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This is not a Short Sale - 1834 Cranshire Naperville IL 60565

Tue, 24 Aug 2010 09:40:43 -0400

This is not a Short Sale - 1834 Cranshire Naperville IL 60565

Overview
Maps
Photos
Features
Market Stats

$465,000 Single Family Home
For Sale Main Features 4 Bedrooms
3 Bathrooms
1 Partial Bathroom
Interior: 3120 sqft
Lot: 10,000 sqft
Location

1834 Cranshire
Naperville, IL 60565
USA

To get updates on open home dates and other property events, please click the "Like" button below:

Maria Mastrolonardo

RE/MAX of Naperville
(630) 248-6077
mmastrolonardo@gmail.com
http://www.maria-mastrolonardo.com

Listed by: Maria Mastolonardo - RE/MAX of Naperville

See more Naperville, IL real estate for sale

Maria Mastrolonardo is a full time Illinois Realtor specializing in Short Sales, has been helping home-buyers and home-sellers since 1997. Can help you with any questions or information regarding Short Sales for the Western Suburbs of Chicago which includes but not limited to; Naperville, Aurora, Downers Grove, Lisle, Plainfield, Bolingbrook, Warrenville, Wheaton and Woodridge.

To reach me call/text at (630) 248-6077 or mmastrolonardo@gmail.com

You can also find me here!

Right of Offset..Yet Another Trick Up The Lenders Sleeve

Tue, 24 Aug 2010 08:33:50 -0400

Thanks Bob Hertzog for bringing this to our attention!

If you are behind on your mortgage and considering a Short Sale in Naperville or surrounding areas, this is a must read for you.

Via Bob Hertzog (Summit Home Consultants):

Right of Offset..Yet Another Trick Up The Lenders Sleeve

Folks, this is scary stuff. Yesterday, I received a call from one of my clients, telling me that her bank recently withdrew money out of her account to pay part of her missed mortgage payments. We are in the middle of the short sale process, and she happens to bank at the same institution that holds her 1st Mortgage.

Banks have what is called a "right of offset", which allows them to take money out of your account, without your prior approval or knowledge. The Comptroller of the Currency Administrator of National Banks says the following:

Generally, a bank may take money from your deposit account to make a payment on a separate debt that you owe to the bank, such as a car loan, if you are not paying that loan on time. This is called the right of offset.

In some situations, the bank can exercise the right of offset without letting a customer know in advance that it is going to do it.

However, federal law limits what a bank can do in some cases. For example, federal law won’t allow a bank to offset your deposit account to pay off your consumer credit card account.

As soon as I'm finished writing this post, I'm going to start calling my clients, advising them of this "right of offset". Time to move your money!

If you are listing short sales, I would suggest you do the same.

Bob Hertzog

Summit Home Consultants

www.foreclosureuturn.com

Copyright © By Bob Hertzog 2010 *Right of Offset..Yet Another Trick Up The Lenders Sleeve*

To reach me call/text at (630) 248-6077 or mmastrolonardo@gmail.com

You can also find me here!

Why a Strategic Short Sale May Make Sense.

Tue, 17 Aug 2010 09:47:33 -0400

Here is another excellent article written by Bryant Tutas, regarding a Strategic Short Sale. A perfect read for anyone considering a Naperville Short Sale.

Via Bryant Tutas-Tutas Towne Realty, Inc:

Hi folks. Let's talk about this Strategic Short Sale thing a little. I know there are many people that just can't understand why anybody would do a Short Sale if they can afford their mortgage payment and they do not have a hardship. In fact, there are those that would call this immoral. Well OK then.

My job is not to judge. My job is to inform people so they can make a decision based on facts, their needs and what's best for them. And as much as it sucks a Strategic Short Sale MAY be the best option. Just because someone can afford their mortgage payment does not mean continuing to make it is the best way to go.

This post will give you some hard cold financial data. Do with it what you may.

First, you have to remember that in my area property values are down 75% and in some communities as much as 85%!!!! Folks that purchased from 2003-2007 with 20% down are still way up side down. Just to put our decline into perspective.....the average house in Poinciana, in the year 2000, sold for $81,000 and $56 per sq ft. Today, 2010, they are selling for $72,500 and $41 per sq ft. Unfortunately our MLS data only goes back 10 years so I can't see how far back values have gone. But we do know houses are worth less today than they were 10 years ago!!

If you purchased a house in Poinciana Florida in 2006 at $220,500 (average 2006 selling price) and put 20% down ($44,100) today, that house is worth $72,750! Your PITI (principle, interest, taxes, insurance) payment, if you have an interest rate of 6.75%, would be roughly $1,450 per month. You would still owe $168,000. This is 232% of what the house is now worth (LTV). So just to be EVEN on your mortgage, values would have to increase by 132%!! Of course this doesn't include the $44,100 you put down.

So.....should you continue paying? Only you know the answer to that question. Just remember that until values increase by 132% you will STILL be upside down on your mortgage.

If you did decide to do a Strategic Short Sale today and rent a similar house you would save approximately $700 per month. If you invested $400 of that savings at 5% you would have almost $28,000 at the end of 5 years. If you kept your mortgage instead you would still owe $150,500. What would your house be worth in 5 years? I have no clue. But I can only guess that it would not have appreciated 100%. That means if you needed to sale in 5 years you would SILL have to do a Short Sale. Do you take the hit now or take it later?

The numbers are staggering. What say you?

Are you facing foreclosure in Florida?

Do NOT be foreclosed on! Avoid foreclosure. Short Sales DO close.

Want to find out more? www.CentralFloridaShortSales.com

***I am NOT an Attorney nor do I play one on TV. Click the button below for my Bio.

Copyright © 2010 http://www.brokerbryant.com/ | All Rights Reserved

To reach me call/text at (630) 248-6077 or mmastrolonardo@gmail.com

You can also find me here!

Do I Need a Hardship to do a Short Sale?

Mon, 16 Aug 2010 16:04:39 -0400

This is an excellent article written by Bryant Tutas, it answers the question regarding Hardships and Short Sales. A perfect read for anyone considering a Naperville Short Sale.

Via Bryant Tutas-Tutas Towne Realty, Inc:

Well that's a good question. What do you think? Most folks would probably answer this question with a resounding YES! But...what if I told you the answer is "No....you don't necessarily need a hardship to qualify for a Short Sale. You may be able to do a Strategic Short Sale". Heck, big business and lenders do them all the time.

One reason lenders/investors may approve the Strategic Short Sale is that the hardship in no way changes the financial outcome of the Short Sale for the lender. The numbers are still the same. In fact, the numbers may even be better for the lender on a Strategic Short Sale because the Seller is in a financial position to contribute. So why wouldn't they approve it?

