Archives for January 2013

Short Sale CASE STUDY: 014

Slow & Steady Progress

The last few days were met with slow and steady progress.  Not as fast as I would have hoped considering we have an offer that exceeds the minimum net the lender is requiring on this one.

Particularly frustrating is that we lost a few days of work while passing around a different version of the short sale affidavit that I had already had all parties sign.

I keep a full packet of the various lender forms on file so that I can have them filled out early in the process to avoid [Read more…]

Short Sale CASE STUDY: 013

Don’t Forget Jr. Liens!

When I first spoke to the seller he mentioned getting some State assistance to help him make his payments.  At first I just assumed that this was some sort of disability program because of his medical problems.

It turns out he was actually lent $20,000 and they placed a lien against his property to get repaid!  Truthfully this looks like a good program because it was interest free and the balance was reduced over a period of years until it disappeared (to make sure you truly used it to stay in the home). It was through the Oregon Affordable Housing Assistance Corporation.

Never heard of ’em…

FHA won’t allow more than $2500 to go a junior liens so this could be a problem. Will they accept a short sale? [Read more…]