Freddie Mac no longer allowing Incs and Trusts to purchase short sale properties!!! - Short Sale Superstars2024-03-29T00:31:58Zhttp://shortsalesuperstars.com/forum/topics/freddie-mac-no-longer-allowing-incs-and-trusts-to-purchase-short?feed=yes&xn_auth=noCould you possibly ask her fo…tag:shortsalesuperstars.com,2011-09-20:3468065:Comment:1731802011-09-20T13:43:24.348ZDonna Cookhttp://shortsalesuperstars.com/profile/DonnaCook
Could you possibly ask her for clarification on this new ruling because I am getting the royal run around from Freddie. Maybe she can lead us all to the document or email or whatever was put out there recently by Freddie that is so ambiguous that no one can figure out .
Could you possibly ask her for clarification on this new ruling because I am getting the royal run around from Freddie. Maybe she can lead us all to the document or email or whatever was put out there recently by Freddie that is so ambiguous that no one can figure out . I called Freddie directly and…tag:shortsalesuperstars.com,2011-09-20:3468065:Comment:1730802011-09-20T13:39:35.466ZDonna Cookhttp://shortsalesuperstars.com/profile/DonnaCook
I called Freddie directly and they said they didn't "think" they accepted LLCs. I had an agent on the buyer's side call Freddie and they said they DID! Does anyone have a supervisor's name and contact info for Freddie?
I called Freddie directly and they said they didn't "think" they accepted LLCs. I had an agent on the buyer's side call Freddie and they said they DID! Does anyone have a supervisor's name and contact info for Freddie? Do you have a contact for Fre…tag:shortsalesuperstars.com,2011-09-20:3468065:Comment:1726242011-09-20T01:28:55.912ZDean E Eshelman, CPA, CDPE, IREShttp://shortsalesuperstars.com/profile/DeanEEshelman
Do you have a contact for Freddie Mac escalations on short sales. Servicer is Wells Fargo. Not escalating. Foreclosure date getting close (don't know how close) Need to go direct to Freddie Mac. Not my short sale, but told negotiator I would ask and see if we could get a contact and phone number.
Do you have a contact for Freddie Mac escalations on short sales. Servicer is Wells Fargo. Not escalating. Foreclosure date getting close (don't know how close) Need to go direct to Freddie Mac. Not my short sale, but told negotiator I would ask and see if we could get a contact and phone number. Hi Donna,
I never got anythin…tag:shortsalesuperstars.com,2011-09-19:3468065:Comment:1726182011-09-19T23:46:19.841ZDonna McClellandhttp://shortsalesuperstars.com/profile/DonnaMcClelland
<p>Hi Donna,</p>
<p>I never got anything in writing, but my negotiator at BofA said that Freddie would allow LLCs because "usually they are just individuals or small companies". I know, it doesn't make a lot of sense, as trusts are usually just individuals, too. </p>
<p>Hi Donna,</p>
<p>I never got anything in writing, but my negotiator at BofA said that Freddie would allow LLCs because "usually they are just individuals or small companies". I know, it doesn't make a lot of sense, as trusts are usually just individuals, too. </p> Donna, push back. Ask for cl…tag:shortsalesuperstars.com,2011-09-19:3468065:Comment:1727082011-09-19T22:52:12.926ZSmittyhttp://shortsalesuperstars.com/profile/Smitty
Donna, push back. Ask for clarification. I'm having a hard time believing ANY of this would happen. Buying in trusts, llc's, inc's is a common real estate practice. I can't wrap my head around this.
Donna, push back. Ask for clarification. I'm having a hard time believing ANY of this would happen. Buying in trusts, llc's, inc's is a common real estate practice. I can't wrap my head around this. Are you absolutely sure they…tag:shortsalesuperstars.com,2011-09-19:3468065:Comment:1726062011-09-19T19:38:14.715ZDonna Cookhttp://shortsalesuperstars.com/profile/DonnaCook
Are you absolutely sure they allow LLCs? I just had Freddie deny my buyer who is an LLC. Where does it state they will accept LLCs? I want to give it to my negotiator.
Are you absolutely sure they allow LLCs? I just had Freddie deny my buyer who is an LLC. Where does it state they will accept LLCs? I want to give it to my negotiator. Well said brotha!
tag:shortsalesuperstars.com,2011-09-12:3468065:Comment:1694202011-09-12T23:36:35.387ZJoshua Gaymanhttp://shortsalesuperstars.com/profile/EquitySunrise
<p>Well said brotha!</p>
<p> </p>
<p>Well said brotha!</p>
<p> </p> Unfortunatey, approval from B…tag:shortsalesuperstars.com,2011-09-12:3468065:Comment:1681652011-09-12T23:35:41.404ZJoshua Gaymanhttp://shortsalesuperstars.com/profile/EquitySunrise
<p>Unfortunatey, approval from BofA without the final stamp of approval from the investor doesn't mean squat. It is not until you have a short sale approval letter with an accepted short payoff amount and a date to close by that you are approved. And even then, BofA reserves the right to change their mind at any time. It's silly, but is what it is..</p>
<p> </p>
<p>If you get to the right person with the bank they may allow you to move forward with the contract the way it is. If not, then get…</p>
<p>Unfortunatey, approval from BofA without the final stamp of approval from the investor doesn't mean squat. It is not until you have a short sale approval letter with an accepted short payoff amount and a date to close by that you are approved. And even then, BofA reserves the right to change their mind at any time. It's silly, but is what it is..</p>
<p> </p>
<p>If you get to the right person with the bank they may allow you to move forward with the contract the way it is. If not, then get moving right away. I haven't had to change buyers with Bank of America since they implemented the new change buyers system in Equator, but from what I have heard from others in my network is that you should expect 2-4 weeks to get back to where you were with the previous buyer. Like all short sales, you can speed up the timeline to approval and close by staying on top of the negotiator and escalating to the right contacts at the bank if your negotiatior is not doing the right things or is taking up too much time processing.</p>
<p> </p>
<p>Hope this helps!</p>
<p> </p>
<p>J</p> Beneficial interest transfer…tag:shortsalesuperstars.com,2011-09-12:3468065:Comment:1681562011-09-12T20:29:53.796ZSmittyhttp://shortsalesuperstars.com/profile/Smitty
Beneficial interest transfer is not the same as property transfer, however it really doesn't matter because they aren't allowing TRUSTS to buy property right?
Beneficial interest transfer is not the same as property transfer, however it really doesn't matter because they aren't allowing TRUSTS to buy property right? You got that right!tag:shortsalesuperstars.com,2011-09-12:3468065:Comment:1681482011-09-12T18:11:34.339ZDonna McClellandhttp://shortsalesuperstars.com/profile/DonnaMcClelland
You got that right!
You got that right!