sale negotiations with the lender), she […]

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Denied Loan Mods Reviewed by Lenders?

Oh boy…this one might get your blood boiling, especially if you’re a homeowner who has been denied a loan modification under the government’s HAMP program. (By the way, I recently wrote an article about the shortcomings of HAMP, which might be worth reading for a little background). But back to the issue at hand: Kate Berry of American Banker recently wrote about yet another problem with the program, one that reeks of conflict of interest.

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