This week’s Preforeclosure “Tip of the Week” from PreforeclosureDailyGrind.com’s Bob Lachance and Chris “the Drummer“Bowes is about what lenders are doing today to “legally” protect themselves from homeowners who are in default and going through the short sale process. This information is from a current deal we have with USBank. Listen in as we cover this deal and also what FHA, Fannie Mae and Freddie Mac are allowing 2nd mortgage holders as a “net” when they are taking a short sale and much more. Visit www.PreForeclosureDailyGrind.com and www.ShortSaleDailyNews.com for more short sale videos and articles. Please leave your comments and questions so we can address them on future videos!

3 Responses to “How Lenders are Protecting Themselves from Short Sale Sellers!”

1. Sharon Horne-Ellstrom says:

   January 14, 2010 at 9:32 am

   Great advice as usual guys.

   Another little “take-away” from this should be the importance of keeping good records and communicating with your sellers!

   On more than one occasion I have had to go back through my “stuff” to cover my Title Companies rear, in addition to mine.

   Looking forward to the MMSS upgrades.

   Sharon

   Reply
2. Rich says:

   January 15, 2010 at 10:13 am

   Bob and Chris, Great info on the junior lien holder limits. Clarification – I thought FHA was $1000 and up to $2500. Is it now just a flat $2500? If so what happens when the 2nd is a smaller amount like $15,000?

   Reply
3. Dale says:

   January 22, 2010 at 7:25 am

   Thank you for the current discounts on the2nd loans… nothing better then current info.

   Reply