Real Estate Information Archive

                           Mortgage Insurance Delegation Approved for Fannie Mae / Freddie Mac

Why did your short sale note get approved ?  Why did it take so long?  One of the many reasons could be that your lien holder took out a Mortgage Insurance policy on your loan.  No, Mr. Amateur Short Sale agent, it is not the MI you think it is.  

Mortgage Insurance has been a pain in my A** for years.  The servicer and the investor all agree to terms on a short sale, however, a third party monster called (Mortgage Insurance) sometimes will kill the deal or extend it until it gets closer to the foreclosure date.  To move forward, the MI company will need to sign off on the short sale.  Very few servicers have the authority or strength to battle the MI company to agree to terms.  I would usually have to go around my servicer and negotiate with the MI company directly to get my approval in hand.

GOOD NEWS!  For most loans in the country, meaning all Fannie Mae and Freddie Mac loans, all major MI companies have delegated the authority to sign off on the short sale to the servicer.   This is great news.  It will shave off weeks in processing and increase the approval ratios of MI backed short sales. 

Good Luck!

Danny D

Short Sale & REO Pro

www.TeamDannyD.com 

650-400-7670

El Granada, Ca  94018

A Thank you to Team Danny D!

Specializing in short sales, some homeowners  think our team is only after the sale of their property as a short sale...it is true that we are specialists in short sales, however, that is not our only expertise.  We are also home retention specialists.

When a distressed homeowner contacts us, one of the first questions we ask is

"do you want to keep your home?"

 if so, I ask a series of questions to see where they are at in the process and if I can direct them into a home retention option.  Most vent on the process, some do not know where to start.  Team Danny D DOES NOT modify loans, however, we can lead you in the right direction and coach you to success.  Working with banks full time, we know how they think, how to put together the packages, inside contact information and some knowledge on the existing programs available to you as a distressed homeowner. 

Recently, Team Danny D helped a homeowner to loan modification SUCCESS!  How?  We coached her through it.  We started by giving her the phone numbers and websites to start her process. Then, when she hit a wall on bank communication, we gave her the scoop on working with banks and how to deal with it.  Some follow up phone calls and some time later (about 2months), she was modified and able to keep her home.  The homeowner did it all by herself and at no cost!   No need to pay an attorney mill to modify your loan.

Here is Shirley's thank you email to Team Danny D:

Hello,It has been awhile but I want to thank you from the bottom of my heart.You were so kind , knowledgeable  and informative.I do have a modification through my home loan servicer.Boy there are a lot of sharks and just plain nasty people out there who want to capitalize on someones bad misfortune...but NOT you....Thank you for your support, emails, and the cards I now receive.If I am  ever ready to sell...I indeed will contact you!  Shirley

If you just need a consultation on where to start, call Team Danny D! 650.400.7670

Team Danny D

RealtySource Inc.

El Granada, Ca

wwwTeamDannyD.com

#01863442

What are Extensions?

When you are in pre-foreclosure you are issued a formal auction date on your foreclosure.  This is the day the lien holder takes the home back at the court house steps.  Most short sale clients have missed enough payments to get that ugly ceritifed letter in the mail that states that their home will be auctioned on that specific date.

What to do?  Well, if your home is listed and you have a looming auction date ahead, in some cases, you can get it extended to give you time to execute a short sale.  Common knowledge???  I think so.  Guaranteed, No!  Case by case.  It also takes a lot of diligence and paperwork to call off the trustee attorneys.

Call Danny for your options to sell in today's market! 650.400.7670

Team Danny D

Short Sale & REO Pro

RealtySource Inc.

www.TeamDannyD.com

#01863442 

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Which Banks are Good and Bad to work with on Short Sales?

My team and I have created a White and Black List to itemize which lenders we will not work with and which banks are easy to work with.  Having completed dozens of short sales, we have created this list by first hand experience.

Also on the lists are tips on how the specific lenders work.  What guidelines they may have and a estimated timeline for approval.  Will your lien holder give you a full release on the short sale???  They might not, I know who will and who will not.   Again, the data is based on experience. 

If you are late on your payment and you have a auction date set...Isn't important that you hire somebody who will know how to succeed in short sales?  Most consumers have one opportunity to salvage the home and sell before it forecloses.  Do not hire an agent without interviewing and asking about their experience in short sales.

To set up an interview and see if your bank is cooperative with short sales call  Danny Dimas  of Team Danny D,  650-400-7670.

or go to www.TeamDannyD.com and click on the red stop sign.

Team Danny D

Short Sale & REO Pro

Email- dannydimas@gmail.com

Realtysource inc.

#01863442

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Half Moon Bay short sale Available!

