CLOSED! Lynn Massachusetts Short Sales – HSBC

CLOSED!  Lynn Massachusetts Short Sales – HSBC

Chris Leblanc Short Sale Agent

Chris Leblanc Short Sale Agent

I am happy to read or we closed another Lynn, Massachusetts short sale.  Last year we seemed to have many more New Hampshire short sales, but this year we seem to have more Massachusetts short sales.  I think the foreclosure process is very different in both states which as why the shift has occurred.

Lynn, MA Short Sale

Lynn, MA Short Sale


We submitted this file on September 24 and had approval by October 23.  HSBC at the is actually a very decent servicer to work with. There are some things you would want to know if you should take on HSBC short sale….such as, HSBC will only approve a 5% commission with two different agents.  Those two agents need to be from different brokerages to get the 5%.  If it’s two agents from the same brokerage, HSBC will cap the commission at 4%, and YES if there is only ONE agent from ONE brokerage, you will only be receiving 3%.  I have talked to a high up at HSBC and this is their approval process.

Although it’s a crummy way to do business, I do have to say HSBC is a good servicer to work with in terms of speed and efficiency.

THANK YOU to Chris Leblanc again from Keller Williams out of Beverly, and thank you to the SSM team and Grugnale Law 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

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

House EXTENDS Mortgage Debt Forgiveness Act!!

House EXTENDS Mortgage Debt Forgiveness Act!!

 

EXCITEDIf you work in Short Sales in Massachusetts and New Hampshire as much as we do, you know this is GREAT news.  I wish they had extended it until the end of 2015, but the fact that it was an OVERWHELMING vote is very positive.  I don’t see how this won’t pass in the senate.

The one-year retroactive renewal, which passed by a 378-46 vote, includes heavily lobbied business breaks like those for corporate research, wind production, renewable fuels, corporate expensing and expanded depreciation schedules. It also includes tax breaks for individuals including a deduction for mortgage debt forgiveness, a break for state and local sales taxes paid as well as breaks for teachers and commuters.

Read more: http://www.politico.com/story/2014/12/house-vote-renew-tax-extender-breaks-113306.html#ixzz3Kw7PcORJThis directly affects a homeowners tax ramifications on primary owned short sales.

I’m very happy to report this today.
Massachusetts short sale negotiation – Short Sale Mitigation, LLC
New Hampshire short sale negotiation – AA Premier Properties, LLC

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.

12+ Month Chase Short Sale with FOUR secondary liens FINALLY CLOSES! Chelmsford, MA Short Sale

12+ Month Chase Short Sale with FOUR secondary liens FINALLY CLOSES! Chelmsford, MA Short Sale

Danielle Tringali - Berkshire Hathaway Short Sale Team

Danielle Tringali – Berkshire Hathaway Short Sale Team

I knew this short sale negotiation in Chelmsford, MA would be hard when we took it on, but I had no idea how difficult it would be.  Chase shut the file down multiple times.  A couple times on “accident” which sets you back 3+ months and then a few times for the offer being too low, even though the sewer line broke in this house and there was 4 feet of raw sewage in the basement.

Lisa Sevajian Johnson Short Sale Listing Agent REMAX

Lisa Sevajian Johnson Short Sale Listing Agent REMAX

In addition to the Chase primary lien, there was a Jean D’Arc secondary lien and 2 executions that had to be negotiated.  I have to say Julie worked her tail off on this and when one approval was obtained, it seemed as if another approval expired.

In addition to the mess above the poor buyer was getting a renovation loan that just took forever to get processed.  It finally got to the point that Chase said NO MORE EXTENSIONS, we need to reapprove the entire file if you don’t close.

Thankfully he closed and we had two amazing agents involved including Lisa Johnson Sevajian and Danielle Tringali.

I am very grateful everyone hung in there because this was one of the tougher ones I have seen!

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

Lowell MA Short Sale CLOSED! Bank of America – Short Sale Negotiator

Lowell MA Short Sale CLOSED!  Bank of America – Short Sale Negotiator

 

Lowell, MA Short Sale

Lowell, MA Short Sale

I’m playing catchup on my posts today.  Thankfully we finally closed this Bank of America two Lien condo in Massachusetts with Lisa Johnson Sevajian.

