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CLOSED! Lowell, Massachusetts Short Sale with Greentree

CLOSED! Lowell, Massachusetts Short Sale with Greentree

58brunswick

Lowell MA Short Sale

Thank you again to Lisa Sevajian Johnson for handling a terrific Short Sale in Lowell.  We also need to thank Flavia da-Silva Benson who referred this seller to us.  This seller was amazing.  Lisa procured two buyers for this property as well.  Thankfully we closed with the second buyer.

Greentree is NOT the easiest servicer to work with.  They are SLOW, but after some time this sale was approved with a full release from them AND Bank of America as a second lender.  We opted to try for a HAFA short sale.  HAFA short sales were slated to end at the end of last year, however,

Lisa Sevajian Johnson Short Sale Listing Agent REMAX

Lisa Sevajian Johnson Short Sale Listing Agent REMAX

were extended through this year, so we are actively pursuing them with most of our homeowners, as USUALLY we can get the second lien holder to also comply with full release terms.

Thank you to Julie in my office who worked hard on this and of course, Grugnale Law that handled the closing for the buyer.  They are fantastic for title.

Maryann Little, VP Short Sale Mitigation
Nick Aalerud, Exec VP Short Sale Mitigation, Broker New Hampshire / Massachusetts
http://shortsalemitigation.net
http://twitter.com/rapidshortsales
http://aapremierproperties.com
978-384-0032
603-505-4642 (f)
Stoneham, MA - Plaistow, NH
Short Sale Negotiation in Massachusetts and New Hampshire

Broker Nick Aalerud & Maryann Little Short Sale Mitigation, LLC AA Premier Properties, LLC Serving Massachusetts and New Hampshire Homeowners with short sale negotiation.

CLOSED! Brockton, Massachusetts Short Sale – Ocwen

CLOSED! Brockton, Massachusetts Short Sale with Ocwen

Brockton MA Short Sale

Brockton MA Short Sale

Ocwen which used to top my list of favorite servicers has plummeted.  The craziness of the requests on this sale was mind boggling.  We were grateful to get the short sale approved.  We are always grateful for an approval, but from the minute the file was approved, we THEN had issues.

This was a bit of a convoluted sale.  The seller and his mother bought the property together.  They were both on the note and the deed.  At some point, the mother deeded full ownership of the property to the son, which we do see a lot, but people forget when you sign a note, you are responsible for the debt, and the BANK of all people should know that.  So, when we got the approval, it was only in the son’s name, so there was the first escalation of the file, which the escalation rep didn’t understand.  His canned answer is he would have to check with UNDERWRITING.  They came back and said the approval didn’t need to be in her name as she wasn’t on deed, to which we protested.  This took 3 weeks to finally correct and get a new approval letter to close.  Mind you the son was down South and signed power of attorney over to his mother.

Thankfully due to Wade Roach at Jack Conway, we had a patient buyer.

Then came the HUD approval.  First we were told the municipal utility fees weren’t covered, but then came the doozy.  Ocwen told us they wanted the buyer’s deposit

Wade Roach Short Sale Agent

Wade Roach Short Sale Agent

money removed from the HUD.   This is where I blew my stack.  I explained Ocwen should CARE LESS what the buyer’s deposit was, nor should they care at all about the buyer’s side of the HUD, to which they protested.  So, I called Freddie Mac directly and got a supervisor their involved.  The supervisor immediately called Ocwen and reiterated what I said and 24 hours later we had HUD approval.

Thankfully we got this one to closing, as there were other small hiccups along the way, but I have to thank Kelly Couture in our office, Meghan Grugnale from Grugnale law, and of course Wade Roach for getting this thing don!!

 

Maryann Little, VP Short Sale Mitigation
Nick Aalerud, Exec VP Short Sale Mitigation, Broker New Hampshire / Massachusetts
http://shortsalemitigation.net
http://twitter.com/rapidshortsales
http://aapremierproperties.com
978-384-0032
603-505-4642 (f)
Stoneham, MA - Plaistow, NH
Short Sale Negotiation in Massachusetts and New Hampshire

We negotiate short sales in Massachusetts and New Hampshire with many lenders such as, GMAC, Bank of America, AHMSI, Seterus, Wells Fargo, ASC, Chase, Select Portfolio, HSBC and many more.

