Quit whining about Short Sales. YOU are the problem.
5 comments • Wendy Rulnick "Its Wendy!" Destin FL Short Sales • December 30 2009 05:09PMCurrent on Your Mortgage? Short Sale Denied!
Borrower: Elderly gentleman at retirement age
Property: Florida home that was rented out, tenants vacated
Lender: Green Tree Servicing
Hardship: Major expenses due to spouse being in head-on collision. She will require extensive medical treatment for years and require relocation for appropriate care.
Mortgage status: Payments kept current from savings. Account drained from $35,000 to $3,000.
Seller’s Logic to Make Payments: “I am keeping up my end of the mortgage agreement in good faith”
Green Tree Conclusion: Short Sale Denied
Green Tree Investor states: “We are willing to take a hit if you are willing to take a hit on your credit. You are current with your payments. Short sale denied.”
You think I am making this up? I am not. This homeowner contacted his lender before asking me to sell his home as a short sale. He was told he could continue to make his payments and his short sale would be considered. Yet, he was denied. Guess what? After I notified him of the denial, he said he will no longer be making his mortgage payments. He held up his end of the bargain as best he could and tried to save his lender the cost of foreclosure. Thankfully, a kind Green Tree representative is going to swat the investor in the head so they LOOK at the situation, as she said, like a “human being, not a computer”.
People, do not be alarmed. This is NOT the norm. Most short sale lenders WILL consider a short sale if you are current with your payments IF you have a legitimate hardship. For example, IF you are using your savings to make payments, charging on credit cards, borrowing money, taking funds out of retirement, have a military base relocation, etc. I am neither endorsing nor recommending that you make payments or don’t make payments. That is a personal decision. And it is a tough decision. Do what is right for you.
This elderly gentleman may yet find that there is hope for his situation and that he can avoid foreclosure. He made his payments in good faith and left his family with almost nothing. Perhaps this investor will reconsider his short sale and offer him some good faith, too.
It's Wendy!
Wendy Rulnick, Broker, CRP, CRS, GRI, ABR Rulnick Realty, Inc.
Destin Short Sales & Pre Foreclosure Help.
Read Wendy's Destin Real Estate Blog
www.ShortSaleSuperstars.com for agents
Call toll-free 1-877-ITS-WNDY (1-877-487-9639) or local 850-650-7883 ext 204
Email Wendy: itswendy@rulnickrealty.com
Wendy is a short sale and pre-foreclosure specialist and has been featured in "Kiplinger Personal Finance Magazine" and "Florida Realtor Magazine". Call Wendy Rulnick, Broker/Owner,to list and sell your home or condo on the Emerald Coast of Florida in Walton, Okaloosa and Santa Rosa County- Destin, Santa Rosa Beach, Fort Walton Beach, Niceville, Bluewater Bay, Navarre, Seagrove Beach, Watercolor, Sandestin, Seaside, Crestview, Rosemary Beach, Mary Esther, Shalimar, Eglin AFB, Hurlburt Field.
24 comments • Wendy Rulnick "Its Wendy!" Destin FL Short Sales • December 29 2009 06:20PMAurora Loan Services Offer- Too Good To Be True?
A homeowner recently emailed me quite concerned about a letter she received from Aurora Loan Services. She had a second mortgage with them for $29,700 at 12% interest. She had never been late with her payments and was not selling as a short sale. The Aurora letter stated she could pay her loan off now at about one-third what was owed, and would have no further obligation on the note! It's Wendy! Wendy Rulnick, Broker, CRP, CRS, GRI, ABR Rulnick Realty, Inc. Destin Short Sales & Pre Foreclosure Help. Read Wendy's Destin Real Estate Blog Call toll-free 1-877-ITS-WNDY (1-877-487-9639) or local 850-650-7883 ext 204 Email Wendy: itswendy@rulnickrealty.com Wendy is a short sale and pre-foreclosure specialist and has been featured in "Kiplinger Personal Finance Magazine" and "Florida Realtor Magazine". Call Wendy Rulnick, Broker/Owner,to list and sell your home or condo on the Emerald Coast of Florida in Walton, Okaloosa and Santa Rosa County- Destin, Santa Rosa Beach, Fort Walton Beach, Niceville, Bluewater Bay, Navarre, Seagrove Beach, Watercolor, Sandestin, Seaside, Crestview, Rosemary Beach, Mary Esther, Shalimar, Eglin AFB, Hurlburt Field. 
