Comment

Comment by Linda Blackmon on April 25, 2012 at 10:26am

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 10:14am

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 10:02am

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 9:42am

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 11:57am

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 11:21am

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 7:17am

Thanks Tara!

Comment by Tara Samney on April 13, 2012 at 7:14am

Cynthia - Just sent the new preapproval once buyer settles on one over to listing agent. 

Comment by Tara Samney on April 13, 2012 at 7:13am

Cynthia, As a listing agent I've never seen a case where it was a problem.  In fact I have had a few change lenders AFTER approval with no problem.

Comment by Cynthia Deacon Daniels on April 13, 2012 at 7:03am

Represent buyer and our offer has been submitted. Is in beginning stages. He is shopping lenders, the listing agent has sent over his pre-approval letter, POF etc. What is the banks stance on switching lenders before written short approval? Thanks

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