I wasn’t sure about the short sale from the beginning. I have seen Bank of America hassle people in short sales due to end believing that there is an arms length transaction violation.  I’ve seen this am numerous times.  I was nervous on this sale because the buyer of the property was also renting the unit from the homeowner.  This was fully disclosed to Bank of America.  We did have an issue with the file shut down come to find out it was a bank of America error in not anything to it to do with the seller and tenant.  Thankfully fast forward and a lot of time wasted

Lisa Sevajian Johnson Short Sale Listing Agent REMAX

Lisa Sevajian Johnson Short Sale Listing Agent REMAX

we were able to get full short sale approval.

There were a lot of personal hurdles on this transaction between the seller and the buyer.  However I am happy to report we closed this literally e on the date the approval expired.

I could not have gotten this done without the help of Lisa, Julie in our office, and of course the amazing team at Grugnale law.

 

 

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

Keep in Mind there IS an Owner Occupancy Guideline Dealing With a FHA Short Sale

Keep in Mind there IS an Owner Occupancy Guideline Dealing With a FHA Short Sale

If you have an FHA (HUD insured) mortgage in Massachusetts and are underwater with your loan, you may be looking to sell short.  FHA has very specific guidelines as to how you can short sale your property.  Their program is called the Pre-foreclosure Sale or as we in the short sale industry call it PFS.

There are many guidelines and requirements to be approved for the PFS program, but one in particular lately seems to be forgotten by many borrowers and agents.

The PFS Short Sale program requires that borrowers (or sellers) owner occupy the home, and only in specific cases will they approve you for the short sale program if it is not owner occupied:

1) If you must move out, you can be approved if you had to move for a job requirement.

2) If you are 90 days or more delinquent on their FHA-insured loan as of the date of the mortgagee’s     review; and have a credit score of 620 or below you can be approved for the program

3) The property may not have been rented for more than an 18 month time frame

Don’t panic.  After all, guidelines are not law, and if you have an unusual case, you can always reach out to HUD directly through its newest contractor and see if you can obtain an variance.

I have posted the new contractor contact information below:

Novad Management Consulting
Shepherd’s Mall
2401 NW 23rd Street, Suite 1A
Oklahoma City, OK 73107
Toll-Free Telephone Number: (877) 622-8525
Fax Number: (800) 489-1733
Borrower inquiries (HECM or Forward)
customerservice@novadconsulting.com

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! Negotiated Spencer Massachusetts Short Sale – Fannie Mae Backed!

CLOSED! Negotiated Spencer Massachusetts Short Sale – Fannie Mae Backed!

We are on a roll with Keith Shaw. I can’t even recall how many Massachusetts short sales we close with him over the last few months. He did a great job on the sale.  Absolutely amazing.

Spencer Massachusetts Short Sale

Spencer Massachusetts Short Sale

This was a one mortgage Lien property with executions.  If anyone actually follows my blog what they would realize it is any Fannie Mae backed property that has a non mortgage Lien on title will not get any proceeds given to them out of the proceeds of the sale.  This has definitely caused major concerns.  Because of this new rule, which came out this past August, you can no longer offer a 2nd non mortgage Lien holder $6000 out of the proceeds, which you could before.  Any payouts either have to be done separately or the buyer has to bring them to closing.  Unfortunately, this is what we were faced with on this particular sale.  Keith of course did an amazing job and rallying everyone to do some type of contribution.  Wells Fargo was the servicer on the sale.  They did OK and we are able to get approval within our 60 day time frame that we like.  It was actually less than that, but hey, who’s counting? ;)

The biggest hurdle on this Massachusetts Short sale was the buyer side.  The buyer seemed to drag their closing out for quite some time and we ended up losing approval on one of the executions.  Once we lost that approval, the execution holder and

Keith Shaw, Keller Williams Short Sale Agent

Keith Shaw, Keller Williams Short Sale Agent

wanted more money to reissue approval.  You will find this happens quite frequently on second liens.  It’s like blackmail.  They knew they had us over the barrel and unfortunately ask for more money to extend their approval letter.  This money came from the buyer.  Because it was his delay that caused the second Lien approval to expire.  Thankfully he agreed and we are in able to get another approval and get the sale closed.

