Thanks for making the connection.

Larry
http://www.reofunder.com
Home of 100% Funding For RE short sales/reos

I have noticed a trend that when BPO orders flood in, REO assignments are quiet. My new REO assignments have been down the past 2 weeks but BPO work is overwhelming. If the trend is like the past year, I anticipate seeing REO actiivity picking up within the next few weeks as that is how it seems to go.I am very fortunate to have great REO clients, a solid BPO business and short sale inventory as well. When you have multiple spokes in your business model, it balances it out.

I want to share information on a couple of lenders I have dealt with. I don't want to sound negative, but I feel everyone should be aware of Lenders that are causing what I feel are serious issues. All parties should be aware of this before entering into a short sale contract.

Washington (aka now Chase) in 2nd position and Litton in 1st position - a loan that was originated before Chase took over Washington Mutual will cause you grief if Washington Mutual is in second position and Litton is in… Continue

Short sales are here to stay and many agents who previously wouldn’t touch them are realizing they now ARE the current market. For those of you who do not know what a short sale is I’ll briefly explain: When a lender agrees to take less than the amount owed on the loan or “short” from the buyer. The seller does not receive any money, is not liable for the difference and the buyer gets the house free of any liens. My blog today is focusing on the lenders and their perspective when it comes to app… Continue

At our team meeting today it was brought to our attention that when you close these short sales, make sure you are looking at the NOTE and not just the lien. You want IN WRITING that the seller is free from any future attacks from PMI companies.

If you need special wording, then please consult with your RE Attorney or have them review it. In the case we heard about this morning, the file was actually closed properly, but the PMI company is bluffing to see if the seller will settle. No real legi… Continue