All Forum Posts by: Maryann L.

We went to $225,000 today and got hung up on. It makes me laugh a bit. VERY rude for such a small bank. I expect that response from a CITI or BOFA but not from a local credit union. After the "collections officer" hung up on us because they have NO loss mit dept., we found the email address of the CEO and just emailed him. I don't hold out hope because the auction is Tuesday and so far for 3 days we've gotten the run around.

They said the appraiser went out the the property and assessed for $400,000. We all laughed. We guessed it was a drive by because the owner, realtor nor us let them in.

We asked the Realtor what the auction price on the property (or firesale price) would be. He said $275,000. We came in at $175, because from the point the realtor gave us firesale price and now, snow fell and the property is not winterized without utilities on. Plus we obviously want to make a profit. Homeowner owes $388,000 and the credit union said they wouldn't take less than $375,000????????

I don't have comps to support $175,000 only some pictures of the run down property and with a lot of the work that needs to be done, and of course the info on the pipes.

Is this a lost cause?

New government guidelines below. I'm curious what happens to those homeowners that are investors or own multis??? Now they are out?

Government Announces Short Sales Guidelines
The U.S. Treasury Department announced new guidelines this week designed to make short sales go more smoothly.
To qualify under these new guidelines:
The property must be the home owner’s principal residence.
The home owner must be delinquent on the mortgage or close to defaulting.
The loan must have been made before Jan. 1, 2009, and be for less than $729,750.
The borrowers’ total monthly mortgage payment must exceed 31 percent of their before-tax
income.
Under the plan, borrowers will receive $1,500 from the government for selling homes for less than
the amount of their mortgages. Mortgage-servicing companies will get $1,000 for each completed
short sale. Second-mortgage holders can receive up to $3,000 of the sales proceeds in exchange
for releasing their liens. Investors who hold the first mortgage can collect up to $1,000 from the
government for allowing the payments.
Borrowers who complete a short sale under the program must be "fully released" from future
liability for the debt, according to the guidelines.
[i]

She is current on her rent. She had a few months she was late and I did file a notice to quit, but she went to the town and got assistance. We could have evicted her but she finally go the rent to us. On the other instances, her family stepped in to pay.

The problem now is every day there is a new "leak" at the property, however there is nothing there. We have done everything in our power to make sure there are no leaks. She's manipulative.

We do the same things. We have full disclosure with lenders, buyers, sellers, etc. We buy the house with "private money" and record the deed and then sell the house.

Apparently, some title companies are having issues with the above process.

I own a 3 unit building. I have one section 8 tenant who has been a problem since day 1. Doesn't pay on time, creates issues with other tenants, seems to feel entitled.

We had some bad rain in the last two months and water started coming in her unit. We have spent over $3500 on getting it fixed and are out there within 24 hours of a problem. Mind you we had WORSE storms back in July and it was never an issue.

Anyways, a new tenant moved in and I told the other two tenants to keep the front of the house clear so she could put her car there to move in and out easy. That was completely disregarded by the problem tenant and her GUEST called the cops on the new tenant for "purposely" hitting his car (sigh) -- She was trying to move in and accidentally hit his car.

Anyways, we had to get involved and I told the problem tenant her guest needed to clear the way for the paying tenant to park and move in. The unit the problem tenant is in comes with two spots, but she is single and only has one car. Well, that is where the craziness ensued. My poor new tenant has no idea what she just moved into and is very upset.

My problem tenant may be in violation of the lease for having an overnight guest more than 7 days and she still hasn't provided me a copy of her rental insurance. When asked, she suddenly says the unit is leaking. She told me her laptop was ruined by water damage and when we went out to see what she was talking about and surprised her, she was busy tapping away at her laptop.

It's getting tiring. We are NOT renewing her lease and giving her a 90 day notice of non-renewal and a notice to vacate, but that's not till February as her lease is up in May.

Thoughts? Do I even have rights here or am I screwed?

We do do transactional funding. Always close the first and record the deed and then later in the day close the second. I guess this is a problem for certain title companies.

Well the interesting part about this is he DID apply for the loan mod, TWICE and we knew that he was denied. We were his last option. The Realtor encouraged the short sale and has been on our side this whole time.

It's like this guy was given a gift by the new company buying out the old lender. I have NO idea why the new lender bought the loan, but I'm very curious if they automatically foreclose too. I would assume they need to at least consider a new loan mod with him.

He's moved out of the house and I do believe that is one stipulation of a loan modification. He should be IN the house.

Only time will tell I guess.

We have a house that was up for foreclosure TWICE that we've been able to get postponed. New date is in two weeks. I've been asking for the homeowner to get me some paperwork as the loan was bought by a new lender as of 12/1 and I wanted a new auth to release with the new loan # and the new lender wanted some paperwork.

This homeowner applied TWICE for a loan mod with old lender and was denied which is why he came to us. Soooo...long story short, I got a call from the r.e. agent who has the listing and talked to the homeowner and said that the homeowner was going to try for a loan mod with the new lender....(sigh) :roll:

Advice?

We were told by one company we would not get title insurance because we are short sale flipping - which to my knowledge if done correctly, with full disclosure is still legal.