Wednesday, July 24, 2013

Why Loan Modifications Are A Bad Idea

Why Loan Modifications Are A Bad Idea
Trying to Get A Loan Modification Is An Exercise in Frustration & Misplaced Hope

Many financially distressed homeowners and investment property owners who are facing foreclosure put all their hope in getting a loan modification from their bank or mortgage company. Unfortunately, as this McSweeney's article - Could It Be That the Best Chance to Save a Young Family From Foreclosure is a 28-Year-Old Pakistani American Playright-slash-Attorney who Learned Bankruptcy Law on the Internet? depicts, the loan modification application process can be exhausting, time consuming, frustrating and expensive.

In this article the financially distressed borrowers had to wait over 14 months and spend thousands of dollars in attorney fees just to get their loan modification which which was a re-write of their mortgage loan to 40 years at a lower than current market interest rate for the next 5 years or so with an adjustable rate that is capped after that. While this helps the borrowers in the short term, it will hurt them badly in the long term. For starters, the borrowers are still heavily underwater (i.e. upside down) on their house and will likely remain so for over 10 years. In addition to that, the modified payments are not usually reported as normal payments on a credit report. Therefore, the borrowers will likely have their credit damaged slightly each and every month due to the reduced payment. In 10 years these borrowers will find themselves still unable to sell and due to the damaged credit probably unable to buy. If they had just accepted the reality that they cannot afford the house they could have sold their house via a short sale without paying a bunch of attorney fees and much faster than 14+ months. The end result would be that in 3-4 years their credit would be almost fully restored and they would be able to qualify for a new mortgage and buy another house at a much lower price. This is the much more financially sound strategy. While I fully understand that home ownership has it advantages and comes with strong emotions, I highly recommend that if you are facing default or a mortgage foreclosure that you put away your emotional thinking cap and put on your logical thinking cap since that is the one that will help you solve your housing and mortgage problems with a short sale rather than just push it into the future with a loan modification.

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Jim McCormack is a Nashville Real Estate Broker who provides Expert Real Estate Solutions for for Nashville, Brentwood, Franklin, Nolensville, Spring Hill, Thompson’s Station, Murfreesboro, Smyrna, LaVergne (La Vergne), Antioch, Columbia, Mt. Juliet (Mount Juliet), Springfield, Gallatin, Hermitage, Hendersonville, Clarksville and Middle Tennessee (Davidson, Maury, Montgomery, Robertson, Rutherford, Sumner, Williamson and Wilson Counties) Homeowners and Real Estate Investors Facing Foreclosure and Needing to Short Sell Their Homes and/or Investment Properties. Jim Specializes in Short Sales and Foreclosures and Providing Sellers Short Sale Help and Foreclosure Help. Jim's Help is Free to Nashville TN Short Sale Sellers. Jim Helps Sellers Stop Bank and Mortgage Foreclosure with a Short Sale, or a Fast Cash Offer. Avoid Foreclosure by Working Directly with a Nashville Tennessee Real Estate Expert and Investor who is Uniquely Skilled, Honest, Compassionate, Caring and Exceptionally responsive to the needs of his clients. Jim Encourages You to See What His Clients Say About Him. For Buyers, Jim understands the Various Nashville Tennessee Housing and Investment Real Estate Markets Extremely Well and is Particularly Skilled at Assisting Buyers with Determining the Market Values of Homes and Investment Properties. Due to that Real Estate Valuation Expertise, Jim can Help Nashville Home and Investment Property Buyers Get Fantastic Deals on Their Nashville Area Real Estate Purchases.

Tuesday, November 20, 2012

Housing Recovery Already Dead?

Housing Recovery Already Dead?
Government Subsidized Housing Recovery Already Failing

Housing Market Decline - Housing Recovery Already Dead?

According to this Real Estate Economy Watch article, Recovery Softens as More Markets End Year with Annual Price Decline, the government sponsored artificial housing market recovery has already begun to sputter. Despite the NAR's (National Association of REALTORS) reports earlier in the year that the housing market was recovering, the latest reports show the opposite. This should be no surprise since the government efforts to "save" the housing markets are largely the same policies that caused the housing bubble and crash. The government has used the following strategies to try and inflate housing prices:
  • Lender of Last Resort - The government is not responsible for over 90% of all the residential mortgage loans in the United States. Since there is basically no private mortgage market this method should be re-worded as the "Lender of Only Resort". The government has accomplished this by a massive expansion of FHA insured mortgage loans (despite record FHA loan defaults - see FHA In Financial Trouble: Bailout Likely), continued mortgage buying by Fannie Mae and Freddie Mac (despite the fact that Fannie and Freddie are bankrupt), VA guaranteed mortgage loans, USDA Rural Housing mortgage loans and more.
  • Withholding of Foreclosures and Shadow Inventory - Since the FHA, Fannie Mae and Freddie Mac collectively control a large majority of residential mortgage loans they are able (and apparently very willing) to hold back foreclosures and soon to be foreclosures from hitting the market. Therefore, inventory is artificially restricted, which (if you remember Economics 101) means prices go up.
  • Letting Banks Cook Their Books - The government has basically let banks pretend that they are in much better financial condition than they actually are via loosening accounting rules. The accounting rule changes allow the banks to sit on a mountain of foreclosures and soon to be foreclosures and pretend that they don't exist. Without these accounting rule changes the banks would have to sell these properties much faster, which would increase the supply of houses and, therefore, housing prices would come down.
From my own personal experience I have the following story to relate to you: I received a Broker Price Opinion (BPO) order yesterday and again today (11/20/2012). I normally ignore these, but I read the email anyway. BPO's are typically ordered by the mortgage company/bank when a mortgage loan goes into default so that the lender can determine the value of the collateral (i.e. the house) that is securing their mortgage loan. I sold this particular Murfreesboro Tennessee house as a short sale (I was the short sale listing broker) for $70,000 with a closing date of 5/14/2012. The buyer was a REALTOR whose husband is a contractor/builder. They did some renovations (paint, carpet, light fixtures, appliances, etc.) and resold it to a home buyer for $109,900 (those buyers somehow financed $112,142) with a closing date of 8/29/2012. Given that I just received this BPO order, it must mean that the home buyers have already defaulted. Yes, that is less than 3 months after they purchased the house. This cannot be a good sign for housing. I am sure this re-sale showing a 57% "gain" in the house value (from $70,000 to $109,900) will be heralded by the clueless media and by NAR and other real estate groups who are noting more than cheerleaders for the housing market. Unfortunately, the truth is that this transaction is little more than putting an unqualified buyer into a house in order to puff up housing prices. As can be seen by the result, this strategy will fail (again). Today's home buyers are truly the least financially qualified that I have ever seen. Poor job security, too much debt, etc. When will the madness end? I am betting on 2013 being difficult year for housing prices. Of course, since I specialize in short sales, distress sales and foreclosures that probably means another good year for me. Here's to more misery!  If you have an FHA insured mortgage loan, there is a great short sale program for you called the HUD Preforeclosure Sale Program (see FHA Insured Mortgage Foreclosure Help for more information). Please do not let the bank foreclose on you. If you have a property and you owe more than the property is worth and have a mortgage owned by Fannie Mae, Freddie Mac, a HAFA eligible mortgage loan, an FHA Insured mortgage loan, a VA Guaranteed mortgage loan, or any type of mortgage loan, and you have missed payments, or will miss payments, please contact Franklin Tennessee Short Sales and Foreclosures Expert for a free no obligation consultation to discuss your foreclosure prevention options.
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Jim McCormack is a Nashville Real Estate Broker who provides Expert Real Estate Solutions for for Nashville, Brentwood, Franklin, Nolensville, Spring Hill, Thompson’s Station, Murfreesboro, Smyrna, LaVergne (La Vergne), Antioch, Columbia, Mt. Juliet (Mount Juliet), Springfield, Gallatin, Hermitage, Hendersonville, Clarksville and Middle Tennessee (Davidson, Maury, Montgomery, Robertson, Rutherford, Sumner, Williamson and Wilson Counties) Homeowners and Real Estate Investors Facing Foreclosure and Needing to Short Sell Their Homes and/or Investment Properties. Jim Specializes in Short Sales and Foreclosures and Providing Sellers Short Sale Help and Foreclosure Help. Jim's Help is Free to Nashville TN Short Sale Sellers. Jim Helps Sellers Stop Bank and Mortgage Foreclosure with a Short Sale, or a Fast Cash Offer. Avoid Foreclosure by Working Directly with a Nashville Tennessee Real Estate Expert and Investor who is Uniquely Skilled, Honest, Compassionate, Caring and Exceptionally responsive to the needs of his clients. Jim Encourages You to See What His Clients Say About Him. For Buyers, Jim understands the Various Nashville Tennessee Housing and Investment Real Estate Markets Extremely Well and is Particularly Skilled at Assisting Buyers with Determining the Market Values of Homes and Investment Properties. Due to that Real Estate Valuation Expertise, Jim can Help Nashville Home and Investment Property Buyers Get Fantastic Deals on Their Nashville Area Real Estate Purchases.