CLOSED! North Andover Short Sale Condo with Lisa Sevajian – straight HELOC with Wells Fargo

CLOSED! North Andover Short Sale Condo with Lisa Sevajian – straight HELOC with Wells Fargo

9walker

North Andover Short Sale Condo

This was actually a first for us.  We have negotiated plenty of HELOCs in second position, however, on this condo in North Andover, there was no primary mortgage.  For some reason, this loan was written as a HELOC so the homeowner was able to pay it down, AND draw off it when necessary.  We approached Wells Fargo with a HAFA application in hopes they would release the entire deficiency.  Interestingly, the negotiator kept indicating our homeowner did not qualify for HAFA.  The problem is many of the servicers see thousands of applications a day.  They literally breeze over everyone’s finances.  Well our sale initially came back denied.  We knew this was not being read properly.

I called the homeowner and gave her some ammunition.  She called into Wells and got a manager on the phone and line itemed her expenses.  She was also kind enough to threaten Wells with the Attorney General and – POOF – we had our Massachusetts Wells Fargo Short Sale approval the

Lisa Sevajian Johnson Short Sale Listing Agent REMAX

Lisa Sevajian Johnson Short Sale Listing Agent REMAX

next day with a full deficiency release.

None of this could have been possible without the patience and knowledge of Lisa Sevajian who is an AMAZING agent for any homeowner who has a distressed property.  She knows what she is doing and you can see that with her track record.

Thank you Lisa, Kelly, Meghan and everyone who made this possible.

Maryann Little, VP Short Sale Mitigation
Nick Aalerud, Exec VP Short Sale Mitigation, Broker New Hampshire / Massachusetts
http://shortsalemitigation.net
http://twitter.com/rapidshortsales
http://aapremierproperties.com
978-384-0032
603-505-4642 (f)
Stoneham, MA - Plaistow, NH
Short Sale Negotiation in Massachusetts and New Hampshire

CLOSED! MULTI FAMILY Haverhill Massachusetts Short SALE – THANK YOU LISA SEVAJIAN!

CLOSED! MULTI FAMILY Haverhill Massachusetts Short SALE – THANK YOU LISA SEVAJIAN!

Haverhill MA Multi Family Short Sale

Haverhill MA Multi Family Short Sale

We wouldn’t be in business without the referrals from amazing top selling agents!  Lisa Sevajian Johnson fits that bill and exceeds it.  I have worked with Lisa I think a little over 2 or 3 years now and am grateful she puts her faith in us to negotiate her short sales.

This particular sale was full circle.  What I mean by that is we literally negotiated for this particular homeowner two other additional home sales, all of which closed.  We had done this homeowner’s primary residence AND two investment properties, so thankfully even the homeowner put their faith in us again.

This sale went along as to be expected, with a couple bumps along the way, but to me any short sale closing in Massachusetts means you have

Lisa Sevajian Johnson Short Sale Listing Agent REMAX

Lisa Sevajian Johnson Short Sale Listing Agent REMAX

successfully done your job and we couldn’t have done it without Lisa, Meghan Grugnale, from Grugnale Law, and of course Kelly in our office.

This was an Ocwen sale that was supposed to hit HUBZU, but for some reason didn’t.  We are VERY thankful it didn’t.

I’m humbled and honored to work with such amazing women day in and day out.

Thank you all.

Maryann Little, VP Mitigation
The Short Sale Closers in Massachusetts

Maryann Little, VP Short Sale Mitigation
Nick Aalerud, Exec VP Short Sale Mitigation, Broker New Hampshire / Massachusetts
http://shortsalemitigation.net
http://twitter.com/rapidshortsales
http://aapremierproperties.com
978-384-0032
603-505-4642 (f)
Stoneham, MA - Plaistow, NH
Short Sale Negotiation in Massachusetts and New Hampshire

CLOSED! Lynn Massachusetts Short Sale with Seterus

CLOSED! Lynn Massachusetts Short Sale with Seterus

Lynn Massachusetts Short Sale Condo

Lynn Massachusetts Short Sale Condo

I’m REALLY liking Seterus these days.  We had a condo or CONDEX in Lynn MA that the homeowners had unfortunately bought more than they could chew and it was losing money monthly for them.  First, these sellers were awesome. Talk about on the ball.  Here is a helpful tip, if you have an unmotivated short sale homeowner, then you’ll be wasting a TON of time.  Many of those sales are either so prolonged you end up with 2-3-4 buyers or a seller that just flakes out and you never get the sale done.  Do your homework early and let them know what is expected.

