I recently received two new short sales from a Foreclosing Lender that I have done a lot of work with. I attached a great breakdown from SunTrust Mortgage and how they go about doing there short sales, what their process is and also what their timelines are. Save the SunTrust short sale requirements for your future short sale! Here it is: “SunTrust Mortgage, Inc. (STM) is dedicated to careful counseling...

Rapport, rapport, rapport! “I saw your name on the coversheet, and thought, I’ve worked with this guy before!”  Those were some of the first words that the new negotiator at GMAC said upon his phone call informing me he was now handling this file.  And that was when I knew that this deal was going to happen, it was going to close. The deal in question involved two mortgages, a tremendous amount...

These days many 2nd mortgage companies are now asking for 10% of their principal balance in order to release their lien. Prior to these recent changes, ALL 1st mortgage holders allowed a maximum of $1,000 to 2nd mortgages, period. Once 2nd mortgage holders started demanding 10%, it made obtaining approvals from both mortgages quite challenging. After all, 10% is quite a large number! And most 1st mortgages...

It’s quite likely that many of you out there only think you can make a good sum of money on wholesale short sales. But we recently closed a retail short sale in which we made $10,500, and had the bank pay us! It was a two-family house down in southern Connecticut with an offer of $400,000 to start. We started the process by submitting a wholesale offer, with the hopes that we could resell this...