Upside Down Mortgage

Posts Tagged ‘forclosure’

Loss Mitigation List

Question: What's the probability of a short sale success?

My offer on a short sale was accepted by the seller. The house was on the market as a short sale for about a year in Orlando, FL. The original list price on the house was $70K more than my accepted offer. A day after my offer was accepted my realtor received a call from the seller's loss mitigation company who informed her that the banks are "slow" and to let me know that it will take 3 - 5 months to close. The seller has only one lien holder. I also placed $1K in escrow. What are my chances of actually closing? Can I rescind my offer if closing isn't done in 3.5 months? And lastly, what are the banks doing during this 3 - 5 month time frame while the house is vacant and the maintenance is going downhill? Thanks all!

Answer: I would give it a 20% shot.

They are appraising it and trying to figure out if it is better for them to foreclose. Very often foreclosure is more logical then a short sale.

How to Properly List a Short Sale Property

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Loan Modification Grants

Question: why are none of the hard up conservatives in my area refusing Obamas economic benefits?

Companies, large and small, who a few years ago who hosted Bush, Dick DeVos etc are now lining up for bail out loans. The unemployment offices are full of cars with W04 and McCain stickers! So many are applying for this grant and that extension and mortgage modifications that they resources are swamped! They are grabbing every cent of government money they can and looking for more.

Can someone please explain this to me? It seems that they would prefer to let the 'free market' work out their financial problems, don't you think?

Answer: One word...hypocrisy. (It's also apparently "Republican" to think its not welfare if I get it, it's only welfare when someone else gets it". Tea-bag parties are proof of that "It wasn't bad spending when Bush did it, its only bad spending when Obama does it." Or, "it's not torture if we do it, it's only torture if it's done to us." Pretzel logic at it's finest!)

It's also amazing to hear the bigots in the GOP cry about "minorities and welfare" when, in fact, it's "non-urban WHITES" that receive the most welfare [44% of all welfare recipients, to be exact]...DUH! )

Avoid Foreclosure Guaranteed! www.TaylorGrant.net

Mortgage Modification After Bankruptcy

Question: Does anyone know about Americas Servicing Co-Affiliated with Wells Fargo?

We are in foreclosure and our house is set for auction on May 22--we are also filing bankruptcy. We have been recently been getting barely audible messages from what we can make out is Wells Fargo. I googled the number and from what I can tell the number is America Servicing Co. and they are affiliated with Wells Fargo, who we have our mortgage with. We tried loan modification months ago and were denied-not surprisingly. From what I have read about ASC they are brain dead and i guess they deal with short sales. They sound nasty and called me twice in one day. Does anyone know anything about them and should I give them a call?

Answer: Sorry to hear you're going through so much! Be careful, there's a lot of get rich schemes going on right now, especially with mortgages. Go ahead and call the number and remember you don't have to work with anyone. See what they have to offer. If you are in bankruptcy, then it can't be a creditor calling you.A short sale needs to be discussed with your lender, not you.
(When lenders agree to do a short sale in real estate, it means the lender is accepting less than the total amount due.)

Mortgage Modification 4 - Home Loan & Real Estate Marketing Nov08 - Home Owner Negotiating with Bank