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CAR Survey Finds Short-Sales to be a Difficult Process
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CAR Survey Finds Short-Sales to be a Difficult Process
The Easy Way to Shop For a Mortgage Loan
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CAR Survey Finds Short-Sales to be a Difficult Process
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August 3, 2011 (Jeff Alan)

A recent survey conducted by the California Association of Realtors® (CAR) found that more than half of Central Valley Realtors characterized closing short-sale transactions as “difficult” to “extremely difficult.”

The three most frequently cited obstacles Realtors® had to contend with during the short sale process were slow response times to a short-sale package, repeated requests for documentation, and poor communication with lender representatives.

Seventy-four percent of the respondents said it took lenders and servicers more than 60 days to return a written response on the approval or disapproval on submitted short-sale agreements.

Half of the respondents noted that lenders took more than five days to return any form of communication.

The survey gauged the Realtors® experience working with lenders in their most recent transaction. Most of the Realtors® surveyed dealt with Bank of America, Wells Fargo, and JP Morgan Chase in their most recent transaction.

“The survey results demonstrate the ongoing problems homeowners are experiencing with onerous short-sale procedures on the part of lenders and servicers,” said C.A.R. Treasurer Don Faught, who presented the findings today at a news conference in Fresno, Calif. “Despite assurances by lenders in recent months that they would improve their short-sale processes, clearly, not enough is being done. Lenders are out of touch with the realities of the market and the consequences to struggling homeowners, and the result is unnecessary foreclosures that only make California’s economic problems worse, hindering a desperately needed recovery.”

Poor lender performance could also lead to a loss of future lending transactions as 88 percent of the Realtors® said they were “not likely” to “not at all likely” to refer buyers to lenders they had problems with to finance future home purchases.

In addition, 77 percent said they were “not satisfied” or “not at all satisfied” with their lenders in their most recent short-sale transaction.

Tags: CAR®, Realtors®, short-sales, documentation, poor communication, lenders, mortgage servicers, out of touch

Source:
CAR

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August 3, 2011 (Jeff Alan)

A recent survey conducted by the California Association of Realtors® (CAR) found that more than half of Central Valley Realtors characterized closing short-sale transactions as “difficult” to “extremely difficult.”

The three most frequently cited obstacles Realtors® had to contend with during the short sale process were slow response times to a short-sale package, repeated requests for documentation, and poor communication with lender representatives.

Seventy-four percent of the respondents said it took lenders and servicers more than 60 days to return a written response on the approval or disapproval on submitted short-sale agreements.

Half of the respondents noted that lenders took more than five days to return any form of communication.

The survey gauged the Realtors® experience working with lenders in their most recent transaction. Most of the Realtors® surveyed dealt with Bank of America, Wells Fargo, and JP Morgan Chase in their most recent transaction.

“The survey results demonstrate the ongoing problems homeowners are experiencing with onerous short-sale procedures on the part of lenders and servicers,” said C.A.R. Treasurer Don Faught, who presented the findings today at a news conference in Fresno, Calif. “Despite assurances by lenders in recent months that they would improve their short-sale processes, clearly, not enough is being done. Lenders are out of touch with the realities of the market and the consequences to struggling homeowners, and the result is unnecessary foreclosures that only make California’s economic problems worse, hindering a desperately needed recovery.”

Poor lender performance could also lead to a loss of future lending transactions as 88 percent of the Realtors® said they were “not likely” to “not at all likely” to refer buyers to lenders they had problems with to finance future home purchases.

In addition, 77 percent said they were “not satisfied” or “not at all satisfied” with their lenders in their most recent short-sale transaction.

Tags: CAR®, Realtors®, short-sales, documentation, poor communication, lenders, mortgage servicers, out of touch

