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Investors No Longer granting deficiency waivers???

Posted by Richard Zucchini on August 29, 2012 at 11:53am in Short Sale Discussions

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.

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Replies

  • Pattilynn Guilford September 2, 2012 at 3:23am

    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.

  • Bryant Tutas September 2, 2012 at 1:18am

    xx

  • Bryant Tutas August 30, 2012 at 7:08pm

    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.

  • Kimberley Kelly August 30, 2012 at 2:21am

    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..

    • Thom Colby CA Brkr 888-391-5245 > Kimberley Kelly September 2, 2012 at 3:29am

      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

       

    • Richard Zucchini > Kimberley Kelly August 30, 2012 at 8:05am

      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.

  • TOP END Properties August 29, 2012 at 4:27pm

    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.

    • Richard Zucchini > TOP END Properties August 30, 2012 at 8:06am

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

  • Wayne Brooks August 29, 2012 at 12:16pm

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

    • Richard Zucchini > Wayne Brooks August 30, 2012 at 8:08am

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

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