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Tag: short sale in tucson

What Should You Expect While Working With The FHA On A Short Sale

June 12, 2012

Hello everyone Shawn Polston here with Tucson Short Sale Negotiator and 502 Short Sales thank you for your time today. I work with Keller Williams Realty in the Tucson area and use my blog to share valuable content with distressed property owners on their options for avoiding foreclosure. If you are behind on your mortgage or already considering a short sale please take a minute to browse my website or give me a call to learn more about your options.

For my blog today I wanted to talk about completing a short sale through the FHA and what to expect while working with their staff. Because I am working with different lenders and investors every day I always try and keep homeowners informed on my experiences and how long your short sale could take. Currently the FHA is overwhelmed with short sale requests and has not been afraid to be upfront with agents about that. Because the FHA is an investor on mortgages with numerous different Tucson banks this is no surprise. I like to share this information that way homeowners have the proper expectation of how long a short sale will take to complete. From the time the FHA receives your short sale packet it is taking them one to two months to review and approve your packet. Once your packet is reviewed and approved it may take an additional six to eight weeks for the FHA to approve the offer on your Tucson home. This is nothing out of the ordinary and our team works to make this process as short as possible but it’s best to have a realistic outlook.

If you have any real estate questions surrounding your distressed Tucson home please give me a call today to arrange a free consultation. I hope your having a great day and I can help you with all of your real estate needs.

Do You Know Who Owns Your Loan?

June 5, 2012

Hi there, this is Shawn Polston with TucsonShortSaleNegotiator.com and Keller William’s Real Estate in Tucson. I wanted to talk to you today about my friends over at Fannie Mae and Freddie Mac. Fannie Mae and Freddie Mac are investors that own loans. You may make your payments to Bank of America, Chase, or some other bank. Whoever you send your payment to, however, is your servicer. There is a distinct possibility that Fannie Mae or Freddie Mac owns your mortgage; no one actually sends their payments to Fannie Mae or Freddie Mac. The servicer collects the payment and then will take a small portion of your mortgage payment and then forward it on to the investor. Why this is important is because if you’re considering a short sale or considering a foreclosure the person that actually does the decision making and establishes the guidelines of how it’s going to happen and when it’s going to happen is either Fannie Mae or Freddie Mac if they own your loan.

There’s an easy way to figure out if either of them owns your loan by looking at their websites online. The reason I’m talking about this is because many people don’t realize that there are mortgage investor and servicer relationships. The servicer doesn’t really have the ability to make a decision on what’s going to happen with the loan whether you’re going to do a loan modification, a short sale, a deed in lieu of foreclosure, etc. It’s actually the investor who owns the mortgage that makes these decisions and I just wanted to get that out there.

Fannie Mae and Freddie Mac own numerous loans and we’ve got a ton of them. We have a very good relationship with both of those companies. If you have a loan with Fannie Mae or Freddie Mac and you have short sale questions or would like to know what the expectation should be, please give me a call or fill out the request form on our website.

Are There Any Suggestions to Working with Wells Fargo on Completeing a Short Sale?

May 22, 2012

Hi, I’m Shawn Polston with TucsonShortSaleNegotiator.com and 520ShortSale.com with Keller Williams Realty, your Tucson short sale experts. I wanted to talk to you today about Wells Fargo short sales. Wells Fargo is a very interesting company to work with on short sales. They have very, very defined and refined processes and one of the biggest things with Wells Fargo, the difference between success and failure with your short sale, whoever is handling your file needs to have an incredibly good sense of humor and an incredible amount of attention to detail. They want every I dotted and every T crossed, no missing initials on anything, and every piece of paperwork you send them has to be completely legible.

The reason I’m bringing this up is because you’ll hear a lot of agents say nasty things about Wells Fargo. The reason they have all of these negative things to say about Wells Fargo is in short sales it’s understandable they have problems with Wells Fargo’s way of doing business. However, they aren’t going to change it. So one of the biggest things about my team is we understand this and we embrace this. Stephanie, who works in our office, is becoming a Wells Fargo specialist.

Again, I’m Shawn Polston with Keller Williams Realty, your Tucson short sale specialist and I’m here to help. If you have a Wells Fargo mortgage of any kind, and you would like to talk to someone who likes working with them about how to do a short sale, please feel free to give me a call or fill out my short sale request form. I hope you’re having a good day and we’ll talk to you soon.

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About Shawn Polston

Shawn has been a Realtor since 2006. Prior to becoming an agent Shawn and his wife were active real estate investors. Shawn takes his education seriously; he’s taken over 200 hours of continuing education classes, to keep up-to-date on current laws and trends. Shawn is a member of the Arizona Association of Realtors Master of Real Estate Society and a Graduate of the Realtor Institute. He is also a HAFA certified Short Sales and Foreclosure Specialist in addition to being a National Association of Realtors Short Sale and Foreclosure Resource.

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