Simultaneos loan modification and foreclosure
Hi Everyone,
Newbee here.
client has account in loan modification department and a filed foreclosure with no imminent date to foreclose. Called Wells Fargo and they said they can go ahead with foreclosure when client removes herself from loan modification. On top of this, have buyer in the wings.
What to do?
Replies to This Discussion
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Permalink Reply by Bryant Tutas on
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Well Ok then. It really sounds to me like you may not be the best fit for this seller. If your broker is not on board with the short sale process you are dead in the water. Why not find one of our Superstars in your area and work together on this. Remember this is 100% about helping the sellers avoid foreclosure. A short sale is not a learn as you go proposition. Please consider working this with an experienced short sale agent. If you are a REALTOR(R) it is your ethical duty to do so.
Not trying to negative but you are opening yourself and your broker up to liability by taking on something that is beyond your area of expertise. You sound very smart and willing to learn. Well this should be the first lesson. Partner on a couple of deals and learn the ropes. Then go get them with vengeance. First and foremost we are to do no harm. Make sense?
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Permalink Reply by monique nerkowski on
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Thank you Bryant,
this sounds like sound wisdom. I will contact a couple of realtors here.
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Let me know if you need any help finding someone that's experienced with short sales. Good luck to you. Feel free to contact me at any time if I can be of assistance. [email protected] 407-873-2747 http://CentralFloridaShortSales.com
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Thank you
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If you upload the file into equaotr while the loan is still in modification status with Wells they will reject the file in equator. The borrower needs to write a letter to the modification negotiator letting them know that circumstances have changed and the bororwer needs to be removed from the modification program and proceed with a short sale. After the loan is removed from modification status then you can upload to equator. I just went through the process with Wells Fargo.
Carla Tyus
C & R Consulting, California
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Carla,
Thank you, I greatly appreciate this information.
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If you need mnore help let me know. Carla
monique nerkowski said:Carla,
Thank you, I greatly appreciate this information.
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Permalink Reply by Jeff Payne on
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monique please don't take this the wrong way but you may wanttobthink about finding another broker especially in a market of distressed properties. Are you a new agent?
monique nerkowski said:According to QB, we are uable to help them due to they are in foreclosure ( with no date as of yet).
Bryant Tutas said:Why would the property not be in the MLS? This will be required by the lender. The BPO is the listing agents opinion of value not the BPO agents. You are asking the lender to accept a short sale for the seller based on fair market value of the property. You need to make your case by justifying the contract by your own BPO or market analysis.
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Thank you Carla, how can I get a hold of you?
Jeff, No I am not a new agent. Just new at short sales. This is a friend of mine who was to embarrased to tell me, shamed she didnt and feels guilty she should have. I told her I am not familiar with short sales, to which she answered back " I trust no one but you." She was scammed by a loan modification company, went on a wild ride with Wells Fargo in their mitigation department and landed with tears at my door step. Her last words to me yesterday were "learn so that you can help others".
hence all these questions.
By the way, went to another section in this forum and learned to ask Title company to prepare HUD for me. So later tonight will continue perusing thru this forum for more info.
I am also a member of other forums ( not real estate related) and understand fully the patience you are granting me with all these newbee questions.
With gratitude,
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monique nerkowski said:Hey guys thanks for all the good advice.
Let me get this straight. I can submit in Equator a full short sale package ( including a purchase agreement) or a trustee sale posponement ( dont know what that is).
I have listing packet where I found the Lis Pens with no date as of yet.
okay.
Garrett McCargar said:I understand, and I agree that putting in a shot sale bid will probably be the best way to approach the situation, but if in case they aren't ready or anything else falls through and a sale date is noted then the service would be perfect to help buy more time to get all her ducks in line.
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You came to the right place, please ask your broker to come here too. Short sales are not going away anytime soon and I can not imagine a broker who does not know how to advise an agent on a short sale.
Welcome to short sale superstars
monique nerkowski said:Thank you Carla, how can I get a hold of you?
Jeff, No I am not a new agent. Just new at short sales. This is a friend of mine who was to embarrased to tell me, shamed she didnt and feels guilty she should have. I told her I am not familiar with short sales, to which she answered back " I trust no one but you." She was scammed by a loan modification company, went on a wild ride with Wells Fargo in their mitigation department and landed with tears at my door step. Her last words to me yesterday were "learn so that you can help others".
hence all these questions.
By the way, went to another section in this forum and learned to ask Title company to prepare HUD for me. So later tonight will continue perusing thru this forum for more info.
I am also a member of other forums ( not real estate related) and understand fully the patience you are granting me with all these newbee questions.
With gratitude,
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Permalink Reply by Daniel Sandoval on
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have buyer remove from loan mod and continue with the short sale..easy as that
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