Now while you may not have to have a hardship to do a Short Sale you may very well be required to be delinquent on your payments. This is mostly due to government intrusion into the process. For example HAFA (Home Affordable Foreclosure Alternative) requires the mortgage to be: "delinquent or default is reasonably forseeable."

Also, if you have an FHA loan: "At the time the PFS (pre-foreclosure sale) closes the loan must be in default (i.e. delinquent more than 30 days)." FHA DOES require a hardship.

If you are way upside down on your mortgage and see no light at the end of the tunnel then you have to ask yourself some hard questions. The reality is that most of us will have to move for some reason over the next 5-7 years. So ask yourself:

If I'm upside down on my mortgage today will I still be upside down in 5 years if I have to move then?

Would my family be better off if I took the financial hit today instead of waiting?

If I did a Strategic Short Sale today would I be able to rent a property for my family and save a substantial amount of money each month?

How will going through a Strategic Short Sale affect my credit and will my interest rates on my credit cards go up drastically?

How will a Strategic Short Sale affect my job (security clearance)?

Ask yourself hard questions. Seek legal advice from an experienced Attorney. Talk to your CPA. Have a family meeting.

Then if you decide that a Strategic Short Sale is the option for you, remember, there are no guarantees it will work. You may be asked to contribute to the "Short". What I tell potential Sellers when they ask the question is... "If you have no hardship and you have assets or sufficient income the bank may very well want some of it. You may have to bring a cash contribution to closing and they may also want you to sign a promissory note. But you may very well have your Strategic Short Sale approved."

These are difficult times and that require making difficult decisions. Let me know if I can help.

Are you facing foreclosure in Florida?

Do NOT be foreclosed on! Avoid foreclosure. Short Sales DO close.

Want to find out more? www.CentralFloridaShortSales.com

***I am NOT an Attorney nor do I play one on TV. Click the button below for my Bio.

Copyright © 2010 http://www.brokerbryant.com/ | All Rights Reserved

To reach me call/text at (630) 248-6077 or mmastrolonardo@gmail.com

You can also find me here!

Understanding Short Sale Transactions | A Guide to Short Sale Facts & Myths

Fri, 30 Jul 2010 11:29:21 -0400

This is an excellent article written by Bill Gassett, it gives an understanding of the Short Sale transaction. The perfect read for a Naperville Short Sale.

Via Bill Gassett Metrowest Massachusetts Real Estate (RE/MAX Executive Realty):

Understanding Short Sale Transactions | A Guide to Short Sale Facts & Myths

A short sale unfortunately has become a common buzz word in the Real Estate industry. For those that have been hearing the term "short sale" and don't quite understand what it means, a short sale is a legal lender approved solution designed to assist a home owners who is financially strapped to get out from under their mortgage debt.

A short sale is negotiated through the mortgage holder of an owners home where by the mortgage holder agrees to take less than what home owner owes on the property.

A quick example of a short sale would be if a home owner owes $400,000 on their current mortgage and their home is only worth $350,000. The lender in this example would agree to take a short fall of $50,000 at closing.

In some cases the mortgage holder may completely wipe out the debt and the home owner does not have to repay the 50,000. Many lenders may require a seller to sign a note and repay the debt over a certain amount of time. Typically the debt will be reduced and the owner may receive favorable repayment terms of the short fall.

There is quite a bit to know about short sales from both a buyer's and seller's perspective. I have been successfully been completing Massachusetts short sales over the last three years. In fact (knock on wood) I have never had a short sale that did not get approved! Successfully completing a short sale is about understanding the process.

Many consumers make extremely poor choices by working with Real Estate agents that don’t have a lick of experience with getting short sales approved. Picking a good short sale Realtor is critical to your success.

The following is a number of specific topics about short sale transactions that you would want to be aware of if you are planning to either buy or sell one of these types of distressed properties.

Stop making mortgage payments during a short sale? ~ Whether or not a home owner should continue to make mortgage payments is a common question that many sellers want to know when considering a short sale. The most common answer to this question is YES, however it really depends on the lender! Click the link to understand all the considerations.

Picking the right short sale Realtor ~ Picking a Realtor to work with in a short sale is very different than a traditional transaction. You want to work with an agent that has experience successfully closing this type of transaction. Remember as a seller you could potentially be facing a foreclosure. There are many mistakes that are made by agents handling short sales. Don't get caught with your pants down!

Questions to ask a short sale listing agent ~ If you are thinking about buying a short sale there are some specific questions you can ask the listing agent to determine the probability that the short sale will be approved or not. These short sale questions will also help determine if the Realtor handling the short sale knows what they are doing!

Acceptable hardships for a short sale ~ On many occasions when doing a short sale the lender is going to require some kind of hardship on the part of the seller. Short sale hardships however, have become less rigid recently and some lenders are becoming more concerned strictkly on whether the short sale would benefit them more than a foreclosure sale.

Short sale tax consequences ~ Understanding the tax consequences in a short sale is one of the most important considerations for a home seller. Whether the short sale home was a primary residence or an investment property can have different tax implications.

Getting short sale debt released ~ Getting the debt released on a short sale is obviously a very big deal. Many Realtors that are working with short sales don't have any knowledge of how to get the debt released. A seller needs to pay particular attention to this detail as you can expect to be hearing from a collection agency without it!

When to do a short sale home inspection ~ This topic is important to understand from both a buyer's and seller's perspective. A home inspection should be done before short sale approval and NOT after. Read the article to understand why it benefits both the buyer and seller to do so.

Strategic default vs short sale ~ There are many home owners who are deciding just to walk away from their homes. Fannie Mae has started to crack down on this practice and is now penalizing borrowers from getting a mortgage for up to seven years! A perfect alternative to a strategic default is a short sale.

These articles were published on my Massachusetts Real Estate blog where I talk about numerous topics that are important to consumers who may be thinking about buying or selling Real Estate.

I am successfully completing short sales through out the Metrowest Massachusetts area. So far, knock on wood, I have a 100% success rate for short sale approval! If you need to complete a Massachusetts short sale please feel free to get in touch.

If you are outside of the Metrowest Massachusetts area and need to do a short sale please give me a call or email and I would be happy to refer you to a Realtor in your location that handles short sales and knows what they are doing! I have referred short sales to other Realtors all around the country.

___________________________________________________________________________________________________

About the Author: The above Real Estate information on understanding short sale transactions was provided by Bill Gassett, a Nationally recognized leader in his field. Bill can be reached via email at billgassett@remaxexec.com or by phone at 508-435-5356.

Have a home to sell in Metrowest Mass? I have a passion for Real Estate and love to share my marketing expertise!