1010 Golden Gate Avenue, Half Moon Bay, Ca

Gorgeous single level home with four bedrooms is now available as a short sale.  Many upgrades to this Half Moon Bay property.  Enjoy the backyard deck with southwest sun exposure, fenced front and backyard with automatic sprinklers, and private street with views of the coastside foothills.  Walk in to see hardwood flooring, cherry cabinets, two tone paint, and remodeled (2007) kitchen and bath.  Just under 1500 sq ft.  Location has close proximity to local highways and schools. 

Offered at $530,000

For a private showing call Danny at 650.400.7670

Team Danny D

Short Sale & REO Pro

RealtySource Inc.

www.TeamDannyD.com

#01863442   

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There is a new bank owned property in Montara on 7th st today.  Why?  Because the agent who was attempting to procure a short sale FAILED.

Facts:

Listed on April 16, 2010

Put in review with contract on May 16, 2010

216 Days on market - plenty of time to succeed

Originally listed for $100,000 under market value. Why?  Do not know.

Foreclosed on:   November 17, 2010

The sellers had obvious ambitions to not foreclose so they put their trust into a real estate agent who said I can help you avoid foreclosure.  In six months, there was no short sale approval.  Now, the sellers have a foreclosure on their credit vs. a short sale.  Bummer!

Example why it is super important to hire the right agent to help you avoid disaster.  Interview and ask for references and past short sale closings.  A real estate license does not make anyone a short sale specialist, EXPERIENCE DOES. 

Please include Team Danny D for any short sale interviews for a private consultation if you are in mortgage distress or need to relocate in a underwater mortgage situation.

Team Danny D ~ CDPE, CRS, GRI

Short Sale & REO Pro

Alain Pinel Realtors

650-400-7670

www.teamdannyd.com

#01863442

Finally!  California decided to protect their residents from the banks.  As of October 1st, 2010, homeowners who short sale their home will not be protected from any deficiency judgements on first liens.  In the past, homeowners were only protected if they foreclosed, now, it has included short sales.

SB 931:

   This bill would prohibit a deficiency judgment under a note secured by a first deed of trust or first mortgage for a dwelling of not more than 4 units in any case in which the (owner) sells the dwelling for less than the remaining amount of the indebtedness due at the time of sale with the written consent of the holder of the first deed of trust or first mortgage. The bill would provide that written consent of the holder of the first deed of trust or first mortgage to that sale shall obligate that holder to accept the sale proceeds as full payment and to fully discharge the remaining amount of the indebtedness on the first deed of trust or first mortgage.

This does not apply to Jr. Liens, your agent will have to negotiate a full release ahead of time so you are protected on both liens.

Team Danny D. has successfully negotiated over 100 liens with full release and has the experience to prevent your foreclosure or aid in your relocation in a down market.

Danny Dimas ~CDPE. CRS. GRI

Short Sale & REO Pro

Alain Pinel Realtors

#01863442 

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Recently I had success getting a short sale approved that had some specific challenges.  Challenges that traditionally have been said are not possible to get approved in a short sale.  I have proved these myths wrong.

Myth #1 -  you have to miss payments to get approved.

False- my sellers did not miss one payment and got approved

Myth #2 - You can't have any assets or make a lot of money and get approved.

False-    My sellers made multiple six figure salaries and owned other properties

Myth #3- Bank of America will not give a full release on a second lien

False-    I was successful on getting an agreement letter with "full release" verbiage and no recourse with my sellers and the above terms. 

It was a relocation hardship and took some time but it was done!

For a private consultation on your options when selling in this market, call danny

650-400-7670 or go to

www.TeamDannyD.com

Danny Dimas

Short Sale & REO Pro

Alain Pinel Realtors

42 N Cabrillo Hwy  Half Moon Bay, Ca 94019

#01863442 

What is Mortgage Insurance on a short sale?

We all know mortgage insurance is a policy a borrower is required to to take out if they put less than 20% down payment on a home purchase.  But, did you also know that during the "piggyback" loan days, the 2nd lien holders were also taking out mortgage insurance policy's on your piggy back loan.  How does this effect your short sale?

For one, it is a third party to deal with, a party that takes forever to get back to the servicer of your loan.  The more signatures to sign off on a loan, the more difficult it is to get an approval.

Secondly, their terms are not the most pleasant to present to a borrower.  They mostly want a cash payoff and/or a promissory note.  

Do you have a mortgage insurance policy?  You could and not know it.  It is critical to hire a short sale agent who understands your options and has the experience of working with your lender.

Call Danny at 650-400-7670 or go to

www.TeamDannyD.com

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1138 Grand Teton Dr.  Pacifica, Ca 94044

• 4 bedroom / 3 bath
• 2840 sq ft
• wood flooring
• copper gutters
• New Carpets Installed
• Vault Ceilings

Stop by the Open House on July 18 from 1 to 4 pm to look at this great bank owned opportunity.

www.TeamDannyD.com

Danny Dimas

short sale & REO Pro

Alain Pinel Realtors

650.400.7670

#01863442