real estate expert

Why are the banks making such crazy decisions?

It depends on what side you are on as to whether they are bad or stupid.

But WHY:

• Did they change the FHA 90 Seasoning rule when they waived it just 150 days ago and allow you to resell after a 2nd appraisal?
• Does Fannie want to start going after the deficiency judgments and not let those who walk away and could really afford the monthly payment to not get loans for 7 years?
• Does HAFA’s new rules insist you hold the property 90 days before you resell?
• Only give help to people who are way behind in payments and not to the struggling homeowner who is giving up lots to just keep making their mortgage payment and not have a life?
• Do banks take their houses to foreclosure when the buyer is a Company?  (LLC, Corp, Etc.)
• Do banks not accept offers from companies (LLC, Etc.)?

I do have the answer.  I haven’t seen it anywhere else.  No other guru or short sale writer is talking about the answer.

I HAVE THE ANSWER!!!

And you don’t have to sign up for my coaching to get the answer…although….

You will have to log in tomorrow to this blog to find the answer!

Pass this on to your friends and enemies.  They will NOT LIKE the answer.

Deb McMillan
The Short Sale Queen® and Coach
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I know.  It seems like an oxymoron.

• Necessary and attorney
• Reasons For an attorney

All in the same sentence.

Very scarry and I hope you haven’t stopped reading because you think I’m on drugs or something.  I’m not, really.  And it’s too early for a glass of dry red wine.

However, it is 5 o’clock….nevermind.

Back to the attorney thing.  I actually met one who might be worth his weight in gold.  Wait before you doubt me.

He represents homeowners who are losing their house.  He actually goes to court and represents them when necessary.  He does loan mods for them.

He does seem to understand that HAFA and HAMP is a bad idea

The cool thing was he had a great idea to confirm no deficiency jusdgement after the sale almost no matter what the acceptance letter said.

On attorney letterhead, have the attorney write back to the bank that twe are confirming their belief to this letter means the bank will revmove the lien from the property and not now or ever come after the homeowner the unpaid balance of the loan.  That this letter says paid in full and no more money is due ever on this loan.

OK, see why an attorney should write it?  It needs to be in legal ease – but the point is, if the bank doesn’t respond and say oh no that’s not what we meant, it is a binding contract.  And you take the signed copy (signed by the homeowner) and record it with all the closing docs.  Deed, etc.  So it is there for future debt collectors to see!

See, an attorney who gets it!

For $200 he’ll do a document review making sure everything isin place and write this letter to the bank.

This makes an attorney (one who gets it, of course) an important part of your team.

Call me, I’ll share his name and number!

Deb McMillan

The Short Sale Queen® and Coach

Always looking for better, smarter ways to get short sales done better!

www.shortsalequeen.com

I keep hearing what a good thing it is that the banks have paid back the TARP money to the government.

That they are right again with the public and tax payers and all isrithgt with the world.

It just has felt wrong some how but I didn’t know enough to talk about it.

I have learned a little more.  Did you know that once the banks pay back all the TARP money they have borrowed from the government, they now get tax credits on each short sale or loan mod and maybe foreclosure that they do?  The get a tax credit for the amount of debt they forgive to the homeowner.

Therefore, the HAFA program that I wrote about last, the 2nd and additional lien holders are “supposed” to forgive the homeowner of the  unpaid balance and not go after them for the difference.  However, the first declaries it doesn’t and won’t have time to “ensure” they don’t pursue the homeowner so if the homeowner doesn’t get something FIRM in writing, those additional lien holders CAN and most like will go after them for the unpaid balance.

Even though they get a tax credit from the government.

No wonder they paid off err, I mean paid back the government so quikcly.

What do you think about all this?

Deb McMillan

The Short Sale Queen® and Coach

www.shortsalequeen.com

I have been reviewing the HAFA program since it’s becoming more apparent that the banks want to have the homeowners enrolled in the program.

Have you looked at it?  It doesn’t look like a good deal at all to me.  Yes, not a good deal for the homeowners is what I mean.

The property has to be their personal home.  That’s normal.  But they must also still be living in it.  It is also very possible they may have to be making payments to the bank during the 120 days they give the homeowner to find a buyer on a short sale for a set purchase price the bank has per-determined.

UGH!  That who paragraph sounds like a lot of  “ifs” and a bad deal to me.

Also, when the homeowner signs up for the HAFA program, yest there is an Opt In Form, they agree to do a Deed-In-Lieu in 4 months (120 days) if the house doesn’t receive the desired short sale offer.

Does that stink?  In today’s market I’m guessing that the bank will price the house higher than it will really sell for.  And with the First Time Home buyers Credit gone, buyers are looking for deals.  So if the bank is pricing the houses high – no buyers will appear and the homeowner will automatically get a DIL on their credit.

OUCH.  That doesn’t look or feel near as good as a short sale or as easy to recover from.  Good job HAFA.  Really helping the homeowner.

We talk about all this and more on my weekly coaching call with short sale students all across the country.  You should be on there too!

Log on and learn more at www.shortsalequeen.com

That’s all for now

Deb McMillan

The Short Sale Queen® and Coach

Have you heard about my new book that’s out

Recession Proof Real Estate Investing – Short Sale Your Way to Prosperity Through Secrets, Systems and Strategies?

It is a great paper back book with lots of tips to make lots of money doing short sales for distressed homeowners.

You won’t want to miss this book!

You can buy it right now at Amazon. Log on and search for Deb McMillan.  It will pop right up!  Guaranteed!  and be in the mail to you in no time.

Deb McMillan

The Short Sale Queen and Coach