Southwest Florida Title Insurance & Real Estate Blog -

Your Loan was transferred from Bank of America…Now what?

Posted by Jillian Dohack On August 14

Bank of America (Photo Courtesy of Flickr User MoneyBlogNewz)

It is very common that a servicing transfer may occur at any time during the short sale process, especially with many Bank of America loans. Bank of America services mortgage loans for hundreds of investors.

As a part of normal servicing, investors may decide to release or transfer servicing from Bank of America to another company. The transfer of loan servicing is a common practice across the industry, and occurs for a variety of reasons.

At certain times investors choose to partner with other servicing companies to help meet the needs of the investor. Servicing may be transferred on first, second or stand-alone liens. You should contact the new servicer to determine what steps need to be taken to continue with the short sale.

Some key activities that may occur during servicing transfer:

Read the rest of this entry »

Naples Short Sales - Checking Figures

This is the 3rd tip of “10 Questions You Should Ask About Florida Short Sales” eBook, which is available as a FREE download.

This is a very frequent question, and its analysis is a bit complex because “cost” is such a broad term. Later in the eBook, we will look at Promissory Note requirements, cash contributions and association dues as potential “costs” of completing a Naples short sale. For this section, let’s simplify things a bit and look at standard transaction or closing costs and what you should expect to pay (or not pay).

With regard to ordinary closing costs, a short sale should cost you very little. Here’s why. In a short sale, the lender will agree to absorb many of the ordinary closing costs that are customarily the seller’s responsibility. In our experience with Florida short sales, lenders will usually agree to absorb at least the following closing costs:

Read the rest of this entry »

Not sure if you are on Bank of America’s email list, but if you are not – I wanted to share with you this great news!


Here are some of the Frequently Asked Questions:

Read the rest of this entry »

Short Sale

First of all, I love the HousingWire news feeds.  If you aren’t subscribed to a RSS feed or aren’t keeping tabs via Twitter, you should.  Check out

This article was posted at HousingWire on Monday by Kerri Panchuk:  ”Survey Shows First-Time Homebuyers Growing Weary of Short Sales”.  In it, the author cites a recent survey that indicates a slide in the percentage of first-time homebuyers who have acquired short sales – from 54.1% in November 2009 to 39.7% in August.  We are all aware of the technical challenges of short sales; but the payoff in dealing with and overcoming those challenges is, according to the report cited, that “short sales . . . generally sell at prices 27% lower than non-distressed properties . . . .”  I got to thinking that if this is true  – that a buyer could expect a 27% discount by buying a short sale – then it would be nuts to “grow weary” of them.  Nuts, unless of course these first-time homebuyers are entering into short sale transactions with poorly set expectations.

Having orchestrated over 700 short sales over the last three years, we understand just how wrong things can go when expectations are not set properly.  So here are a few pointers mostly from a buyer’s agent’s perspective which should go a long way toward helping to manage your buyer’s expectations and toward helping them hang in there to take advantage of the short sale savings.

There is no substitute for good old-fashioned homework and reconnaissance when it comes to making an offer on a short sale.  To wit, you should know or try to find out:

Read the rest of this entry »

Congratulations! Your short sale offer was approved!

We want you to know that as a short sale realtor, you’re in good hands with Winged Foot Title. We believe in exceptional service without exception.

As you know, there are three main ingredients to a successful short sale.  They are

Read the rest of this entry »

Florida Weekly Front Page Cover Story

When we begin to counsel our clients about the short sale of their homes, one of the questions that we get asked frequently is “Is it possible to sell my home as a short sale and not have a deficiency judgement placed against me?” The answer is Yes! It has happened before in the past. However, that’s certainly not the norm.

Not too long ago, I was quoted in a Florida Weekly article regarding lenders pursuing borrowers for the deficiency judgment. Here is the actual article:

Read the rest of this entry »

MarsThere has been a substantial amount of buzz in the real estate industry lately about MARS.  No, not the red planet; although the market has been rather other worldly.  MARS is the acronym for “Mortgage Assistance Relief Services”, a set of real estate-related services now defined and regulated by the Federal Trade Commission.  The Final Rule, which became effective on December 29, 2010 was published in the Federal Register on December 1, 2010 at Vol. 75, No. 230, pages 75092 to 75144.  It has REALTOR® associations scrambling to ensure that their members are compliant (see, e.g., the Florida Assn. of Realtors Legal Center Hot Topics page), lest they run afoul of the rule in their short sale negotiations and subject themselves to scrutiny and civil penalty.

All of this buzz convinced me to take a closer look at the rule as it relates to our title insurance-related short sale services.  As far as I know, neither our national nor state (FL) title industry associations have issued any advisory opinions on the new rule regarding mortgage relief.  This is understandable.  The rule is pretty complicated; and either an over- or an under-reaction by the associations could cause issues for their members.  But since Winged Foot Title provides short sale title solutions, I thought it worth our while to look at the rule more closely.  So without going into too much annoyingly detailed analysis, I would like to explore the rule a bit and explain what Winged Foot Title is doing to prepare and to react.

Read the rest of this entry »

So you are probably here because…

…you are going through a short sale or are interested in learning more about them.

Read the rest of this entry »

For your education and entertainment, here is a Winged Foot Title scary but true story…

This is the 12th step in our series: “12 Things You Should Know to Survive a Short Sale.”

…that you should always keep in mind while dealing with a short sale:

Read the rest of this entry »

That’s right, Winged Foot Title has gotten a…

Short sale approval in 8 days!

…short sale approval in only 8 days!

Read the rest of this entry »

NOT LEGAL ADVICE: This information is not to be construed as legal advice. Legal advice must be tailored to the specific circumstances of each case. Every effort has been made to assure that this information is up-to-date as of the date of publication. It is not intended to be a full and exhaustive explanation of the law in any area. This information is not intended as legal advice and may not be used as legal advice. It should not be used to replace the advice of your own legal counsel.

Winged Foot Tite, LLC is not associated with the government, and our [short sale orchestration] service is not approved by the government or your lender. Even if you accept this offer and use our service, your lender may not agree to change your loan.