06.12.12 Tuesday Talk Silent Spring

by qinfovio 3. July 2012 16:28
Good morning,
I just started reading Silent Spring by Rachel Carson. She was one of the first woman biologist in 1937, that later on went to fight the world
of pesticides, herbicides, DDT and all that craps. It was quite a challenge on her side challenging the man's world that come with
a high political involvement of this industry.
It is the similar issue with our latest crisis, when nobody want to listen and hoping the party will never end.
What is not good for bugs, insects, weeds... are not going to be good for human being. We cannot growth in a clean
environment that way.
In the economic world, we need a clean environment so we can grow in a similar way. I don't plan to be pessimistic
in my Tuesday Talk but I cannot tell you that every is going back up when we are near of the bottom yet.
The good news is I know the different steps that I need to take to protect myself and how to benefit from a crisis.
The information that I am sharing with youabout short sale property are good for both side and on the buyer side you will know what to expect.
It took us 3 years to close this short sale at 485 Francis in Seaside. The challenge with that one was Chase. We had 2 loans with them
and they seem to be finally together with their short sale department.
We also closed couple short sales in two months and half, from beginning to the end.
As now, the other biggest challenge is the second loan. I have one transaction with Aurora as a first loan and BOA as the second.
As I go in a case by case and see how it develop, I will have to bring an attorney to facilitate this short sale. The second lender is
asking more and more information concerning my seller for the only purpose to sell their info to debt collector.
Even if the short sale is approved by the second lender, there no law to prohibit them to sell their second loan. 
I was asking myself if I was better off to let that one foreclose? The only way to get rid of the second loan is through a bankruptcy
that has been discharge or a short sale.Since this transaction is getting such a pain for the amount of work required by both of these lenders,
that maybe BOA will expect me to let it foreclose.If it foreclosed, I will not get paid for the amount of work that I did and it will let
my seller unprotected with debt collector that will hunt them for the rest of their life.
The only solution is to take 1% of my commission to cover the facilitator fee and my seller to pay $500.00 the set up fee.
And sometime, you have to spend money to make money
I also see more and more banks offering Deed in Lieu to delinquent's homeowner with a minimum payment per month, an amount
of time they can stay with $3000.00 at the end.
The HAFA program offer to all short sales is similar but without a minimum payment per month. Concerning your credit,
A Deed in Lieu is also treat as a Foreclosure.
Thanks and I will see you next week.
Christian Viollaz
License 01318338

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