Dear Customer:
Aurora Loan Services, as a servicer of your loan, has been authorized by the owner of your second mortgage to offer an opportunity to pay off your loan at a reduced amount.
Upon receipt of the reduced payoff funds in the amount of $10,400, your loan will be considered paid in full. Aurora Loan Services will report your account paid in full to the applicable credit reporting agencies and send the necessary documentation to release the second lien from the public records.
If you elect tp participate in this special payoff offer, Aurora Loan Services will file an IRS 1099-C Form for the amount of debt forgiveness.
Please be advised that certified funds (in the form of a cashier's check or money order) must be received by Aurora Loan Services no later than the close of business on January 29, 2010. If the funds are not received by this date, the offer made in this letter will be rescinded and considered null and void.
Certified payoff proceeds must be made payable to and remitted directly to Aurora Loan Services. If you have any questions, please contact one of our representatives by calling 866-459-3059
Is this offer for real? Apparently so, as the borrower called Aurora Loan Services and confirmed it. They said they were doing it "to help people" and their phones were "ringing off the hook". And what a deal - even with tax consequences, it seems to make sense to pay $10,400 and save almost $20,000 in cancelled debt and interest payments! I advised the borrower to consult with an attorney, as she questioned sending in a cashiers check with only the letter to prove her mortgage would be paid in full.
Why is Aurora really doing this? Perhaps the investor on this loan is looking for some quick capital to cover losses? If you have any similar experiences with Auorora Loan Services, report it here.
10 comments • Wendy Rulnick "Its Wendy!" Destin FL Short Sales • December 27 2009 11:19AMThe Palms Unit 11003, Destin Florida Short Sale Condo
The Palms of Destin is what everyone raves about! 
You can own this almost-new Destin short sale condo and be in the middle of all the excitement! Pool, tennis? Beach, drinks? You can have it all! Unit is close to Henderson Beach and the Gulf of Mexico for swimming and sunning! The contemporary Palms project includes huge lagoon pool, children's pool, waterfall, tennis, basketball. Love coffee? "The Beach Trader" is on-site for your cup of Starbucks. Finally, Traders Vics is the place to go for cocktails. Your unit is sleek and stylish, has granite counters, 9' ceilings. Association dues covers wireless internet and utilities.
This Destin short sale is offered at $173,900.
It's Wendy!
Wendy Rulnick, Broker, CRP, CRS, GRI, ABR Rulnick Realty, Inc.
Destin Short Sales & Pre Foreclosure Help.
Read Wendy's Destin Real Estate Blog
Call toll-free 1-877-ITS-WNDY (1-877-487-9639) or local 850-650-7883 ext 204
Email Wendy: itswendy@rulnickrealty.com
Wendy is a short sale and pre-foreclosure specialist and has been featured in "Kiplinger Personal Finance Magazine" and "Florida Realtor Magazine". Call Wendy Rulnick, Broker/Owner,to list and sell your home or condo on the Emerald Coast of Florida in Walton, Okaloosa and Santa Rosa County- Destin, Santa Rosa Beach, Fort Walton Beach, Niceville, Bluewater Bay, Navarre, Seagrove Beach, Watercolor, Sandestin, Seaside, Crestview, Rosemary Beach, Mary Esther, Shalimar, Eglin AFB, Hurlburt Field.
9 comments • Wendy Rulnick "Its Wendy!" Destin FL Short Sales • December 21 2009 06:20PMThe Palms Unit 1307, Destin Short Sale Condo
Own this fabulous central Destin short sale condo at The Palms! You can pick your choice of on-site fun or pop over to Henderson Beach and the Gulf of Mexico right across Emerald Coast Parkway! The contemporary Palms project includes huge lagoon pool, children's pool, waterfall, tennis, basketball.
