Maryland short sale approval success story: $85K Forgiven (discounted) by IndyMac Mortgage Services (OneWest Bank) in 45 days!

Posted by Owen McGab Enaohwo on Jul 31, 2010 | View Comments

My reason for doing this:

When a homeowner finally decides that he/she wants to sell their property via a Short Sale, they know that they only have a limited amount of time before the foreclosure and they need to be rest assured that the agent they are about to hire has the necessary experience to get the job done. This is the reason why I now write blog posts about my successes with Short Sales with various lenders. I pinch myself now because I wish I have started doing this a long time ago (enough with the rant – now to gist of this deal).

The background story:

Just this past April, I got a call from Patrick; a friend of the seller, Peace A. (my client and seller of this short sale). He explained to me that he had seen one of my blog posts online on short sales and he felt that I would be the best person to help Peace. After I explained my process to him, he referred me over to the seller whom I called immediately and took the time to explain how a short sale would help her avoid foreclosure. To cut a long story short I met with her and her friend at the property, signed up the listing and got to work. This short sale was different because she was going to be out of the country while I was negotiating with her lender and trying to get her property sold. Well, I took up the challenge and got the ball rolling!

 Testimonial from Peace A. [3:34m]: Play Now | Play in Popup | Download

Here is the Ironic true story of how the Mortgage Bankers Association did a Short Sale! A typical “Do As We Say and Not As We Do” type thingy!

Posted by Owen McGab Enaohwo on Jul 30, 2010 | View Comments

Irony of irony: Though I am a little late blogging on this story because this event actually took place February of this year, I think the moral of the story is still valid so let’s begin the tale! Once upon a time, one of the major organizations that complained about homeowners who opted for a short sale sold its D.C. headquarters as a short sale for $41 million dollars. That’s just about half of what they paid for their building about three years earlier.

The beginning of the tale: As the story goes, the organization called the Mortgage Bankers Association (AKA MBA); the trade group which represents more than 2,000 real estate finance companies bought the building in 2007 for just over $70 million. At the time, MBA said it would partly finance the property by leasing part of the space to other companies. It is said that they actually called the purchase one of the smartest moves they’d ever made.

Strategic Default Vs. Strategic Short Sale; which one do you think is the best choice? – Part 1

Posted by Owen McGab Enaohwo on Jul 15, 2010 | View Comments

There was an article on the Los Angeles Times website a few months ago that discussed the increasing problem of Strategic Defaults in the United States. I want to tell you why the study cited in the article is right and why this is a growing problem that is gradually reaching crisis proportions in America. Then on my next blog post (Part 2 of this series), I will show you why Strategic Short Sale is the solution.

This LA Times article cited a study conducted by Experian, one of the three national credit bureaus.  They studied the credit files of 24 million Americans and discovered that “homeowners who have high credit scores when applying for a home loan are about 50 percent more likely than low-scoring borrowers to go into strategic default.”

Townhouse For Sale Bowie Maryland Short Sale 11201 Westport Dr Home

Posted by Owen McGab Enaohwo on Apr 29, 2010 | View Comments

This is an announcement for a Townhouse I have listed For Sale in Bowie MD 20720 – Short Sale:

Submit AS IS offers for this Well maintained end unit townhouse, 3 Br / 2 Ba on main level. Its a beautiful home, Hard wood floors, and finished basement with wall to wall carpet and additional rooms.

Single Family Home For Sale Bowie Maryland Short Sale 3416 Inverwood Ln Houses

Posted by Owen McGab Enaohwo on Jan 15, 2010 | View Comments

This is an announcement for a Single Family Residence I have listed For Sale in Bowie MD 20721 – Short Sale:

SHORT SALE deal. Submit AS IS offers for this Well maintained Single Family Home (Colonial) with 3Br/3Ba. Its a beautiful home with ceramic tiles in the kitchen & foyer. Totally updated from top to bottom, finished basement, Wood floors, storage shed, large backyard and more.

Condo Home For Sale Beltsville Maryland Short Sale Houses 10402 46th Ave Unit 202

Posted by Owen McGab Enaohwo on Jan 15, 2010 | View Comments

This is an announcement for a Condo I have listed For Sale in Beltsville MD 20705 – Short Sale:

SHORT SALE deal. Submit AS IS offers for this Well maintained Condo with 2Br/1Ba on main level. Its a beautiful home with ceramic tiles in the kitchen & foyer. The community has a playground and an outdoor pool. All utilities are included in condo fee. Close to shopping, Univ of Maryland College Park & transportation.