Thursday, November 15, 2012

FHA In Financial Trouble: Bailout Likely

FHA In Financial Trouble: Bailout Likely Federal Housing Administration's Financial Problems Will Hurt Housing Prices According to this Wall Street Journal (WSJ) article, FHA Nears Need for Taxpayer Funds, the Federal Housing Administration (FHA) is in deep financial trouble, and as a result, the FHA will need a taxpayer bailout soon. It appears that the government propping of the housing market at taxpayer expense goes on and on despite the poor results and future problems that it creates. It is a shame that the US government keeps trying to fool home buyers into thinking the housing market is recovering only to leave them underwater when the housing market falls again. When the subprime mortgage market vanished, the FHA stepped in and made a lot of loans to would-be subprime borrowers. It should be no surprise that a lot of these loans would go bad. As of September 2012, the FHA insured almost 739,000 loans that are 90 days or more past due or in foreclosure. This is an increase of more than 100,000 loans from one year ago. This number of seriously delinquent loans represents approximately 9.6% of the FHA's $1.08 trillion worth of insured mortgages. Since the FHA insured mortgage loans accounted for nearly 1/3 of all mortgage loans to owner occupants (i.e. home buyers), the collapse of the FHA will significantly hurt the housing market. If you have an FHA insured mortgage loan, there is a great short sale program for you called the HUD Preforeclosure Sale Program (see FHA Insured Mortgage Foreclosure Help for more information). Please do not let the bank foreclose on you. If you have a property and you owe more than the property is worth and have a HAFA eligible mortgage loan, an FHA Insured mortgage loan, a VA Guaranteed mortgage loan, or any type of mortgage loan, and you have missed payments, or will miss payments, please contact Franklin Tennessee Short Sales and Foreclosures Expert for a free no obligation consultation to discuss your foreclosure prevention options.

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Jim McCormack is a Nashville Real Estate Broker who provides Expert Real Estate Solutions for for Nashville, Brentwood, Franklin, Nolensville, Spring Hill, Thompson’s Station, Murfreesboro, Smyrna, LaVergne (La Vergne), Antioch, Columbia, Mt. Juliet (Mount Juliet), Springfield, Gallatin, Hermitage, Hendersonville, Clarksville and Middle Tennessee (Davidson, Maury, Montgomery, Robertson, Rutherford, Sumner, Williamson and Wilson Counties) Homeowners and Real Estate Investors Facing Foreclosure and Needing to Short Sell Their Homes and/or Investment Properties. Jim Specializes in Short Sales and Foreclosures and Providing Sellers Short Sale Help and Foreclosure Help. Jim's Help is Free to Nashville TN Short Sale Sellers. Jim Helps Sellers Stop Bank and Mortgage Foreclosure with a Short Sale, or a Fast Cash Offer. Avoid Foreclosure by Working Directly with a Nashville Tennessee Real Estate Expert and Investor who is Uniquely Skilled, Honest, Compassionate, Caring and Exceptionally responsive to the needs of his clients. Jim Encourages You to See What His Clients Say About Him. For Buyers, Jim understands the Various Nashville Tennessee Housing and Investment Real Estate Markets Extremely Well and is Particularly Skilled at Assisting Buyers with Determining the Market Values of Homes and Investment Properties. Due to that Real Estate Valuation Expertise, Jim can Help Nashville Home and Investment Property Buyers Get Fantastic Deals on Their Nashville Area Real Estate Purchases.

Wednesday, November 14, 2012

Nashville Bennie Dillon Condo Bank of America Freddie Mac Short Sale Closing

Nashville Bennie Dillon Condo Bank of America Freddie Mac Short Sale Closing
Nashville Bennie Dillon Condo Bank of America Freddie Mac Short Sale Closing
Nashville Bennie Dillon Condo Bank of America Freddie Mac Short Sale Closing
Jim McCormack, a Nashville, Brentwood, Franklin, Nolensville, Spring Hill, Thompson’s Station, Murfreesboro, Smyrna, LaVergne (La Vergne), Antioch, Columbia, Mt. Juliet (Mount Juliet), Springfield, Gallatin, Hermitage, Hendersonville, Clarksville and Middle Tennessee (Davidson, Maury, Montgomery, Robertson, Rutherford, Sumner, Williamson and Wilson Counties) Short Sale and Foreclosure REALTOR, Real Estate Expert and Real Estate Investor was able to get this Nashville (in the Bennie Dillon Condo Building) Bank of America Freddie Mac Short Sale listed and closed in 166 days despite the short sale mortgage lender (Bank of America) mishandling the the Borrower's application to the HAFA short sale program. Jim was able to get this Nashville (in the Bennie Dillon Condo Building) Bank of America Freddie Mac Short Sale approved due to the following reasons:
  • Proper research and work prior to marketing the home for a sale. This includes researching the loan type and correctly packaging and promptly submitting the documents required to get the Seller's application to the HAFA short sale program moving forward and understanding how to proceed when the Seller was not approved into HAFA.
  • Understanding the short sale contract approval process.
  • A reasonably accurate valuation by the mortgage lender (Bank of America).
Please do not let the bank foreclose on you. If you have a property and you owe more than the property is worth and have a HAFA eligible mortgage loan, an FHA Insured mortgage loan, a VA Guaranteed mortgage loan, or any type of mortgage loan, and you have missed payments, or will miss payments, please contact Franklin Tennessee Short Sales and Foreclosures Expert for a free no obligation consultation to discuss your foreclosure prevention options.

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Jim McCormack is a Nashville Real Estate Broker who provides Expert Real Estate Solutions for for Nashville, Brentwood, Franklin, Nolensville, Spring Hill, Thompson’s Station, Murfreesboro, Smyrna, LaVergne (La Vergne), Antioch, Columbia, Mt. Juliet (Mount Juliet), Springfield, Gallatin, Hermitage, Hendersonville, Clarksville and Middle Tennessee (Davidson, Maury, Montgomery, Robertson, Rutherford, Sumner, Williamson and Wilson Counties) Homeowners and Real Estate Investors Facing Foreclosure and Needing to Short Sell Their Homes and/or Investment Properties. Jim Specializes in Short Sales and Foreclosures and Providing Sellers Short Sale Help and Foreclosure Help. Jim's Help is Free to Nashville TN Short Sale Sellers. Jim Helps Sellers Stop Bank and Mortgage Foreclosure with a Short Sale, or a Fast Cash Offer. Avoid Foreclosure by Working Directly with a Nashville Tennessee Real Estate Expert and Investor who is Uniquely Skilled, Honest, Compassionate, Caring and Exceptionally responsive to the needs of his clients. Jim Encourages You to See What His Clients Say About Him. For Buyers, Jim understands the Various Nashville Tennessee Housing and Investment Real Estate Markets Extremely Well and is Particularly Skilled at Assisting Buyers with Determining the Market Values of Homes and Investment Properties. Due to that Real Estate Valuation Expertise, Jim can Help Nashville Home and Investment Property Buyers Get Fantastic Deals on Their Nashville Area Real Estate Purchases.

Tuesday, November 13, 2012

Columbia Rolling Fields Bank of America Fannie Mae Short Sale Closing

Columbia Rolling Fields Bank of America Fannie Mae Short Sale Closing
Columbia TN Rolling Fields Bank of America Fannie Mae Short Sale Closing
Columbia TN Rolling Fields Bank of America Fannie Mae Short Sale Closing
Jim McCormack, a Nashville, Brentwood, Franklin, Nolensville, Spring Hill, Thompson’s Station, Murfreesboro, Smyrna, LaVergne (La Vergne), Antioch, Columbia, Mt. Juliet (Mount Juliet), Springfield, Gallatin, Hermitage, Hendersonville, Clarksville and Middle Tennessee (Davidson, Maury, Montgomery, Robertson, Rutherford, Sumner, Williamson and Wilson Counties) Short Sale and Foreclosure REALTOR, Real Estate Expert and Real Estate Investor was able to get this Columbia TN (in Rolling Fields) Bank of America Fannie Mae Short Sale listed and closed in 130 days despite the short sale mortgage lender (Bank of America) mishandling the the Borrower's application to the HAFA short sale program. Jim was able to get this Columbia TN (in Rolling Fields) Bank of America Fannie Mae Short Sale approved due to the following reasons:
  • Proper research and work prior to marketing the home for a sale. This includes researching the loan type and correctly packaging and promptly submitting the documents required to get the Seller's application to the HAFA short sale program moving forward and understanding how to proceed when the Seller was not approved into HAFA.
  • Understanding the short sale contract approval process.
  • A reasonably accurate valuation by the mortgage lender (Bank of America).
Please do not let the bank foreclose on you. If you have a property and you owe more than the property is worth and have a HAFA eligible mortgage loan, an FHA Insured mortgage loan, a VA Guaranteed mortgage loan, or any type of mortgage loan, and you have missed payments, or will miss payments, please contact Franklin Tennessee Short Sales and Foreclosures Expert for a free no obligation consultation to discuss your foreclosure prevention options.