Love coffee? "The Beach Trader" is on-site for your cup of Starbucks. Finally, Traders Vics is the place to go for cocktails. Your unit is sleek and stylish, has granite counters, 9' ceilings. Association dues covers wireless internet and utilities. 
This Destin short sale is offered at $149,700.
It's Wendy! Wendy Rulnick, Broker, CRP, CRS, GRI, ABR Rulnick Realty, Inc. Destin Short Sales & Pre Foreclosure Help. Read Wendy's Destin Real Estate Blog Call toll-free 1-877-ITS-WNDY (1-877-487-9639) or local 850-650-7883 ext 204 Email Wendy: itswendy@rulnickrealty.com Wendy is a short sale and pre-foreclosure specialist and has been featured in "Kiplinger Personal Finance Magazine" and "Florida Realtor Magazine". Call Wendy Rulnick, Broker/Owner,to list and sell your home or condo on the Emerald Coast of Florida in Walton, Okaloosa and Santa Rosa County- Destin, Santa Rosa Beach, Fort Walton Beach, Niceville, Bluewater Bay, Navarre, Seagrove Beach, Watercolor, Sandestin, Seaside, Crestview, Rosemary Beach, Mary Esther, Shalimar, Eglin AFB, Hurlburt Field.
5 comments • Wendy Rulnick "Its Wendy!" Destin FL Short Sales • December 21 2009 06:09PMFeds Shut Down Peoples First Bank - Was Denying All Short Sales Part of Its Demise?
About a year ago I wrote about People's First Community Bank in "Short Sale Denied - Despite Cancer Diagnosis". My seller's husband had kidney cancer, and her financial situation had become tenuous. She could no longer afford the payments on her lot near Destin Florida.
I worked to help her do a short sale to avoid foreclosure. When we sent in the contract, People's First told me they "do NOT do short sales, period". I called them and reiterated the diagnosis of kidney cancer, wondering how this woman could keep up with her payments. I also asked, "Why would your company not consider a short sale in this economy?" I was told they had "not given any subprime loans, they were well-capitalized, and when they lent money, they expected to get it paid back". I said, "So you'd rather foreclose?" They said "Yes". When I told them I would write about the story in my blog, they warned me not to.
My question is, could Peoples First's policy of refusing any short sale been part of its downfall? If the bank insisted on foreclosing and repossessing properties, wouldn’t that have added to its risk-based assets? If they had allowed short sales, wouldn’t their percentage of risk-based assets have been decreased? It's Wendy! Wendy Rulnick, Broker, CRP, CRS, GRI, ABR Rulnick Realty, Inc. Destin Short Sales & Pre Foreclosure Help. Read Wendy's Destin Real Estate Blog www.ShortSaleSuperStars.com for Realtors Call toll-free 1-877-ITS-WNDY (1-877-487-9639) or local 850-650-7883 ext 204 Email Wendy: itswendy@rulnickrealty.com Wendy is a short sale and pre-foreclosure specialist and has been featured in "Kiplinger Personal Finance Magazine" and "Florida Realtor Magazine". She serves: Destin, Santa Rosa Beach, Fort Walton Beach, Niceville, Bluewater Bay, Navarre, Seagrove Beach, Watercolor, Sandestin, Seaside, Crestview, Rosemary Beach, Mary Esther, Shalimar, Eglin AFB, Hurlburt Field.
Today it was announced that the federal Office of Thrift Supervision has closed People's First. A few weeks ago the bank was notified by OTS for Prompt Corrective Action because they were deemed “significantly undercapitalized”. Basically, a bank’s capitalization rating has to do with its percentage of capital, like cash, as compared to its risk-based assets, such as mortgage loans. According to the FDIC: ”Well Capitalized” means a total risk-based capital equal to or greater than 10 percent, “Adequately Capitalized" is a risk-based capitalo ratio equal to or greater than 8 percent. People’s First capital ratio has been reported at 2.55.
Finally, wouldn’t allowing short sales have helped them live up to their motto, “The Best Bank in the Neighborhood”?
