Comment

Comment by Jim Schneider on April 20, 2011 at 12:40pm

Karen, you're right, that doesn't add up. Sounds like Chase wants to be lazy, I'd go direct to Freddie and explain the situation.

Comment by Karen Mathers on April 20, 2011 at 12:26pm

NEED SOME ADVICE . . . We sent a short sale package into Chase for a Freddie Mac HAFA short sale.  Somewhere along the line it was switched over to a regular short sale and now we have an approval but they are reserving the right to pursue a deficiency.  When I called and asked why it was not approved as a HAFA short sale I was told the investor is not participating in HAFA at this time?  The investor is Freddie Mac and they have their own HAFA program . . . how can they tell me they do not participate in the program they designed for themselves?   Am I getting the run around from Chase or from Freddie Mac?  Does anybody know what the chances are that Freddie Mac will pursue deficiencies after closing when it is a primary home? 

Comment by David A. Roebuck on April 18, 2011 at 2:39pm

Smitty - they are asking for 91% of the balance on the loan which is higher than anything comp that has sold recently

Kevin - 89% of the net BPO sounds high also - this is only $150k or so.

Comment by Kevin - Greenville, SC on April 18, 2011 at 10:35am

not sure if there is a hard fast rule.  I just closed on one around 89% net of the BPO.

Comment by Smitty on April 18, 2011 at 10:33am

I always believed it was at 92% so that sounds about right.

Comment by David A. Roebuck on April 18, 2011 at 9:00am

Anyone know if there is a guideline or rule of thumb for Freddie as far as percentage of appraisal they will accept in a Short Sale. I just received word that they are requesting the buyer to raise their offer and the seller to bring cash to closing which together will equal 91% of the mortgage amount - servicer won't tell me what appraised value came in at.

Comment by Kevin - Greenville, SC on March 24, 2011 at 3:03pm

Isaac,

No, I have not, and personally I don't think they can make that type of promise.  Your client needs a qualified attorney representing them at this point in time in my opinion.

 

Comment by Isaac Ramirez on March 24, 2011 at 2:59pm

Who do you suggest Kevin? There is a company that said for $3,000 they can get the bank to reverse the sale ??? Have you ever heard of that?

Comment by Kevin - Greenville, SC on March 24, 2011 at 2:25pm

Isaac, Time for them to consult an attorney.

Comment by Isaac Ramirez on March 24, 2011 at 2:22pm

I need HELP bank of america just sold my sellers property at the auction on 3/23/2011, the new owner posted a notice on the sellers door giving them 3 days to vacate the property ... WE ARE/were in the HAFA short sale program with bank of americas 3rd party AMS .... We are in CA and never once was a notice of trustee sale ever posted on sellers door or mailed to them I have been dealing with LRC and AMS for months now and have a signed ARASS form dated on 1/12/11... What do we do what are my options I have never encountered this before...every call I have every made to AMS no sale date was ever mentioned or brought up , my file was placed in equator on 3/22/2011 you would figure the agent from AMS who put me in the equator system would of mentioned something!!! please help.......... [email protected]

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