This week’s Preforeclosure Tip of the Week is about the proper timing of when you should submit your 1st mortgage short sale package and when to submit your 2nd mortgage short sale package on a property that has two loans. We also cover the inside secret to getting a foreclosure by sale postponed in your state, who GMAC recently sold a pool of 2nd mortgages to and what their discount ratios are, the policy behind Specialized Loan Servicing (SLS) regarding getting extensions on their short sale approval letters and much more.  Visit www.PreforeclosureDailyGrind.com for more real estate videos from North Shore Enterprises!

2 Responses to “The Proper Timing to Fax in a 1st and 2nd Mortgage Short Sale Package!”

1. patty duce says:

   March 5, 2010 at 6:44 pm

   Chris,

   My daughter got an approval for a loan mod thru BofA in October ..she’s been paying on it since then. she has a copy of the note which here attorney said is legal. Now Chase or Washington Mutual is in the loop and it’s been a nightmare. One person acknowledged the loan mod was in the system and told her to send the check (Feb) to a different address (it still hasn’t been cashed. All of the other money has been held and not applied. They are still threatening foreclosure but an NOD has never been filed. Have you had this problem?

   Patty Duce

   Reply
2. Sharon says:

   March 5, 2010 at 8:34 pm

   I just got an approval this afternoon on my worst file of 2009…The loss mitigator left me a message that he had good news and bad news. Turns out, when I called him back, the bad news was that they would not postpone the sheriff sale (it’s 3-24, which is plenty of time for us to close since we were all set last August 2009). What I found the most hilarious about the whole thing was that I have already gotten this property’s sheriff sale postponed 8 times already! Crazy, huh?

   Love the videos. Makes me feel like I am not all alone chugging along in the short sale business.

   Reply