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Jim McCormack is a Nashville Real Estate Broker who provides Expert Real Estate Solutions for for Nashville, Brentwood, Franklin, Nolensville, Spring Hill, Thompson’s Station, Murfreesboro, Smyrna, LaVergne (La Vergne), Antioch, Columbia, Mt. Juliet (Mount Juliet), Springfield, Gallatin, Hermitage, Hendersonville, Clarksville and Middle Tennessee (Davidson, Maury, Montgomery, Robertson, Rutherford, Sumner, Williamson and Wilson Counties) Homeowners and Real Estate Investors Facing Foreclosure and Needing to Short Sell Their Homes and/or Investment Properties. Jim Specializes in Short Sales and Foreclosures and Providing Sellers Short Sale Help and Foreclosure Help. Jim's Help is Free to Nashville TN Short Sale Sellers. Jim Helps Sellers Stop Bank and Mortgage Foreclosure with a Short Sale, or a Fast Cash Offer. Avoid Foreclosure by Working Directly with a Nashville Tennessee Real Estate Expert and Investor who is Uniquely Skilled, Honest, Compassionate, Caring and Exceptionally responsive to the needs of his clients. Jim Encourages You to See What His Clients Say About Him. For Buyers, Jim understands the Various Nashville Tennessee Housing and Investment Real Estate Markets Extremely Well and is Particularly Skilled at Assisting Buyers with Determining the Market Values of Homes and Investment Properties. Due to that Real Estate Valuation Expertise, Jim can Help Nashville Home and Investment Property Buyers Get Fantastic Deals on Their Nashville Area Real Estate Purchases.

Tuesday, October 2, 2012

FHFA Short Sale Guidelines for Fannie Mae and Freddie Mac

FHFA Short Sale Guidelines for Fannie Mae and Freddie Mac Federal Housing Finance Agency (FHFA) Announces New Standard Short Sale Guidelines Effective 11/1/2012 for Fannie Mae and Freddie Mac to Expedite Assistance to Financially Distressed Borrowers.

Many financially distressed homeowners who are facing foreclosure and considering a short sale finally have some good news to cheer. The Federal Housing Finance Agency (FHFA) issued a news release on 8/21/2012 regarding their new standardized short sale guidelines that are intended to make the short sale process smoother and faster. The new short sale rules go into effect as of 11/1/2012. According to the news release, the highlights of these new short sale guidelines are as follows:
  • Offer a streamlined short sale approach for borrowers most in need: To move short sales forward expeditiously for those borrowers who have missed several mortgage payments, have low credit scores, and serious financial hardships the documentation required to demonstrate need has been reduced or eliminated.
  • Enable servicers to quickly and easily qualify certain borrowers who are current on their mortgages for short sales: Common reasons for borrower hardship are death, divorce, disability, and distant employment transfer or relocation. With the program changes, servicers will be permitted to process short sales for borrowers with these hardships without any additional approval from Fannie Mae or Freddie Mac, even if the borrowers are current on their mortgage payments. Borrowers will now qualify for a short sale if they need to relocate more than 50 miles from their home for a job transfer or new employment opportunity.
  • Fannie Mae and Freddie Mac will waive the right to pursue deficiency judgments in exchange for a financial contribution when a borrower has sufficient income or assets to make cash contributions or sign promissory notes: Servicers will evaluate borrowers for additional capacity to cover the shortfall between the outstanding loan balance and the property sales price as part of approving the short sale.
  • Offer special treatment for military personnel with Permanent Change of Station (PCS) orders: Service members who are being relocated will be automatically eligible for short sales, even if they are current on their existing mortgages, and will be under no obligation to contribute funds to cover the shortfall between the outstanding loan balance and the sales price on their homes.
  • Consolidate existing short sales programs into a single uniform program: Servicers will have more clear and consistent guidelines making it easier to process and execute short sales.
  • Provide servicers and borrowers clarity on processing a short sale when a foreclosure sale is pending: The new guidance will clarify when a borrower must submit their application and a sales offer to be considered for a short sale, so that last minute communications and negotiations are handled in a uniform and fair manner.
  • Fannie Mae and Freddie Mac will offer up to $6,000 to second lien holders to expedite a short sale. Previously, second lien holders could slow down the short sale process by negotiating for higher amounts.
Please do not let the bank foreclose on you. If you have a property and you owe more than the property is worth and have a HAFA eligible mortgage loan, an FHA Insured mortgage loan, a VA Guaranteed mortgage loan, or any type of mortgage loan, and you have missed payments, or will miss payments, please contact Franklin Tennessee Short Sales and Foreclosures Expert for a free no obligation consultation to discuss your foreclosure prevention options.
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Jim McCormack is a Nashville Real Estate Broker who provides Expert Real Estate Solutions for for Nashville, Brentwood, Franklin, Nolensville, Spring Hill, Thompson’s Station, Murfreesboro, Smyrna, LaVergne (La Vergne), Antioch, Columbia, Mt. Juliet (Mount Juliet), Springfield, Gallatin, Hermitage, Hendersonville, Clarksville and Middle Tennessee (Davidson, Maury, Montgomery, Robertson, Rutherford, Sumner, Williamson and Wilson Counties) Homeowners and Real Estate Investors Facing Foreclosure and Needing to Short Sell Their Homes and/or Investment Properties. Jim Specializes in Short Sales and Foreclosures and Providing Sellers Short Sale Help and Foreclosure Help. Jim's Help is Free to Nashville TN Short Sale Sellers. Jim Helps Sellers Stop Bank and Mortgage Foreclosure with a Short Sale, or a Fast Cash Offer. Avoid Foreclosure by Working Directly with a Nashville Tennessee Real Estate Expert and Investor who is Uniquely Skilled, Honest, Compassionate, Caring and Exceptionally responsive to the needs of his clients. Jim Encourages You to See What His Clients Say About Him. For Buyers, Jim understands the Various Nashville Tennessee Housing and Investment Real Estate Markets Extremely Well and is Particularly Skilled at Assisting Buyers with Determining the Market Values of Homes and Investment Properties. Due to that Real Estate Valuation Expertise, Jim can Help Nashville Home and Investment Property Buyers Get Fantastic Deals on Their Nashville Area Real Estate Purchases.

Spring Hill TN Reserve At Port Royal Bank of America FHA Short Sale Closing

Spring Hill TN Reserve At Port Royal Bank of America FHA Short Sale Closing
Spring Hill TN Reserve At Port Royal Bank of America FHA Short Sale Closing
Spring Hill TN Reserve At Port Royal Bank of America FHA Short Sale Closing
Jim McCormack, a Nashville, Brentwood, Franklin, Nolensville, Spring Hill, Thompson’s Station, Murfreesboro, Smyrna, LaVergne (La Vergne), Antioch, Columbia, Mt. Juliet (Mount Juliet), Springfield, Gallatin, Hermitage, Hendersonville, Clarksville and Middle Tennessee (Davidson, Maury, Montgomery, Robertson, Rutherford, Sumner, Williamson and Wilson Counties) Short Sale and Foreclosure REALTOR, Real Estate Expert and Real Estate Investor was able to get this Spring Hill TN (in Reserve At Port Royal) Bank of America FHA Short Sale listed and closed in 98 days despite the short sale mortgage lender (Bank of America) having a difficult time with the file due to the Seller deciding to use Jim's short sale services after she had already waited nearly 2 years while someone else tried unsuccessfully to get the short sale approved. Jim was able to get this Spring Hill TN Reserve At Port Royal Bank of America FHA Short Sale approved so quickly due to the following reasons:
  • Proper research and work prior to marketing the home for a sale. This includes researching the loan type and correctly packaging and promptly submitting the documents required to get the Seller's approval into the HUD Preforeclosure Sale Program extended (see my blog post FHA Insured Loan Foreclosure and Short Sale Process for information about this short sale program).
  • Understanding the FHA short sale and offer approval process.
  • A reasonably accurate appraisal by the mortgage lender (Bank of America).
Please do not let the bank foreclose on you. If you have a property and you owe more than the property is worth and have a HAFA eligible mortgage loan, an FHA Insured mortgage loan, a VA Guaranteed mortgage loan, or any type of mortgage loan, and you have missed payments, or will miss payments, please contact Franklin Tennessee Short Sales and Foreclosures Expert for a free no obligation consultation to discuss your foreclosure prevention options.