For Metrowest Massachusetts Real Estate and homes see Massachusetts Real Estate. Want to have MLS access to beat other buyers to your dream home? Sign up with no obligation at my MLS Property Finder Site.

I service short sales in the following towns in and around Metrowest Massachusetts: Hopkinton, Milford, Upton, Southboro, Westboro, Ashland, Holliston, Mendon, Northboro, Shrewsbury, Hopedale, Medway, Grafton, Northbridge, Uxbridge, Franklin, Framingham and Douglas MA.

Click here to view Bill Gassett's Real Estate profile.

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Building lasting relationships by helping people move in and out of Metrowest Massachusetts for the last 24 years.

To reach me call/text at (630) 248-6077 or mmastrolonardo@gmail.com

You can also find me here!

Breckenridge Estates: A Naperville Pool Neighborhood

Wed, 28 Jul 2010 15:50:20 -0400

Breckenridge Estates: A Naperville Pool Neighborhood

This post in my series of Naperville Pool Neighborhoods features Breckenridge Estates; Breckenridge Estates is a subdivision that is nestled in Naperville's southeast side. Established in the early 1990s, Breckenridge Estates is a subdivision that shows pride of home ownership. The stately custom built homes in Breckenridge Estates are well maintained and beautifully landscaped. Breckenridge Estates is a family-oriented neighborhood that focuses on friendships and community.

Breckenridge Estates is a popular neighborhood because of it's location and amenities. They include the swimming pool, clubhouse, tennis courts. Swimming and Tennis lessons are offered for a small fee.

Breckenridge Estates is conveniently located off of Naperville/Plainfield Rd and 95th St. Minutes to I55 ramp, highway 355, and Naperville Crossings. Naperville Crossings is a place were residents have a place to shop, enjoy a movie at the Show Place theater and dine at one of the fine restaurants.

Breckenridge Estates attracts home-buyers that are looking for an established neighborhood. Homes in Breckenridge Estates are custom built that offer a variety of style and size. The homes are four bedrooms to five bedrooms with approximately 3300-4000 square feet of living space. Homes currently on the market in Breckenridge Estates range from $449,900 - $1,099,000.

"Breckenridge Estates of Naperville"

Schools for the Breckenridge Estates neighborhood are:

Spring Brook Elementary School

Gregory Middle School

Neuqua Valley High School

Come see why many call Breckenridge Estates home!

Search Breckenridge Estates Homes for Sale

Hobson West: A Naperville Pool Neighborhood

Cress Creek: A Naperville Pool Neighborhood

Saybrook: A Naperville Pool Neighborhood

Tall Grass: A Naperville Pool Neighborhood

Maplebrook: A Naperville Pool Neighborhood

Stillwater: A Naperville Pool Neighborhood

Ashbury: A Naperville Pool Neighborhood

Huntington Estates: A Naperville Pool Neighborhood

Steeple Run: A Naperville Pool Neighborhood

View Larger Map

To reach me call/text at (630) 248-6077 or mmastrolonardo@gmail.com

You can also find me here!

Credit Report - How long will information remain on the report?

Wed, 21 Jul 2010 15:04:35 -0400

Diane shares great information regarding your credit report.

Via Diane Osowiecki Greater Nashville Real Estate (Diane O and Friends - Benchmark Realty):

HOW LONG WILL INFORMATION STAY ON A CREDIT REPORT? With so many questions about credit and credit reports here is some helpful information. The best answer, ask your lender.

BANKRUPTCY CHAPTER 13: (Often called a debt reorganization. A Chapter 13 Bankruptcy is generally appropriate for those individuals who have non-exempt property they wish to retain and who have enough income to reasonably pay the reorganized debt after covering reasonable living expenses.)
10 years from the date filed. If discharged it is reportable for 7 years from the date filed.

BANKRUPTCY CHAPTER 7: (Often called a straight bankruptcy-involves the liquidation of all non-exempt by the bankruptcy trustee, who in turn distributes the proceeds to qualified creditors. All dischargeable debts are discharged and the person(s) filing receive a fresh start.)
10 years from the date filed

COLLECTION ACCOUNTS: (If you become delinquent, that is, several months late on a payment for anything from a phone bill to a credit card or a medical bill, the original creditor can place your account in collection status. At that point, the original creditor will use a debt collector as a means to collect any monies outstanding that they believe you owe.)
7 years from the date the account first became delinquent without since becoming current.

INQUIRIES: (There are two types of credit inquiries: those that do not affect your score, or "soft" inquiries, and those that are included in your credit score, or "hard" inquiries. Hard inquiries are those you initiate, including mortgage and auto loan applications and credit card applications. These types of inquiries are included in the formula used to calculate credit scores; therefore, too many can result in a lowering of your score. Examples of soft inquiries include: requests you make to the credit bureaus for copies of your credit report or score, use of credit information by existing lenders for account review purposes, use of credit information by lenders for "pre-approved" credit offers, inquiries used in making employment decisions, and inquiries for tenant screening (done by a landlord when you apply for housing). These inquiries are shown only on the credit report that you request directly from the credit bureaus, and will not be seen by potential creditors.)
2 years

JUDGMENTS: (A judgment is the final decisive act of a court in defining the rights of the parties. It includes a decree and any order from which an appeal lies. The proper term is Court Judgment. Other terms commonly used include, default judgment, civil judgment, foreign judgment, and judgment proof.
7 years from the date filed

TAX LIENS: (tax lien is a lien imposed by law upon a property to secure the payment of taxes. A tax lien may be imposed for delinquent taxes owed on real property or personal property, or as a result of failure to pay income taxes or other taxes.
7 years from the date paid - Indefinite if not paid

TRADE LINES: (Trade lines are the credit accounts listed on a credit report.)
7 years from the date of the last activity

LATE PAYMENTS: (Payments that are made past their due dates according to the loan documents)
  7 years from the date of the occurrence

CONSUMER STATEMENTS: (A record of transactions and their effect on account balances over a specified period of time, for a given account. A bank account statement lists the debits and credits that took place over the relevant time period.)
Can be placed on a credit report for up to 7 years

FRAUD ALERTS (INITIAL): (A fraud alert is one of several security measures placed on a credit report for identity theft management and prevention
Can be placed on a credit report for a minimum of 90 days

FRAUD ALERTS (EXTENDED): (Extended fraud alert if you have been a victim of identity theft and have a police report or identity theft report as supporting documentation. Creditors must contact you directly when there is an extended fraud alert placed on your credit report.)
Can be placed on a credit report for a maximum of 7 years

FRAUD ALERTS (ACTIVE DUTY):( Military personnel to place an alert on their credit file if they are deployed, and allows consumers to request that a credit bureau truncate their Social Security number on credit reports sent to the consumers.)
  Can be placed on a credit report for a minimum of 12 months
Diane O and Friends in TN



This posting and the contents written here are the intellectual property and opinions of Diane Osowiecki of Benchmark Realty. Providing real estate services to clients in Nashville, Brentwood, Franklin, Spring Hill, and all of Middle Tennessee

To reach me call/text at (630) 248-6077 or mmastrolonardo@gmail.com

You can also find me here!

