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What Happens If My Mortgage Is Sold

Posted by on Mar 21, 2013 in FAQ | 0 comments

What Happens If My Mortgage Is Sold?

What Happens If My Mortgage Is Sold

A few days ago we covered, What Is The Difference Between A Loan Servicer, Investor and Lender?  today we’ll basically be doing a “part 2.”  Many time servicers will transfer or sell the rights to a loan.  So you might ask What Happens If My Loan Sold?   If you’re current on your loan then there’s no need to stress, nothing really happens.  However, if you are with Bank of America for instance and you are in a short sale process, then you should be aware.

From Bank Of America:

Bank of America services mortgage loans for hundreds of investors. As a part of normal servicing, investors may decide to release or transfer servicing from Bank of America to another company.

Servicing may be transferred on first, second or stand-alone liens. In most cases, once the servicing transfer occurs, the short sale process ends with Bank of America and the homeowner must contact the new servicer to determine what foreclosure alternatives may be available.

Keys to remember if you are doing a short sale.

Some key activities that may occur during servicing transfer:

All lenders should send a letter 15 days before the transfer date.

  • If you are with Bank of America, then they may call the agent to advise of the impacts to the short sale.
  • The new servicer will send a letter or statement advising the homeowner where to send payments.
  • If an offer has already been accepted on your short sale, a closing has been set and an approval letter issued, the new servicer will determine if the short sale will continue. [In other words, you’ll be starting over, but hopefully “fast tracked.”

How To Short Sale Your Home

Posted by on Mar 12, 2013 in FAQ | 0 comments

How To Short Sale Your Home is so common of a question I thought it’d best to try to answer it.

Ultimately, there’s a bunch of other questions like when to short sale or why to short sale, but How To Short Sale Your Home is relatively easy to answer.

The short answer would be to contact the Jarvis Team.

The longer answer is that you really need to get a short sale specialist and get an offer on the home for the bank to even consider you for a short sale.  That coupled with your hardship information is enough for you to “qualify.”  I do get angry when I see signs and advertisements for pre-foreclosure or “potential short sale.”  If your home is up for sale as a potential short sale, then your agent doesn’t know what we know.  If you’re upside down on your home and you have an offer, we can do your short sale.

That’s really the reason we think “How to short sale” is kind of silly question, because the only real components are:

  1. your hardship,
  2. the offer
  3. and the value.

Short Sale VS Foreclosure Chart

Posted by on Mar 8, 2013 in FAQ | 0 comments

Short Sale VS Foreclosure Chart

The benefits of a short sale are pretty enormous when compared to doing nothing.  Short Sale VS Foreclosure shouldn’t even be a questions.

“It was the best thing I ever did.” ~ Jacob J. | Lawrenceville

We decided to try to compare the options side by side for you with a short sale vs foreclosure chart.

Short Sale

Taking Action

  • Debt Forgiveness (at least in every one of our deals)
  • Negotiated Terms
  • Home Sold At Market Value
  • Selling the Home The Only Way Possible
  • Live In Home For Extended Period If Needed
  • Listed On Credit for 2 Years
  • Potential 1099 – offset by losses
  • Credit Can Be Repaired In 6 months


Doing Nothing

  • Debt Forgiveness (at least in every one of our deals)
  • Dicated Terms
  • Home Sold At Bottom of Market, Hurts Home Owners
  • Home Is Taken From You
  • Potential For Eviction
  • Listed On Credit for 5 Years
  • You can still get a 1099
  • Total Credit Devastation
  • Leaves Behind A Vacant Home




What Is The Short Sale Time Frame?

Posted by on Mar 5, 2013 in FAQ | 0 comments

This is one of those questions that doesn’t have an easy answer for anyone.  Most of the time the answer to how long a short sale will take is bank specific.  Most short sale timelines are completely situational.  However, we can give you some guidelines on short sale timelines.

Most Banks won’t consider a short sale without an offer, so we’ll start here.

Short Sale Time Fram

0- 30 Days – Jarvis Team Gets An Offer on the home.
90-120 Days – Negotiating with Bank for Approval of Short Sale
30 Days – Buyer to close on property

Total: 180 days (6 Months) for a short sale to be completed from start to finish.

If you happen to be worrying about the foreclosure notice during this time, then rest a little easier.  We’ve not lost any homes due to foreclosure while we have a valid offer.  We can usually postpone the foreclosure without much trouble.

Do you have questions about the Short Sale Timeline?  Remember, it’s bank specific, so Suntrust short sales are going to take much longer and Bank of America Short Sales are now much shorter.

What To Do If You Receive A Foreclosure Notice

Posted by on Mar 1, 2013 in FAQ | 0 comments

What To Do If You Receive A Foreclosure Notice?

{This is for properties that receive foreclosure notices in the state of Georgia}

If you get one of these foreclosure notices it’s important to know the difference between a “we don’t like the fact you didn’t pay us” and a foreclosure notice (aka Notice of Default).  To be official it needs to come from an attorney.   It usually starts with:

NOTICE OF SALE UNDER POWER GEORGIA, GWINNETT COUNTY Under and by virtue of the Power of Sale contained in a Security Deed given by Your Name

This will be followed by a lengthy legal description, loan company and amount owed, but what you are looking for is:

within the legal hours of sale on the first Tuesday in

IF you have a date on there, then it’s not a “threaten” letter from the attorney, it’s the real deal.  I would love to say you have nothing to fret if you received a foreclosure notice (also known as a Notice of Default) but time is really of the essence if you want to try to postpone the foreclosure to pursue an Atlanta short sale.  We can usually help you if we have at least 30 days, but by the time you receive the notice you may only have 20 days, so you must act quickly!!!