Question from Tacoma homeowner: My lender just sold my loan. Is that a good thing?

WA - The Stop Foreclosure Institute recently received a question from James. “My loan was just sold. I was making payments to CitiFinancial and they sold it to Nationstar. Is that good or bad?” James asked.

Discover how other sellers successfully did a short sale and request a free consultation by clicking here.

Here is the answer. It’s neither good nor bad. In fact, I don’t think your loan was sold. You see, most loans were packaged up and sold to Fannie Mae, Freddie Mac, or Wall Street.

James’s loan was more than likely packaged up and sold off. I asked him who his original lender was. He said it was a company called First Magnus. (First Magnus declared bankruptcy in 2007 and was afterwards closed.)

The Stop Foreclosure Institute has negotiated short sales on loans that were originally with First Magnus. The last one was sold to a large Wall Street Firm and securitized.

That means James’s loan could be owned by anyone. More than likely it is owned by Fannie Mae or Freddie Mac. If not, then it was probably sold to a Wall Street Firm.

The owner of the loan hired CitiFinancial to act as their front man. That means Citi collected the payments, handled escrows and accounting, and manages debt collections and foreclosures.

More than likely Nationstar did not buy the loan. Instead whoever owns the loan hired them to act as the front man instead of Citi.

Thinking about a short sale? I can help you short sale your property and never pay the bank another penny. Send me an e-mail at info@nostringsmarketing.com. I will contact you for a free consultation.

When we talk, I will explain how the process works in detail. If you prefer, then you can call me at 1-800-LISTING.

Discover how other sellers successfully completed a short sale and request a free consultation by clicking here.

Thinking about a loan modification? Our Loan Modification Kit has the instructions you will need to get a loan modification approved with your lender. Click here to request a copy.

Thanks for reading this,

Jonathan Phillips.

Jonathan is a Real Estate at Phillips Realty LLC..

Phone: 1-800-LISTING. info@nostringsmarketing.com.



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Jonathan Phillips specializes in loan modification assistance and short sales in Pierce County Washington. Pierce County Loan Modification Help, Pierce County Short Sales, Pierce County Short Sale Realtor. Short Sale Realtor. WA Short Sales. Realtor.

Question from Tacoma homeowner: My homeowner's insurance won't renew my policy because my loan is in foreclosure

WA - The Stop Foreclosure Institute recently received a question from Tim. Here is Tim’s Question.

“I have an elderly friend who recently finalized a loan modification through her lender. The mortgage company shows on their website that the mod has been processed and the new terms are in effect.

However, since foreclosure proceedings were begun before the mod was approved, her homeowner’s insurance holder will not renew her coverage policy, since the local Clerk of Courts records show that the loan is in a foreclosure process.

The mortgage company has not sent the Clerk of Courts notice that the foreclosure case is closed. What can she do to avoid losing her insurance coverage?”

Discover how other sellers successfully did a short sale and request a free consultation by clicking here.

An elderly person almost loses their home to foreclosure and manages to save it at the last minute, only to find out her insurance company wants to kick her to the curb?

Give me a break! That’s pathetic. If I had my insurance with that company, I would fire them immediately!

Here is my suggestion. The first thing your friend should do is to contact the State Insurance Commissioner and the State Attorney General.

Insurance is highly regulated. There are things that insurance companies are allowed to charge more money for and things that they are not allowed to charge more.

I doubt that paying your mortgage late is one of them. More than likely, the insurance company is breaking the insurance regulations of the state.

(This is one of the things we use when negotiating short sales. We have studied to learn all the rules and guidelines. When a lender doesn’t follow a short sale guideline, we will report them to the appropriate agency.)

If that doesn’t work, then I would recommend your friend contact the local media. That is a dastardly thing for the insurance company to do. I’m sure that the general public would agree as well. I think the media would like the story.

Thinking about a short sale? I can help you short sale your property and never pay the bank another penny. Send me an e-mail at info@nostringsmarketing.com. I will contact you for a free consultation.

When we talk, I will explain how the process works in detail. If you prefer, then you can call me at 1-800-LISTING.

Discover how other sellers successfully completed a short sale and request a free consultation by clicking here.

Thinking about a loan modification? Our Loan Modification Kit has the instructions you will need to get a loan modification approved with your lender. Click here to request a copy.

Thanks for reading this,

Jonathan Phillips.

Jonathan is a Real Estate at Phillips Realty LLC..

Phone: 1-800-LISTING. info@nostringsmarketing.com.



View My homes for sale at .

Jonathan Phillips specializes in loan modification assistance and short sales in Pierce County Washington. Pierce County Loan Modification Help, Pierce County Short Sales, Pierce County Short Sale Realtor. Short Sale Realtor. WA Short Sales. Realtor.

