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

Investor Sells Condo as short sale in San Mateo

Seller : Investor who had a mortgage (s) for a total of $382,000 (2 loans)

Here is the breakdown:  Seller had a foreclosure date of February 9, 2011, calls and lists with Team Danny D on February 2, 2011.  Not much time!  Danny gets extension on the foreclosure date.  Team Danny D procures an offer for review on February 16th (14 days).  The Team gets 1st lien approval (bank of america on February 28th (2 weeks!!! once again 2 weeks on a B of A). 

The second has a policy to not start review until the 1st lien is done...fine. The 2nd lien holder also stalled so it would go into the "collections" status (lien holders do this you know).  It took until April 4th to get the 2nd lien in collections cleared (35 days).  Total of 49 days of review time. 

The investor did not have to pay anything to either lenders and had a "FULL RELEASE" on both liens.  Yay Team Danny D!

The buyer has a great unit where his mortgage is $700 less than the average rent for the area.  And Team Danny D has stopped another client from foreclosing (and also another bank on my black ball list to not work with).

It is never too late!  Call Team Danny D- 650.400.7670

or go to www.prevent4closures.com

Danny Dimas

Short Sale & REO Pro

RealtySource Inc.

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 

My second write up on the top reasons why a short sale fails.  There is a new number one so i felt i would redo the list.

1.  Seller decides to modify the loan. 

2.  Listing agent on short sale has inexperience on short sales.

3.  Lender's value came in too high via appraisal /BPO 

4.  End investor / mortgage insurance co. / servicer denies because seller package does not fit "guidelines".

5.  Lender terms to seller to forgive loan were not attractive to seller. Better off foreclosing.

Most these issues can be detoured ahead of time with a experienced and diligent short sale professional.  Interview your potential short sale agent!

For a free consultation on your options with your home contact          Danny Dimas -

http://www.thehomewave.com/

Danny Dimas ~ Short Sale & REO Pro

Alain Pinel Realtors

(650) 400-7670

dannydimas@apr.com

Team Danny D | Promote Your Page Too

Welcome to HAFA

One of the "perks" of the new HAFA program is the "participating" lender is offering up to $3,000 to the seller of a short sale property.  Similar to a cash-for-keys on a foreclosed home, the lenders can now give an incentive to the owner for a successful short sale.

Contact Danny Dimas for your Alternatives to foreclosure options or any questions in regards to selling your home as a Short Sale:

http://www.prevent4closures.com/

Danny Dimas ~ Short Sale & REO Pro

Alain Pinel Realtors

(650)400-7670

dannydimas@apr.com

Team Danny D | Promote Your Page Too

The feds are introducing a new program that should or hopes to streamline the short sale process for banks.  Here are the highlights:

•    $3,000 for borrowers to assist in relocation
•    $1,500 for mortgage services to pay for associated costs of processing the short sale
•    Up to $2,000 to investors that permit up to $6,000 in proceeds from a short sale to be allocated to subordinate lien holders
•    Mortgage lenders must inform distressed homeowners of the lowest price they are prepared to accept
•    Homeowners must present the mortgage lenders with a valid offer, and the mortgage lender must respond within 10 days

Sounds good...We'll See.  Happy Holiday Weekend!

Click here for immediate HELP

Peninsula Short Sale Help 

For short sale questions or alternatives to foreclosure options call Danny

650-400-7670

www.TheHomeWave.com

danny dimas

alain pinel realtors

42 N Cabrillo Hwy Half Moon Bay, Ca 94019

#01863442  

Team Danny D | Promote Your Page Too

Locally, a very successful pediatrician  Dr. is fed up with all the red tape of america's insurance crisis and it no longer pays to be a pediatrician. 

He decides to be a orthopedic hand surgeon because of the new era of computers and ongoing carpal tunnel problems associated with it.  His neighbor has had issues with her wrist for years because of her labor behind a computer keyboard.  He tells her " I can fix your wrist, I am a hand surgeon".  She said "do you know how, you are a very successful pediatrician but can you fix my wrist?"   The Dr. replied,  "I'm a Dr. of course I can do it".  

Can he do it?  Does his neighbor realize she will be a guinea pig for him to "PRACTICE" his first hand surgery?  Would you trust him to perform surgery on your hand? 

This story is fiction of course, but that is what is happening in real estate today with SHORT SALES.   Would you trust your potential foreclosure with an agent who has never successfully "closed" a short sale transaction.  You have made the decision to be responsible and not foreclose but to short sale as a last resort...Now, you are putting your faith in a agent to perform.  

Do your homework and INTERVIEW when shopping for a short sale agent.  Ask for an experience resume, proof of closed transactions, testimonials (call them).  

For Immediate HELP, click here

PENINSULA SHORT SALE HELP

Call Danny Dimas for a "Alternative to Foreclosure" no-hassle consultation.

Danny Dimas ~ CRS, GRI

"Preforeclosure and Short Sale Specialist "

Alain Pinel Realtors

650-400-7670

www.TheHomeWave.com

Team Danny D | Promote Your Page Too

Most lenders require that homeowners meet the following criteria to be considered for a pre-foreclosure sale:

1. The homeowner is experiencing a HARDSHIP.

2. The homeowner must owe more than the home is worth.

3.  It helps to be in arrears (past due) but not required to be successful

4. The homeowner has to prove that they can no longer afford the payments. 

5.  The homeowners have to emotionally be willing to cooperate

For Immediate Help, click here:

Peninsula Short Sale Help

www.TheHomeWave.com                       

Danny Dimas

Alain Pinel Realtors

650-400-7670