The Preforeclosure Daily Grind

Buyer’s Inspection Reports Are Crushing 203 Thousand Loans!

Mike Thompson — Wed, 28 Jul 2010 14:53:49 +0000

On this week’s Preforeclosure Daily Grind “Tip of the Week” we dive into how our end buyer’s lenders are cracking down on the inspection reports when they are trying to qualify for a 203,000 loans. Changes are happening everyday when it comes to trying to stabilize this economy, some good and some bad. Listen in as we tell you what to look for when getting our end buyer’s qualified for a 203K loan and much more. We also cover how Bank of America and their Equator.com system is now using automatic email notifications to update homeowners and 3rd party agents during each stage of the short sale process. Also we cover how Chase is updating and cleaning out their system and what to look for in the near future from them, a recent deal that blew up in our face and what happened and much more.

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End Buyer’s Lenders Are NOW Stopping Short Sale Transactions

Mike Thompson — Thu, 15 Jul 2010 20:05:27 +0000

On this week’s Preforeclosure Daily Grind “Tip of the Week” we dive into what many of today’s buyers’ lenders are requiring on your short sale acceptance letters, in order to finance a short sale purchase transaction. Listen in to see what McCue Mortgage is requiring from Bank of America and CitiMortgage. We also cover what line to put a 2nd lien holders payment on a HUD-1 settlement statement to satisfy a 1st mortgage, why you can’t change a Bank of America short sale approval letter, why CitiMortgage no longer accepts extra payments of the HUD-1 settlement statement and more.

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CitiMortgage Changes Short Sale Policy Again!

Mike Thompson — Thu, 08 Jul 2010 17:23:45 +0000

On this week’s Preforeclosure Daily Grind “Tip of the Week” we dive into the 3 latest lenders that have changed their short sale policies when they are in the 2nd lien position. Listen in as we go over how Wells Fargo, CitiMortgage and SLS (Specialized Loan Servicing) is now asking for more and more money, our brand new “Action Plan” module for our PropTrackr.com System, what the Home Equity division of Wells Fargo is requiring from 3rd Party negotiators and more. Visit www.PreforeclosureDailyGrind.com for more real estate information from Bob Lachance.

Take a 14 day test drive of the easiest, most comprehensive real estate management platform available! Visit www.PropTrackr.com for more info.

What To Do When a Short Sale Lender Goes Against Their Investor

Mike Thompson — Wed, 30 Jun 2010 23:53:09 +0000

On this week’s Preforeclosure Daily Grind “Tip of the Week” we dive into the latest and greatest challenge when dealing with a Servicer (Lender) who goes against their Investor (the entity who owns the money) and their written guidelines and how to overcome it. We also cover the latest updates to our Real Estate Management Tool that will save you a lot of money, a deal in which we’ve had to go over a lenders head and straight to the investor due to another bait-n-switch, why and how to get two negotiators to work together when they’re both within the same lender and on the same property, a recent “challenging” SunTrust deal that we finally got closed after a year and much more.

Are BPO Agents at Fault for Terrible Short Sale Valuations?

Mike Thompson — Thu, 17 Jun 2010 18:54:52 +0000

On this week’s Preforeclosure Daily Grind “Tip of the Week” we dive into whether or not BPO Agents are taking advantage of the system and not doing what they are paid to do! In today’s real estate market it seems like everyone, even our almighty government, is looking to blame. So make sure you watch today’s video to see what is they are doing and also the latest on what Wachovia is allowing our sellers to walk away with at closing, how much commissions they are paying real estate agents, whether or not you can immediately resell a Wachovia short sale property, whether the new HAFA short sale program timelines are being followed by today’s servicers, and more. Visit www.PreforeclosureDailyGrind.com for more real estate videos from Bob Lachance and Chris Bowes.

Watch Out! Transactional Funders May Actually Kill Your Short Sale Transaction!

Bob Lachance — Thu, 10 Jun 2010 15:43:01 +0000

On this week’s Preforeclosure “Tip of the Week” we cover the latest challenge that one of today’s big name Transactional Funding Companies is creating for short sale investors and which foreclosing lender will no longer allow you to use them. As many of you may not know Lenders are now watching your every move so if you are not on top of your game you will get crushed! Listen in as we go over this latest “hot” topic, the latest Bull$hit that Bank of America pulled in reference to seller concessions, the latest tip on how to use the Equator.com system and why we love them, Chris “the drummer” Bowes’s latest gig in Nashville, TN and much more. Visit www.PreforeclosureDailyGrind.com for more real estate videos from Bob Lachance and Chris Bowes of North Shore Enterprises.

SunTrust Mortgage Short Sales- Are Our Sellers Getting Screwed?

Bob Lachance — Thu, 03 Jun 2010 03:09:02 +0000

On this week’s Preforeclosure Daily Grind “Tip of the Week” we dive into what is going on with SunTrust Mortgage and how long they are actually taking to close short sales these days. We go over a recent deal we have with them and some tips and tricks on how to get a short sale deal closed when you have two mortgages with the same lender. Listen in as we cover this and how often SunTrust Mortgage will order a new BPO, what Fannie Mae will allow 2nd mortgage holders when they are in first position, whether or not SunTrust will give a “Settlement in Full” or a “Release of Lien” only on their short sale approval letters and more. Visit www.PreforeclosureDailyGrind.com for more real estate videos from North Shore Enterprises.

How to Escalate a Bank of America Short Sale File to a Supervisor!

Bob Lachance — Tue, 25 May 2010 20:50:12 +0000

On this week’s Preforeclosure Daily Grind we cover how to escalate a Bank of America short sale file to a supervisor. On this deal they closed our file due to the fact they had a malfunction in their Equator.com system. Listen in as we tell you what to do to overcome this situation, the latest news on how FHA negotiates their short sales (whether it is through the Equator system or not), what language you “must” put in your FHA purchase contracts, what language “must” be on the FHA listing agreements and much more. Visit www.PreforeclosureDailyGrind.com for more videos from North Shore Enterprises.

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Are Undisclosed Second Mortgage Short Sale Payments Illegal?

Bob Lachance — Wed, 19 May 2010 21:38:17 +0000

On this week’s Preforeclosure Daily Grind we cover the hot topic of whether or not it is legal to give a 2nd mortgage holder more money then the 1st mortgage holder will allow on a short sale transaction. Nationwide there is a huge controversy brewing and the fact is that in today’s short sale environment 2nd mortgages are requiring that, in order for them to release there lien position. The question is it legal or is it illegal to do so even though you are trying to help your seller avoid foreclosure. Listen in at we cover this and much more. Visit www.PreforeclosureDailyGrind.com for more videos from North Shore Enterprises.

Second Mortgages Are Trying To Kill Short Sales By Following Terrible Desk Top Valuations!

Bob Lachance — Wed, 12 May 2010 00:41:19 +0000

On this week’s Preforeclosure Daily Grind we cover the fact that 2nd mortgages are now attempted to squash our short sale deals by looking at valuations that over inflated and outright out dated! Listen in as we cover this hot topic along with the two primary types of responses that 2nd mortgages give when countering you after you ask them to release their lien, how to counter a 2nd mortgage when their perceived value is way off mark, a deal that we just negotiated and how we overcame these objections and much more. Visit www.PreforeclosureDailyGrind.com for more real estate videos from North Shore Enterprises!

Take a 14 day test drive of PropTrackr — the new short sale management platform from North Shore Enterprises!