Quite possibly because HAFA and HAMP have lagged behind in expected completions, the Treasury Department recently reviewed and eliminated some of the rules to make eligibility easier.
The Treasury has also tried to address the issue of 2nd lien investors holding up the clearance of short sales. If anyone has every dealt with a 2nd lien holder, they know what I'm talking about in a short sale transaction. The Treasury department has changed how first lien investors pay out to the 2nd lien holders. Originally, the second-lien investor had to agree to accept 6% of the unpaid principle balance owed to them (up to $6,000). The new guidelines eliminate that 6% rule (but still keep the $6,000 cap). On behalf of the investors, servicers determine the percentage of the unpaid principal balance of the second lien to be paid to each holder.
All borrowers must now receive a short sale agreement within 30 days of the request. This is very exciting news, as some short sale approvals have taken me up to four to five months to get.
If you have any questions regarding your foreclosure or a possible short sale transaction, please contact me for free advice.
Steve Loraus Realtor
ShortSalesMN.comTwin Cities Real Estate Group, Inc 18279 Minnetonka Blvd #AWayzata, MN 55391-4143Phone: 612.387.1326Fax: 952.746.1077
Minnesota Home Listings Decline by 5 Percent in December
A large real estate company does a monthly study of the number of home listings in 26 major cities and found that listing inventory was reduced 5.27% in December 2010(as compared to previous months). The report includes data collected from the Multiple Listing Service (MLS).
The December listings are still more than 11% higher than inventory was one year ago in 2009.
There is still a large surplus of housing inventory on the market that is causing Minneapolis area home prices to suffer. The majority market share of the inventory still consists of short sales, foreclosures, and bank owned properties.
MNRates.comStevesMNHomes.comShortSalesMN.comTwin Cities Real Estate Group, Inc 18279 Minnetonka Blvd #AWayzata, MN 55391-4143Phone: 612.387.1326Fax: 952.746.1077
A Minnesota Short Sale will in NO Way affect your Credit as much as a Minnesota Foreclosure will!!
Don't let the bank force you into foreclosure, a deficiency judgment, garnishments,and bankruptcy.
Our Service is totally FREE to You -- The Bank Will Pay Us!(Walk Away - Pay $0 to Bank, Realtor, Lawyer, Title Company)We are YOUR LOCAL MN Short Sale Realtor(612) 387-1326Here are some of the Banks we Have Negotiated with in Minnesota are:
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Some of our Current Short Sale Listings
SHORT SALE MN**SOLD**
Price Approved By Bank
3 Bedrooms2 Bathrooms2 Car Garage Andover, MNOwes 225kShort Sale Steal$143,000
SHORT SALE MN*SOLD*
Won't Last LongBuild Equity Fast
4 Bedrooms2 Bathrooms2 Car GarageCrystal, MNOwes 248kShort Sale Deal$179,900
On Lake Minnetonka
4 Bedrooms4 Bathrooms3 Car GarageMinnetrista, MNOwed 720kShort Sale Deal$315,000
SHORT SALE MNSOLD!
Days Away From Approval
3 Bedrooms2 Bathrooms3 Car GarageIsanti, MN
Short Sale Deal$189,900
SHORT SALE MN*SOLD*Bank Accepted
3 Bedrooms1 Bathrooms3 Car Garage Isanti, MNOwed 190kShort Sale Steal$113,500
3 Bedrooms2 Bathrooms2 Car GarageWest Bloomington, MNOwes 219kShort Sale Deal$135,000
Great Neighborhood
Bedrooms1 Bathrooms1 Car GarageMinneapolis, MNOwes 179kShort Sale Deal$89,900
Quick Closing
4 Bedrooms2 Bathrooms2 Car GarageCoon Rapids, MNOwed 209kShort Sale Deal$146,000
SHORT SALE MNPENDING! Day's from Approval Hurry! 2 Bedrooms1 Bathrooms1 Car Garage St Louis Park, MN Short Sale Steal $149,900 SHORT SALE MN *PENDING* Won't Last LongBuild Equity Fast 3 Bedrooms2 Bathrooms1 Car GarageBrooklyn Park, MN Short Sale Deal$79,900 SHORT SALE MN*Already Approved* Bank Wants it Sold Now! 2 Bedrooms2 Bathrooms1 Car GarageSt. Louis Park, MNOwes 217k Short Sale Deal$149,900 SHORT SALE MN*DUPLEX*PENDING! Days Away From Approval 4 Bedrooms2 Bathrooms2 Car GarageSt. Paul, MN Short Sale Deal$189,900
SHORT SALE MNPENDING!
