Short Sale -> Short Pay - Short Sale Superstars2024-03-28T23:06:11Zhttp://shortsalesuperstars.com/forum/topics/short-sale-short-pay?groupUrl=spsselectporfolioservicinginc&commentId=3468065%3AComment%3A395612&xg_source=activity&groupId=3468065%3AGroup%3A9757&feed=yes&xn_auth=noDeal won't get done if they d…tag:shortsalesuperstars.com,2018-12-04:3468065:Comment:3957182018-12-04T23:17:20.774ZBrett Goldsmithhttp://shortsalesuperstars.com/profile/BrettGoldsmith
<p>Deal won't get done if they don't sign. What are they scared of? Are they related to seller or do they have a business relationship?</p>
<p>Deal won't get done if they don't sign. What are they scared of? Are they related to seller or do they have a business relationship?</p> Sounds like trouble already. …tag:shortsalesuperstars.com,2018-12-04:3468065:Comment:3956122018-12-04T21:35:29.532ZGreg Kristyhttp://shortsalesuperstars.com/profile/GregKristy
<p>Sounds like trouble already. There are lots of options. Watch out for 'legal-ish' deals, pros know how to leverage that sort of thing ruthlessly.</p>
<p>Sounds like trouble already. There are lots of options. Watch out for 'legal-ish' deals, pros know how to leverage that sort of thing ruthlessly.</p> why would a buyer not want to…tag:shortsalesuperstars.com,2018-12-04:3468065:Comment:3956092018-12-04T21:32:21.934ZTony Moraleshttp://shortsalesuperstars.com/profile/TonyMorales791
<p>why would a buyer not want to sign the arms length? Are they related to seller?</p>
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<p>why would a buyer not want to sign the arms length? Are they related to seller?</p>
<p></p> I have a short sale with SPS…tag:shortsalesuperstars.com,2018-12-04:3468065:Comment:3957102018-12-04T18:44:50.085ZJoanne Finochiohttp://shortsalesuperstars.com/profile/JoanneFinochio
<p> I have a short sale with SPS where the buyer who is an attorney will not sign the arms length would this "short pay" be an option?</p>
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<p> I have a short sale with SPS where the buyer who is an attorney will not sign the arms length would this "short pay" be an option?</p>
<p></p> Thanks for the responses.
@To…tag:shortsalesuperstars.com,2018-11-22:3468065:Comment:3955352018-11-22T01:22:49.640ZGreg Kristyhttp://shortsalesuperstars.com/profile/GregKristy
<p>Thanks for the responses.</p>
<p>@Tony Morales</p>
<p>Yes, Indeed those are the key components of a Short Sale, and yes @Brett Goldsmith you nailed it. In fact in this situation the 1st position lien and a 2nd will be settled for less than the borrower's balance. She had a messy modification situation, then was advised to stop paying altogether, the total balance started growing at one point, and just kept growing.</p>
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<p>The requirements for this program have some odd specifics. …</p>
<p>Thanks for the responses.</p>
<p>@Tony Morales</p>
<p>Yes, Indeed those are the key components of a Short Sale, and yes @Brett Goldsmith you nailed it. In fact in this situation the 1st position lien and a 2nd will be settled for less than the borrower's balance. She had a messy modification situation, then was advised to stop paying altogether, the total balance started growing at one point, and just kept growing.</p>
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<p>The requirements for this program have some odd specifics. But I was told that the noteholder and/or servicer neither NEED to nor WANT to know what happens after this closes. They don't care if it's done precisely like a Short Sale, via a P&S, or if the funds are provided by another lender. But the funds MUST be wired from the borrowers account. So I have to gift them to the borrower.</p>
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<p>As I'm making a request for the commercial loan or funding from an investing partner, it's coming off a bit awkward to explain that the funds must be gifted to the borrower. I'm sure there are several legal instruments that exist to protect a lender/investor in this case, but wouldn't mind a tip on the specifics. </p>
<p>Thanks again</p> Typically a short sale and a…tag:shortsalesuperstars.com,2018-11-21:3468065:Comment:3956962018-11-21T23:22:07.315ZBrett Goldsmithhttp://shortsalesuperstars.com/profile/BrettGoldsmith
<p>Typically a short sale and a short pay are exactly the same thing. Not sure if you are referring to a 1st mortgage settlement ( short pay ) where the borrower can bring a lump sum and settle while keeping the home. If another buying is coming in, it's a short sale.</p>
<p>Typically a short sale and a short pay are exactly the same thing. Not sure if you are referring to a 1st mortgage settlement ( short pay ) where the borrower can bring a lump sum and settle while keeping the home. If another buying is coming in, it's a short sale.</p> don't understand your post I…tag:shortsalesuperstars.com,2018-11-21:3468065:Comment:3955992018-11-21T03:56:52.406ZTony Moraleshttp://shortsalesuperstars.com/profile/TonyMorales791
<p>don't understand your post Is the lender going to receive net proceeds that are less than full payoff? Then its a short sale and no funds, other than approved relocation, can go to the seller</p>
<p>don't understand your post Is the lender going to receive net proceeds that are less than full payoff? Then its a short sale and no funds, other than approved relocation, can go to the seller</p>