11 comments • Wendy Rulnick "Its Wendy!" Destin FL Short Sales • December 19 2009 11:50AMDoes Your MLS Allow Short Sale Games?
Bravo to the Florida Emerald Coast Association of Realtors for recognizing the risks of multiple offers on short sales. Our MLS requires all short sale contracts to be placed in "Contingent" or "Pending" status. What some agents do to skirt around this rule is submit unsigned "offers" to the short sale lender. That way, they could keep the properties listed in Active status while working multiple short sale offers, since an "offer" is not a "contract".
Here is the new rule from the Emerald Coast Association of Realtors:
"Further clarifying what a short sale listing in Active status represents, the Emerald Coast Association of REALTORS® Board of Directors tightened the MLS rules require a status change whenever an offer has been sent for lender approval or while additional offers are being collected. Listing agents are now required to pull a short sale listing while waiting for a response from a lender whether the seller has agreed to the potential buyer’s offer or not. The following wording was added to the Short Sale paragraph in Section 1.2, Note 3 on November 19, 2009:
When an offer is received on a Short Sale listing and that offer is not rejected by the seller within three business days of receipt by the listing brokerage or is sent to one or more lien holders for consideration, that listing may not be left in Active Status.If the seller has accepted the offer – whether or not it is subject to bank approval – the listing must be placed in Contingent or Pending Status. Otherwise, the listing must be Temporarily Withdrawn until all outstanding offers are rejected, the lien holder(s) agrees to the terms of the offer, or until the seller chooses to accept an offer. The change will prevent several “loop holes” from keeping a listing on the market when offers are being collected by the seller or considered by a lender. Contrary to the belief of some MLS subscribers, most MLS Rules, this one included, may not be superseded by the desires of the seller or by agreement of the buyer and seller. The new rule goes into effect immediately."
I think this is a good move, what say you?
It's Wendy!
Wendy Rulnick, Broker, CRP, CRS, GRI, ABR Rulnick Realty, Inc.
Destin Short Sales & Pre Foreclosure Help.
www.ShortSaleSuperstars.com for agents
Call toll-free 1-877-ITS-WNDY (1-877-487-9639) or local 850-650-7883 ext 204
Email Wendy to sell your home or buy a home: itswendy@rulnickrealty.com
Call Wendy Rulnick, Destin short sale agent, to list and sell your home or condo on the Emerald Coast of Florida in Walton, Okaloosa and Santa Rosa County- Destin, Santa Rosa Beach, Fort Walton Beach, Niceville, Bluewater Bay, Navarre, Seagrove Beach, Watercolor, Sandestin, Seaside, Crestview, Rosemary Beach, Mary Esther, Shalimar, Eglin AFB, Hurlburt Field. Wendy is a short sale and pre-foreclosure specialist and has been featured in Kiplinger Personal Finance Magazine and Florida Realtor Magazine.
70 comments • Wendy Rulnick "Its Wendy!" Destin FL Short Sales • December 18 2009 04:28PM1227 Quail Ridge, Quiet Wood Subdivision, Destin FL - Short Sale Home with Inground Pool
Spacious Destin short sale home,1227 Quail Ridge, on cul-de-sac in Quiet Wood subdivision with half-acre lot! Improvements include tile in main living areas, granite counters in kitchen, roof new in 2004 with dimensional shingles. Inground pool with new paper filter, gazebo. Gazebo with red and white grapes, orange, lemon and fig trees. This Destin short sale property needs some work, but with a pool, large lot and great location, this home has unbeatable features!
Offered at $199,900
It's Wendy!
Wendy Rulnick, Broker, CRP, CRS, GRI, ABR Rulnick Realty, Inc.
Search All Destin Florida Real Estate
Destin Short Sales & Pre Foreclosure Help.
