Aurora Bank Short Sale "Denied"- Any Ideas? - Short Sale Superstars2024-03-29T00:54:02Zhttp://shortsalesuperstars.com/forum/topics/aurora-bank-short-sale-denied?groupUrl=auroraloanservices&feed=yes&xn_auth=noThanks Ron, the loan is a Neg…tag:shortsalesuperstars.com,2012-05-18:3468065:Comment:2355762012-05-18T01:51:56.016ZHector H Rosashttp://shortsalesuperstars.com/profile/HectorHRosas
<p>Thanks Ron, the loan is a Neg Am. The borrower is prepared to stop paying.</p>
<p>Thanks Ron, the loan is a Neg Am. The borrower is prepared to stop paying.</p> I know that when I've done Fr…tag:shortsalesuperstars.com,2012-05-17:3468065:Comment:2356082012-05-17T15:22:04.257ZRon Margolis, RAhttp://shortsalesuperstars.com/profile/RonMargolisRA
<p>I know that when I've done Freddie Mac or Fannie Mae sales, the borrower must be 60 days delinquent. If you find out that the investor is one of those, unfortunately, the borrower would need to miss two payments so get classified as a distressed asset and get the short sale approved. I've had many homeowners who really did not want to take the credit hit of the missed payments, but when push comes to shove, often missing a couple of payments and doing a short sale is a better remedy than…</p>
<p>I know that when I've done Freddie Mac or Fannie Mae sales, the borrower must be 60 days delinquent. If you find out that the investor is one of those, unfortunately, the borrower would need to miss two payments so get classified as a distressed asset and get the short sale approved. I've had many homeowners who really did not want to take the credit hit of the missed payments, but when push comes to shove, often missing a couple of payments and doing a short sale is a better remedy than not. The borrower can start making the payments after getting two behind if they want their credit score to take the smallest hit possible.</p>