New HAFA Guidelines Effective TODAY – February 1, 2013

You may have heard that the government’s Home Affordable Foreclosure Alternatives Program (HAFA) ended December 31, 2012. New policy changes for HAFA will become effective as of February 1, 2013 but the banks can implement these new changes prior to this date. In addition, despite what you may have read about Bank of America no […]

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Welcome to the new LMS Law Financial short sales website

Welcome to the new LMS Financial short sales website. Please look around and let us know what you think. We’re here to help you with the hectic, laborious and demanding process of short sales and simplify it with our systematic approach to facilitate your short sale from the get-go. Our step-by-step process begins as soon as […]

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The Short Sale Process Explained – Part IV: The Long and Winding Road to Settlement

By Meredith, Executive Assistant Agents and sellers alike are often daunted by the ins and outs of the short sale process. Collecting documents, communicating with the bank, negotiating with an investor, all while knowing that a family may face foreclosure in the near future – it is a stressful prospect. Licensed short sale negotiators such […]

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The Short Sale Process Explained – Part III: The Investor Review; or, “Why Have There Been No Updates for Three Weeks?!”

By Meredith, Executive Assistant Agents and sellers alike are often daunted by the ins and outs of the short sale process. Collecting documents, communicating with the bank, negotiating with an investor, all while knowing that a family may face foreclosure in the near future – it is a stressful prospect. Licensed short sale negotiators such […]

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The Short Sale Process Explained – Part II: From ATP to BPO

By Meredith, Executive Assistant Agents and sellers alike are often daunted by the ins and outs of the short sale process. Collecting documents, communicating with the bank, negotiating with an investor, all while knowing that a family may face foreclosure in the near future – it is a stressful prospect. Licensed short sale negotiators such […]

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Short Sales News This Week

Short Sales Surpass Foreclosures This week, the number of short sales on homes surpassed foreclosure deals for the first time. Recently, banks have been approving more and more short sales, looking to take less of a hit than they would with a foreclosure. Because the status of the housing market, job market, and economy has […]

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10 Important Things to Know About FHA Guidelines

Short sales can be complicated enough with conventional loans, but with FHA loans there are many more rules and regulations to abide by in order to qualify for a short sale. Please remember that FHA is much stricter with their guidelines and are not as forgiving if you do not follow them. Here are some […]

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The Short Sales Process Explained – Part I: The Pre-Package

By Meredith, Executive Assistant Agents and sellers alike are often daunted by the ins and outs of the short sale process. Collecting documents, communicating with the bank, negotiating with an investor, all while knowing that a family may face foreclosure in the near future – it is a stressful prospect. Licensed short sale negotiators such […]

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Be Prepared…Start Your Short Sale With a Pre-Package

By Sean Der, Managing Partner One of the key points to a successful short sale is having proper documentation.   In fact, many banks are now accepting pre-packages before even having a sales contract. Be sure to ask your bank when applying for a short sale if they would accept a pre-package.  At LMS, we ask for […]

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Important Questions the Buyer and the Buyer’s Agent Should Ask Before Placing an Offer on a Short Sale

By Sean Der, Managing Partner As a buyer, you don’t want to waste time with a short sale if there are any potential issues. Always find out who is negotiating the short sale and their track record.  Short sales are extremely complex and outcomes often vary. Experience yields success. Working with companies or individuals that specialize […]

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