I am really thankful for sharing the knowledge. I loved short sales.

I’m starting to get referrals from Lenders to do short sale to homeowners in my area.

In Utah, where I hold my license, there are only a very select few areas that have homes that are selling for that price. The median home value is still in the low $200’s.

Thanks for the cool posts and keep them coming!

Agitation is the name of this game.

Have your Homeowner/Seller resubmit for HAMP loan modification with simultaneous “same financial package” HAFA request for pre-qualification for short sale. According to the HAFA guidelines these can be requested at the same time but cannot run consecutively. The Lender is allegedly required to accept one or the other.

If succesful this removes all extraordinary charges and fees that have increased that balance owed and eliminates the 1099-C or promissory note from the lender for any losses incurred.

As the cover letter for that dual package have your client submit a written complaint with the Treasury Departments regulatory oversight division for HAMP program. Using that same written complaint as the cover letter with all of the case codes, submission dates, etc.

Additionally a complaint/threatening letter sent directly to the trustee of the inevitable investor trust that purportedly owns the loan with a carbon copy of that to the servicer in the HAMP-HAFA application package. This letter alleges “collusion” between the master servicer and the trustee which can serve to impugn the credibility of the trust using the REMIC rules for IRS tax deductions for all investors of that portfolio.

The Obama HAMP program encourages Homeowners to apply for these programs on their own but in the real world hiring a legitimate dedicated professional to act as third party witness and manage the process with weekly telephone follow up works at a much higher percentage than when Homeowners attempt to navigate this convulted, corrupt loss mitigation maze on their own.

THIS WORKS BUDDY, GOOD LUCK!

Thanks you,
Kevin

Tim