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Jim McCormack is a Nashville Real Estate Broker who provides Expert Real Estate Solutions for for Nashville, Brentwood, Franklin, Nolensville, Spring Hill, Thompson’s Station, Murfreesboro, Smyrna, LaVergne (La Vergne), Antioch, Columbia, Mt. Juliet (Mount Juliet), Springfield, Gallatin, Hermitage, Hendersonville, Clarksville and Middle Tennessee (Davidson, Maury, Montgomery, Robertson, Rutherford, Sumner, Williamson and Wilson Counties) Homeowners and Real Estate Investors Facing Foreclosure and Needing to Short Sell Their Homes and/or Investment Properties. Jim Specializes in Short Sales and Foreclosures and Providing Sellers Short Sale Help and Foreclosure Help. Jim's Help is Free to Nashville TN Short Sale Sellers. Jim Helps Sellers Stop Bank and Mortgage Foreclosure with a Short Sale, or a Fast Cash Offer. Avoid Foreclosure by Working Directly with a Nashville Tennessee Real Estate Expert and Investor who is Uniquely Skilled, Honest, Compassionate, Caring and Exceptionally responsive to the needs of his clients. Jim Encourages You to See What His Clients Say About Him. For Buyers, Jim understands the Various Nashville Tennessee Housing and Investment Real Estate Markets Extremely Well and is Particularly Skilled at Assisting Buyers with Determining the Market Values of Homes and Investment Properties. Due to that Real Estate Valuation Expertise, Jim can Help Nashville Home and Investment Property Buyers Get Fantastic Deals on Their Nashville Area Real Estate Purchases.

Friday, May 18, 2012

Murfreesboro TN Canterbury Chase Bank of America Short Sale Closing

Murfreesboro TN Canterbury Chase Bank of America (ING) Short Sale Closing
Murfreesboro TN Canterbury Chase Bank of America (ING) Short Sale Closing
Murfreesboro TN Canterbury Chase Bank of America (ING) Short Sale Closing
Jim McCormack, a Nashville, Brentwood, Franklin, Nolensville, Spring Hill, Thompson’s Station, Murfreesboro, Smyrna, LaVergne (La Vergne), Antioch, Columbia, Mt. Juliet (Mount Juliet), Springfield, Gallatin, Hermitage, Hendersonville, Clarksville and Middle Tennessee (Davidson, Maury, Montgomery, Robertson, Rutherford, Sumner, Williamson and Wilson Counties) Short Sale and Foreclosure REALTOR, Real Estate Expert and Real Estate Investor was able to get this Murfreesboro TN Canterbury Chase Bank of America (ING) Short Sale listed and closed despite many problems with Bank of America (the 1st loan servicer), ING (the 1st loan investor) and Saxon Mortgage Services and Specialized Loan Servicing (the 2nd loan servicers). This was truly an epic short sale. The entire process took nearly two and a half years to complete, but Jim never gave up even though it was only a $70,000 sale and there was not much commission to be earned. Jim was able to get this Short Sale closed due to the following reasons:
  • Proper research and work prior to marketing the house for sale. This includes researching the loan type, correctly packaging and handling the seller's short sale request to the mortgage lender (Bank of America) and understanding how the short sale process works when another bank or financial institution (ING) owns the mortgage loan (i.e. ING was the loan investor).
  • Understanding when the Seller contacted Jim on 11/19/2009 and there was a foreclosure sale scheduled for 2:00 PM on the next day (11/20/2009) that in order to get the foreclosure sale postponed, it would require an offer on the Property. Therefore, Jim wrote a cash offer on the Property and got the foreclosure sale postponed. Jim would use his knowledge and skill to get several foreclosure sales postponed during the long short sale process. This allowed enough time to market the house and to obtain several contracts to sell the house during the process with the final contract finally meeting the bank's price requirement.
  • Eventually a reasonably accurate valuation by Bank of America. Jim used his knowledge to dispute several inaccurate valuations.
  • Regularly communicating with Bank of America, Buyer's Realtor and Title Company.
Please do not let the bank foreclose on you. If you have a property and you owe more than the property is worth and have a HAFA eligible mortgage loan, an FHA Insured mortgage loan, a VA Guaranteed mortgage loan, or any type of mortgage loan, and you have missed payments, or will miss payments, please contact Franklin Tennessee Short Sales and Foreclosures Expert for a free no obligation consultation to discuss your foreclosure prevention options.

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Jim McCormack is a Nashville Real Estate Broker who provides Expert Real Estate Solutions for for Nashville, Brentwood, Franklin, Nolensville, Spring Hill, Thompson’s Station, Murfreesboro, Smyrna, LaVergne (La Vergne), Antioch, Columbia, Mt. Juliet (Mount Juliet), Springfield, Gallatin, Hermitage, Hendersonville, Clarksville and Middle Tennessee (Davidson, Maury, Montgomery, Robertson, Rutherford, Sumner, Williamson and Wilson Counties) Homeowners and Real Estate Investors Facing Foreclosure and Needing to Short Sell Their Homes and/or Investment Properties. Jim Specializes in Short Sales and Foreclosures and Providing Sellers Short Sale Help and Foreclosure Help. Jim's Help is Free to Nashville TN Short Sale Sellers. Jim Helps Sellers Stop Bank and Mortgage Foreclosure with a Short Sale, or a Fast Cash Offer. Avoid Foreclosure by Working Directly with a Nashville Tennessee Real Estate Expert and Investor who is Uniquely Skilled, Honest, Compassionate, Caring and Exceptionally responsive to the needs of his clients. Jim Encourages You to See What His Clients Say About Him. For Buyers, Jim understands the Various Nashville Tennessee Housing and Investment Real Estate Markets Extremely Well and is Particularly Skilled at Assisting Buyers with Determining the Market Values of Homes and Investment Properties. Due to that Real Estate Valuation Expertise, Jim can Help Nashville Home and Investment Property Buyers Get Fantastic Deals on Their Nashville Area Real Estate Purchases.

Nashville The Villager West Condo JPMorgan Chase (Freddie Mac) Short Sale Closing

Nashville The Villager West Condo JPMorgan Chase (Freddie Mac) Short Sale Closing
Nashville The Villager West Condo JPMorgan Chase (Freddie Mac) Short Sale Closing
Nashville The Villager West Condo JPMorgan Chase (Freddie Mac) Short Sale Closing
Jim McCormack, a Nashville, Brentwood, Franklin, Nolensville, Spring Hill, Thompson’s Station, Murfreesboro, Smyrna, LaVergne (La Vergne), Antioch, Columbia, Mt. Juliet (Mount Juliet), Springfield, Gallatin, Hermitage, Hendersonville, Clarksville and Middle Tennessee (Davidson, Maury, Montgomery, Robertson, Rutherford, Sumner, Williamson and Wilson Counties) Short Sale and Foreclosure REALTOR, Real Estate Expert and Real Estate Investor was able to get this Nashville The Villager West Condo JPMorgan Chase (Freddie Mac) Short Sale Condo listed and closed in just 60 days. Jim was able to get this Short Sale closed due to the following reasons:
  • Proper research and work prior to marketing the condominium for sale. This includes researching the loan type, correctly packaging and handling the seller's short sale request to the mortgage lender (JPMorgan Chase) and understanding how the short sale process works when Freddie Mac owns the mortgage loan (i.e. Freddie Mac was the loan investor).
  • Understanding that an imminent foreclosure sale date would require an offer to get the foreclosure sale postponed and being able to write a cash offer on the condo in order to get the foreclosure sale postponed. This allowed enough time to market the condo for sale and to obtain 4 cash offers with the highest offer exceeding the value established by the bank.
  • Reasonably accurate valuation by JPMorgan Chase.
  • Regularly communicating with the mortgage lender, Buyer's Realtor and Title Company.
Please do not let the bank foreclose on you. If you have a property and you owe more than the property is worth and have a HAFA eligible mortgage loan, an FHA Insured mortgage loan, a VA Guaranteed mortgage loan, or any type of mortgage loan, and you have missed payments, or will miss payments, please contact Franklin Tennessee Short Sales and Foreclosures Expert for a free no obligation consultation to discuss your foreclosure prevention options.

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Jim McCormack is a Nashville Real Estate Broker who provides Expert Real Estate Solutions for for Nashville, Brentwood, Franklin, Nolensville, Spring Hill, Thompson’s Station, Murfreesboro, Smyrna, LaVergne (La Vergne), Antioch, Columbia, Mt. Juliet (Mount Juliet), Springfield, Gallatin, Hermitage, Hendersonville, Clarksville and Middle Tennessee (Davidson, Maury, Montgomery, Robertson, Rutherford, Sumner, Williamson and Wilson Counties) Homeowners and Real Estate Investors Facing Foreclosure and Needing to Short Sell Their Homes and/or Investment Properties. Jim Specializes in Short Sales and Foreclosures and Providing Sellers Short Sale Help and Foreclosure Help. Jim's Help is Free to Nashville TN Short Sale Sellers. Jim Helps Sellers Stop Bank and Mortgage Foreclosure with a Short Sale, or a Fast Cash Offer. Avoid Foreclosure by Working Directly with a Nashville Tennessee Real Estate Expert and Investor who is Uniquely Skilled, Honest, Compassionate, Caring and Exceptionally responsive to the needs of his clients. Jim Encourages You to See What His Clients Say About Him. For Buyers, Jim understands the Various Nashville Tennessee Housing and Investment Real Estate Markets Extremely Well and is Particularly Skilled at Assisting Buyers with Determining the Market Values of Homes and Investment Properties. Due to that Real Estate Valuation Expertise, Jim can Help Nashville Home and Investment Property Buyers Get Fantastic Deals on Their Nashville Area Real Estate Purchases.

