Preforeclosure Tip of the Week#2:US Bank and there new 2nd mortgage guidelines
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Hi guys, this is Bob Lachance, with your Preforeclosure Tip of the Week! This week I’ll be talking about US Bank, and how they have changed their approach when they are in the second position. As of mid may they will no longer entertain ANY promissory notes on remaining balances. They will only accept a minimum of 10% of the principal balance AT CLOSING to release their lien.
What does this mean for us Short Sale Specialists? It means that in order to get a release from US Bank you’ll need to... continue reading >>
Insider secrets to Preforeclosures
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Fellow Short Salers,
I took the following "insider secret"right from the mouth of my business partner Patrick Precourt. A nice little peice of info for the group that a "VERY FEW" other "gurus" can provide because "they don't do the business!" Here it is from HSBC!!!!!!
Bob Lachance
Hey Guys and Gals,Im going to start posting some really cool tips, tricks and nuggets for your pleasure. Hopefully these post will add to everyoneʼs growth, success and prosperity.
Tip #1
Up to about a year ago, HSBC has been a bear to work with.... continue reading >>
Great past month!
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Fellow Short Salers,
Just an update of the last month. Closed 3 wholesale short sale deals for a total of $65K, made $4100 in Real Estate Commissions, made another $6000 by getting 3 short sale deals closed for other investors and also $4500 retail short sale in the "Country" of California! Just thought this might help out some fellow short salers who are getting frustrated in the biz. Keep at it and don't quit. We set up our systems in the early stages of the biz and plowed through the hard times. We know have a system that "like... continue reading >>
Dealing with ASC
Fellows,
We are working on about 20 deals with ASC which is owned by Wells Fargo and I was wondering if you short sale studs were running into challenges with them. It takes us (on average) 30 to 45 days for our ss packages to get to a mitigator! The challenge with this company is the mitigators call you and there is no direct contact number to call them back. Anyone have a good contact within this organization? Feed back will benefit everyone!
Preforeclosure Tip of the Week #1: Overcoming Countrywide Hurdle
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s many of you know, Countrywide has had for a while one department that has handled all potential workout solutions, i.e. loan modifications, repayment plans, short sales, etc. What many of you don’t know, is that Countrywide has recently added an entirely new and separate department, called the Short Sale Support Department; which handles ONLY short sales. They also have modified their process a little from before. A Supervisor I just spoke with said that the short sale process (time frame) will be cut in half! For example: In the State of Connecticut where we do the majority of our... continue reading >>