DEED IN LIEU - PRESERVATION COMPANY FRAUDULENT BILLS - WATCH OUT!

Mon, 19 Jul 2010 23:08:27 -0400

Naperville Area Homeowners: Here is another great article by Richard Zaretsky, Esp., who writes about the importance of looking out for your best interest and not to rely on the bank to do it for you.

Via Richard Zaretsky, Florida Real Estate Attorney (Richard P. Zaretsky P.A. - Bd Certified Real Estate Attorney):

I just can't get a day of rest! One of my clients had a rotten experieince this week with a home inspector.

REDC, the California company that does default solutions and auctions for lenders, has gotten a nice niche for doing home inspections for lenders just prior to the lender accepting and filing a deed in lieu of foreclosure. They hire local inspectors and contractors to review the interior and exterior of the home and make necessary remedial actions if necessary. The problem is that some of these inspectors are criminally fraudulent - and they are not only ripping off the distressed homeowner, but the banks too.

For example (dates and names have been altered for anonymity) - Renee, a client of ours agreed to a deed in lieu proposal from Bank of America on her $300,000 plus immaculate home in Palm Beach County, Florida. The lender encouraged her not to do a short sale and instead to do a cash for keys deed in lieu which would have put over $6,000 in her pocket for moving out.

The DIL requirement was for her to sign the documents and be out by June 15th, and she did so and was out before then and continued to pay the HOA, electric, run the A/C and pay the gardener. The inside was left "as new" clean.

The REDC inspector then came out the second week of July and found and charged for smoke detectors (the house has an alarm system with all required smoke detectors), hazardous material handling and disposal (they threw out the purposely left small cans of paint for touch up), dehumidifiers (the a/c was left on 80 degrees and all a/c central units were working perfectly), and outside trash removal from the gardens (the house is impeccably maintained outside by a weekly gardener). All this cost the homeowner through a direct reduction of the "cash for keys" payment, with no room for dispute or argument with REDC or the lender - "take it or leave it"!

These "PRESERVATION COMPANIES" have it sweet - often they deal with abandoned or walk away homes or borrowers that just don't care anymore. Lenders are relying on the outsourcing company and don't have a check and balance system for their billings. One Preservation Company contractor told one of our clients, "Without my even telling him what was on the bill, he told me they automatically add bogus charges such as dehumidifiers, smoke alarms, strapping down outside air conditioners, and charges for removal of documents (such as the appliance manuals and condo documents left in a kitchen drawer for the new owner). He told me unbelievable stories of being paid to add a smoke detector to a room that already had 5 on the ceiling."

Since these are (and in this case was) a lender federally insured by the US government, the conduct by the contractor inspector and condoned by REDC is outright fraud on you and me! Such conduct is probably also bank fraud, but I will let the experts decide about that issue.

BE CAREFUL WITH HOME INSPECTORS SENT BY LENDERS!!!! They probably are not on the side of the homeowner and they being human are only trying to make a buck ... or three.

Copyright 2010 Richard P. Zaretsky, Esq.

Be sure to contact your own attorney for your state laws, and always consult your own attorney on any legal decision you need to make. This article is for information purposes and is not specific advice to any one reader.

Richard Zaretsky, Esq., RICHARD P. ZARETSKY P.A. ATTORNEYS AT LAW, 1655 PALM BEACH LAKES BLVD, SUITE 900, WEST PALM BEACH, FLORIDA 33401, PHONE 561 689 6660 begin_of_the_skype_highlighting email: RPZ99@Florida-Counsel.com - FLORIDA BAR BOARD CERTIFIED IN REAL ESTATE LAW - We assist Brokers and Sellers with Short Sales and Modifications and Consult with Brokers and Sellers Nationwide! Shortsales@Florida-Counsel.com New Website www.Florida-Counsel.com.

See our easy to understand articles at:

TABLE OF CONTENTS - SHORT SALE AND LOAN MODIFICATION ARTICLES

To reach me call/text at (630) 248-6077 or mmastrolonardo@gmail.com

You can also find me here!

Don't Change a Thing Until Your Escrow Closes

Fri, 09 Jul 2010 02:11:29 -0400

If you are thinking of purchasing any Naperville real estate in the near future, Fran gives great advice on what not to do.

Via Fran Gatti - Realtor®, RDCPro®, Crescent City CA Real Estate (RE/MAX Coastal Redwoods):

Don't change a thing until your escrow closes.

What does that mean exactly?

Don't charge anything on your credit cards

Don't get married

Don't get a divorce

Don't purchase a car

Don't change jobs

Don't start attending school

If you're attending school already, don't take out additional student loans

Don't borrow any money

Don't retire

In short...DON'T CHANGE ANYTHING.

Why not? Underwriters are checking their list and checking it twice. It is becoming common for an underwriter to rerun credit and do additional verification of facts right up to funding. A little change, like deciding to retire or purchasing a car could send your underwriter into paroxysms and bring your escrow to an untimely death. In order to keep your purchase from becoming a dead escrow, keep your situation, not just financial but everything, the same as it was the day you completed your loan app. If you HAVE to change something, call your lender and ask how it will effect the loan BEFORE you actually make the change.

Please take this to heart. The loan process has become a mine field. Lenders and banks, once a permissive lot who gave out money to anyone who could fog a mirror have gone to the other extreme and now want documentation, verification, attestation, authentication, certification, confirmation, information and substantiation and they may want it more than once during the loan process.

To repeat, don't change anything with your life situation during your escrow. Keep your situation the same throughout the escrow process and things should go relatively smooth at least as far as your qualifying for the loan goes.

There are other mountains to scale during the escrow process for instance the appraisal...the grand Pooh-Ba of the escrow process. We'll save appraisal pitfalls for another day.

Thank you for stopping by. Your comments on this post are welcomed and appreciated.
No one sold more homes in Del Norte County in 2009--*both in number and volume--than Fran Gatti. Put Fran to work for you!

Brought to you by Fran Gatti at
No one works harder for you!
Bus: 707-464-5400, Cell: 707-218-8162
Email: frangatti@remax.net
Website: FranGatti.com
My Blog: Fran's Blog
RDCPro®

*PER CCMLS

To reach me call/text at (630) 248-6077 or mmastrolonardo@gmail.com

You can also find me here!