Tuesday, May 1, 2012

Murfreesboro TN Weston Park Green Planet Servicing & Fifth Third Bank Short Sale Closing

Murfreesboro TN Weston Park Green Planet Servicing (Freddie Mac) and Fifth Third Bank Short Sale Closing
Murfreesboro TN Weston Park Green Planet Servicing (Freddie Mac) and Fifth Third Bank Short Sale Closing Murfreesboro TN Weston Park Green Planet Servicing (Freddie Mac) and Fifth Third Bank Short Sale Closing
Jim McCormack, a Nashville, Brentwood, Franklin, Nolensville, Spring Hill, Thompson’s Station, Murfreesboro, Smyrna, LaVergne (La Vergne), Antioch, Columbia, Mt. Juliet (Mount Juliet), Springfield, Gallatin, Hermitage, Hendersonville, Clarksville and Middle Tennessee (Davidson, Maury, Montgomery, Robertson, Rutherford, Sumner, Williamson and Wilson Counties) Short Sale and Foreclosure REALTOR, Real Estate Expert and Real Estate Investor was able to get this Murfreesboro TN Weston Park Green Planet Servicing (Freddie Mac) and Fifth Third Bank Short Sale listed and closed in 110 days. Jim was able to get this Murfreesboro TN Weston Park Green Planet Servicing (Freddie Mac) and Fifth Third Bank Short Sale closed due to the following reasons:
  • Proper research and work prior to marketing the home for a sale. This includes researching the loan types, correctly packaging and handling the seller's short sale request to the 1st mortgage lender (Green Planet Servicing) and 2nd mortgage lender (Fifth Third Bank) and engaging the 1st mortgage lender to explain the sellers' situation and that valuing the Property would be difficult due to a lack of sales and the builder (Deer Creek Construction) no longer building in the neighborhood due to financial problems, which resulted in the neighborhood being de-valued by lower-end builders who are now doing the building in the neighborhood.
  • Reasonably accurate valuations by Green Planet Servicing and Fifth Third Bank.
  • Regularly communicating with the 1st and 2nd mortgage lenders.
Please do not let the bank foreclose on you. If you have a property and you owe more than the property is worth and have a HAFA eligible mortgage loan, an FHA Insured mortgage loan, a VA Guaranteed mortgage loan, or any type of mortgage loan, and you have missed payments, or will miss payments, please contact Franklin Tennessee Short Sales and Foreclosures Expert for a free no obligation consultation to discuss your foreclosure prevention options.

______________________________________________

Jim McCormack is a Nashville Real Estate Broker who provides Expert Real Estate Solutions for for Nashville, Brentwood, Franklin, Nolensville, Spring Hill, Thompson’s Station, Murfreesboro, Smyrna, LaVergne (La Vergne), Antioch, Columbia, Mt. Juliet (Mount Juliet), Springfield, Gallatin, Hermitage, Hendersonville, Clarksville and Middle Tennessee (Davidson, Maury, Montgomery, Robertson, Rutherford, Sumner, Williamson and Wilson Counties) Homeowners and Real Estate Investors Facing Foreclosure and Needing to Short Sell Their Homes and/or Investment Properties. Jim Specializes in Short Sales and Foreclosures and Providing Sellers Short Sale Help and Foreclosure Help. Jim's Help is Free to Nashville TN Short Sale Sellers. Jim Helps Sellers Stop Bank and Mortgage Foreclosure with a Short Sale, or a Fast Cash Offer. Avoid Foreclosure by Working Directly with a Nashville Tennessee Real Estate Expert and Investor who is Uniquely Skilled, Honest, Compassionate, Caring and Exceptionally responsive to the needs of his clients. Jim Encourages You to See What His Clients Say About Him. For Buyers, Jim understands the Various Nashville Tennessee Housing and Investment Real Estate Markets Extremely Well and is Particularly Skilled at Assisting Buyers with Determining the Market Values of Homes and Investment Properties. Due to that Real Estate Valuation Expertise, Jim can Help Nashville Home and Investment Property Buyers Get Fantastic Deals on Their Nashville Area Real Estate Purchases.

Tuesday, April 17, 2012

Spring Hill TN Mathis Valley Bank of America VA Short Sale Closing

Spring Hill TN Mathis Valley Bank of America VA Short Sale Closing
Spring Hill TN Mathis Valley Bank of America VA Short Sale Closing
Spring Hill TN Mathis Valley Bank of America VA Short Sale Closing

Jim McCormack, a Nashville, Brentwood, Franklin, Nolensville, Spring Hill, Thompson’s Station, Murfreesboro, Smyrna, LaVergne (La Vergne), Antioch, Columbia, Mt. Juliet (Mount Juliet), Springfield, Gallatin, Hermitage, Hendersonville, Clarksville and Middle Tennessee (Davidson, Maury, Montgomery, Robertson, Rutherford, Sumner, Williamson and Wilson Counties) Short Sale and Foreclosure REALTOR, Real Estate Expert and Real Estate Investor was able to get this Spring Hill TN (in Mathis Valley) Bank of America (a Veterans Administration (VA) Guaranteed Loan) Short Sale listed and closed in 207 days for $190,000 despite the VA having an initially inaccurate appraisal of $227,000 that Jim was able to dispute down to $210,000. Jim then pushed for a new appraisal, which eventually came in at $196,000 (a valuation that allowed the short sale to be approved and closed). Jim was able to get this Spring Hill TN Mathis Valley Bank of America VA Short Sale approved and closed due to the following reasons:
  • Proper research and work prior to marketing the property for sale. This includes researching the loan type and correctly packaging and handling the seller's short sale request.
  • Understanding the VA short sale appraisal, valuation and offer approval processes.
  • A reasonably accurate final appraisal by the VA.
Please do not let the bank foreclose on you. If you have a property and you owe more than the property is worth and have a HAFA eligible mortgage loan, an FHA Insured mortgage loan, a VA Guaranteed mortgage loan, or any type of mortgage loan, and you have missed payments, or will miss payments, please contact Franklin Tennessee Short Sales and Foreclosures Expert for a free no obligation consultation to discuss your foreclosure prevention options.
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Jim McCormack is a Nashville Real Estate Broker who provides Expert Real Estate Solutions for for Nashville, Brentwood, Franklin, Nolensville, Spring Hill, Thompson’s Station, Murfreesboro, Smyrna, LaVergne (La Vergne), Antioch, Columbia, Mt. Juliet (Mount Juliet), Springfield, Gallatin, Hermitage, Hendersonville, Clarksville and Middle Tennessee (Davidson, Maury, Montgomery, Robertson, Rutherford, Sumner, Williamson and Wilson Counties) Homeowners and Real Estate Investors Facing Foreclosure and Needing to Short Sell Their Homes and/or Investment Properties. Jim Specializes in Short Sales and Foreclosures and Providing Sellers Short Sale Help and Foreclosure Help. Jim's Help is Free to Nashville TN Short Sale Sellers. Jim Helps Sellers Stop Bank and Mortgage Foreclosure with a Short Sale, or a Fast Cash Offer. Avoid Foreclosure by Working Directly with a Nashville Tennessee Real Estate Expert and Investor who is Uniquely Skilled, Honest, Compassionate, Caring and Exceptionally responsive to the needs of his clients. Jim Encourages You to See What His Clients Say About Him. For Buyers, Jim understands the Various Nashville Tennessee Housing and Investment Real Estate Markets Extremely Well and is Particularly Skilled at Assisting Buyers with Determining the Market Values of Homes and Investment Properties. Due to that Real Estate Valuation Expertise, Jim can Help Nashville Home and Investment Property Buyers Get Fantastic Deals on Their Nashville Area Real Estate Purchases.

Monday, April 16, 2012

Murfreesboro TN Foxfire Meadows Bank of America FHA Short Sale Closing

Murfreesboro TN Foxfire Meadows Bank of America FHA Short Sale Closing
Murfreesboro TN Foxfire Meadows Bank of America FHA Short Sale Closing
Murfreesboro TN Foxfire Meadows Bank of America FHA Short Sale Closing
Jim McCormack, a Nashville, Brentwood, Franklin, Nolensville, Spring Hill, Thompson’s Station, Murfreesboro, Smyrna, LaVergne (La Vergne), Antioch, Columbia, Mt. Juliet (Mount Juliet), Springfield, Gallatin, Hermitage, Hendersonville, Clarksville and Middle Tennessee (Davidson, Maury, Montgomery, Robertson, Rutherford, Sumner, Williamson and Wilson Counties) Short Sale and Foreclosure REALTOR, Real Estate Expert and Real Estate Investor was able to get this Murfreesboro TN (in Foxfire Meadows) Bank of America FHA Short Sale listed and closed in 56 days despite the short sale mortgage lender (Bank of America) mishandling the file several times early in the FHA short sale process. Jim was able to get this Murfreesboro TN Foxfire Meadows Bank of America FHA Short Sale pre-approved and ready to sell due to the following reasons:
  • Proper research and work prior to marketing the home for a sale. This includes researching the loan type and correctly packaging and handling the seller's application to the HUD Preforeclosure Sale Program (see my blog post FHA Insured Loan Foreclosure and Short Sale Process for information about this short sale program).
  • Understanding the FHA short sale and offer approval process.
  • A reasonably accurate appraisal by the mortgage lender (Bank of America).
Please do not let the bank foreclose on you. If you have a property and you owe more than the property is worth and have a HAFA eligible mortgage loan, an FHA Insured mortgage loan, a VA Guaranteed mortgage loan, or any type of mortgage loan, and you have missed payments, or will miss payments, please contact Franklin Tennessee Short Sales and Foreclosures Expert for a free no obligation consultation to discuss your foreclosure prevention options.

