Comment

Comment by Stan Simon on April 25, 2012 at 6:01pm

Linda, the HUD has been sent and approved. I think I'm ok, but would prefer to have something in writing from GMAC that is more definitive. Thank you for your help.

Comment by Linda Blackmon on April 25, 2012 at 5:54pm

Stan, I would get those papers to my title company, and let the closer do a Pre-HUD to send to them for approval. This should squash any questions if title can get a clear approval on all.

Comment by Stan Simon on April 25, 2012 at 5:27pm

Hi Linda,
Thank you for responding so quickly. I'm almost certain the 1st is Fannie Mae, but I'll double check. I just took another look at the 2nd approval and it states they "are prepared to accept the offer in question as full satisfaction of the outstanding debt, and we will release the lien on the subject property once the following conditions are met."  As stated previously, the 1st states full and final satisfaction. The 2nd is a little more ambiguous.

Comment by Linda Blackmon on April 25, 2012 at 5:26pm

Keep us posted on your progress. Wells told me they had to abide by Fannie guidelines. I can't imagine one refusing to.

Comment by Ellen Dittman on April 25, 2012 at 5:14pm

Hi Linda, I just posted an almost identical scenario. I have the buyer and just found out that The 2nd wont budge and the 1st is a Fannie. The 2nd says they dont have to abide by the guidelines...so the 1st and 2nd have line drawn in the sand. I have call in to Fannie Mae for guideling for 2nd clarification but I will take all the help I can get.

Comment by Linda Blackmon on April 25, 2012 at 5:02pm

Hi Stan, Do you know if the first mortgage is a Fannie or Freddie backed loan? If so the 2nd lien holder has to abide by their guidelines in the Short Sale process. I have worked with them and found them to be easy to work with, and you may wnat to ask your negotiator to contact the other department or give you a Supervisor there to speak with. Also I have had success with the borrower calling them directly. Good luck!!!

Comment by Stan Simon on April 25, 2012 at 4:42pm

Hello all,
I have a homeowner with both a 1st and 2nd mortgage with GMAC. Both lenders have agreed to the short sale terms and have provided approvals.

The first approval states they will accept the settlement as full and final satisfaction, but the 2nd does not. The negotiator for the 2nd states the following "The investor’s policy is not to pursue the deficiency on a primary residence or if the borrower has contributed to the loss.  However, they retain the right to do so and will not provide anything in writing to that effect." Has anyone received a similar approval and if so, have you had any success in getting a full release. I'm concerned GMAC is going to come after the borrower after closing. The home is located in Pennsylvania and the deficiency amount will be about $18,000.

Thank you in advance for any advice you may provide.

Comment by Bryant Tutas on April 24, 2012 at 6:57pm

Quite common actually. Wells Fargo usually ask for the same thing. It doesn't have to be exact just send over the GFE they received when they made mtg application. they are just checking to make sure the fees line up with the terms and conditions of the contract. On a Wells Fargo short sale you will also need to prepare a buyer side HUD to load into Equator.

Comment by Loreena Yeo on April 24, 2012 at 6:21pm

Is there a reason why GMAC - as the 2nd lien holder would require the buyer's Good Faith Estimate? That's really weird that they arent asking for Pre-Qual letter but a GFE instead?

Comment by Cynthia Deacon Daniels on April 13, 2012 at 2:17pm

Thanks Tara!

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