This was listed with Chris Leblanc who is a new agent with us.  This was also an investor purchase.   There are still DEALS out there people.  Many times properties that some pass up, an investor can come in and save the day.  I happy to greatly like this particular group too.  Anyways, this sale went through fairly, without incident and closed last month!! (sorry I’m behind on my posts)

We put this through as a HAFA sale  so thankfully Seterus forgave the balance of the loan and the homeowner was able to move on to a better

Chris Leblanc Short Sale Agent

Chris Leblanc Short Sale Agent

future.

Thanks to all involved for helping us with another SUCCESSFUL MASSACHUSETTS SHORT SALE!!

Maryann Little, VP Mitigation
~ The Short Sale Closers for Massachusetts and New Hampshire

Maryann Little, VP Short Sale Mitigation
Nick Aalerud, Exec VP Short Sale Mitigation, Broker New Hampshire / Massachusetts
http://shortsalemitigation.net
http://twitter.com/rapidshortsales
http://aapremierproperties.com
978-384-0032
603-505-4642 (f)
Stoneham, MA - Plaistow, NH
Short Sale Negotiation in Massachusetts and New Hampshire

Posted in Uncategorized by Maryann Little VP Mitigation - Short Sales Massachusetts New Hampshire. No Comments

CLOSED Hanson MA Short Sale with Cheryl Dwyer!

CLOSED Hanson, Massachusetts Short Sale with Cheryl Dwyer!

70waltham

Hanson MA FHA PFS Short Sale

I’ve officially lost count of how many #shortsales in #Massachusetts we’ve closed with Cheryl Dwyer as the listing agent. She is a rock star in the short sale world and this one was no exception, nor was it easy or quick.

This was an FHA sale which has it’s own set of guidelines. The important thing to know about FHA short sales is start them as soon as possible otherwise you’ll be MONTHS trying to get ATP especially if it’s serviced by Wells Fargo. There was also a lag because of the government shutdown, but between you and I th

Short Sale Agent Massachusetts Cheryl Dwyer

Short Sale Agent Massachusetts Cheryl Dwyer

at should only knocked homeowners back about 30 days.

This homeowner had to move for work purposes and thankfully he had Cheryl on his side. We were able to do most everything via email and fax and after MONTHS of back

and forth by Wells and poor Cheryl running around, this sale finally closed.

YES I’m behind on my blog postings so now it’s time to get out there and give credit where it is due!

Thank you Cheryl, Kelly and of course Grunale Law for pulling this all together.
It’s a GREAT team.

Maryann Little, VP Short Sale Mitigation
Nick Aalerud, Exec VP Short Sale Mitigation, Broker New Hampshire / Massachusetts
http://shortsalemitigation.net
http://twitter.com/rapidshortsales
http://aapremierproperties.com
978-384-0032
603-505-4642 (f)
Stoneham, MA - Plaistow, NH
Short Sale Negotiation in Massachusetts and New Hampshire

So did you have a SHORT SALE listing TAKEN OVER by Auction.com or HUBZU? Sign the petition.

So did you have a SHORT SALE listing TAKEN OVER by Auction.com or HUBZU?  Sign the petition.

changeAgents are angry.  It’s not just me, and the amount of liability around a short sale on a GOOD day is tough.  Now let’s just take the fact the servicer (Nationstar or Ocwen) is forcing the homeowner to put their ALREADY UNDER CONTRACT property up on Auction.com or HUBZU to get additional higher offers….well, in my opinion, it’s downright illegal and it seems that there’s nothing anyone can do about it.  If you haven’t already read my article on the topic, you may not know what the fuss is about, but if you are an agent, attorney, negotiator, title company or third party, that negotiates short sales for a living, then you KNOW that there is a huge gain to be made by Nationstar and Ocwen if they continue on this path and what seems like very tough times ahead for short sale homeowners who want to get out of their situation in the speediest manner, because there is NOTHING about Auction.com or Hubzu that is quick.  In fact, it seems like they can just do what they want.  Even if you are doing a HAFA short sale, they seem to be able to bypass the fact that they don’t need to allow the homeowner to know the MNP (minimum net proceeds)after the homeowner applies. They also follow NONE of the servicing guideline set forth by the treasury, but let’s face it, those of us in the know, realize, they are just GUIDELINES.