______________________________________________

Jim McCormack is a Nashville Real Estate Broker who provides Expert Real Estate Solutions for for Nashville, Brentwood, Franklin, Nolensville, Spring Hill, Thompson’s Station, Murfreesboro, Smyrna, LaVergne (La Vergne), Antioch, Columbia, Mt. Juliet (Mount Juliet), Springfield, Gallatin, Hermitage, Hendersonville, Clarksville and Middle Tennessee (Davidson, Maury, Montgomery, Robertson, Rutherford, Sumner, Williamson and Wilson Counties) Homeowners and Real Estate Investors Facing Foreclosure and Needing to Short Sell Their Homes and/or Investment Properties. Jim Specializes in Short Sales and Foreclosures and Providing Sellers Short Sale Help and Foreclosure Help. Jim's Help is Free to Nashville TN Short Sale Sellers. Jim Helps Sellers Stop Bank and Mortgage Foreclosure with a Short Sale, or a Fast Cash Offer. Avoid Foreclosure by Working Directly with a Nashville Tennessee Real Estate Expert and Investor who is Uniquely Skilled, Honest, Compassionate, Caring and Exceptionally responsive to the needs of his clients. Jim Encourages You to See What His Clients Say About Him. For Buyers, Jim understands the Various Nashville Tennessee Housing and Investment Real Estate Markets Extremely Well and is Particularly Skilled at Assisting Buyers with Determining the Market Values of Homes and Investment Properties. Due to that Real Estate Valuation Expertise, Jim can Help Nashville Home and Investment Property Buyers Get Fantastic Deals on Their Nashville Area Real Estate Purchases.

Monday, April 2, 2012

La Vergne TN Watersedge Successful Bank of America Short Sale Closing
La Vergne TN Watersedge Successful Bank of America Short Sale Closing
La Vergne TN Watersedge Successful Bank of America Short Sale Closing

Jim McCormack, a Nashville, Brentwood, Franklin, Nolensville, Spring Hill, Thompson’s Station, Murfreesboro, Smyrna, LaVergne (La Vergne), Antioch, Columbia, Mt. Juliet (Mount Juliet), Springfield, Gallatin, Hermitage, Hendersonville, Clarksville and Middle Tennessee (Davidson, Maury, Montgomery, Robertson, Rutherford, Sumner, Williamson and Wilson Counties) Short Sale and Foreclosure REALTOR, Real Estate Expert and Real Estate Investor was able to get this La Vergne TN (in the Watersedge neighborhood) Bank of America Short Sale Closing listed and closed in 272 days despite a terrible mishandling of the Borrower's HAFA short sale program application and horrible initial valuation ($130,274) by the first HAFA vendor selected by Bank of America. After many months of trying to get the file bank on track, Jim was successful in convincing Bank of America to re-assign the file to another HAFA vendor, which was able to process the HAFA application correctly. Jim was able to get this La Vergne TN Bank of America short sale closed due to the following reasons:
  • Proper research and work prior to marketing the home for a sale. This includes researching the loan type, quickly determining that the mortgage loan might qualify for the HAFA Short Sale Program and correctly packaging and handling the seller's short sale request to the mortgage lender, Bank of America.
  • Ability to convince Bank of America to re-assign the file to a different HAFA vendor and get a corrected valuation ($92,700 corrected valuation versus the original absurd $130,274 valuation).
  • Understanding the HAFA Short Sale Program offer approval process.
Please do not let the bank foreclose on you. If you have a property and you owe more than the property is worth and have a HAFA eligible mortgage loan, an FHA Insured mortgage loan, a VA Guaranteed mortgage loan, or any type of mortgage loan, and you have missed payments, or will miss payments, please contact Murfreesboro Tennessee Short Sales and Foreclosures Expert for a free no obligation consultation to discuss your foreclosure prevention options.
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Jim McCormack is a Nashville Real Estate Broker who provides Expert Real Estate Solutions for for Nashville, Brentwood, Franklin, Nolensville, Spring Hill, Thompson’s Station, Murfreesboro, Smyrna, LaVergne (La Vergne), Antioch, Columbia, Mt. Juliet (Mount Juliet), Springfield, Gallatin, Hermitage, Hendersonville, Clarksville and Middle Tennessee (Davidson, Maury, Montgomery, Robertson, Rutherford, Sumner, Williamson and Wilson Counties) Homeowners and Real Estate Investors Facing Foreclosure and Needing to Short Sell Their Homes and/or Investment Properties. Jim Specializes in Short Sales and Foreclosures and Providing Sellers Short Sale Help and Foreclosure Help. Jim's Help is Free to Nashville TN Short Sale Sellers. Jim Helps Sellers Stop Bank and Mortgage Foreclosure with a Short Sale, or a Fast Cash Offer. Avoid Foreclosure by Working Directly with a Nashville Tennessee Real Estate Expert and Investor who is Uniquely Skilled, Honest, Compassionate, Caring and Exceptionally responsive to the needs of his clients. Jim Encourages You to See What His Clients Say About Him. For Buyers, Jim understands the Various Nashville Tennessee Housing and Investment Real Estate Markets Extremely Well and is Particularly Skilled at Assisting Buyers with Determining the Market Values of Homes and Investment Properties. Due to that Real Estate Valuation Expertise, Jim can Help Nashville Home and Investment Property Buyers Get Fantastic Deals on Their Nashville Area Real Estate Purchases.

Saturday, March 3, 2012

Murfreesboro TN Indian Hills Successful Bank of America Short Sale Closing
Murfreesboro TN Indian Hills Successful Bank of America Short Sale Closing Murfreesboro TN Indian Hills Successful Bank of America Short Sale Closing
Jim McCormack, a Nashville, Brentwood, Franklin, Nolensville, Spring Hill, Thompson’s Station, Murfreesboro, Smyrna, LaVergne (La Vergne), Antioch, Columbia, Mt. Juliet (Mount Juliet), Springfield, Gallatin, Hermitage, Hendersonville, Clarksville and Middle Tennessee (Davidson, Maury, Montgomery, Robertson, Rutherford, Sumner, Williamson and Wilson Counties) Short Sale and Foreclosure REALTOR, Real Estate Expert and Real Estate Investor was able to get this Murfreesboro TN Indian Hills Bank of America Short Sale listed and closed in 119 days despite a pending foreclosure sale by the not-short first mortgage lender (Midland Mortgage - an FHA insured mortgage loan). Jim was able to get this Murfreesboro TN Bank of America short sale closed due to the following reasons:
  • Proper research and work prior to marketing the home for a sale. This includes researching the loan types, quickly determining that the 1st mortgage loan would not be short (they received a full payoff) and correctly packaging and handling the seller's short sale request to the 2nd mortgage lender, Bank of America.
  • Communicating with the not short 1st mortgage lender, Midland Mortgage, to keep them from scheduling a foreclosure sale.
  • A reasonably accurate valuation by Bank of America.
  • Helping the Bank of America short sale negotiators work around their confusion caused by the 1st mortgage loan not being short (the were not experienced at this type of short sale).
Please do not let the bank foreclose on you. If you have a property and you owe more than the property is worth and have a HAFA eligible mortgage loan, an FHA Insured mortgage loan, a VA Guaranteed mortgage loan, or any type of mortgage loan, and you have missed payments, or will miss payments, please contact Franklin Tennessee Short Sales and Foreclosures Expert for a free no obligation consultation to discuss your foreclosure prevention options.

______________________________________________

Jim McCormack is a Nashville Real Estate Broker who provides Expert Real Estate Solutions for for Nashville, Brentwood, Franklin, Nolensville, Spring Hill, Thompson’s Station, Murfreesboro, Smyrna, LaVergne (La Vergne), Antioch, Columbia, Mt. Juliet (Mount Juliet), Springfield, Gallatin, Hermitage, Hendersonville, Clarksville and Middle Tennessee (Davidson, Maury, Montgomery, Robertson, Rutherford, Sumner, Williamson and Wilson Counties) Homeowners and Real Estate Investors Facing Foreclosure and Needing to Short Sell Their Homes and/or Investment Properties. Jim Specializes in Short Sales and Foreclosures and Providing Sellers Short Sale Help and Foreclosure Help. Jim's Help is Free to Nashville TN Short Sale Sellers. Jim Helps Sellers Stop Bank and Mortgage Foreclosure with a Short Sale, or a Fast Cash Offer. Avoid Foreclosure by Working Directly with a Nashville Tennessee Real Estate Expert and Investor who is Uniquely Skilled, Honest, Compassionate, Caring and Exceptionally responsive to the needs of his clients. Jim Encourages You to See What His Clients Say About Him. For Buyers, Jim understands the Various Nashville Tennessee Housing and Investment Real Estate Markets Extremely Well and is Particularly Skilled at Assisting Buyers with Determining the Market Values of Homes and Investment Properties. Due to that Real Estate Valuation Expertise, Jim can Help Nashville Home and Investment Property Buyers Get Fantastic Deals on Their Nashville Area Real Estate Purchases.