Day's from Approval
Hurry!
2 Bedrooms1 Bathrooms1 Car Garage St Louis Park, MN Short Sale Steal $149,900
SHORT SALE MN
*PENDING*
3 Bedrooms2 Bathrooms1 Car GarageBrooklyn Park, MN
Short Sale Deal$79,900
SHORT SALE MN*Already Approved*
Bank Wants it Sold Now!
2 Bedrooms2 Bathrooms1 Car GarageSt. Louis Park, MNOwes 217k
Short Sale Deal$149,900
SHORT SALE MN*DUPLEX*PENDING!
4 Bedrooms2 Bathrooms2 Car GarageSt. Paul, MN
WELCOME TO WWW.SHORTSALESMN.COMMinnesota Short Sale Expert Serving the Minneapolis and Surrounding Suburbs.www.shortsalesmn.comSteve Loraus GroupLicensed Real Estate RealtorCDPE - Certified Distressed Property Expert#1 Twin Cities Realtor -2008&2009 Work with The Best...Submit a HomeTraditional Listings, FREE Short Sale & Pre Foreclosure Seller Representation & Flexible Commission Programs for Conventional Sellers
I Offer Risk Free - No Obligation Listings!OWE MORE THAN YOUR HOUSE IS WORTH????--We work with all Lenders-- We have established connections and successfully negotiated short sales with virtually every lender.
SELLERS--YOU DO NOT NEED TO BE LATE ON YOUR MORTGAGE TO QUALIFY FOR A SHORT SALE!!
ASK ABOUT OUR NO COST RENTAL PLACEMENT PROGRAM AND CREDIT REPAIR PROGRAMS, CONTRACT FOR DEED LISTINGS, OWNER FINANCING PLACEMENT PROPERTIES, LEASE WITH OPTION TO PURCHASE --AVAILABLE FOR ALL OUR SHORT SALE SELLERS
- In a Short Sale, the seller does not have to pay any real estate commissions or legal fees if you work with the Steve Loraus Team. We understand that you already are in a financial hardship.
Welcome to Short Sales MN-brought to you by the Distressed Property Expert Steve Loraus Team at Twin Cities Real Estate Group in Wayzata, Minnesota. We specialize in short sales, pre-foreclosures, and bank owned property in the Seven County Metro(Hennepin, Carver, Dakota, Ramsey, Anoka, Washington, Scott). Also work short sale sellers in Wright, Carver, McLeod,Meeker,Stearns, Sherburne, Isanti, Chisago, Goodhue, Rice, Le Sueur Counties.Please use my website as a resource and feel free to contact me if you need any assistance. Our team has closed numerous short sale, pre-foreclosure, and bank owned properties so we have the expertise to get your short sale approved with your lender. When you're looking for someone to help you out of your current situation, look no further! Short sales can be complicated, so you need to true expert on this field of short sale real estate.
At Twin Cities Real Estate, we specialize in short sales all over Minnesota. We have had short sales or listings in all of the following cities; Minneapolis, St. Paul, Blaine, Coon Rapids, Andover, Friendly Fridley, Ham Lake, Lino Lakes, Lexington Circle Pines, Oakdale, Hastings, Shoreview, Spring Lake Park, Arden Hills, Shakopee, Prior Lake, Savage, Brooklyn Center, Maple Grove, Zimmerman, Princeton, Big Lake, St. Francis, Oak Grove, Ramsey, Brooklyn Park, Otsego, St. Michael, Elk River, Columbus Township, Mayer, Columbia Heights, Stillwater, Buffalo, Cambridge, East Bethel, Eagan, West St. Paul, White Bear Lake, Maplewood, Waite Park, St. Cloud, Hassan Township, Eden Prairie, Chanhassen, Chaska, Mound, Minnetrista, Delano, Rockford, Hennepin, Anoka, Carver, Bloomington, Hopkins, Savage, Victoria, Watertown, St. Bonifacious, Waconia, Maple Plain, Medina, Montrose, Rogers, Osseo, Edina, Richfield, Maple Lake, Becker, Annadale, Robbinsdale, St. Louis Park
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