If this fee isn’t taken into consideration at the start of the process things can get very sticky and unravel days before closing. In order to make sure the status of the HOA fee will not harm the short sale process the association should be contacted. Think of the HOA as a ‘third lien’ on the property.

The Quincy loan modification and Brookline loan modification process is still very backed up with lenders. Some lending departments are handling loan modifications, auto modifications, and credit payoffs all within the same department. Depending on the bank, short sale departments are separate from the modification department allowing processing to be more successful.

The current Quincy and Brookline markets are difficult right now for FHA buyers. If you plan on asking for more then 3% closing costs from the seller in a short sale transaction you are better off going with an REO. The short pay lenders won’t approve anything above 3%. Quincy real estate agents are becoming aware of this as more and more Quincy short sales are being pursued.

Professional, but busy. Those are the three words that describe the short sale process with First Bank of Tennessee (Nasdaq:FTN), After just recently completing another short sale with FTN it’s obvious that their system is extremely swamped with sort sale requests, who isn’t right?

Initiating a short sale can be an experience with a whole host of emotions. Every bank’s short sale process is a bit different. Total time frames can significantly vary, even from what the bank is telling you. However, below is, as of today, a little bit of insight that Quincy home owners facing foreclosure will find usefull.

For example, if you are a married couple and you purchased a property in your name alone before the marriage, will you have to disclose your significant other’s income while attempting to short sale the property?

Short sales maybe a great opportunity for distressed home owners, but for Quincy home owners that want stability and home price appreciation they are horrible. It all has to do with cost analysis. If a foreclosure (i.e. including attorney fees, maintenance fees, processing fees, etc…) is more costly than a short sale the banks will want to settle.

The problem is that hundreds and thousands of computer files are being transferred back forth between Wamu and Chase. Until, the new database is functional you can expect delays with Wamu’s short sale department.

A short sale is, “The sale of a property by a financially distressed borrower for less than the outstanding mortgage balance due where the proceeds from the sale will be used to repay the lender. The lender then accepts the less-than-full repayment of the mortgage (and the borrower is released from the mortgage obligation) in [...]

USAA (NYSE: USISX) is one tough cookie when it comes to short sales. If they were generous at all in the past their attitude has totally changed with respect to our current economy. Since USAA is a smaller bank compared to some of the big brand name players like Chase (NYSE:JPM) and Bank of America (NYSE:BAC), they are typically able to process short sale requests faster than some of the big bank players. However, as the processing becomes smoother with many of the larger bank corps the added advantage of fast processing times is diminishing for USAA.