Thursday, February 9, 2012

Government Settles Foreclosure Lawsuits With Major Banks US Government and States Reach $25 Billion Foreclosure Case Settlement With National Mortgage Companies

According to this Bloomberg Business Week article, Banks Agree to $25 Billion Deal to End Foreclosure Probe, the federal government and state AG's agreed to settle lawsuits stemming from the illegal and unethical foreclosure practices of the large national banks (Ally/GMAC, Bank of America, CitiMortgage, JPMorgan Chase and Wells Fargo ). Under the foreclosure settlement, the banks agreed to follow new servicing guidelines when dealing with borrowers who are in default or facing foreclosure. The new mortgage servicing guidelines, which are detailed in RETURN INTEGRITY & ACCURACY TO FORECLOSURE AND BANKRUPTCY PROCEEDINGS, require the major banks to offer financially distressed homeowners and property owners more workout options, be more careful during the foreclosure process and pay homeowners and property owners cash payments for mistakes made by the large banks. If you feel that your mortgage lender has treated you unfairly, or violated this new settlement, I would recommend that you file a complaint against the bank as detailed on my website at How To File A Complaint Against A Bank.

Whatever you do, please do not let the bank foreclose on you. If you have a house, or investment property and you owe more than the house or property is worth and have a HAFA eligible mortgage loan, an FHA Insured mortgage loan, a VA Guaranteed mortgage loan, or any type of mortgage loan, and you have missed payments, or will miss payments, please contact Franklin Tennessee Short Sales and Foreclosures Expert for a free no obligation consultation to discuss your foreclosure prevention options. Avoiding foreclosure by completing a short sale can salvage your credit, protect you from a deficiency judgment (the lender/bank pursuing you for their loss) and make it possible to buy another house or property sooner.

If you are a Nashville, Brentwood, Franklin, Nolensville, Spring Hill, Thompson's Station, Murfreesboro, Smyrna, LaVergne, Antioch, Columbia, Mt. Juliet, Springfield, Gallatin, Hermitage, Hendersonville, Clarksville and Middle Tennessee (Davidson, Maury, Montgomery, Robertson, Rutherford, Sumner, Williamson and Wilson Counties) homeowner, property owner, condo owner, real estate investor, home builder or real estate developer who cannot pay your mortgage payments (due to losing your job, having your income reduced, illness, health problems, adverse business conditions, slow sales, loss of investment property tenants, vacancy issues, lack of funds to complete the project, feuding business partners, etc.), know that you will not be able to pay your mortgage, have defaulted on your mortgage, are already in foreclosure, or owe more than your home is worth, please contact Franklin TN Short Sales and Foreclosures Expert to discuss a short sale (when the real estate sale proceeds are not sufficient to pay off the mortgages and liens on the property). Almost always short sale services are free to homeowners and property owners (In a real estate short sale, the bank or mortgage company usually approves and pays all of Jim's commissions and fees.)

Tuesday, February 7, 2012

Banks Paying Cash to Financially Distressed Homeowners for Short Sales

Banks Paying Cash to Financially Distressed Homeowners for Short Sales
Banks Giving up to $30,000 to Delinquent Borrowers to Avoid Foreclosures


According to this Bloomberg.com article, Banks Paying Cash to Homeowners to Avoid Foreclosures banks are giving financially distressed homeowners and upside down (i.e. underwater) homeowners up to $30,000 to avoid foreclosure and complete a short sale. Per the article, not every lender is offering this type of short sale and it is up to the bank/lender to pick who qualifies. Even if your bank/lender does not offer this type of short sale, they may deem you eligible for a HAFA Short Sale, which can give a financially distressed homeowner up to $3,000 to complete a short sale. Generally, these incentives are only available to owner occupants (i.e. not investors), unless the homeowner lived in the property recently and moved out due to a hardship less than 12 months ago. The time limit depends on the loan investor (i.e. the financial institution that owns your mortgage loan - see Who Owns My Mortgage Loan? for more information.

The reasons that a mortgage lender/bank would be willing to pay financially distressed homeowners to complete a short sale are:

  • Depending on the state that the property is located in, the foreclosure process can take a long time (from many months to several years). A short sale can be a much faster way for mortgage lenders/banks to recoup their money.
  • Short sales generally result in mortgage lenders/banks recovering more of their money since the foreclosure process costs more money and foreclosed homes sell at bigger discounts.
  • Short sales are less damaging to overall market values than foreclosures.

Please do not let the bank foreclose on you. If you have a house, or investment property and you owe more than the house or property is worth and have a HAFA eligible mortgage loan, an FHA Insured mortgage loan, a VA Guaranteed mortgage loan, or any type of mortgage loan, and you have missed payments, or will miss payments, please contact Franklin Tennessee Short Sales and Foreclosures Expert for a free no obligation consultation to discuss your foreclosure prevention options. Avoiding foreclosure by completing a short sale can salvage your credit, protect you from a deficiency judgment (the lender/bank pursuing you for their loss) and make it possible to buy another house or property sooner.

If you are a Nashville, Brentwood, Franklin, Nolensville, Spring Hill, Thompson's Station, Murfreesboro, Smyrna, LaVergne, Antioch, Columbia, Mt. Juliet, Springfield, Gallatin, Hermitage, Hendersonville, Clarksville and Middle Tennessee (Davidson, Maury, Montgomery, Robertson, Rutherford, Sumner, Williamson and Wilson Counties) homeowner, property owner, condo owner, real estate investor, home builder or real estate developer who cannot pay your mortgage payments (due to losing your job, having your income reduced, illness, health problems, adverse business conditions, slow sales, loss of investment property tenants, vacancy issues, lack of funds to complete the project, feuding business partners, etc.), know that you will not be able to pay your mortgage, have defaulted on your mortgage, are already in foreclosure, or owe more than your home is worth, please contact Franklin TN Short Sales and Foreclosures Expert to discuss a short sale (when the real estate sale proceeds are not sufficient to pay off the mortgages and liens on the property). Almost always short sale services are free to homeowners and property owners (In a real estate short sale, the bank or mortgage company usually approves and pays all of Jim's commissions and fees.)

Wednesday, January 25, 2012

Columbia TN Successful Bank of America (Freddie Mac) Short Sale Closing
Columbia TN Successful Bank of America (Freddie Mac) Short Sale Closing
Columbia TN Successful Bank of America (Freddie Mac) Short Sale Closing
Jim McCormack, a Nashville, Brentwood, Franklin, Nolensville, Spring Hill, Thompson's Station, Murfreesboro, Smyrna, LaVergne, Antioch, Columbia, Mt. Juliet, Springfield, Gallatin, Hermitage, Hendersonville, Clarksville and Middle Tennessee (Davidson, Maury, Montgomery, Robertson, Rutherford, Sumner, Williamson and Wilson Counties) Short Sales and Foreclosures REALTOR, Real Estate Expert and Real Estate Investor was able to get this Columbia TN (Maury County) Bank of America (Freddie Mac) 1st Mortgage short sale listed and closed in 199 days despite an imminent foreclosure sale date, several inaccurate valuations by Bank of America and the Borrower being declined from the HAFA short sale program at the last minute due to the following reasons:
  • Proper research and work prior to marketing the home for a sale. This includes researching the loan type and correctly packaging and handling the seller's application to the HAFA Short Sale Program (see my information on the HAFA Short Sale Program for information about this short sale program).
  • Understanding the HAFA short sale program, normal loss mitigation procedures and short sale and short sale offer approval processes.
  • Being able to get the short sale mortgage lender down to a price that the buyer would pay.
Please do not let the bank foreclose on you. If you have a property and you owe more than the property is worth and have a HAFA eligible mortgage loan, an FHA Insured mortgage loan, a VA Guaranteed mortgage loan, or any type of mortgage loan, and you have missed payments, or will miss payments, please contact Franklin Tennessee Short Sales and Foreclosures Expert for a free no obligation consultation to discuss your foreclosure prevention options.

