I just got off the phone of the Realtor Hotline for Loan Servicers of loan default
who revealed some shocking news> I called on a file in which I received an approval but it did not include a deficiency waiver.
The hotline attendant informed me to get used to it, as recently, (last months time), investors have universally agreed to withold deficiency waivers. This would NOT affect loans which are owned by the lendor, or even loan assets which were purchased from a failed bank, but would affect all investor owned notes. Has anyone heard of this?? I pray it not true, as it would put a drag on most short sales, as then only clients who were candidates for BK should do a short sale.

Views: 746

Reply to This

Replies to This Discussion

Got one today, from Homeward Res(AHMSI) with waiver, 6% commission and no fee to buyer.  For Homeward, that's a YOO HOO! moment.

who owns the note on this? an investor?, a USA bank? a USA bank as a failed bank asset purchase ...usually with federal guarantee?

Sounds like rubbish ..  if they want to do short sales (which they are under an unbelievable amount of pressure to do), they will have to meet the demands of borrowers and agent negotiators.

depends on which "they" you are referring to!!!!!!

I've heard this rumor, but here in Palm Springs, California I have not run into it from any of my Lenders when they approved my Short Sales..

I was told it only affects "investor" held notes. Bank owned, and notes purchased as assets from failed banks would not be affected. This directly from Realtor Hotline for Loan Servicers on default loans 1 877 841 5301. this line can be used by realtors to call and escalate their short sale files.

Kimberley -

 

CA is different than almost every other State.  As you know, there can be NO Deficiency, and NO Promissory Note in a short sale in CA.  So, you will never see a short sale approval in CA without Deficiency WAIVED.

I'm also in Palm Desert...........

 

Thom Colby

Broker

Palm Desert / Newport Beach CA

 

It's not true. Both Fannie Mae and Freddie give waivers with no issue at. HAFA, FHA and Co-op short sales all have waivers. Getting a complete waiver is far easier now than it was last year. It's the norm not the exception.

xx

According to the National Mortgage Settlement Agreement - the bank can opt to get paid for each dollar of deficiency waived. Point that out in your escalation letters.

RSS

Members

© 2024   Created by Brett Goldsmith.   Powered by

Badges  |  Report an Issue  |  Terms of Service

********************************** like buttons ************************