Comment

Comment by Esther M. Camarotte on April 5, 2010 at 9:24am

Most states have non-judicial foreclosure so no lawsuit is necessary. All they need to do is publish the deficiency according to the law in that state and then they can move to foreclose. This can be as quick as 2 weeks in certain states.

Comment by Esther M. Camarotte on April 5, 2010 at 9:23am

Who you think the noteholders are may not be correct because someone like Bank of America can be either the noteholder or the servicer. The servicer does not freely give out who their investors are. Also sometimes you are subject to what the insurance company agrees to. Even if the note was an 80% LTV they go and get insurance on these and 2nd notes and then the approval is subject to the insurance company.

Comment by Katerina Gasset on April 5, 2010 at 6:32am

The seller has to call their loan servicer to ask them who their note owner is if it is not Fannie or Freddie.
Also, if they have been served foreclosure summons and complaint, here in Florida, they have to have bring the suit.

Comment by Katerina Gasset on April 5, 2010 at 6:30am

David- We do not take any listings without first knowing who the note owners are. I don't see how any short sale agent can even take any listing without this info because who the note owner is has everything to do with how to negotiate for your seller. You need to know who the players are because then you know how they play and how you then can be proactive.

Comment by Ben Benita on April 5, 2010 at 3:37am

Also, and I think someone else posted these before:
To see if loan is a Fannie or Freddie:
Fannie Mae - http://loanlookup.fanniemae.com/loanlookup/
Freddie Mac - https://ww3.freddiemac.com/corporate/

Comment by Ben Benita on April 5, 2010 at 3:34am

First, ask if the note is private (held by a private investor), Government backed (Fannie, Freddie, etc.), or portfolio (held by the Servicer). Most negotiators will tell you this much. If it is portfolio, then teh Servicer, who teh Seller writes his/her check to, owns and likely funded the note. If it is government backed, it is most likely Freddie Mac, but could be Fannie Mae, etc. If the loan is held by a private ivnestor, these will be challenging to discover (just more work for you)

BEST 2 ways to find out who the "Private Investor" is:

1 - It SHOULD be in the loan documents your Seller filled out, this can be a HUGE pain in the ______ to dig through, but, it is in there
or
2 - Have your Seller send in a "QWR", bank term for Qualified Written Request, asking the Servicer who the private investor is on the note.
A QWR is ANYTHING in writing and signed from the homeowner. Again, the Servicer, who the Seller writes his/her check to, DOES have this info. and must disclose it if asked to do so by the Seller in writing.

Now GO KICK SOME BUTT!!!!!

Comment by Esther M. Camarotte on April 5, 2010 at 2:51am

When its not Fannie or Freddie it is difficult. You need to understand that in the 7 years I have been doing this I have never sold a property below market value. So you need to ensure that your contract is within market value. If it's too low it won't fly. Did the appraiser or agent who did the BPO contact you for access? You might want to try and find out what that came in at. If you were to add the $12K are you still a deal? If yes then terminate the first unless the buyer agrees and market to sell it. This is how I manage my short sales and I do sell them. If the first buyer can't meet the minimum requirement then remarket the property. Unfortunately, in the area there is not much you can do. As for why the bank does what it does if the loan is insured then they will be made whole and that is why they don't care if they foreclose on the property. I hope that helps.

Comment by David A. Roebuck on April 5, 2010 at 2:39am

Esther, how can you find out who the investor is if is not Fannie or Freddie? I have a similiar situation but the loan is not with Fannie or Freddie. I have escalated the file to a manager level and all he does is tell me the short sale offer doesn't meet investor minimum requirements. We are only $12,000 short of what he calls an acceptable offer - so for $12,000 he will go to foreclosure instead. How rediculous is that???

Comment by Esther M. Camarotte on April 5, 2010 at 1:22am

I just closed a BoA short sale. Yes, BoA lied and lied. I finally called Fannie Mae as they were the investor and they did help and were very cooperative. Fannie read me my comments on Equator and as it turns out BoA submitted our contract but we did not have one just still in negotiations. So Fannie told me to have the buyer and seller report them to the Federal Trade Commission. At that point I called BoA corporate headquarters in Charlotte, NC to tell them what Fannie had told me. With Fannie and the corporate office involved we did close but that was only because I called Fannie as BoA would tell me it was the investor with the requirements and well I called the investor and they just lie. FYI, if your negotiator goes on vacation your file does not get worked on. I have found this to be true at all banks.

Comment by Katerina Gasset on April 2, 2010 at 8:03pm

Donna- About 8 out of 10 of our internet calls from sellers needing to do a short sale it is because their lenders told them to do a short sale or a DIL. They have been telling our sellers that for over 2 years now in Florida. Of course, we are in a different market than you are:)

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