The Preforeclosure Daily Grind

How to Play Bank of America’s Short Sale Game

Bob Lachance — Wed, 10 Mar 2010 22:57:36 +0000

On this week’s Preforeclosure Tip of the Week we uncover how to overcome one of the biggest hurdles in today’s short sale world — The new and improved Bank of America filtering system! Will they take 70%, 80%, 90% or higher of their desk top valuation? Listen in as we let you in on a “little” known game that we play. In this week’s Preforeclosure Tip of the Week we also cover where Wilshire Credit Corporation sent a majority of their loans to, how and where Bank of America gets their “perceived” Fair Market Value, and much more. Visit www.PreforeclosureDailyGrind.com for more real estate videos from North Shore Enterprises.

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

Bob Lachance — Wed, 03 Mar 2010 22:03:17 +0000

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!

Does a Deficiency Judgment Ever Expire on a Short Sale?

Bob Lachance — Thu, 25 Feb 2010 00:10:50 +0000

On this week’s Preforeclosure “Tip of the Week” we go over whether or not a deficiency judgment on a property where there was a successful short sale ever expires. Can a lender’s opportunity to sue our clients ever end? Listen in to see the latest facts! Also, listen in as we go through a deal that we are working on with Chase and what they are now wanting at closing, as either a cash contribution or a deficit judgment! We also cover the amount of time every lender has to pursue their rights of a deficit judgment in the state of Maryland and where you can get this information for your own state, our upcoming Short Sale Bootcamp and much much more. Visit www.PreForeclosureDailyGrind.com for more short sale videos and www.ManageMyShortSale.com for the “industry best” short sale and loan modification management tool.

How to Negotiate with Bank of America as a 3rd party Loss Mitigator!

Bob Lachance — Wed, 17 Feb 2010 23:36:04 +0000

On this week’s Preforeclosure “Tip of the Week” we cover how a 3rd party loss mitigation specialist can “now” negotiate Bank of America short sales on Equator.com. Make sure you listen in because there is a right way to do it and a wrong way! And if you do it the wrong way you will get NOWHERE!!! We also cover what a Bank of America “Short Sale Welcome Letter” is and how it affects your deal, Bank of America’s “updated” short sale timelines, B o A’s “new” Short Sale Customer Service number for when you are stuck on a deal, our upcoming Short Sale Bootcamp and much much more. Visit www.PreForeclosureDailyGrind.com for more short sale videos and www.ManageMyShortSale.com for the “industry best” short sale and loan modification management tool.

How to Get a 2nd Mortgage What They Desire on a Short Sale!

Bob Lachance — Wed, 10 Feb 2010 05:26:23 +0000

This week’s Preforeclosure “Tip of the Week” from PreforeclosureDailyGrind.com’s Bob Lachance and Chris “the Drummer“ Bowes covers the tricks on how to get a 1st lien holder to allow a 2nd lien holder more money than the standard $3000 that the government is allowing on the “new” government short sale program, which starts in April. Listen in as we tackled a current deal where we got Saxon Mortgage (the 1st Lien Holder) to give HSBC and their Recovery Department (the 2nd Lien Holder) enough money to give us a “Full Satisfaction”, our upcoming Short Sale Bootcamp and much much more. Visit www.PreForeclosureDailyGrind.com for more short sale videos and www.ManageMyShortSale.com for the “industry best” short sale and loan modification management tool.

What a Short Sale “Satisfaction of Debt” Really Means!

Bob Lachance — Wed, 03 Feb 2010 05:00:06 +0000

This week’s Preforeclosure “Tip of the Week” from PreforeclosureDailyGrind.com’s Bob Lachance and Chris “the Drummer“ Bowes is about what a “satisfaction of debt”, a “cancellation of debt”, or a “Reconveyance” really means to real estate agents and investors after a successful short sale transaction. This topic is often misunderstood, even by the experts, so make sure you listen in! We also cover how to find out your states actual timelines to record a satisfaction of mortgage, the penalties that each lender could be charged if they don’t do their job, condition #6 on a Litton Loan Servicing short sale acceptance letter and much more. Visit www.PreForeclosureDailyGrind.com for more short sale videos and www.ManageMyShortSale.com for the “industry best” short sale and loan modification management tool.

Know your Closing Costs or Lose Your Short Sale Profit!

Bob Lachance — Wed, 27 Jan 2010 23:36:35 +0000

This week’s Preforeclosure “Tip of the Week” from PreforeclosureDailyGrind.com’s Bob Lachance and Chris “the Drummer” Bowes is about making sure you know the exact costs that are associated to buying and reselling a short sale property. Whether you are a real estate agent negotiating for an investor or you are an investor yourself it is absolutely crucial that you have the best system to analyze your deals. In this video we cover how we analyze our short sale deals, the top 3 ways real estate agents can use their license to make extra money, hidden costs you may not be aware of when buying and reselling short sale properties and much more. Visit www.PreForeclosureDailyGrind.com for more short sale videos and www.ManageMyShortSale.com for the “industry best” short sale and loan modification management tool.

How 2nd Mortgages Ruin Short Sale Transactions!

Bob Lachance — Fri, 22 Jan 2010 00:54:13 +0000

This week’s Preforeclosure “Tip of the Week” from PreforeclosureDailyGrind.com’s Bob Lachance and Chris “the Drummer” Bowes is about the real life fact that many 2nd mortgages (or 2nd lien holders) are ruining successful short sale transactions! In this video we go over a recent deal that we have where People’s Bank, the second mortgage holder, is doing everything in their power to hamper a successful short sale even when we negotiated and got them 20% of their principal at closing and 100% of the rest in a 15 year promissory note! Listen in as we go over the Fannie Mae first mortgage, our new State of CT “Debt Negotiation” License and much more. Visit www.PreForeclosureDailyGrind.com for more short sale videos and www.ManageMyShortSale.com for the “industry best” short sale and loan modification management tool.

How Lenders are Protecting Themselves from Short Sale Sellers!

Bob Lachance — Thu, 14 Jan 2010 05:18:05 +0000

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!

Fannie Mae Short Sales – How Long Do They Really Take?

Bob Lachance — Wed, 06 Jan 2010 23:58:16 +0000

This week’s Preforeclosure “Tip of the Week” from PreforeclosureDailyGrind.com’s Bob Lachance and Chris “the Drummer“ Bowes is about how long a Fannie Mae insured short sale “typically” takes from start to finish. In this video we go over a recent deal that we closed with One West Bank that is filled with hidden tips and tricks. Listen in as we cover what to look for when you are accessing a property, the pitfalls of not knowing if your property is a “historical home”, making sure you are correct on your property repair sheet 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!