Source:
CAR

FILL OUT THE FORM
It all starts here. Select the loan product you want to apply for and complete the subsequent questionnaire.
WE VERIFY & TRANSMIT TO LENDERS
Once we receive your completed questionnaire we verify a couple vital pieces of information and direct your information to our network of lenders, all within minutes.
REVIEW YOUR OFFERS
With offers in hand you can now compare rates and costs and get the best possible deal. Comparison shopping made easy. You fill out one form and lenders compete for your business.
CHOOSE YOUR LENDER
Congratulations! With the great learning tools we provide for you at LoanRateUpdate and the offers you have received, you've found the right product and the best rate.
HOW
MORTGAGELOANRATEUPDATE
WORKS
Whether you're looking to refinance your current loan, purchasing a new home or looking for a home equity loan, we make it easy at MortgageLoanRateUpdate. Our questionnaire is simple and quick to use and your information is safely transmitted to us with SSL encryption. With just two minutes of your time, you could have multiple lenders competing for your business which could save you thousands.
ADVANTAGES OF USING
MORTGAGELOANRATEUPDATE
FAST & EASY. DATA ENCRYPTED
Applying to multiple lenders is fast and easy with our one simple questionnaire. Choose the product you’re looking for, take a few moments to answer a few questions and you’re on your way to saving.
NO OBLIGATION. NO HIDDEN FEES
Any of the services on our website are 100% free, there is no obligation to use our services or any hidden fees. We’re not loan brokers so we don’t charge broker fees like other websites.
NO SSN OR CREDIT CHECK
No SSN or credit check is necessary to use our services. We bring lenders to you so they can compete for your business and you save. That information only becomes necessary after you choose a lender.

August 3, 2011 (Jeff Alan)

A recent survey conducted by the California Association of Realtors® (CAR) found that more than half of Central Valley Realtors characterized closing short-sale transactions as “difficult” to “extremely difficult.”

The three most frequently cited obstacles Realtors® had to contend with during the short sale process were slow response times to a short-sale package, repeated requests for documentation, and poor communication with lender representatives.

Seventy-four percent of the respondents said it took lenders and servicers more than 60 days to return a written response on the approval or disapproval on submitted short-sale agreements.

Half of the respondents noted that lenders took more than five days to return any form of communication.

The survey gauged the Realtors® experience working with lenders in their most recent transaction. Most of the Realtors® surveyed dealt with Bank of America, Wells Fargo, and JP Morgan Chase in their most recent transaction.

“The survey results demonstrate the ongoing problems homeowners are experiencing with onerous short-sale procedures on the part of lenders and servicers,” said C.A.R. Treasurer Don Faught, who presented the findings today at a news conference in Fresno, Calif. “Despite assurances by lenders in recent months that they would improve their short-sale processes, clearly, not enough is being done. Lenders are out of touch with the realities of the market and the consequences to struggling homeowners, and the result is unnecessary foreclosures that only make California’s economic problems worse, hindering a desperately needed recovery.”

Poor lender performance could also lead to a loss of future lending transactions as 88 percent of the Realtors® said they were “not likely” to “not at all likely” to refer buyers to lenders they had problems with to finance future home purchases.

In addition, 77 percent said they were “not satisfied” or “not at all satisfied” with their lenders in their most recent short-sale transaction.

Tags: CAR®, Realtors®, short-sales, documentation, poor communication, lenders, mortgage servicers, out of touch

Source:
CAR

Home Buying Tips
Home Selling Tips
About
Mortgages
HOW
MORTGAGELOANRATEUPDATE
WORKS
FILL OUT THE FORM
It all starts here. Select the loan product you want to apply for and complete the subsequent questionnaire.
WE VERIFY & TRANSMIT TO LENDERS
Once we receive your completed questionnaire we verify a couple vital pieces of information and direct your information to our network of lenders, all within minutes.
REVIEW YOUR OFFERS
With offers in hand you can now compare rates and costs and get the best possible deal. Comparison shopping made easy. You fill out one form and lenders compete for your business.
CHOOSE YOUR LENDER
Congratulations! With the great learning tools we provide for you at MortgageLoanRateUpdate and the offers you have received, you've found the right product and the best rate.
ADVANTAGES OF USING
MORTGAGELOANRATEUPDATE
FAST & EASY. DATA ENCRYPTED
Applying to multiple lenders is fast and easy with our one simple questionnaire. Choose the product you’re looking for, take a few moments to answer a few questions and you’re on your way to saving.
NO OBLIGATION. NO HIDDEN FEES
Any of the services on our website are 100% free, there is no obligation to use our services or any hidden fees. We’re not loan brokers so we don’t charge broker fees like other websites.
NO SSN OR CREDIT
CHECK
No SSN or credit check is necessary to use our services. We bring lenders to you so they can compete for your business and you save. That information only becomes necessary after you choose a lender.