With all the foreclosures and short sales going on, and all us Realtors trying so hard to help our clients, it amazes me how the banks try so hard to be as uncooperative as possible. My latest experience in this involved a listing that I had been trying to sell for so long it turned out to be a record in our office! My client had just lost her job and could no longer pay the mortgage payments. I rushed to get a buyer so she would not foreclose. We get into escrow all the inspections and FHA requirements have been passed, the buyers has signed the loan docs. The seller has signed off the house........We cannot get chase to send the payoff demand to escrow so we can close. I requested the demand again and again by phone after the title and escrow company had sent in a written demand and got no response. Every time I called I was on the phone with them for at least 40 mins. and 30 of those mins. I was on hold! I asked to speak to a supervisor and was told there were none I could talk to. Over and over I got various customer service reps. who told me they were very sorry it has taken so long and they would fax it to escrow in 24 to 48 hours...to no avail. Mean while they were calling my client three times a day demanding to be paid, while the whole time I was calling three times a day trying to pay them. I finally had to find the main number for chase in New York by looking online. I called and was told by the executive resolution dept. that I would need to talk to the attorney that was assigned to the loan. ( you would think that after I had called 15 to 20 times that someone would have told me I needed to talk to the attorney????? ) Well, I called "customer service" back up asked to be given the name and number of the attorney assigned to the loan and low and behold I was given a name and number. I called said name and number and was e-mailed the payoff demand right then. I don't know, but I would think the banks would be more cooperative when someone is trying to pay them???
With all the foreclosures and short sales going on, and all us Realtors trying so hard to help our clients, it amazes me how the banks try so hard to be as uncooperative as possible. My latest experience in this involved a listing that I had been trying to sell for so long it turned out to be a record in our office! My client had just lost her job and could no longer pay the mortgage payments. I rushed to get a buyer so she would not foreclose. We get into escrow all the inspections and FHA requirements have been passed, the buyers has signed the loan docs. The seller has signed off the house........We cannot get chase to send the payoff demand to escrow so we can close. I requested the demand again and again by phone after the title and escrow company had sent in a written demand and got no response. Every time I called I was on the phone with them for at least 40 mins. and 30 of those mins. I was on hold! I asked to speak to a supervisor and was told there were none I could talk to. Over and over I got various customer service reps. who told me they were very sorry it has taken so long and they would fax it to escrow in 24 to 48 hours...to no avail. Mean while they were calling my client three times a day demanding to be paid, while the whole time I was calling three times a day trying to pay them. I finally had to find the main number for chase in New York by looking online. I called and was told by the executive resolution dept. that I would need to talk to the attorney that was assigned to the loan. ( you would think that after I had called 15 to 20 times that someone would have told me I needed to talk to the attorney????? ) Well, I called "customer service" back up asked to be given the name and number of the attorney assigned to the loan and low and behold I was given a name and number. I called said name and number and was e-mailed the payoff demand right then. I don't know, but I would think the banks would be more cooperative when someone is trying to pay them???
I have been answering a lot of questions from uninformed first time buyers on websites Like Homeresearch.com and Trulia.com, these sites have realtors who will answer real estate questions. The majority of questions are regarding if one house or another is available. They do not have a Realtor nor are they pre-approved......So I am writing this for the benefit of the many first time home buyers who do not know that their first step should be to find a Realtor they feel comfortable with. The buyers Realtor is paid by the seller and so the expert help of an experienced Realtor comes at no cost to them.
Their next step should be to obtain a pre-approval from their bank or other lender. Without a pre-approval, any offer they submit will likely be ignored. If they do not have a particular lender or bank they want to do business with their Realtor can help them with that as well.
You can play in the snow with your family without having to drive all the way to Lake Tahoe or Reno.
At Leland Meadows you can have fun in the snow. They have inner tubes that have tow straps on them so you can be towed up the hill and then you slide down. So much easier for us older folks who do not want to drag the tube, while we walk up the hill. For the younger and more energenic, you can still do it the old fashioned way.
My Family and some friends enjoyed both the towing as shown on left and the old fashioned way pictured below. If you like to ski (like I do) you can also visit dodge ridge which is about 15 to 20 minutes away. Go to www.snowplay.com to find leland meadows and you can find dodge ridge at http://www.dodgeridge.com/site/index.php You can play for the day and go home or if your prefer you can stay at one of the wonderful cabins or hotels and spend more days in the snow.
The FHA has come up with some new rules when it comes to their loans.
Beginning April 2010, the up front mortgage insurance will increase from 1.75% to 2.25%
There will be no more spot appraisals. So it will be harder to get an approval on a condo.
This is a big one. Effective for all case numbers issued on or after February 1 of this year, all previous FHA condo approvals will be eliminated and condominium projects must be recertified by HUD.
You can pretty much forget about buying a condo until the project has been blessed by HUD or one of HUD's approved lenders.
Going forward there will be two approval methods for FHA Case numbers ordered after February 1, 2010;
Hud Review and Approval Process (H-RAP)
DE Lender-Approval and Review Process (DEL-RAP)
On another note>>>
For all purchase contracts dated after February 1st, 2010, FHA has waived the flipping rule.
Private Sellers & Investors can now sell their properties to FHA buyers without having to wait 90 days.
I am excited to help you to achieve the pride of home ownership. I keep you informed every step, iof the way in what eer manner you choose. I am very active in my community, I am on the board for my s
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