Michael Dougherty Blog

I also had a person at Countrywide/BofA tell me to check Zillow to get an idea of the current market value because they couldn't tell me what their BPO came it at?? Unfreaking belieable!!!I was on the phone with a mitigator at Countrywide, discussing 2 of the listings I have that they are the len...

I have 2 recent short sales submittedto BofA some 60 days ago and still no negotiator?? I also have a case where they approved a short sale and according to them had the foreclosure on hold while the short sale was worked but they failed to notify the attorney who foreclosed anyway! I have escala...

Mortgage rates near record low By Holden Lewis • Bankrate.com Mortgage rates are near historic lows, but lenders continue to make it harder to get a home loan. The benchmark 30-year fixed-rate mortgage fell 16 basis points, to 5.19 percent, according to the Bankrate.com national survey of large l...

This explians why BofA drags out a short sale! Money, Money,Money to them!! I have succeeded doing short sales with other banks though!Lenders make more money on foreclosures than from short sales or loan modifications. That's what Steve Harney conveyed in a seminar. He caused an earthquake in Sa...

I say stay clear of loan mod companies, it is usually good money down the drain!! People need to call their lender to get their loan mod paperwork, fill it out and get it back to them with one HUGE caveat!! If you do not have the income to pay a monthly payment (use your mortgage amount at 3% int...

We need to get NAR working on this unbelievable situation at the national level to get it fixed ASAP!! Bob thanks so much for getting this out to us doing Short Sales.Is The FDIC Killing Short Sales? As some of you already know, I blogged recently about being interviewed recently by our local NBC...

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Knowledge of the short sale process has to set us apart and every transaction offers its own set of challenges! Can you help me on Mortgage Insurance and how it can lead to a request for a note near the end of a transaction. My clients are insolvent and cannot provide a $40,000 note payable over ...

With more investors buying and quickly flipping homes these days it is important to check how long a seller has held title.  When a property is being "flipped" and the seller has not held title for a minimum of 90 days, buyers will not be able to get FHA financing within the first 90 days.  Conv...

Question?   Are you, to send in more than one offer when you present the the short sale package to the banks ? The answer is a big NO! Don't put your client in a precarious position.. . You can only deal with one offer at a time. . If you have referrals in the Arizona . .we can advise your client...