Dennis Toomey's (dennis2me) Blog

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Real Estate Agent - RE/MAX Action
RECENT BLOG POSTS
IL – The Stop Foreclosure Institute recently received a question from James. Here was his question. A bank should accept your short sale when the following rules apply. All banks and servicers have a fiduciary duty to the investor of the loan. If they own the loan themselves, they have a fiducia...
11/08/2011
IL – Why does a British Bank do a better job than the American Banks? We have always liked short sales with HSBC. They respond promptly and are easy to work with. The bottom line is that they do a solid, competent job handling short sales and loan modification. I think the reason is because they...
11/08/2011
IL – A large national bank did a lousy job on a short sale file. We waited 90 days for an answer on an offer. The buyer got impatient and walked. We had a backup buyer. But, instead of reviewing the new offer, the short sale negotiator closed the file. The owner of the loan, Freddie Mac, lost ar...
11/08/2011
IL – The Stop Foreclosure Institute recently received a question from David. Here was his question. “I lost my job and am burning up my savings very fast. At the current rate I will only be able to pay my mortgage for a few months more. My lender won’t talk to me about a short sale because I am ...
11/01/2011
IL – The Stop Foreclosure Institute recently received a question from Chris. Here was his question. "I just got an approval from a large national lender this morning and the approval letter stated the following: “Promissory Note of 0.00.” What does a Promissory Note of 0.00 imply? It shows the p...
11/01/2011
IL – An agent with the Stop Foreclosure Institute recently had a short sale negotiator lie to them. We have spent the last 6 months figuring out all the rules for short sales on different loan types. The rules are different for an FHA Short Sale, a VA Short Sale, and a Fannie Mae Short Sale. Thi...
11/01/2011
IL – Very few people disagree that banks are not handling the housing crisis properly. Why is it so hard to get a reasonable loan modification? Click here to discover how other sellers successfully did a short sale and avoided foreclosure. Pollution is defined as the following by Wikipedia: "Pol...
11/01/2011
IL – Does it make you angry when a bank kicks a family out of their home and loses money as a result? This happens all the time. Let me explain how. Click here to discover how other sellers successfully did a short sale and avoided foreclosure. A family buys a home for $250,000. The home decline...
11/01/2011
IL - The Stop Foreclosure Institute recently received a question from a person attempting a loan modification on their home. Here was their question. "I have a first mortgage for $197,000. That was my original loan from when I bought my home. I borrowed $250,000 on a second mortgage for a remode...
11/01/2011
IL – We recently received an e-mail from another agent that was having a hard time with a short sale. “I have been working this short sale file for 4 months. There has been “no movement” no responses from the bank, no closing date. The June 30th date just continues to trickle closer and closer l...
11/01/2011
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