Nashville, Brentwood, Franklin, Nolensville, Spring Hill, Thompson’s Station, Murfreesboro, Smyrna, LaVergne (La Vergne), Antioch, Columbia, Mt. Juliet (Mount Juliet), Springfield, Gallatin, Hermitage, Hendersonville, Clarksville and Middle Tennessee (Davidson, Maury, Montgomery, Robertson, Rutherford, Sumner, Williamson and Wilson Counties) Short Sales. Free* Short Sale and Foreclosure Help and Assistance for Nashville, Brentwood, Franklin, Nolensville, Spring Hill, Thompson's Station, Murfreesboro, Smyrna, LaVergne, Antioch, Columbia, Mt. Juliet, Springfield, Gallatin, Hermitage, Hendersonville, Clarksville and Middle Tennessee (Davidson, Maury, Montgomery, Robertson, Rutherford, Sumner, Williamson and Wilson Counties) Financially Distressed Homeowners and Property Owners. Stop the Bank from Foreclosing with a Quick Cash Offer or Short Sale. If you are a Nashville, Brentwood, Franklin, Nolensville, Spring Hill, Thompson's Station, Murfreesboro, Smyrna, LaVergne, Antioch, Columbia, Mt. Juliet, Springfield, Gallatin, Hermitage, Hendersonville, Clarksville and Middle Tennessee (Davidson, Maury, Montgomery, Robertson, Rutherford, Sumner, Williamson and Wilson Counties) homeowner, property owner, condo owner, real estate investor, home builder or real estate developer who cannot pay your mortgage payments (due to losing your job, having your income reduced, illness, health problems, adverse business conditions, slow sales, loss of investment property tenants, vacancy issues, lack of funds to complete the project, feuding business partners, etc.), know that you will not be able to pay your mortgage, have defaulted on your mortgage, are already in foreclosure, or owe more than your home is worth, please contact Murfreesboro Short Sales and Foreclosures Expert to discuss a short sale (when the real estate sale proceeds are not sufficient to pay off the mortgages and liens on the property). Jim helps sellers (homeowners, property owners, condo owners, owners of high end homes and properties (estate homes, luxury homes and executive homes), real estate investors, home builders and real estate developers) of distressed real estate, short sales, pre-foreclosures, foreclosures, investment properties, failed new construction projects and struggling commercial real estate developments located in any Middle TN County (Rutherford, Williamson, Davidson, Maury, Sumner, Wilson and Robertson). If you need to short sell your house or property, or you need a quick sale to stop a foreclosure sale, you can Nashville Short Sales. Brentwood Short Sales. Franklin Short Sales. Nolensville Short Sales. Smyrna Short Sales. LaVergne Short Sales. Antioch Short Sales. Spring Hill Short Sales. Thompson’s Station Short Sales. Murfreesboro Short Sales. Smyrna Short Sales. LaVergne (La Vergne) Short Sales. Antioch Short Sales. Columbia Short Sales. Mt. Juliet (Mount Juliet) Short Sales. Springfield Short Sales. Gallatin Short Sales. Hermitage Short Sales. Hendersonville Short Sales. Clarksville Short Sales. Middle Tennessee Short Sales. Free* Short Sale Help and Foreclosure Help and Assistance for Nashville, Brentwood, Franklin, Nolensville, Spring Hill, Thompson's Station, Murfreesboro, Smyrna, LaVergne, Antioch, Columbia, Mt. Juliet, Springfield, Gallatin, Hermitage, Hendersonville, Clarksville and Middle Tennessee (Davidson, Maury, Montgomery, Robertson, Rutherford, Sumner, Williamson and Wilson Counties) Financially Distressed Homeowners and Property Owners. Stop the Bank from Foreclosing with a Quick Cash Offer or Short Sale. (*Free: In a real estate short sale, the bank or mortgage company usually approves and pays all of Jim's commissions and fees.)

Tuesday, January 10, 2012

Antioch TN Oakwood Successful Wells Fargo FHA Short Sale Closing

Antioch TN Oakwood Successful Wells Fargo FHA Short Sale Closing
Antioch TN Oakwood Successful Wells Fargo FHA Short Sale Closing Antioch TN Oakwood Successful Wells Fargo FHA Short Sale Closing
Jim McCormack, a Nashville, Brentwood, Franklin, Nolensville, Spring Hill, Thompson’s Station, Murfreesboro, Smyrna, LaVergne (La Vergne), Antioch, Columbia, Mt. Juliet (Mount Juliet), Springfield, Gallatin, Hermitage, Hendersonville, Clarksville and Middle Tennessee (Davidson, Maury, Montgomery, Robertson, Rutherford, Sumner, Williamson and Wilson Counties) Short Sale and Foreclosure REALTOR, Real Estate Expert and Real Estate Investor was able to get this Antioch TN (in Oakwood) Wells Fargo FHA short sale listed and closed in 158 days despite a fairly high valuation (appraisal) by the short sale mortgage lender (Wells Fargo). Jim was able to get this Antioch TN FHA short sale pre-approved and ready to sell due to the following reasons:
  • Proper research and work prior to marketing the home for a sale. This includes researching the loan type and correctly packaging and handling the seller's application to the HUD Preforeclosure Sale Program (see my blog post FHA Insured Loan Foreclosure and Short Sale Process for information about this short sale program).
  • Understanding the FHA short sale and offer approval process.
  • A somewhat high appraisal by the bank (Wells Fargo) that barely allowed a short sale to be approved and closed.
Please do not let the bank foreclose on you. If you have a property and you owe more than the property is worth and have a HAFA eligible mortgage loan, an FHA Insured mortgage loan, a VA Guaranteed mortgage loan, or any type of mortgage loan, and you have missed payments, or will miss payments, please contact Brentwood Tennessee Short Sales and Foreclosures Expert for a free no obligation consultation to discuss your foreclosure prevention options.

Nashville, Brentwood, Franklin, Nolensville, Spring Hill, Thompson’s Station, Murfreesboro, Smyrna, LaVergne (La Vergne), Antioch, Columbia, Mt. Juliet (Mount Juliet), Springfield, Gallatin, Hermitage, Hendersonville, Clarksville and Middle Tennessee (Davidson, Maury, Montgomery, Robertson, Rutherford, Sumner, Williamson and Wilson Counties) Short Sales. Free* Short Sale and Foreclosure Help and Assistance for Nashville, Brentwood, Franklin, Nolensville, Spring Hill, Thompson's Station, Murfreesboro, Smyrna, LaVergne, Antioch, Columbia, Mt. Juliet, Springfield, Gallatin, Hermitage, Hendersonville, Clarksville and Middle Tennessee (Davidson, Maury, Montgomery, Robertson, Rutherford, Sumner, Williamson and Wilson Counties) Financially Distressed Homeowners and Property Owners. Stop the Bank from Foreclosing with a Quick Cash Offer or Short Sale. If you are a Nashville, Brentwood, Franklin, Nolensville, Spring Hill, Thompson's Station, Murfreesboro, Smyrna, LaVergne, Antioch, Columbia, Mt. Juliet, Springfield, Gallatin, Hermitage, Hendersonville, Clarksville and Middle Tennessee (Davidson, Maury, Montgomery, Robertson, Rutherford, Sumner, Williamson and Wilson Counties) homeowner, property owner, condo owner, real estate investor, home builder or real estate developer who cannot pay your mortgage payments (due to losing your job, having your income reduced, illness, health problems, adverse business conditions, slow sales, loss of investment property tenants, vacancy issues, lack of funds to complete the project, feuding business partners, etc.), know that you will not be able to pay your mortgage, have defaulted on your mortgage, are already in foreclosure, or owe more than your home is worth, please contact Murfreesboro Short Sales and Foreclosures Expert to discuss a short sale (when the real estate sale proceeds are not sufficient to pay off the mortgages and liens on the property). Jim helps sellers (homeowners, property owners, condo owners, owners of high end homes and properties (estate homes, luxury homes and executive homes), real estate investors, home builders and real estate developers) of distressed real estate, short sales, pre-foreclosures, foreclosures, investment properties, failed new construction projects and struggling commercial real estate developments located in any Middle TN County (Rutherford, Williamson, Davidson, Maury, Sumner, Wilson and Robertson). If you need to short sell your house or property, or you need a quick sale to stop a foreclosure sale, you can Nashville Short Sales. Brentwood Short Sales. Franklin Short Sales. Nolensville Short Sales. Smyrna Short Sales. LaVergne Short Sales. Antioch Short Sales. Spring Hill Short Sales. Thompson’s Station Short Sales. Murfreesboro Short Sales. Smyrna Short Sales. LaVergne (La Vergne) Short Sales. Antioch Short Sales. Columbia Short Sales. Mt. Juliet (Mount Juliet) Short Sales. Springfield Short Sales. Gallatin Short Sales. Hermitage Short Sales. Hendersonville Short Sales. Clarksville Short Sales. Middle Tennessee Short Sales. Free* Short Sale Help and Foreclosure Help and Assistance for Nashville, Brentwood, Franklin, Nolensville, Spring Hill, Thompson's Station, Murfreesboro, Smyrna, LaVergne, Antioch, Columbia, Mt. Juliet, Springfield, Gallatin, Hermitage, Hendersonville, Clarksville and Middle Tennessee (Davidson, Maury, Montgomery, Robertson, Rutherford, Sumner, Williamson and Wilson Counties) Financially Distressed Homeowners and Property Owners. Stop the Bank from Foreclosing with a Quick Cash Offer or Short Sale. (*Free: In a real estate short sale, the bank or mortgage company usually approves and pays all of Jim's commissions and fees.)