More Changes For The Treasury Department’s HAFA Program

More Changes For The Treasury Department’s HAFA Program

Supplemental Directive 11-08 Contains Important New Policy Changes for HAFA Effective Immediately! On August 9, 2011, the Treasury Department issued Supplemental Directive 11-08 for its HAFA program. The new policy changes and clarifications of previous HAFA policies are as follows: Borrowers are currently provided with a 14-day period to respond to a servicer’s invitation to [...]

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Seller Financing Is Under Attack – We Need Your Help Now

Seller Financing Is Under Attack – We Need Your Help Now

Proposed Rules for Seller Financing from the Federal Reserve Could Effectively End This Financing Option for Real Estate Sellers and Deny Buyers This Path to Home Ownership. Throughout history, the right of a property owner to sell their property on their own terms to a person of their own choosing has been unquestioned. Unbelievably, this [...]

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California Agents Only – Short Sale Deficiencies Are Now Illegal In California

California Agents Only – Short Sale Deficiencies Are Now Illegal In California

Effective Immediately All Short Sale Lienholders No Longer Have Any Deficiency Rights California Senate Bill 458 was signed into law on July 15 and is effective immediately for all short sale transactions the close after July 15, 2011. The law provides that junior lienholders no longer have any deficiency rights against the borrower after a [...]

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Real Estate Agents And M.A.R.S.–Never Mind

Real Estate Agents And M.A.R.S.–Never Mind

FTC Rules That Real Estate Agents No Longer Have To Comply with the Mars Advertising Rules Just a few short months ago, the Federal Trade Commission (FTC) issued the new M.A.R.S. rules and specifically determined that these new rules would be applicable to real estate agents who list short sale properties. This would require that [...]

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What Your Clients Need to Know About Strategic Defaults

I was recently quoted in Residential Specialist Magazine regarding ‘strategic defaults’ by borrowers. I thought it was an important article that I should share with you. Click here to download a PDF of the article PLEASE NOTE: If you have problems viewing please install the latest version of Acrobat Reader by clicking here. “In some [...]

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UNIFORM SHORT SALE STANDARDS COMING FOR FANNIE MAE AND FREDDIE MAC SHORT SALES

UNIFORM SHORT SALE STANDARDS COMING FOR FANNIE MAE AND FREDDIE MAC SHORT SALES

FHFA Mandates that Fannie and Freddie Align Short Sale Servicing Standards One thing I have wondered about in the past is why the two government-sponsored entities, Fannie Mae and Freddie Mac, found it necessary to have different rules for short sales, but then I remembered that the “G” in GSE stood for government and, of [...]

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New HAFA Supplemental Directive 11-02 Released

New HAFA Supplemental Directive 11-02 Released

The Government recently released Supplemental Directive 11-02. This “policy clarification” will go into effect June 1st, 2011. Currently the changes only apply to the treasury department program and do not apply to Fannie and Freddie 1st Lien loans as well as FHA /VA /RHS loans. However, this may change in the future. Click Here to [...]

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New M.A.R.S. Short Sale Marketing Disclosures

New M.A.R.S. Short Sale Marketing Disclosures

Federal Trade Commission M.A.R.S. Rule Requires New Disclosures From Real Estate Agents Who Negotiate Short Sales For Consumer Borrowers. The FTC Rule Took Effect on January 31, 2011 and Real Estate Agents Are Subject to Substantial Fines and Penalties For Transactions Without the Mandatory Disclosures. Most real estate agents are not aware of the new [...]

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New Federal MARS Rules Effect Short Sale Disclosures

New Federal MARS Rules Effect Short Sale Disclosures

I have poured through the 53 page M.A.R.S documents and just posted a very important video below that covers the new M.A.R.S. rules implemented by the FTC that will effect every real estate agent that works with short sales. We have also posted a full length video and 4 example disclosures that you can use [...]

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New HAFA Short Sale Rules in Effect on February 1, 2011

New HAFA Short Sale Rules in Effect on February 1, 2011

VIDEO: at end of post At the end of 2010, the United States Treasury Department in Supplemental Directive 10-18, amended the HAFA short sale rules and policies for non-GSE servicers and lenders. The effective date for the new HAFA amendments was February 1, 2011. All real estate agents who work with HAFA short sales need [...]

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WSJ: With Foreclosures Stalled Short Sales Will Increase

WSJ: With Foreclosures Stalled Short Sales Will Increase

The Wall Street Journal just released an article where I discuss ‘The Short Sale Alternative’ in light of the foreclosure turmoil the real estate market finds itself in. The short sale market is poised to explode as investors and buyers begin to shy away from already foreclosed properties and banks look to limit their exposure [...]

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“Robo-Signing” and New Risks Foreclosure Buyers Face Today

“Robo-Signing” and New Risks Foreclosure Buyers Face Today

The Realty Times website just released a new article where I discuss some important points regarding the recent news of “robo-signing” by some of the larger banks and how this will affect foreclosure sales. I also discuss some important information that agents need to know about foreclosed homes that are currently occupied by long-term tenants. [...]

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ARTICLE: Will Seller Financing Sell Your Home?

I was recently quoted in an article featured on the site bankrate.com. The article covers some of the pros and cons when a seller uses ‘seller financing’ to help a otherwise unqualified buyer purchase a home. “Lance Churchill, an attorney and president of Frontline Real Estate Education Group in Boise, Idaho, says all sellers also [...]

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