The Preforeclosure Daily Grind» bob lachance

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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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.

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!

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How To Get A Foreclosing Lender To Change Their Short Sale Acceptance Letter!

Bob Lachance — Wed, 05 May 2010 21:00:59 +0000

On this week’s Preforeclosure “Tip of the Week” we cover what to look for on a Short Sale Lenders Short Sale “Acceptance Letter” so your attorney or Title Company doesn’t try and kill your deal! We also cover how closing costs are listed on short sale approval letters, featuring approvals from Bank of America, Chase, and Wells Fargo, why these lenders format their approvals that way, a recent short sale deal we got approved where we how to work with the title agent to reconcile our approval letter in order to get the deal closed and much more. Visit www.PreforeclosureDailyGrind.com for more real estate videos from Bob Lachance and Chris Bowes of North Shore Enterprises.

Take a 14 day trial of PropTrackr – the premier real estate management application from North Shore Enterprises!

How to Drive “Free” Short Sale Leads to your Existing Real Estate Business!

Bob Lachance — Thu, 29 Apr 2010 21:48:32 +0000

This week’s PreforeclosureDailyGrind.com “Tip of the Week” is about two recent closings that we had and the biggest challenges that we overcame in order to get paid! Find out how we overcame a 2nd mortgage that go sold to another company, an unreasonable attorney who wanted to kill our deal because he just didn’t understand, the latest short sale timelines of GMAC and Bank of America,how stepping outside of your comfort zone can and will drive you “Free” Leads, the best way to get an extension on a short sale acceptance letter, how to get Bank of America to change names from a buyer to an entity name and so much more! Visit www.PreforeclosureDailyGrind.com for more real estate videos from Bob Lachance and Chris Bowes of North Shore Enterprises!

Take a free 14 day trial of our brand new real estate management platform called PropTrackr!

Short Sale Transactions: Know Your Repairs or Lose!

Bob Lachance — Wed, 21 Apr 2010 14:57:21 +0000

On this week’s Preforeclosure Daily Grind “Tip of the Week” we go over why you need to have a clear understanding of what repairs are needed on a property BEFORE you agree to take a short sale deal on! This will be the deciding factor of whether or not you get paid! Listen in as we go over a recent deal that created a huge headache and how you can avoid it! This is a must listen to video because it will save you a lot of time and money…Also listen in as we go how to request a short sale extension from Bank of America through their online short sale system Equator.com, why Bank of America requests the buyer’s social security number upon submission of an offer through Equator and much more. Visit www.PreforeclosureDailyGrind.com for more real estate videos from Bob Lachance and Chris Bowes!

Check out PropTrackr.com for a 14 day trial to our brand new real estate management platform!