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Short Sales - From the Lender's View



Uploaded by: reibroker
Video Description:
An 8 minute excerpt from the 1 hour interview with Ken Cook, Director of Operations of Novation Mortgage (formerly NovaStar Home Mortgage) on the short sale process from the lender's viewpoint http://novationmortgage.com/loanmodification.php
WEBAROOS commented that this does not happen in any other country. Really?
"this does not happen in any other country"?
Australia
http://www.telegraph.co.uk/money/main.jhtml?xml=/money/2008/07/30/cnoz130.xml
Britain
http://www.prlog.org/10060348-international-real-estate-analyst-warns-of-england-credit-crash-and-global-credit-crisis.html
Spain
http://www.businessweek.com/globalbiz/content/jul2008/gb20080721_011990.htm?campaign_id=rss_eu


Tags for this video: estate foreclosures investing loan modification preforeclosures real sales short

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Comments for this video on YouTube
Probably not. ... ( 1 year ago by reibroker)
Probably not. President Bush is calling for this to be lifted.
I thought it was a ... ( 1 year ago by CheCheFromDaA)
I thought it was a excellent video.I'am considering using this person as my agent.
Thank You,
D
is it possible, if ... ( 1 year ago by jeffreybcam)
is it possible, if i got a forclosed house, and i take out the equity of the house or refinance, then use the money i get from the equity or refinance, to pay the house for 2 years, then after 1 year and half, i put the house up for sale? please let me know if thats a smart move
Jeffrey - without ... ( 11 months ago by reibroker)
Jeffrey - without knowing anything else about the deal it is impossible to say whether you are looking at a "smart move". Theoretically yes, what you are describing can be a smart move. Whether or not "smart move" is applicable in your specific instance is only a guess. Feel free to contact me with more details and I will help as much as possible. Regards, Ken
We offer FREE ... ( 11 months ago by ForeclosureHelp2008)
We offer FREE advice on foreclosures and short sales. We are a Christian run business and never charge you a penny. We have a network of investors who buy in CASH which the lenders prefer in short sales if you need to go that route.
You can figure out our website from my screen name....
I don't feel silly ... ( 10 months ago by Click2u)
I don't feel silly about not understanding short sale...Thank you
Great video. I am ... ( 10 months ago by bicepsca)
Great video. I am a real estate agent in Montreal Canada and I will folow your videos. I also do international real estate and wondering if you would be interested in doing buisness together?
Wonderful. Clearly ... ( 8 months ago by shweamel)
Wonderful. Clearly informative. I've been doing short sales in California for 3 years. It is easier to negotiate a short sale now than it was 3 years ago. Agents: Don't be intimidated to try a short sale. I had my best training by asking Loss Mitigators themselves. I'm always available for questions.
Array ( 7 months ago by palmajav)
hello shweamel,
what do you do when the lender wants the sellers to sign a promissory note in the amount of let's say $10,000.00 to approve the short sale?
Nice job. Good ... ( 7 months ago by realtyutube)
Nice job. Good overview of short sales. I especially liked how you included a scenario to walk the viewer through the process.
This is becoming a ... ( 7 months ago by reibroker)
This is becoming a very popular tactic. If you have a strong case that the sellers simply cannot afford to repay AND the property value is declined/still declining enough to where the lender is going to lose more than the promissory note amount at sale then simply refuse to sign it. WF and CW are especially using this tactic to try and recover some of the loss for their depositors and investors.
I work for ... ( 6 months ago by apaykin)
I work for OptionNext. We are a nationwide loss mitigation company as well. We can process and mitigate your short-sale, and we never charge the homeowner a cent! We're paid by the bank, out of the real estate commission. We cosult to realtors and mortgage brokers as well, and make sure that everyone gets paid a fair commission at closing...
my dad is going ... ( 5 months ago by sckryde)
my dad is going through hell right now.
we have a women who is interested in buying the house in a short sale are the banks motivated in short sales right now?
the house was bought at 440,000.00 but all the homes in area are valued at 185-220,000.00
now and shes offering 200 do u think the bank will take it ? other wise we're screwd :(
you were very ... ( 5 months ago by jackinla8)
you were very informative -- thank you!
Nice video. I will ... ( 4 months ago by tulsarealestate)
Nice video. I will use it as a time saver for my clients who need to understand what this process will be for them.
You poor bastards, ... ( 4 months ago by webaroos)
You poor bastards, who allowed these eventual mortgage problems to develop, your economy is obviously uncontrolled and backward, this does not happen in any other country around the world, I think it is a deliberate system where money is quickly removed from part of the population to benefit others, a free economy which is out of control. Many yanks after many generations still have not attained any assets, it's crazy and unfair.
I bumped up your -1 ... ( 4 months ago by Anothercoilgun)
I bumped up your -1 rating to 0. Who other than the 1% thieves them selfs would disagree with you. Good comment but not in order for this clip.
A good clip no doubt. They are becoming common these days. Had the country been notified off all the trickery and whimsical b.s. associated with real estate prior to this crisis, there would be no crisis. Just like if a platoon had a map of a land mind field before entering, they would have little to no casualties.
ACG out.
send him an email ... ( 3 months ago by THEREIZNOGOD)
send him an email and he'll ask you for the property address and the lender
Emilio I asked YOU ... ( 3 months ago by reibroker)
Emilio I asked YOU for the property address and the name of the lender because you said you told the lender you were intending to live in the property so you could get a lower rate when you never had any intention of living in the property and now you're facing foreclosure. The hundreds of others who have emailed me have each had an individual response based on their situation. In your case I wanted to see if there is an Interthinx or MARI report due to the occupancy which can complicate
"this does not ... ( 3 months ago by reibroker)
"this does not happen in any other country" O RLY? See the "Info" section for this video for just 3 samples from Australia, Britain and Spain. No, it doesn't happen in countries where people are not free to own their own property or where the people are property of the state - that is correct!
We don't have ... ( 3 months ago by webaroos)
We don't have wholesale, uncontrolled havoc in the mortgage market, neither do our prices drop like a rock because the mortgagee is always responsible for the debt, you cannot just walk out and leave the keys, and you seem ignorant of Australia's situation.
"and you seem ... ( 3 months ago by reibroker)
"and you seem ignorant of Australia's situation" enlighten me Oh Great One. By the way - when you make statements you hope will sway opinion or correct news reports cite someone with credentials or provide your own. The mortgagee is always responsible for the debt? The mortgagee is the lender you know - I'm going to trust you simply misstated the positioning. The title of the article in the UK Telegraph is "Australia faces worse crisis than America" (linked in the info section).
The UK Telegraph, ... ( 3 months ago by webaroos)
The UK Telegraph, is an English paper (12k miles away) and if you believe the envious drivel meted out by that publication I have a bridge you might be interested in. Look really you make money from the misfortune of others, why don't you have some decency and get a job.
a small taste of ... ( 2 months ago by markclark5)
a small taste of australian hypocrasy, are you surprised? many americans arn't aware of the ignorance, arrogance and ingratitude out there. with the advent of the internet contact has been made. Europeans arn't much better by the way.



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