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ince my seller's plea for a short sale was rejected by Downey Savings who holds the first loan, I've been trying to understand why Downey would refuse. Turns out that Downey sold the note to Deutsch Bank. Negative news and forums abound about both, Deutsch Bank Credit Rating Cut Deutsh Bank Foreclosures Tossed Out of Ohio Federal ...

To all buyers out there.... Please listen to your realtors who make a living pricing, selling, researching values of real estate property. We do have your interests at heart. We're not in it just to sell you something. We want you to be happy because we are counting on you to tell your friends, your associates to look us up when it comes time ...

LAST RESORT In a last ditch effort to help my sellers who are upside down on their loans and can't pay their mortgages with Downey Savings and National City, I contacted Mortgage Resolutions to see if they can help my clients. Mortgage Resolutions offers, according to them "as full complement of services designed to assist homeowners, ...

We know the foreclosure activity picked up. We also know that we have brisk activity when writing offers, many times, at a multiple-offer situation. So it wasn't a shock to see this headline that talked about repossessions in the Bay area soaring. Read the storyIn the Bay Area, mortgage companies recorded 18,516 notices of default, up more ...

Lenders appear to be standardizing on what they want the property owners and their realtors to provide when submitting a short sale package for consideration. Here's the latest list of requirements I received from a lender. What's different about this from the other packages is that this requires information on activities realtors ...

I'm incensed! Twice today, I was nearly rebuffed by two agents whom I called when I tried to submit my offers. The first one was an REO. She said she already received an offer last night, and another one this morning --- as if two was enough. She tried to discourage me from submitting an offer since she thought the ones she had were ...

I submitted an offer on a short sale listing last week. I thought it was a strong offer --- full price, 10% down payment, 1% initial deposit, AS IS, standard contingency periods. When I followed up with the listing agent to find out what the seller would like to do --- accept, counter offer or reject --- it appears she bypassed the seller. She ...

As of today, in our local MLS. there are 12,041 active listings of which 2636 are REO (bank-owned) or 22%, and 2852 are short sales or 24%. Siince January 1, 2008, 1151 REOs closed, compared to 102 short sales. Because of the painfully slow process of getting an acceptance, rejection or counteroffer to a short sale offer, I am more inclined to ...

No matter how many times you try to explain what a short sale is and what is involved, it is always a good idea to set expectations at the very beginning. Then follow up with a written explanation -- be it an outline, an email, a question and answer ---- anything that the Buyer can refer to because invariably, there will be some ...

I have searched several sites, blogs, etc. for a concise answer to the question on the effect of a short sale on one's credit score. It was mind-boggling to find so many different answers. And I am just as befuddled. For sure the credit score has to be negatively impacted since banks will surely report late payments. To approve short sales, a ...