"If the 2nd loan is title, if you can't get a zero demand and/or full reconveyance then the lien will need to be settled. Since the debt is on title, the only way to know is to contact the 2nd lien…"
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Brett Goldsmith replied to Esperanza Agbayani's discussion Listing a condo is the Bay Area with a Loan Mod service by Nation Star
Helena Kaucheck commented on Wendy Rulnick's group Wells Fargo Short Sales"@Jenny L; in reading the threads, it sounds like you're doing your utmost to save both parties the potential legal and financial issues that comes from a foreclosure vs. a short sale. In the 10+ years in Real Estate and the couple of…"
Thom Colby CA Brkr 888-391-5245 commented on Wendy Rulnick's group Wells Fargo Short Sales"Jenny, also check with your Broker, as your E&O may not cover a non-arms-length short sale."
Jan Sanderlin commented on Wendy Rulnick's group Wells Fargo Short Sales"Elizabeth is correct! Jenny, get someone else on this ASAP. You won't collect a commission, and this is not arm's length, which puts you at risk as far as your license and involvement! There are some really good resources for HUD/FHA…"
ElizabethWeintraub00697006LyonRE commented on Wendy Rulnick's group Wells Fargo Short Sales"Thom: It's been a while that I've encountered one of those, too, but I would guess probably not. The banks are really cracking down today. I had a short sale recently in which the buyer's agent was also the mortgage lender for the…"
Brett Goldsmith commented on Wendy Rulnick's group Wells Fargo Short Sales"Depends who the investor is, but many times if a family member is representing buyer/seller they wont' pay out commission."
Thom Colby CA Brkr 888-391-5245 commented on Wendy Rulnick's group Wells Fargo Short Sales"Elizabeth - I can't remember but can Jenny represent her husband / her mother on this sale? If she can, will she be allowed to collect a commission?"
ElizabethWeintraub00697006LyonRE commented on Wendy Rulnick's group Wells Fargo Short Sales"Your mother is threatening to sue you? Did I read that correctly? You also might want to hand this over to a third party and not be involved. It's not arm's length."
ElizabethWeintraub00697006LyonRE commented on Wendy Rulnick's group Wells Fargo Short Sales"Oh, I hate to say this, Jenny, but your troubles are just beginning. Since this is an FHA loan, you will be in for a long horrible short sale. You need to deal with HUD, and you need to qualify for a preforeclosure sale, and there are a bunch of…"
Jenny L commented on Wendy Rulnick's group Wells Fargo Short Sales"I will go ahead and submit the listing agreement anyway and see what they say. The other party is already aware of the judgements and possible tax if it goes to foreclosure. Thank you very much for your information. Its an FHA loan…"
ElizabethWeintraub00697006LyonRE commented on Wendy Rulnick's group Wells Fargo Short Sales"In California, you don't need both signatures on the listing agreement to take a listing. I've closed a bunch of short sales where I've started out with only one party. Some of them I've closed with just that one party, too. You…"
Esperanza Agbayani posted a discussionListing a condo is the Bay Area with a Loan Mod service by Nation Star
I am listing a property with a Loan Modification serviced by Nation Star. Has 2 loans and was told by seller they applied for loan mod and their statement with Nation Star only shows balance from the 1st loan. Ordered Pre-escrow and prelim still…See More
Jenny L commented on Wendy Rulnick's group Wells Fargo Short Sales"Well, I spoke with WF today and they confirmed that unless the co-borrower signs there is really nothing that I can do. I do not have a negotiator to speak with because the listing agreement has not been signed therefore I have no buyer at…"
Jan Sanderlin commented on Wendy Rulnick's group Wells Fargo Short Sales"@Jenny, I have successfully completed several short sales where there was a non resident person on loan and/or title. We wrote letters of explanation as to why they had abdicated their interest in the property. We did not use their…"
Thom Colby CA Brkr 888-391-5245 commented on Wendy Rulnick's group Wells Fargo Short Sales"I've only had ONE out of hundreds of short sales I've completed where one person would not participate. The wife was so angry she filed BK, divorced him and moved out of state which forced the husband to file BK. The guy…"
Jenny L commented on Wendy Rulnick's group Wells Fargo Short Sales"I figured as much...just wanted to ask. Spoke to Home Preservation Specialist who stated that pretty much we are screwed if she doesn't sign it.
Thank you to all who responded. Much appreciated!"
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