Comment

Comment by joe beauchamp on August 20, 2010 at 2:29am

Uh, you are in a non-deficiency state and you are worried about the bank coming after the seller for a deficiency?? Am I missing something very fundamental here? Who cares what Everhome says about a deficiency - it doesn't matter...

Comment by Srikanth on August 19, 2010 at 10:20am

Thanks for your comment. This loan is from Arizona. It is is non-deficiency state. If the property goes to foreclosure bank does not get anything as this is a purchase money loan. Please let me know if you have any more info on how to escalate that.

Comment by joe beauchamp on August 19, 2010 at 9:33am

You really don't have anything to hold over Everhome except to not do the short sale and go to foreclosure. Why should they drop it? I believe most banks do not. Most banks don't do anything about the deficiency and like leaving it open for when your seller wins the lottery. And from your message, you are not inclined to kiss this off to force a foreclosure - which will result in a higher deficiency for the seller. You don't have much of a bargaining position.

I'd say you need to make sure that the seller is fully aware of the situation and that he will have less hanging over his head than if it refused the sale. And, if he is broke, just do a BK after the sale and wipe out the deficiency.

However, I'll be watching in case someone has a way to make a bank drop that deficiency..

Comment by Srikanth on August 18, 2010 at 8:43am

Hello experts, I got short sale approval from everhome on the first mortgage. In the letter they didn't mention anything about what happens to the deficiency. My attorney advised to get non-deficiency verbiage added to the letter. Everhome is not willing to add that verbiage and would like keep it open ended. Did any of you ran into the same issue? If so, how did you work with everhome? This is very urgent as the closing date is approaching. I would really appreciate if you can share your experience. Do you know what is best way escalate issues with everhome?

Comment by joe beauchamp on July 17, 2010 at 6:53am

Yes - YEA! NQS back into the depths of all those vanquished from the light of day. I dealt with them for months - took on other accounts and this went elsewhere - I thought it was dead. My account flashed back to me, so I did the same thing and this time got someone at EverHome to work the file - which they did. Unfortunately, NQS was so absurd and demanding that the buyers had walked by the time this was done. Yes, NQS is directly responsible for killing this short sale - and then a buyer at $20K less? Ouch - well, we'll see.

EverHome has called on internal people to take over the load from NQS. I'm sure that they wish they never heard of these hawksters of the streets. And I really really wish that those buyers could have hung in there

Comment by Laura Marshall on July 8, 2010 at 5:56pm

LOVING EVERHOME! Package faxed in on 6/21 and the negotiator assigned within days. He immediately ordered the appraisal, which was completed June 28th. Offer is market value - sent to investor (Wells Fargo - NO PMI). Written approval received today.

Comment by Rhonda Burgess on June 26, 2010 at 10:04am

About 30 mins after I read Laura's comment, the negotiator from Everhome called me! She was very nice. She is submitting the variance request to HUD (property is not owner-occupied) finally for the PFS program. At last some progress.

Comment by Laura Marshall on June 25, 2010 at 8:29am

Quick Update - New Shortsale w/Everhome. Package faxed in 6/21. Contacted by an appraiser yesterday. I called in today and got negotiator irfo. I left a message on his voice mail...with my email address, and he responded in 30 minutes. I am SHOCKED to see how quickly they are moving. I just missed the NSQ stuff...whew...although I did already register.. EMAIL format is [email protected]

Comment by Rhonda Burgess on June 23, 2010 at 3:34pm

I've done all of that. I even faxed the negotiator the PFS program guidelines from HUD. I've educated every rep I've spoken too. Complete ignorance. We got a contract tonight that we are going to sign and send in. I guess we will see what they do when they get the contract.

Comment by John Edelman on June 23, 2010 at 1:43pm

All FHA short sales must follow the PFS guidelines. If the lender hopes to be able to file a claim and get reimbursed from HUD - they need to follow the HUD guidelines. The lender can not have "their own program". Unfortunatley, you have to educate some of the people that you talk with on the phone. In order to have the home entered into the PFS program - you will want to send the lender the normal documents needed for a short sale except you will not initially need a purchase contract, prelim HUD1 or buyer's approval letter.

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