Suntrust Bank Protocol / Procedures

Just signed up today and I do have a question....I have a client that is interested in conducting a "short sale" on his property...lender is Suntrust, and howmeowner did obtain a Loan Modification approximately 18 - 20 months ago and shaved around $80.00 a month off his mortgage, but is still going down hill even with that payment and loan mod...my question is...does anyone have any knowledge, advice on whether Suntrust will even consider "short sale' on this property??? thank you in advance for your help and input..

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Permalink Reply by Bryant Tutas on June 9, 2011 at 10:43am
Why not? I getting ready to close on a Suntrust where the seller has missed no payments and has no hardship. If the seller has money and assets they may want the seller to participate but you won;t really know until you go through the process. Good luck.
Permalink Reply by Eric Mieles on June 10, 2011 at 4:56pm

Yes sir! Like Bryant said.."Why not". I also have a SunTrust approval where the borrower sought out a loan mod, was his 2nd property and was only 2 months late. We worked it and got it discounted from $112,000 owed to final approval of $21,900.

No deficiency, no prom note.

I say play up the fact that he got a loan mod and STILL can't make it. That's a TRUE hardship and one that will be on your side to get APPROVED. Work it brother. Put together a great package. Document his late bills and/or anything to prove your case.

Welcome to the site and good luck.

Permalink Reply by Bryant Tutas on June 12, 2011 at 1:30am
Let's place this in the newsletter today and see what kind of responses we can get
Permalink Reply by The Negotiator on June 12, 2011 at 2:11am
Suntrust can be good or really really bad ..... The VP is John DeBerry.... If you want his phone number, private message me as I will not post it for all to see.
Permalink Reply by John Scully on June 12, 2011 at 10:06am

that would be great if I could get that contact info... [email protected] is my personal e-mail or text it to 706-577-2279...

thanks so much for the guidance

Permalink Reply by Sabrina Simpson on June 12, 2011 at 1:30pm
We have one in our office that has SunTrust on the first & second.  We've lost 4 buyers including my cash buyer and recently the SunTrust negotiator contacted the seller and told him he's better off letting it go to foreclosure.  What kind of advise is that?
Permalink Reply by The Negotiator on June 12, 2011 at 1:54pm
It probably has PMI and Sunny will make more money when it forecloses..
Permalink Reply by Jennifer Hart on June 12, 2011 at 3:12pm

Start with knowing who the investor is. If it's Fannie Mae backed and Fannie approved a HAMP Modification on this client and he is not able to sustain the payments he DEFINITELY is eligable  for HAFA Short Sale.  :)  

 

 

 

Jennifer Hart

KW

360.521.8504 cell

Permalink Reply by Sabrina Simpson on October 20, 2011 at 6:39pm

Another agent in my office has a short sale that is Suntrust and she lost 4 offers (one was my buyer) and after a year and a half, they final approved her 5th offer for the short sale. 

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