The moral of the story is follow your contract deadlines to the T.  If you don’t they could bite you in the long run on a short sale.

Thanks to Keith, Grugnale Law, and of course Julie in my office!  We have 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

Negotiated and CLOSED! Auburn MA short sale with Nationstar!

Negotiated and CLOSED!  Auburn MA short sale with Nationstar!

Auburn, MA Short Sale

Auburn, MA Short Sale

We are on a Keith Shaw roll this month.  I was nervous to work on this Massachusetts Short Sale because it was a Nationstar serviced.  I’m sure if you follow any of my blogs you can see the history I’ve had negotiating short sales with Nationstar.  Nationstar now uses a site called Auction.com to sell their short sales.  When Nationstar forces a homeowner to list their short sale, that is already under contract up on auction.com, it breaches several contracts.  One – it breaches the listing agreement with the list agent.  2 – it breaches the contract the seller has with the buyer.  3 – It breaches the contract that the seller has with me.  I find this practice shocking.

To this day I still cannot believe that someone in governments has not stopped in to stop this.  The reason this is bad is because this practice opens the homeowner up two lawsuits everywhere.  Interference in contracts is a big deal.  I know that Nationstar has already been sued by one of their investors.  One Nationstar investor found out that Nationstar was putting property up on auction.com they were sued.  I know it also as a fact that Ocwen is having the same issues with HUBZU.  Ocwen puts their short sales up on HUBZU and is now being investigated by several different government entities.

The worst part about this practice is the fact that it causes many delays.  At minimum it will delay a short sale 30 days, but I’ve dealt with ot

Keith Shaw, Keller Williams Short Sale Agent

Keith Shaw, Keller Williams Short Sale Agent

her people who said it delayed their short sales for months.  This works out great for the servicer because they are paid by an investor for servicing a loan, and when that loan closes they don’t get paid anymore.

Thankfully after we did our research of this loan we knew that it was Freddie Mac backed.  I’ve had many short sales with Freddie Mac and know they’re very decent to deal with.  I also know that Freddie, Fannie, and FHA do not force their home owners to list there already under agreement short sales on Auction.com.  Immediately, Nationstar told us this sale would have to go up on Auction.com.  We immediately pushed back and said “no” this would cause a lot of duress on the homeowner because she was severely sick and had a hard time moving around.  Showings would be a huge inconvenience to her.  Nationstar pushed back saying they didn’t care so we escalated to Freddie Mac to explain the situation and within 24 hours had approval of the short sale.  Now had we been forced to put it up on auction.com we would have wasted another month or two trying for auction.com to get an offer.  They’re rationale is that a entices the best offer.  But if an agent has done their job in a servicer has done their job with an appraisal.

Thankfully with a great team including Keith shaw, Grugnale Law, and of course the Short Sale Mitigation team we were able to get this done!

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! Worcester Massachusetts short sale – VA LOAN With Bank of America

Closed! Worcester Massachusetts short sale – VA LOAN With Bank of America

Keith Shaw, Keller Williams Short Sale Agent

Keith Shaw, Keller Williams Short Sale Agent

Thanks again to Keith shaw.  He’s an amazing Keller Williams agent that we work with constantly.  This Massachusetts short sale was definitely touch and go all throughout the process.  I knew from the beginning it was going to be rough because the buyer’s attorney and lender were really putting me through the wringer.  I was told initially by the buyer’s

Worcester, Massachusetts Short Sale

Worcester, Massachusetts Short Sale

lender that they wouldn’t allow short sale negotiation fees on the Hud.  I explained to her that I always have our fee on the Hud.  I find it very sneaky when the lender tells me to take it off the Hud.  I also showed her multiple other financed deals where it was on the Hud.  Thankfully she backed down.

There was a tough title defect to deal with too so I have to thank the crew over at Grugnale Law.  They worked through it and of course we got this to close.  Even though this was a Bank of America sale, they did a good job.  I don’t usually give Bank of America a thumbs up, but on this sale they performed well.

This is another Massachusetts short sale down and DONE from the Short Sale Mitigation Team!!  Nick, Maryann, Julie and Amy!

 

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