Congressman Barney Frank (Mass.) gets our kudos for taking the time to understand the misdeeds of the banks…2nd lien holders in this case.
Congressman Frank is sending out an ultimatum to Bank of America, Citigroup, Wells Fargo and JP Morgan Chase.
Mr. Frank is a very “powerful” congressman in charge of the governmental commission that oversees the [...]
Post from: ShortSaleSellit.com
I can’t begin to sing the praises loudly enough of a Wachovia short sale.
It’s not that so many short sale banks are so totally messed up that they can make the process convoluted and complicated — although that is true in many cases — it’s that Wachovia has streamlined the short sale process to a science. Wachovia has its act together regarding a short sale. Some of my Sacramento Wachovia short sales get approval in two weeks. Two weeks!
You have no idea of the short sale hell you’ve been through until you get a chance to experience the golden egg of Wachovia short sales . . . read more about a Wachovia Short Sale.
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Why Wachovia Short Sales Are Special originally appeared on About.com Home Buying / Selling on Monday, March 8th, 2010 at 05:00:11.
Short sales are popping up everywhere in this current real estate market, and many analysts say the numbers could very well continue to rise throughout 2010. While they can be a burden to a homeowner, they can prove to be quite a bargain for househunters. The irony is that a “short” sale, can actually take [...]
A seldom-discussed issue concerning homes that are in foreclosure is the rising practice of removing assets from foreclosures.
Many home owners do not understand what constitutes a fixture in the home and, as such, a fixture must remain in the home. Some sellers are so desperate for money that they rip out the wiring in the home and sell it for scrap. Owners in foreclosure rarely stop to think they are committing a crime when they remove ceiling fans or sell the built-in dishwasher.
Still, others don’t blink twice when they pick up a can of spay paint and begin decorating the walls and windows with graffiti. I suppose they figure they are “sticking it to the man” when they deface a home, but it makes me wonder what goes through their heads. How can they destroy a home that once held warm memories as a place to raise their family? Moreover, how can they possibly think there will be no ramifications for vandalizing a home that will soon belong to the bank?
The truth is the bank isn’t overly concerned about the condition of a foreclosed home because the next buyer will deal with fixing it up. Banks aren’t in the business of restoring stripped homes, but they, along with an entity that may astonish you, DO hold the power to prosecute
. . . read more about Removing Assets From Foreclosures.
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Removing Assets From Homes in Foreclosure originally appeared on About.com Home Buying / Selling on Friday, February 26th, 2010 at 05:00:02.
An alarming number of banks recently have been urging sellers to commit short sale mortgage fraud as a condition of short sale approval.
It’s happened to me in Sacramento several times already. Most recently, a well known bank sent an email to a law firm that is negotiating a short sale for one of my sellers. The bank said: “If the first [lender] won’t allow funds on the HUD, then the seller needs to send a certified check for $XXXX. Once the funds are received, the investor will issue approval. Make [the] check payable to [us].”
I read it and my eyes widened. The same thing happened on another short sale I was working on last week. Only that time it was a different major bank. And the second loan was purchase money, which is not subject to a deficiency judgment in California. The bank said cough up the cash or it would not approve the short sale, and demanded that the seller pay the bank directly. When we explained it is mortgage fraud to pay monies outside of escrow without disclosing that sum on the HUD, the bank did not care . . . read more about Short Sale Mortgage Fraud.
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Mortgage Fraud on the Rise at Major Short Sale Banks originally appeared on About.com Home Buying / Selling on Monday, February 22nd, 2010 at 05:00:17.