Foreclosure Deficiency Judgment Compared to Deed In Lieu and Short Sale Scenarios

Mon, 05 Jul 2010 12:23:18 -0400

This article comes via Richard Zaretsky, a Florida attorney. Although laws vary from state to state, he does give a very comprehensive overview of the most common exit scenarios.

As a Naperville Area Short Sale agent I work with a team of professionals that can answer any specific questions for Illinois.

Via Richard Zaretsky, Florida Real Estate Attorney (Richard P. Zaretsky P.A. ):

We get so many questions about what is a DEFICIENCY JUDGMENT and how it differs from other possibilities including DEED IN LIEU OF FORECLOSURE or SHORT SALE. Recent blogs and Broker Bryant provided a request that I write a detailed article explaining and differentiating these three items.

This article is written based on Florida law, but most state laws are similar. Be sure to contact your own attorney for your state laws, and always consult your own attorney on any legal decision you need to make. This article is for information purposes and is not specific advice to any one reader.

As a suggestion, for information on the basics of a deed in lieu of foreclosure and short sale, see SHORT SALE PRIMER - LAWYER DISCUSSION OF THE SHORT SALE EVOLUTION

Let me clarify an important issue that will have meaning later. A "Mortgage" is NOT the obligation to pay the bank. The obligation to pay the bank back the money it loaned along with interest is called the "Promissory Note". The bank makes two types of loans. Secured loans are when the bank wants the Promissory Note to be collateralized with something of value. In real estate that "something of value" is usually a "Mortgage" and it collateralizes or secures the Promissory Note with the house or other real estate. So when we say only the word "Mortgage", technically you are referring only to the security document and not the Promissory Note. Likewise when we say the words "Promissory Note", we are referring only to the obligation to repay the bank.

THE LAW OF MORTGAGE FORECLOSURE:

A mortgage foreclosure (some incorrectly call it a "Lis Pendens") is filed by the lender when the Promissory Note that is secured with a Mortgage on some real estate (usually the home) has not been paid on time (the "default").

If there was only an "unsecured" Promissory Note and there was no Mortgage, the suit would not be called a "mortgage foreclosure" because it would only demand payment of the Promissory Note and then the judge after hearing the evidence, would likely issue a Final Judgment against the borrower and in favor of the bank for the amount of the unpaid Promissory Note along with accrued interest, late fees and court costs and attorney fees. The Final Judgment would also be entitled to interest (in Florida that rate is now 6% a year) until the Final Judgment is paid in full.

A mortgage foreclosure is actually a four step process.

Step One: The first step is to file suit (called the "Complaint") on the non-payment of the Promissory Note. (Yes, there are other reasons for a foreclosure suit to be filed, like an unauthorized transfer of the real estate, or non-payment of the real estate taxes, but we are going to focus on not paying the Promissory Note). An action (the suit) is filed at the courthouse and it consists of 3 documents. The first document is a Summons, which directs you to answer the Complaint. The second document is the Complaint, which describes why the bank is entitled to the relief it is asking for - the payment on the Promissory Note. The third document is the Lis Pendens, which puts the public at large on notice (since the lis pendens is filed in the public records where the property is located) that anyone dealing with the property should know that a claim has been made against the property in the Mortgage. (Lis Pendens literally means "pending litigation" and is one of those fancy Latin words that we lawyers banter about).

The Complaint will describe that there was a Promissory Note signed by the borrower to evidence that it was to repay the bank the money, and that to induce the bank to make the loan the borrower also signed a Mortgage on some real estate that promised that if the Promissory Note was not paid, the real estate could be sold and the proceeds would be used to pay the Promissory Note. It will also say how much is unpaid and what additional money the bank may want for the non-payment of real estate taxes, for example. It will finally make a "demand", which will ask that if the borrower does not make payment on the Promissory Note to the bank, then the real estate should be sold under court supervision at a public auction, and if there is insufficient money bid for the real estate, the court should give to the bank a judgment for the shortfall (the "Deficiency Judgment"). A quick note to those that subscribe to the foreclosure defense analysis that they won't have to pay the bank - I suggest you read FORECLOSURE DEFENSE FALLACY.

Step Two: After statutory time periods have run (for example, 20 days to answer the Complaint, the bank can more for a final judgment. This is usually accomplished (in Florida) with a Motion for Summary Judgment, or similar name. Another 20 days must elapse before this hearing can take place, once the motion is filed. In reality (at least in Palm Beach County right now) that time period can be several months before a court date on the Motion for Summary Judgment can take place.

At the Motion for Summary Judgment hearing the bank must prove that there is a valid Mortgage securing a valid Promissory Note and that it is unpaid. The judge will then issue a Final Judgment of Foreclosure that says (1) if the borrower does not pay the bank the amount the bank proved is due to the bank within usually 30 days, the real estate is ordered to be sold by the clerk of the court to the highest bidder, and if the highest bidder bids less than the amount due to the bank then the bank can come back to court and request a Deficiency Judgment. It is important to note that the Final Judgment of Foreclosure is NOT a money judgment against the borrower! However, depending on step three below the bank can move to obtain a money judgment later on. IMPORTANT note to borrowers who think that THIS is the hearing when you can go and tell your story to the judge. WRONG!!!!!!! The Summary Judgment hearing takes no testimony in open court. It is based only on what is in the court file - nothing more. It is a hearing based on technicalities and strict rules. I can practically guaranty you that if you or your attorney have done nothing up to the hearing in the case to establish why the judgment can not summarily be granted, unless the lender's attorney is totally asleep, the Final Judgment for Foreclosure will be granted.

Step Three: Assuming that the borrower has not paid the bank to the bank's satisfaction during that 30 day period, the public sale (the "foreclosure sale") will occur. It is conducted by the Clerk of the Court and it usually occurs "on the courthouse steps", but more usually in a courtroom or meeting hall or even in a large hallway in some courthouses and more recently, on the Web. The property is announced and bidding starts at $100 and goes up from there. The bank is able to bid for the property and it will do so to "protect" the collateral up to the amount (and usually beyond) the bank has determined the property is worth. Usually the bank will bid up the amount of the judgment it received from the judge. More often than not the property gets sold to the bank for a mere $100 and there are no other bidders at the foreclosure sale.

Step Four: I am now again making as assumption. The assumption is that the bank ended up with the property at the foreclosure sale by bidding one hundred dollars. In that event the borrower still owes the bank money to satisfy the promissory note. The amount of the remaining balance is what is in question.