Call toll-free 1-877-ITS-WNDY (1-877-487-9639) or local 850-650-7883 ext 204
Email Wendy to sell your home or buy a home: itswendy@rulnickrealty.com
Call Wendy Rulnick, Destin real estate agent, to list and sell your home or condo or help you buy a home or rental property on the Emerald Coast of Florida in Walton, Okaloosa and Santa Rosa County- Destin, Santa Rosa Beach, Fort Walton Beach, Niceville, Bluewater Bay, Navarre, Seagrove Beach, Watercolor, Sandestin, Seaside, Crestview, Rosemary Beach, Mary Esther, Shalimar, Eglin AFB, Hurlburt Field. Wendy is a short sale and pre-foreclosure specialist and can help you sell or buy a short sale property in and around Destin Florida and the Emerald Coast.
6 comments • Wendy Rulnick "Its Wendy!" Destin FL Short Sales • December 17 2009 01:18PMSt. Martin Beachwalk Villas #221, Destin Florida Condo for Sale
This Destin condo in St. Martin Beachwalk Villas is centrally located on the beach side of highway 98, you can walk to Big Kahuna's Water Park, Mellow Mushroom Pizza, the grocery or convenience store if needed. A short board walk takes you to Sugar Sand Beaches and Emerald Waters of the Gulf of Mexico. This Destin condo will make a great vacation rental or a place to call home with 3 bedrooms, 2 baths and a split floor plan. The living area and master bedroom open to the balcony overlooking the community pool and a peek of Gulf Views from the Balcony and south windows of the unit. St Martin Beachwalk is a quaint Beach Community for a vacation or your home. It is also located 10 minutes from Destin Commons, Henderson Beach, and golf galore!
Offered at $199,900.
It's Wendy!
Wendy Rulnick, Broker, CRP, CRS, GRI, ABR Rulnick Realty, Inc.
Destin Short Sales & Pre Foreclosure Help.
Read Wendy's Destin Real Estate Blog
Call toll-free 1-877-ITS-WNDY (1-877-487-9639) or local 850-650-7883 ext 204
Email Wendy: itswendy@rulnickrealty.com
8 comments • Wendy Rulnick "Its Wendy!" Destin FL Short Sales • December 16 2009 08:36AMLot 6 Country Club Dr., Santa Rosa Beach Florida - Off 30-A
This quarter-acre lot is in Country Club Estates, off 30-A in Santa Rosa Beach Florida. Mostly wooded, it would be the ideal location for your new South Walton home. This Santa Rosa Beach lot is short distance to public beach access, Gulf of Mexico and Gulf Place shopping on 30-A. Lot size approximately 76 x 142. Buy and build your retirement or vacation home in South Walton!
Offered at $59,900.
It's Wendy!
Wendy Rulnick, Broker, CRP, CRS, GRI, ABR Rulnick Realty, Inc.
Destin Short Sales & Pre Foreclosure Help.
Read Wendy's Destin Real Estate Blog
Call toll-free 1-877-ITS-WNDY (1-877-487-9639) or local 850-650-7883 ext 204
Email Wendy: itswendy@rulnickrealty.com
Wendy is a short sale and pre-foreclosure specialist and has been featured in "Kiplinger Personal Finance Magazine" and "Florida Realtor Magazine". Call Wendy Rulnick, Broker/Owner,to list and sell your home or condo on the Emerald Coast of Florida in Walton, Okaloosa and Santa Rosa County- Destin, Santa Rosa Beach, Fort Walton Beach, Niceville, Bluewater Bay, Navarre, Seagrove Beach, Watercolor, Sandestin, Seaside, Crestview, Rosemary Beach, Mary Esther, Shalimar, Eglin AFB, Hurlburt Field.
3 comments • Wendy Rulnick "Its Wendy!" Destin FL Short Sales • December 15 2009 09:12AMContent © 2009 'Frequent Contributors'. Design © 2009 ActiveRain Corp.
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Hi folks. I was commenting on an article by Russell Shaw over at AgentGenius earlier and one person actually stated that instead of trying to solve the short sale issue we should be working on speeding up the foreclosure process.
Speed up foreclosures? Sorry but I’m in the business of helping people salvage some of their credit and get out of a bad situation with the least amount of damage. Speeding up the foreclosure process helps nobody.
Short sales fail due to:
Do NOT be foreclosed on! Avoid foreclosure. Short Sales DO close.
Want to find out more? www.CentralFloridaShortSales.com
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