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Comment by Elva Branson-Lee on May 26, 2011 at 9:39am

Real Time Resolutions, 2nd lien holder, is now trying to kill a perfectly good and reasonable HAFA short sale (BofA 1st). GHAFA has approved $6K for 2nd. BofA is ready to send the approval letter, but NOW in the eleventh hour RTR will not release the 2nd unless seller brings $45K to the table.

 

But it get better. In a phone call today a supervisor at RTR told the seller that he knows she can't pay the, but there are other parties in the transaction. The he asks her why doesn't her agent counter, after all she's the one making a commission?

 

Gang, I couldn't make this stuff up. Problem is, if I offered some of the commission to RTR, how in the heck does that get handled on the HUD1, and on a HAFA short sale?

 

Does anybody know?

 

p.s. I'm on a really short time line with this one, as it will go to foreclosure sale on June 7th if the short sale is not approved.

 

Please help! 

Comment by Maria Evans on April 12, 2011 at 11:00am

Thank you Justin!  I do agree with you. I am trying to find out if anyone knows about a short sale that was approved without a financial hadship. I can see that there is a new short sale trend where the sellers realize they need to do something about. The Government already helped the banks. Meanwhile most  "minds" were already foreclosured by the banks and people still think they have things under control...  I think that to get out of the mortgage - one way or the other, foreclosure or short sale  - is the best someone can do for their own health.

Comment by justin.hanke on April 12, 2011 at 10:26am

Maria, there's always a reason, you just have to phrase it in a way that makes sense. In your case, it would be job location. Due to the bad economy, it's not reasonable to ask someone to leave their job to find a new one and the only reasonable option is to short sale the house. Or, if they get an apartment closer to where they work, it would be financial hardship because they can't afford both places but they had to move to stay at their job.

Comment by Maria Evans on April 12, 2011 at 10:20am

I have clients who came out of the State and bought a house (2006) on a location that they soon realized it was too far from their work. They tried to sell in 2007 but it was too late since prices were already down. I understand that they can exercise their right not to pay the mortgage and go to foreclosure. In this case they would live months for free and the bank would sell the house for much less. Or they could do a short sale. Question: Has anyone done a short sale withouth hardship reason?  The bank is PHH. Thanks!!

Comment by Amiee Kane on April 8, 2011 at 3:33am

First of all- I just want to comment on what a wonderful resource this is, you guys have saved me so many times and I have referred SO many agents to this site.  Now for my issue- I need some suggestions-I have a seller who has been on the market many months, has had an offer reviewed by the bank, received a counteroffer, lost the buyer, now have another CASH buyer and he went and filed Chapter 13- now his attorney is telling him there is no point in the shortsale.  If he decides to just let the house go, thats his business BUT I want to make sure he has all of the facts.  What are some of the things you mention about the pros and cons of a shortsale during foreclosure and/or any online resources/articles I can send to him?

Thanks everyone!!

Comment by Christine Donovan on April 6, 2011 at 5:44pm

When just one person owns the property to be short sold but is on title with spouse on a different property (purchased later), how would you present the income?

Comment by Ryun Stuart on March 18, 2011 at 8:57am

Working with Wells Fargo. They are asking me to include the $3,000 HAFA in the HUD-1 as a seller's incentive. Does anyone know exactly what line that needs to be placed on? I've worked quite a few HAFA short sales and have never had this requested. Thanks.

Comment by Bryant Tutas on March 15, 2011 at 12:38am

David. I would have the seller call Joe and cut a deal. Maybe Joe would accept the 2500 at closing and a note for the 7500. I certainly would not threaten him without seeking legal advice first. Let the seller sort it out. It's their debt.

Comment by David Dee on March 14, 2011 at 9:02pm

HELP!! HELP!!!

 

Got a situation where there is a 1st lien, 2nd lien AND A 3RD PRIVATE LOAN. this 3rd loan has a balance of $22k which was lend to the BORROWER as a loan from THE BORROWER's agent which they originally purchased the house through this agent back in 2006. Now, they are behind on their 1st, 2nd, and 3rd LIEN. The 3rd lien (originally their buyer's agent, let's call him Agent Joe) had initially agreed to take $2500 to release the lien for the short sale. Well now, Agent Joe realized that borrower putting down a large down payment since he was provided with the purchase contract for the shortsale and wants $10k!! He said new buyer is getting a good deal so he won't accept less than $10k!! 

 

Here's a dilemna. 1st has already approved the short sale. 2nd is almost there as far as approval. 3rd is playing hokey pokey here and wants to increase amt from $2500 to $10,000 to release the loan. He, aka Agent Joe, had originally assisted the original borrower and lent them the money in amount of $21k to close the deal. Don't know if that is legal in the 1st place as the 1st and 2nd lien didn't know there was this 3rd lien taken place. 

 

Fact of the matter is how do I go about getting Agent Joe (3rd lien holder) to go down to the $2500 to release his lien. He is playing hard boiled egg here and won't release the lien. Would threatening him that he was 'defrauding' the lender originally by not revealing that he had lent the money to the original borrower during the purchase back in 2006. Would this help to make him change his mind about asking for too much and just close the deal. He is holding up the short sale towards closing.

 

Thanks in advance!! :)

 

Comment by Laura Marshall on March 14, 2011 at 6:06am

I need HELP! IBM/LPBS - trustees sale tomorrow. Does anyone have an upper management contact? Here's the story in a nutshell. Original offer sent/faxed/emailed in November. Finally a negotiator was assigned. BPO was never ordered. After numerous calls, in January I was told that it had been assigned to the wrong department. Buyer walked - new full price cash offer submitted on 1/19. Negotiator assigned, BPO complete on 2/24 and in the system as of 3/1. I am now being told that it is still in review for value and they will not postpone the sale. I was told on 3/8 that the negotiator had not looked at the BPO and no one will tell me when the file was submitted for the internal value process. Cash buyer can close in 2 weeks.Loan is FNMA. I spoke with them and they don't care. They will not authorize a postponement unless the bank requests one, and theyuy will not request it until the file is approved. Any suggestions? Thanks! My email is [email protected].

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