To figure get the balance of the monies the bank must go back to court to ask the court to award it a "Deficiency Judgment". The amount is what is in question and the amount is measured using various rules. In our example the bank bid $100. The court is not going to say that the house was worth $100 and $324,900 is still owed. For our assumption and as an example we will say that the property is worth $200,000 and the foreclosure judgment is for $325,000. That means the court will ask for an appraisal of the property as of the day of the foreclosure sale and the judge will likely give it that value. So it will be the appraisal value less the judgment amount which will equal the Deficiency Judgment. If the appraisal is $250,000, the Deficiency Judgment would be $75,000. Now if there was real bidding at the foreclosure sale the judge could consider that bidding and instead adopt the selling price under the competitive bidding process that occurred at the foreclosure sale. Then the Deficiency Judgment would be the difference from the foreclosure judgment and the winning bid amount. If the competitive bid was $240,000, then the Deficiency Judgment would be $85,000.

A little issue that comes up is how long the bank has to get the deficiency judgment. The Florida Statute of Limitations (time to enforce) the Promissory Note is 5 years from the time it went into default. There is also a rule on how long a plaintiff can keep open a lawsuit that has no activity. That rule says after 1 year of inactivity, the lawsuit can be dismissed by the court. The rule is referred to the "Failure to Prosecute Within One Year" rule. IF the court dismisses the lawsuit after one year and before the bank asks for a deficiency judgment, it could be argued that the bank cannot again seek to enforce the promissory note.

Florida courts have noted that a claim for deficiency in a foreclosure action does not accrue until the foreclosure sale has occurred. Thus the five year period starts at the time of the foreclosure sale (not the time of the default). The courts have not addressed the one year "failure to prosecute" issue, but it is likely that a decision on it would consider that a deficiency action is separate and could be filed as new action based on the accrual of the event at the time of the foreclosure sale that resulted in the deficiency. (See Chrestensen v. Erogest, Inc., 906 So. 2d 343 (Fla 4th DCA 2005). Recent cases now provide that notwithstanding that the court could dismiss the foreclosure case after one year, that dismissal would not bar the filing of the claim during the 5 years after it accrued.

DEED IN LIEU OF FORECLOSURE

Almost every client I meet with first starts out wondering if they should "just give the property back to the bank". This is also called "Buy and Bail" and "Strategic Default" and "Walking Away from the Property". I tell them first off that, "it ain't so easy."

A Deed In Lieu of foreclosure has many prerequisites. The first is that the property cannot reasonable expect to be able to be sold within a reasonable period of time. The second is that the bank to receive the Deed In Lieu must be the only lienor. This usually means there can be no second mortgage and the borrower and property must be clean of any claims or judgments from other creditors. In other words the title to the property must be "clean" except for the bank's mortgage. (Note that if the bank with the first mortgage also has the second mortgage or HELOC, the Deed In Lieu is still a possibility. Indeed, some first lenders will have their counsel seek to negotiate with the 2^nd lenders even if it is a different lender, to get the deed in lieu of foreclosure accomplished.)

The issue remains - what becomes of the disposition of the Promissory Note? There is documentation in a Deed In Lieu that is very important to the borrower. This documentation can be an agreement in conjunction with the deed to the bank, or it can be written right into the deed to the bank from the borrower for the subject property. In any event the document(s) must provide that as part of the consideration for the giving the property to the bank the Promissory Note is satisfied in full. If this language is included, then there is no further liability of the borrower to the bank and no lawsuit to enforce the Promissory Note can occur. Most of all, banks don't like to have to sell your property so they don't like taking property to have to manage and sell. It is expensive to take in your property and unless your property is worth more than the amount the bank loaned to you, the bank is likely to only loose more money than if you sold it for them. That is why they generally prefer to do short sales rather than deeds in lieu.

Short Sale Negotiation:

A short sale by its nature does not encompass a lawsuit to foreclose the Mortgage or a lawsuit to enforce the Promissory Note, and that is one of the primary advantages of this method of loan workout. On the other hand, there is often a Mortgage Foreclosure Suit already in progress when a short sale is attempted to be negotiated. [It is important to realize that a short sale "attempt" does NOT stop a Mortgage Foreclosure Suit! The bank may or may not instruct its attorneys to delay acting on certain aspects of the suit - usually getting the Foreclosure Judgment or if one is issued, then delaying the actual conducting of the Foreclosure Sale. Don't assume anything positive about the foreclosure suit unless you have it in writing from the lender]. See the article: FORECLOSURE EXPRESS VS. LITTLE ENGINE THAT COULD

The short sale does often times result in a "Release" of the lien of the Mortgage but not a "Cancellation" or "Satisfaction" of the Promissory Note. It is this remaining financial obligation that is the crux of so much discussion about "1099's" and forgiveness of debt. Sellers Always Have Income is a comprehensive article on the subject and also deals with recent legislation on how income does not have to be recognized.

Unless a release or satisfaction of the entire Promissory Note or in the case of a property with more than one loan, then each Promissory Note is obtained, there remains the ability of the bank or banks to sue the borrower for the balance of the unpaid promissory note. In the case of a 2^nd Mortgage, this might be the entire amount of that loan if the 2^nd Mortgage bank took nothing so the short sale could succeed.

The documentation regarding a short sale is very important. The borrower needs to know what further obligations could be in the future as a result of the short sale. Like the Deficiency Judgment statute of limitations, the balance of the Promissory Note must be enforced within 5 years of the default or the demand for payment by the bank.

If the unpaid balance of the Promissory Note is enforced by the bank, then it can file a lawsuit against the borrower (if done within that 5 year period which start time could be as early as the declared default if there is no foreclosure sale) and the result will almost always be a Judgment for the payment of money in the amount of the unpaid portion of the Promissory Note. Many persons that short sell and do not get a release of the Promissory Note utilize an offer to pay back all or a portion of the Promissory Note balance with a new unsecured promissory note. This new promissory note replaces the old Promissory Note. The new promissory note can also be enforced by the bank in the same way as the old Promissory Note, but the time to enforce it will be based on whatever new default might occur if the terms of the new promissory note are not followed by the borrower. For a specific article on Short Sales, see Back to Basics - a Review of Short Sales.

The Second Bite from the Apple

An interesting twist is being used by the banks. They take the now unsecured remaining balance of the promissory note, or the new negotiated promissory note, and sell it to investors for 5 to 10 cents on the dollar. Then the new investor tries to collect on the promissory note. This is mentioned in my article on Negotiated Paybacks. Obviously this represents an opportunity to negotiate the remaining balance a borrower may have on the old loan - sort of a second bite at the apple.

Opportunity abounds for finding solutions for those that need a short sale or find themselves in a foreclosure action. No solution is a panacea for the borrower's troubles, but the solutions present an ability for a borrower to make a bad situation a little less bad, and it gives some control to the borrower over what is otherwise a nightmarish situation.