A petition has been formed by an agent who had had enough.  I commend her and signed this petition and I urge EVERY agent getting this newsletter to do the same, whether you negotiate a lot of short sales or not.  We need to ban together to stop servicer insanity and actually streamline the process for short sales for all homeowners http://www.change.org/petitions/nationstar-mortgage-stop-violating-distressed-homeowner-rights-and-allow-them-to-opt-out-of-the-auction-com-process

Please use the link above and take under 3 minutes to sign the petition for this to be reviewed.  THANK YOU!

 

 

Maryann Little, VP Short Sale Mitigation
Nick Aalerud, Exec VP Short Sale Mitigation, Broker New Hampshire / Massachusetts
http://shortsalemitigation.net
http://twitter.com/rapidshortsales
http://aapremierproperties.com
978-384-0032
603-505-4642 (f)
Stoneham, MA - Plaistow, NH
Short Sale Negotiation in Massachusetts and New Hampshire

Posted in Uncategorized by Maryann Little VP Mitigation - Short Sales Massachusetts New Hampshire. No Comments

SHORT SALE HOMEOWNERS IN MA AND NH – THERE COULD BE TAX FORGIVENESS WITHOUT Mortgage Debt Forgiveness Act

SHORT SALE HOMEOWNERS IN MA AND NH – THERE COULD BE TAX FORGIVENESS WITHOUT Mortgage Debt Forgiveness Act

I’m not an accountant nor do I play one on TV so please for tax advice seek out someone qualified.  I give the same advice to short sale sellers in Massachusetts and New Hampshire, which is find someone qualified to negotiate your sales – Oh wait, that’s me.  One of the big questions I’ve been asked since the beginning of 2014 is WILL THE MORTGAGE DEBT FORGIVENESS ACT BE EXTENDED?  My feeling is WHY wouldn’t it be?  However, the reality is, it hasn’t which means anyone selling a home short this year could face potential tax ramifications from the sale (PLEASE UNDERSTAND FOR THE PURPOSES OF THIS BLOG, I’M ONLY REFERRING TO THE FEDERAL LEVEL OF TAXATION – MASSACHUSETTS MAY HAVE THEIR OWN SEPARATE TAXES) – Now, if you are unfamiliar with why this is important, please see my earlier blog on this topic.

One of the provisions in the act which has yet to be extended is INSOLVENCY – which means if you are insolvent, you may not owe taxes on the forgiven debt, but what few know is there is still a tax code for homeowners who are deemed insolvent.  So even if the Act is not extended, you may still qualify for tax forgiveness if you are insolvent.

The code reads as follows:

Income from the discharge of indebtedness is includible in gross income unless it is excludable under Code Sec. 108 or other applicable legislative provision. Five types of exclusions are provided:

(1)

a debt discharge in a bankruptcy action under Title 11 of the U.S. Code in which the taxpayer is under the jurisdiction of the court and the discharge is either granted by or is under a plan approved by the court;

(2)

a discharge when the taxpayer is insolvent outside bankruptcy;

(3)

a discharge of qualified farm indebtedness;

(4)

a discharge of qualified real property business indebtedness, and

(5)

a discharge of qualified principal residence indebtedness occurring before January 1, 2014 ( Code Sec. 108). 80

This is good news for many homeowners who are still facing financial challenges and need to sell their home.  Again, I am not giving you tax advice, merely pointing out there may be a different provision for insolvent homeowners still needing a short sale.

Feel free to contact us today to discuss your short sale options.

 

 

 

Maryann Little, VP Short Sale Mitigation
Nick Aalerud, Exec VP Short Sale Mitigation, Broker New Hampshire / Massachusetts
http://shortsalemitigation.net
http://twitter.com/rapidshortsales
http://aapremierproperties.com
978-384-0032
603-505-4642 (f)
Stoneham, MA - Plaistow, NH
Short Sale Negotiation in Massachusetts and New Hampshire