So CALIBER calls this morning stating they will no longer entertain Short Sale applications on any "investor loans". Meaning any loans that are NOT FNMA,FHLMC,FHA VA or USDA loans.
So any old subprime loans would no longer be eligible
Hi, Tony. I know this thread is a bit old, but I just got a file with Caliber. Are they still not accepting short sales? I was thinking of offering a short payoff since the deficiency is around 40-50,000. Any insight you can give me will be greatly appreciated!!!
they are still saying that if it is NOT a government investor then only option is a deed in lieu which brings up the issue if their are any junior liens
Thanks, Tony. And what are your thoughts on a short payoff? Do you think they'll even entertain the idea?
I am not familiar with the deficiency laws in Florida but if you are asking if they will take a short payoff from the current owner and the owner still lives in the property that would seem very difficult.
Those are my thoughts as well. But, we won't know until we try :)
Thanks for your input, Tony!
Before you go through all that trouble the owner should just call them and see if they have that option. Also try to find out who the investor is
The husband did and Caliber said they "might,' but he doesn't want to deal with it because he is battling a very bad, possibly terminal, illness. The owners are also getting divorced and will have to sell once it's final.
We received a contract for 365k (highest one because property needs repairs) and he owes almost 378k. That's why I thought of a short payoff instead of a short sale. I just think they'll probably push a DiL.
Has anyone had any success getting a short sale reviewed with caliber? This is the first time that this has happened I have done dozens with them and one of my listings got serviced released before the approval and they told us they won't do a short sale.
Caliber doesn't do short sales for loan types that aren't FHA. Not sure about VA or if they even service VA loans. For conventional loans though it's a no go. I have to turn down many Caliber clients now and at one point had to close out around 5-10 files when this first occurred.