I have two separate customers who are way upside down in their mortgages, but they're current on their payments and can likely stay that way. If we were to begin offers for sale to the lenders (one is Chase and the other is BOA, and both are single-lien situations) would they consider our offer?
Alex Krumm
Re/Max Alliance Group
Broker Associate
GRI, Certified Distressed Property Expert
Winner, Five Star® Best In Customer Satisfaction: 2010, 2011
941-234-3597 Direct
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Lori Bacon said:
I had a short-sale with Ocwen in December 2010 and they approved it in 26 days. I called the EVP and within an hour Ryan Moses from Ocwen called me and short sale started moving forward. His number is 800-746-2936 E-mail:[email protected] Good Luck - Also, the EVP for Ocwen is listed in this forum - if I find it I will reply back.
Good Luck!
Lori Bacon, ABR, GRI, E-Pro
ERA Real Estate Professionals
Azim Jessa said:The only bank I've had trouble with is OCWEN. The loan was owned by Freddie Mac and I'm still working on it but they denied it originally and now have resubmitted it. The seller was relocated to another state for work and is using some of her relo bonus to stay current as she feels its the right thing to do.
Thanks Lori!
Unfortunately, an hour or so after I received your message, the buyers cancelled...
I should start telling my sellers I am going to sell their home 2-3 times before we close.
Regards,
Azim Jessa
Realty ONE Group
Las Vegas, NV
702-569-9353
Oh it was probably about two months ago, they refused to take the allowed amount and wanted 5% of the purchase price and the 1st lien holder (and Fannie Mae) would only allow 6% of the 2nds loan balance. It would great if they wised up and started realizing they would end up with nothing.
HI....For those of you who replied that you CAN get a short sale closed when the seller is not delinquent, can you please share if there is anything in particular that will help get it done!?! I have an Indymac/one west deal but actually owned by deutche bank and we have resubmitted 5 times already and they keep denying because owner is not late. She can't carry the 1500 negative anymore (non-owner) which has been coming from her savings.
Any ideas/suggestions?
Thanks.
John P Cadman said:
I have a Chase first and Chase second short sale with a seller that is current. They gave us a sales price they would consider that was higher than the buyer was offering, so we re-marketed and found a buyer willing to offer what Chase indicated they would accept only to have the short sale denied. The excuse was "hardship". They believed the seller was not in an eminent default situation. The seller has been digging into savings to make the payments and decided to stop doing that now that he was denied. It has been a month since the first missed payment. We will re-submit and probably have to get a new buyer in a month or two when Chase realizes that people will not destroy their financial futures for a roof today.
Gena and John -
In both of your examples, you said the seller / borrower was using "savings". I think that's the reason both are being declined. If a borrower has money in savings, why would the lender take the hit?
Thom Colby
Broker
Newport Beach CA
Gena pasquini said:
HI....For those of you who replied that you CAN get a short sale closed when the seller is not delinquent, can you please share if there is anything in particular that will help get it done!?! I have an Indymac/one west deal but actually owned by deutche bank and we have resubmitted 5 times already and they keep denying because owner is not late. She can't carry the 1500 negative anymore (non-owner) which has been coming from her savings.
Any ideas/suggestions?
Thanks.
John P Cadman said:I have a Chase first and Chase second short sale with a seller that is current. They gave us a sales price they would consider that was higher than the buyer was offering, so we re-marketed and found a buyer willing to offer what Chase indicated they would accept only to have the short sale denied. The excuse was "hardship". They believed the seller was not in an eminent default situation. The seller has been digging into savings to make the payments and decided to stop doing that now that he was denied. It has been a month since the first missed payment. We will re-submit and probably have to get a new buyer in a month or two when Chase realizes that people will not destroy their financial futures for a roof today.
Gena and John -
In both of your examples, you said the seller / borrower was using "savings". I think that's the reason both are being declined. If a borrower has money in savings, why would the lender take the hit?
Thom Colby
Broker
Newport Beach CA
Gena pasquini said:HI....For those of you who replied that you CAN get a short sale closed when the seller is not delinquent, can you please share if there is anything in particular that will help get it done!?! I have an Indymac/one west deal but actually owned by deutche bank and we have resubmitted 5 times already and they keep denying because owner is not late. She can't carry the 1500 negative anymore (non-owner) which has been coming from her savings.
Any ideas/suggestions?
Thanks.
John P Cadman said:I have a Chase first and Chase second short sale with a seller that is current. They gave us a sales price they would consider that was higher than the buyer was offering, so we re-marketed and found a buyer willing to offer what Chase indicated they would accept only to have the short sale denied. The excuse was "hardship". They believed the seller was not in an eminent default situation. The seller has been digging into savings to make the payments and decided to stop doing that now that he was denied. It has been a month since the first missed payment. We will re-submit and probably have to get a new buyer in a month or two when Chase realizes that people will not destroy their financial futures for a roof today.
Short sales on investment properties where the seller is current on payments do get approved. However my experience has been that the seller had to participate in the loss with a cash contribution, prom note or both.
On primary properties there is usually not an issue. Especially if there is a hardship. Medical issues and death of a spouse trump just about any short sale guidelines. A divorce decree is also a good one for overcoming the "must be delinquent" that some lenders throw at you.
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