Tacoma Short Sales: High property taxes are forcing some people into foreclosure

WA - I just saw the second of two articles about homeowners losing their home or property because of high property taxes. Most of the stories were based in the Northeast, where the property taxes are much more expensive.

In one story, http://www.wbaltv.com/r/25677444/detail.html, a Maryland Woman is going on a hunger strike to bring attention to the situation.

The story makes it sound like high property taxes caused her mortgage payment to go up by 40%. That is a huge jump in property taxes. I have seen some people’s property taxes jump by $200 to $400 myself.

In another story, a lady in Connecticut lost some property next to her house after a drawn out tax dispute. Here is the link to the news report: http://www.youtube.com/watch?v=hFQzxY2Mlxo. The new owner of the land put up a chain blocking the driveway that she uses to access her property.

You would think that in a time of economic trouble, the cities and counties would be lowering our property taxes not raising them!

Most American’s income has gone down, not up. But, that doesn’t stop the cities and counties from raising property tax rates.

Thinking about a short sale? I can help you short sale your property and never pay the bank another penny. Send me an e-mail at info@nostringsmarketing.com. I will contact you for a free consultation.

When we talk, I will explain how the process works in detail. If you prefer, then you can call me at 1-800-LISTING.

Discover how other sellers successfully completed a short sale and request a free consultation by clicking here.

Thinking about a loan modification? Our Loan Modification Kit has the instructions you will need to get a loan modification approved with your lender. Click here to request a copy.

Thanks for reading this,

Jonathan Phillips.

Jonathan is a Real Estate at Phillips Realty LLC..

Phone: 1-800-LISTING. info@nostringsmarketing.com.



View My homes for sale at .

Jonathan Phillips specializes in loan modification assistance and short sales in Pierce County Washington. Pierce County Loan Modification Help, Pierce County Short Sales, Pierce County Short Sale Realtor. Short Sale Realtor. WA Short Sales. Realtor.

Question Tacoma from homeowner: I want to avoid foreclosure, but my lender won't let me

Pierce County WA - The Stop Foreclosure Institute recently received a question from Arman. Here is his question.

I am a Seller trying to avoid foreclosure. My agent has a buyer and his offer is with the lender from last seven months. Now the lender told us that Fannie Mae investor refused the short sale offer and the house is going to foreclosure early next week.

Discover how other sellers successfully did a short sale to avoid foreclosure by clicking here.

The lender's own appraisal shows the house is worth $120K. The offer we have is for $150K. I told the lender that it is unlikely they will receive and offer for 150k after the foreclosure. She replied and said, "We or some of our investors will buy it"!!!

I don't want a foreclose on my record. Is there anything I can do to stop the foreclosure? Thanks a lot for your help. Arman.

Arman gave me a bunch more details. I will relate them here and then tell you what I recommend that he do. He told me the loan is owned by Fannie Mae, and a third party lender is "servicing" the loan for them.

Here was my recommendation to him. I have negotiated lots of short sales. The only reason a lender should turn down a short sale is when their numbers (from an actuarial viewpoint) show that they will reduce their losses with a foreclosure.

That has always been the case on any short sale I have ever negotiated. (Or I should say most of them. Some have been rejected for other reasons, but they are almost always monetary reasons.)

Here is what I would do if I was you.

Step #1: Call up IBM and demand a written letter explaining why they are declining the short sale offer.

Step #2: Write down what you project your damages are going to be if the property is foreclosed upon instead of sold as a short sale.

Step #3: Call up the company handling the loan for Fannie Mae. (Remember, they are not your lender. They are paid by Fannie Mae to do their job in a competent manner.) Tell them if they reject the short sale for no reason and the house is foreclosed, then you will be suing them for those specific damages you drew up in Step #2.

I will go into more details about potential damages and the basis for a lawsuit in my next couple of blog posts.

Thinking about a short sale? I can help you short sale your property and never pay the bank another penny. Send me an e-mail at jcphillips@gmail.com. I will contact you for a free consultation.

When we talk, I will explain how the process works in detail. If you prefer, then you can call me at 1-800-LISTING.

Discover how other sellers successfully completed a short sale and request a free consultation by clicking here.

Thinking about a loan modification? Our Pierce County Loan Modification Kit has the instructions you will need to get a loan modification approved with your lender. Click here to request a copy.

Thanks for reading this,

Jonathan Phillips.
Jonathan is a Real Estate Broker at Phillips Realty LLC.

Phone: 1-800-LISTING. jcphillips@gmail.com.

Not Your Typical Real Estate Broker

View My homes for sale at http://www.jonathanphillips.com.

Jonathan Phillips specializes in loan modification assistance and short sales in Pierce County Washington. Pierce County Loan Modification Help, Pierce County Short Sales, Pierce County Short Sale Realtor. Short Sale Realtor. Pierce County WA Short Sales. Pierce County Realtor.