Copyright 2010 Richard P. Zaretsky, Esq.

Be sure to contact your own attorney for your state laws, and always consult your own attorney on any legal decision you need to make. This article is for information purposes and is not specific advice to any one reader.

Richard Zaretsky, Esq., RICHARD P. ZARETSKY P.A. ATTORNEYS AT LAW, 1655 PALM BEACH LAKES BLVD, SUITE 900, WEST PALM BEACH, FLORIDA 33401, PHONE 561 689 6660 begin_of_the_skype_highlighting email: RPZ99@Florida-Counsel.com - FLORIDA BAR BOARD CERTIFIED IN REAL ESTATE LAW - We assist Brokers and Sellers with Short Sales and Modifications and Consult with Brokers and Sellers Nationwide! Shortsales@Florida-Counsel.com New Website www.Florida-Counsel.com.

See our easy to understand articles at:

TABLE OF CONTENTS - SHORT SALE AND LOAN MODIFICATION ARTICLES

To reach me call/text at (630) 248-6077 or mmastrolonardo@gmail.com

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Naperville 4th of July Fireworks and Celebrations

Fri, 02 Jul 2010 11:32:49 -0400

Naperville 4th of July Fireworks and Celebrations

In Naperville when we think 4th of July we think Ribfest - Ribfest is how Naperville celebrates 4th of July, which has become a yearly tradition. Ribfest runs from July 1st - July 4th and offers a 4 day funfest for all. The combination of food, drink and music is what attracts thousands of visitors to this amazing celebration.

Ribs are a great way to enjoy 4th of July, and for the rib lovers in all of us, Ribfest offers samplings from some of the top rib vendors in the country. A few of the vendors include; Pigfoot, Aussom Aussie BBQ, Howling Coyote Southwest BBQ, Alabama's Finest Camp 31 BBQ, Armadillo Rib & Que Co., Smokin' Joe's Hog Wild BBQ, Mojo's Ribshack, Uncle Bub's BBQ, Texas Outlaws, Rasta Joe's BBQ. But ribs are not the only food that you can enjoy on this 4th of July celebration, you can also choose from ice cream, funnel cakes, corn, cotton candy, and much more. I'm sure you get the idea that no one goes away hungry from Ribfest. If you get thirsty while sampling all the delectable foods, well that's covered too.

The kids will enjoy the family area at Rifest that includes activities such as; carnival, inflatables, magic show, wall climbing, cirus aerial show, petting zoo, and much more.

I consider myself lucky that I live fairly close to the location where all the 4th of July celebration takes place. I can hear the live music from my back yard, and when it comes to music entertainment - Ribfest does not lack. Music entertainment is on two stages with bands that include; Tonic, Sister Hazel, Giving Tree Band, John Kay and Steppenwolf, Eric Burdon and the Animals, Sammy Hagar, The Charlie Daniels Band, Bucko5, JoBu, and many more! For an all weekend long 4th of July music entertainment!

Now we can't forget about the fireworks, which is something that 4th of July cannot be without. My favorite part is the grand finally - watching the bursts of the many fireworks lighting up the sky is what I look forward to. The fireworks start at 9:30pm on the 4th, and have always been spectacular.

The Naperville 4th of July Ribfest event runs July 1st - July 4th, from 12pm - 10pm. Located at Naperville's Knoch Park. If you have never been, you definitely need to come and see what this 4th of July funfest celebration is all about.

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To reach me call/text at (630) 248-6077 or mmastrolonardo@gmail.com

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Strategic Default Vs. Strategic Short Sale And "Verifiable Hardships"

Mon, 28 Jun 2010 16:14:39 -0400

If you are considering a short sale in the Naperville area then the following article is a must read. Bob Hertzog explains how banks are not basing their short sale approval on the seller's hardship but instead are beginning to look at the bank's bottom line profit of a short sale vs. a foreclosure.

Via Robert G Hertzog (Summit Home Consultants):

Strategic Default Vs. Strategic Short Sale And "Verifiable Hardships"

The new "buzz phrase" in our industry is "Strategic Default".

Recently, University of Arizona professor Brent White wrote an article dealing with the issue "Strategic Defaults". In the article, he basically justified the idea of "walking away" from your mortgage, based on the fact that it was a "business decision" on the borrower's part, just as the bank made a "business decision" when they decided to loan the money for the residence.

60 Minutes even decided to run a story on "Strategic Defaults".

As much as it pains me to say this (I'm an ASU Grad), I agree with much of what the UA Professor is saying. Let's face it, when the borrower decided to borrow money, they were asked to not only use the lender's appraiser, but were also asked to pay for the appraisal. The lender, in turn, decided that, based on the opinion of their own hand-picked appraiser, it was a good business decision to provide a loan to the borrower. In addition, we were all privy to the age-old question from the appraiser of "Where do we need to be on the price?"

What I don't agree with is the premise of "walking away" vs. "making an attempt" to work with the lender. In most cases, a borrower's credit would be less affected by conducting a "strategic short sale" vs. a "strategic default". Don't believe me? See my recent blog that details how FNMA looks at a foreclosure vs. a short sale, in terms of waiting periods to get their next loan.

Now, some of you may ask, "What is a Strategic Short Sale"?

I'll do my best to explain...As agents, when it comes to short sales, we are always faced with Rule Number One... Does the Seller have a verifiable hardship?

Six months ago, I wouldn't take a short sale listing unless the Seller had a "verifiable hardship"... Things have changed... We've recently closed several short sales for clients who did not have "verifiable hardships", as defined by most lenders.

So, what does this mean? My opinion is that lenders are now beginning to look at their "bottom line" profit of a short sale vs. a foreclosure. In other words, most lenders have finally realized that their "breaking point" in terms of bank-owned properties has been reached (i.e., they finally understand that it makes more sense to short sell a home than foreclose and take it back and sell it as an REO).

My inclination is that they are now more willing to sell a home at market value, and they are realizing that current market value (as evidenced by their BPO or Appraisal) is much better than what they would expect to get if they decided to take the home back into their inventory (less the $50-$60k they will spend on a foreclosure). More important, they are willing to "look the other way" when it comes to a "verifiable hardship" in order to make more $$.

Many of us subscribe to the rules of "No Hardship, No Short Sale". I'm here to challenge you to "think outside the box". We've had several short sales approved in recent months where there was no "verifiable hardship" present.

While all lenders still require a hardship letter, we're finding that this requirement holds little, if any value. The bottom line is if the lender feels that they can come out ahead (financially) in a short sale vs. foreclosure, they will more-often-than-not go for the short sale (if it makes financial sense, which it almost always does). The beauty of a short sale is that your only competition is the BPO that the lender requires. If your contract price is within 5-8%% of the BPO price, chances are, your deal will go through.

