Archive for the 'Vermont Foreclosures' Category

After several days  I succeeded in getting to the right department. I was given a “list” of all required documents. Once those were gathered together I was told to expect to be assigned a “handler.” In the meantime, if you call in to check on the status of your offer and you have not received a “handler,” you have to go through a whole explanation of who you are, and why you are calling. The only fortunate thing is that they make notes on the computer about all conversations with you. The unfortunate side is you must wait until they read all the notes and ask you some of the same questions you have answered before. Then it is your moment to ask: “What is happening?”

In most cases there is yet another form that they are looking for. It does not seem to matter that you were diligent sending the owners financial information, the purchase and sales agreement, the listing agreement, the buyer’s mortgage qualification; they will want some other document. If you succeed in accomplishing all their demands you are rewarded with a “handler.” You will dance around, sing hallelujah and feel like you hit pay dirt on Match.com.

My “handler” and I began a relationship that lasted over two months. Alas, I have to admit I was a two-time unfaithful mate. Behind my handler’s back, I had another handler from the second mortgage company. I actually preferred him, as he was upbeat and friendly, but the first one was funny. Everyday was exciting to me as I waited with baited breath to hear from them. Although, I would immediately respond to their demands, there would always be another one the next day or week. My true quest was to get to the “closer.’ This was like dating the ugly step sisters to finally have an audience with Cinderella.

Part I

Short sales require patience, perseverance and humor.  Have you ever seen a rabbit warren? Well, I can’t say that I have actually laid eyes on one, but I have seen pictures. There is the entrance into a space and then another narrow tunnel to another space, and so on. This is how I view working out a short sale. One needs perhaps a rabbit’s foot for good luck but I have never been completely comfortable with the idea of some poor rabbit limping around without a foot.  Most of the time I picture myself as a well armored warrior, championing the cause for my client. This of course, is the exact opposite approach that one should take with a bank. Instead, you really need to breathe deeply and calmly, and then slowly dial the phone numbers  you have found on the internet.

I, originally thought the worst part of contacting the banks would be finding the right person to talk to. And in the beginning this was true. I made numerous phone calls to various people that would then transfer me (or not) to someone else, who would then transfer me to someone else. All the while I would have to explain to each person that; yes, I did have permission from the owner of the property to talk to someone about their loan; and yes, I did have the loan number, and yes, I wanted to talk to someone in the short sale department.

My most common response when I would identify the loan number was: “we do not have that loan number”. And I would have to breathe deeply again and explain that, of course, they did not have the loan number because it was in foreclosure, and that it was necessary that they put me through to the right department that handles short sales and foreclosures.

More about my adventures next week…

I am very excited to have completed the short sales and foreclosure course and will be certified by January 1, 2010. I am about to begin my first short sale and have decided to keep everyone up to date with the process. This will either discourage anyone from trying it or it will at least educate people in the process. What I know so far is that you need a lot of patience and perseverance. So far I have been hung up on by an un-named lawyer who started the conversation by “I don’t mean to be rude…” and then finished by hanging up on me. However, I am a hardened real estate agent that can take rejection. Tomorrow I begin with the banks. I can already tell this is not a job for the faint of heart.

What really gets me, is how complicated it is. If the powers that be want to stimulate sales and get the economy moving they should mandate that the banks streamline this process for all concerned. There have been certain acts put in place, such as the ” Home Affordable Foreclosure Alienation Act” (HAFA) that do help those about to go into foreclosure. There really is not enough information out there in the public eye. Over 50% of the people that are about to face foreclosure have no idea where to turn. Most of these people ignore all of the notices and just wait until the eleventh hour. A foreclosure will affect your credit score by 200 points while a short sale will affect it by 50. If more people knew this they would seek professional help to accomplish this. My best suggestion is if there are people out there that are experiencing impending foreclosure that they consult with a lawyer, and an account who specializes in foreclosures, bankruptcy, and short sales. Secondly I would contact a real estate agent in your area who is knowledgable in foreclosures and short sales. Above all do not ignore the notices. There is help and solutions out there.

The America Recovery Act of 2009 is a result of the new stimulus package Obama has recently signed. I have been receiving some great information regarding this act and how it will effect 1st time home buyers, tax credits and real estate as a whole from Jeff Teplitz over at National City Mortgage in Burlington VT. I wanted to share the information with you here. Below you will find 2 files. One outlines the tax credit 1st time home buyers who purchased last year after April 9, 2008 or who purchase this year can expect. The other is more general information outlining the highlights of the Act.

I hope you find them useful!

Recovery Act of 2009 for First-time Homebuyers

Recovery Act of 2009 Highlights