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Permalink Reply by joe beauchamp on August 27, 2012 at 7:11pm

Freddie started demanding cash/note on every file. No looking at financials.(I find this a despicable uncaring unfeeling practice.)  I have not had one at WF, however, I have been able to point out that there is no cash or future cash with each of my sellers and that requirement has been immediately dropped.

The advantage of a contribution is that you can demand release of debt in writing. In your case, with little info, I would go over the financials, see what else the seller forgot to bother to tell you (they aren't asked for debts by the bank, did you ask? - credit card, borrowed money from friends/family, car payments for the next five years adds up, is someone's health getting worse and going to start costing more, etc.) and I'd take that to the negotiator and ask him where they are supposed to get this money. Make notes and make sure he knows you are making notes of his responses - they will come in handy if he is a "I don't care" demanding idiot and it will keep him on his toes to help you out otherwise. I would also see if the sellers can come up with $1K cash under the assumption that something is better than "I ain't paying you squat", as the negotiator may see it. Giving something says that you tried and this is what you can do and makes a counter from the bank more likely than a denied deal.

You also said time is running out, so you can't give a response, get denied and go restart it again to offer more - another useful tactic to see how much lying is going on.

Permalink Reply by TOP END Properties on October 9, 2012 at 4:46pm

1) You must be late to be eligible for a Freddie Mac Short Sale, so I'm not sure how you got that far. (That all changes in November 2012)

2) Read the Freddie Mac Servicer Non-Performing Guidelines to find out why they are requesting and if their are any ways around it.

      a)  Yes they will almost always TRY for both

      b)  Not required if they are 31+ days late with a credit score under 620

      c)  Contribution should be based on their available cash / income

     

Permalink Reply by TOP END Properties on October 9, 2012 at 4:48pm

O by the way, the Guideline stipulates that the borrower is allowed $3,000 .. IF they do not contribute or hold a note. Even more of a reason to fight it :)