It's been repeated Ad-Nauseum, but I'll say it again here... LENDERS DO NOT CARE ABOUT THE FINANCIAL HEALTH OF YOUR CLIENTS. THEY ONLY CARE ABOUT THEIR OWN BOTTOM LINE. In other words, if it makes more sense for them to short sell a home (which it always does, unless there is PMI, but that's another story) they will approve it.

A group that I happen to subscribe to (they will go un-named) preaches that if your client doesn't have a "verifiable hardship", you shouldn't take their short sale listing. I'm here to debunk this myth. Banks could care less about hardships. They only care about their bottom line. Don't believe me?

We recently closed two short sales for a retired orthopedic surgeon with two rental/investment homes with Chase. He couldn't even write a hardship letter, based on his current financial position (i.e. no hardship). Chase simply made a good investment decision.

If you have a client who you feel doesn't meet this "hardship letter" requirement, and you don't want to take the listing, have them contact me. I'll take it.

Let's quit talking about "strategic defaults", and start talking about "strategic short sales". If the bank agrees to do it, what is the harm? Let's face it, a short sale is a MUCH better alternative for a Seller's credit vs. a strategic foreclosure, and it's almost always a better alternative to the lender.

Now, before some of you jump in and slam this blog with your comments, please realize that what I'm writing about is reality. We are not trying to "scheme the system" (please, get over the whole "victim thing"). The bottom line is that lenders are not stupid. They (most of them, anyway) are finally realizing that approving a short sale is a better alternative than foreclosure. In most cases, they are FINALLY coming to the reality that they own enough homes (through foreclosure) and they need to start making rational business decisions.

In other words, it matters not what/how you feel about "strategic short sales", but how the lenders feel about them (at least in my recent experience), and how you can best advise your clients.

This blog is only intended to share what I'm seeing in my short sale transactions. Your opinions are welcomed.

Bob Hertzog
Designated Broker-Summit Home Consultants 2009:
95% Success Rate Closing Short Sales
www.phxshortsalehelp.com

To reach me call/text at (630) 248-6077 or mmastrolonardo@gmail.com

You can also find me here!

Short Sale Success in Bolingbrook IL - Another Closed Short Sale!

Wed, 23 Jun 2010 15:13:06 -0400

Short Sale Success in Bolingbrook IL - Another Closed Short Sale!

I just got back to the office from my Bolingbrook short sale closing. The first thing I did when I got out of closing was call my seller. Since he is out of town, I knew that he was anxiously waiting to heard the news of short sale closing. I think I was more excited than he was when I told him the news, he was thrilled and explained to me that I just took away the biggest stress in his life -- that in itself is reward for me.

This short sale was a little trickier since there was a 1st and 2nd mortgage. It also took a little longer to receive a contract on the house because the house needed a little TLC, and therefore needed a buyer that has up for the challenge.

My short sale seller originally bought the home for $250,000 and the short sale was approved for $139,900. We received the contract end of March and closed today - not bad considering the hurdles and for having a 1st and 2nd mortgage.

At the end of the day, as a short sale agent, what is important is that both buyers and sellers are happy. Therefore my goal has been accomplished. Another successful Short Sale closing!

About Maria: A Realtor with RE/MAX of Naperville, she's been helping home-buyers and home-sellers since 1997. If you have any questions about Bolingbrook Short Sales, she can be reached at: mmastrolonardo@gmail.com or Call/Text (630) 248-6077.

To reach me call/text at (630) 248-6077 or mmastrolonardo@gmail.com

You can also find me here!

Short Sale in River Shores - North Naperville Neighborhood

Tue, 15 Jun 2010 12:20:14 -0400

Short Sale in River Shores - North Naperville Neighborhood

Just listed - 474 Valley Drive, Naperville IL 60563 at River Shores of Naperville

This well maintained, sought after first floor River Shores condo unit is being offered as a Short Sale. River Shores is a quiet area, conveniently located within minutes to Downtown Naperville, Metra train and I88.

The condo unit offers a clean palette for your decorating ideas, with neutral wall to wall carpet throughout. Spacious two bedrooms and two full baths. For your convenience the condo unit has an in-unit laundry and all appliances are included. Enjoy the private patio with additional storage. The condo unit also features a detached one car garage.

The River Shores condo building is in an ideal location that fronts a wooded area overlooking the Dupage river.

Listed at $115,000 by Maria Mastrolonardo RE/MAX of Naperville.

"474 Valley Drive Naperville IL 60563"

Schools for River Shores are:

Mill Street Elementary

Jefferson Junior High

Naperville North High School

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About Maria: A Realtor with RE/MAX of Naperville, she's been helping home-buyers and home-sellers since 1997. If you have any questions about River Shores condos, or Naperville Short Sales she can be reached at: mmastrolonardo@gmail.com or Call/Text (630) 248-6077

To reach me call/text at (630) 248-6077 or mmastrolonardo@gmail.com

You can also find me here!

Big Banks Say More Short Sales Are on the Way

Mon, 14 Jun 2010 16:38:24 -0400

Naperville Short Sale Sellers: Melissa shares great information on how larger banks are being more proactive with their short sales.

Via Melissa Zavala Realtor® North San Diego County Homes (Broadpoint Properties):

In an interesting article written by Diana Olick at CNBC on June 11, 2010, she shares a recent interview with some of the big shots at Bank of America who state that there are more short sales on they way. The major lending institutions, according to the article, have now embraced the short sale.

Many folks may think that this is because of the incentives that these lending institutions will receive from the government through the HAFA Program.

As stated in the article, it is more than just the short sale incentives from the government that are causing the major lending institutions to join the short sale bandwagon.

According to one of the executives at Bank of America, Bank of America "understand[s] the reality; a large number of homeowners won't meet the eligibility for the HAMP (the government's Home Affordable Modification) program." This same executive also noted the sheer volume of borrowers now coming through the short sale process. He expects to see far more.

"The big difference, he says, is that Bank of America, as well as some other big banks, are changing the model from reactive to proactive. In other words, instead of waiting for a borrower or real estate agent to approach the bank with an offer for a short sale, they are using a ‘cooperative approach', with homeowner, Realtor® and servicer on behalf of investor, working to move that property through the process. All three of the interested parties holding everything together," the executive explains.

Short sale aficionados are probably not surprised to hear this news. Just consider it food for thought.

To read the entire article, click here.

Broker, Realtor®
DRE #01324959
Broadpoint Properties, Inc
San Diego County Short Sale Specialists
Short Sale Expeditor®

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