Dennis Toomey's (dennis2me) Blog

IL – Are you looking to buy a short sale? Before you make an offer, you need to check and see how many mortgages are on the home. A short sale with only one mortgage is not that difficult. Even an inexperienced agent can often get these approved and sold. Get my Free, Step By Step Loan Modificat...

IL – The Stop Foreclosure Institute gets asked this question quite a bit. The answer depends on the type of loan you are looking to use to purchase your next home. Here are the details on your options to buy another home after a short sale. Get my Free, Step By Step Loan Modification Guide by cl...

IL – The Stop Foreclosure Institute recently received a question from another agent. Apparently they were being mislead on a short sale by a large national lender. Here is the question we received: “Do you have a number to contact Fannie Mae? The bank (Large National Bank) will not allow the sel...

IL – The tax credit expired and everyone turned negative on the housing marketing. One so called expert said we could see headlines about the real estate market crashing again. Another said that the housing market is going to continue it's decline for another years or two. He referenced an artic...

IL – The Stop Foreclosure Institute recently received a question from another agent. Here was her question. "I have a short sale listed. At what time in the short sale process do you stop accepting additional offers for submittal to the lender? If you accept another offer after you've already su...

IL – The Stop Foreclosure Institute recently talked to a homeowner whose home had been sold on the courthouse steps. We asked if she had considered selling the home as a short sale. “I did, but I heard that short sales are difficult and not worth trying. My friend told me that the banks never app...

IL – Bank of America is consistently the worst short sale lender we have dealt with. A lot of people sent me e-mails such as the following: "You need to stop complaining. If you think having to re-open a file is bad, imagine working on a file for 8 months." Get my Free, Step By Step Loan Modifica...

IL – We recently send everyone in congress a fax about a certain large bank. They had done a lousy job on a short sale file. We waited 90 days for an answer on an offer. Get my Free, Step By Step Loan Modification Guide by clicking here. The buyer got impatient and walked. Fortunately we had a b...

IL – The Stop Foreclosure Institute recently received a question from Brandon. Brandon is selling his house and something very interesting happened. Brandon’s Question: "My loan is with American Home Mortgage (AHMSI for short.) They are charging a 1% short sale processing fee to the buyer. Is tha...

IL – The Stop Foreclosure Institute recently received an e-mail from another real estate agent. They were asking for our advice on a short sale. They accused a large, national lender (one of the 4 largest in America) of lying to Fannie Mae. Fannie Mae is almost a subsidiary of the Federal Govern...