The Preforeclosure Daily Grind» foreclosures

How to Deal with a Demanding Short Sale Negotiator!

Mike Thompson — Thu, 02 Sep 2010 20:03:45 +0000

On this week’s Preforeclosure Daily Grind “Tip of the Week” we tackle what to do when you are negotiating a short sale and you get stuck with an over demanding loss mitigator. We cover how to figure out if the demanding requests for more short sale documents are coming from the actual lender (Chase), the lenders investor, the Mortgage Insurance Company or just an inexperienced negotiator; The different levels a short sale travels in order to get an acceptance. Plus the latest way Bank of America and their Equator system are jamming up your short sales when you are at the closing stages, and more.

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

The Latest on Litton Loan Servicing and Loan Modifications!

Mike Thompson — Thu, 26 Aug 2010 14:48:49 +0000

On this week’s Preforeclosure Daily Grind “Tip of the Week” we tackle the latest way that Litton Loan Servicing is handling their loan modifications. We cover how they deal with sellers, agents and third party loss mitigation companies when they are servicing the 1st mortgage. We also go over what they are doing when they are servicing a 2nd loan and what debt collection company they are working with. Chase’s new practice regarding sellers that miss one payment and what foreclosure “status” they put them in and what you need to do to get them out, and more.

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

The Hidden Facts behind FHA Short Sales!

Mike Thompson — Wed, 11 Aug 2010 20:21:35 +0000

On this week’s Preforeclosure Daily Grind “Tip of the Week” we dive into the facts behind doing a short sale on an FHA insured loan. We cover the positives, negatives and give you “hidden” tips and tricks when discounting these properties. Listen in as we also cover the how to “escalate” an FHA insured file so you can speak directly to HUD’s national office, one of the only remaining lenders that still require our sellers to go through HUD counseling. We also touch on the maximum amount of money that FHA will give attorneys and title companies, whether or not an FHA insured property needs to be listed in order to qualify for a short sale, whether or not the homeowner needs to be in default to start an FHA short sale. The “truth” behind whether or not a “VACANT” FHA insured property can be filed for a short sale. We also cover if Bank of America negotiates FHA insured properties on their Equator System and more.

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

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.

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

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.

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.

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.

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

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.