Comment

Comment by Shannon Renner on May 3, 2011 at 9:44am

@ Julia~  Yes, this is exactly what I did.  I did not have an offer in hand but knew 1 was coming.  Not sure if the initiative by B of A was due to the Fannie Mae call or the fact that HAMP was called and responding to a complaint.  By the way, Richard's advice on the Twitter account has also worked when needed.

Comment by Karyl Moore on May 3, 2011 at 9:40am

Richard Kirk:  Thank you for the Twitter B of A Help info!! They responded in minutes and got the Trustee Sale postponed within hours. I am so glad you shared this and I will not abuse it! Thank you!

Comment by Alec Javan on May 3, 2011 at 9:29am

This property will not qualify for HAMP or HAFA. It is listed at 1.8 Mil. So in this price range it is a challenge?!

Comment by Julia Huntsman, 562-896-2609 on May 3, 2011 at 8:59am

Shannon, I take it you did not have an offer at the time you contacted HAMP/FNMA? I have a similar situation--the buyer walked, the property has gone into default.  I contacted FNMA to ask for additional time for a strong buyer. FNMA rep said they cannot grant extensions to the agent or the borrower, all such requests have to go through the servicer; is that what you did, put a request through the bank to go to FNMA?

Comment by Shannon Renner on May 3, 2011 at 8:54am

Ali~

I have also been successful with approaching the investor of the note about the timeline as well.  Just had a Fannie Mae owned note with the same situation.  B of A would not discontinue the foreclosure until I called HAMP and Fannie Mae (seller was trying to do a Loan Mod and then a HAFA short sale and was given the runaround for 5 months and then finally denied both). HAMP called me about 2 days later (after I called them to file a complaint) and then I called Fannie Mae and they said they do not want the home to go to foreclosure.  Got an offer in 2 weeks and a B of A approval in less than 7 days after the offer was submitted.  Unfortunately the buyers walked and now have to process a new (and much lower) offer with B of A.  Good luck....squeaky wheel.....

 

Comment by Karyl Moore on May 3, 2011 at 8:47am

Ali: Lower the price until you get an offer.  If you can get the offer in 2 or 3 days prior to sale they will probably postpone.

Comment by Alec Javan on May 3, 2011 at 8:34am

I hope I am in the right thread. Short Sale Offer Question: Got the listing  4/28, initiate the short sale on the Equator right away. Sales date set for 5/16. Have no offer yet. Bank will not extend the sale's date without the offer.  I cannot find a buyer in 5 days or even in 15 days. Anybody have had the same situation on the course of action? Have been talking to the home owner for months to go short sale, but he was waiting for LOAN MODIFICATION all these months. Now in the 11th hours we are doing a short sale?!

Comment by Michael Hayley on May 3, 2011 at 4:10am

This thread had a lot of valuable comments. I learned. I'm appreciative!

Comment by Sue Fitzhugh on May 3, 2011 at 4:01am

Thanks for all the great information. I had the listing agent type as I read her the numbers just to make my client feel comfortable.  @Thom, thanks for the print suggestion - I hadn't thought of that.

Comment by Michael Schneider on May 3, 2011 at 3:31am

Yeah, that works too.

BTW, did people see this article this morning on cramdowns in Chapter 13 BK:

http://www.dsnews.com/articles/mortgage-cram-downs-by-bankruptcy-ju...

No discussing of amount, circumstances, why, one-offs?, etc.  Seemed interesting to me.

• ‹ Previous
• 1
• …
• 160
• 161
• 162
• 163
• 164
• …
• 353
• Next ›
• Page