Comment

Comment by Amy Martin on May 26, 2010 at 4:13am

My seller is in HAMP Loan Modification and current. Seller received a Military Change of Station from California to North Carolina. We submitted our Short Sale Package to convert loan mod to short sale. Called to follow up our short sale and it was denied due Investor Guidelines that Seller is current and needs to be delinquent. Let me know if you've encounter such and what steps did you take. Thanks!

Comment by YOUSUF CHOUDHRY on May 23, 2010 at 6:19pm

Thanks Kent, It was Conventional.

Comment by Kent Dills on May 20, 2010 at 8:43am

Good job Yousuf. You rock!

Was this a HAFA, or FHA/HUD, or Fannie/Freddie deal?

Comment by YOUSUF CHOUDHRY on May 20, 2010 at 8:26am

I have got an approval from GMAC,Started Short Sale with GMAC on 4/7/10,yesterday they approved it,their counter offer was $190000 and they accepted offer for $165000.

Comment by Kent Dills on May 20, 2010 at 6:06am

Aida, did you try sending an email to the negotiator's supervisor. Not sure about the GMAC side, but on B of A side in Equator you can see the next level supervisor's email address and are able to run things up the chain of command to escalate when needed.

Comment by Aida Gonzalez on May 20, 2010 at 4:52am

I received an approval letter fo a cash offer for $195k, but took s long that buyer walk out, i sent another cash offer for $190k; only $5,000 less, one month before the approval letter expies, and i dont receive any answer from the negotiator. I'm tired to sent messages, thru equator, from my self email, calling to GMAC directly, and nothing during more thana week. And buyer was willing to close by Friday (tomorrow). Why theydont respond? I only need a revised approval letter for the nw offer.

Comment by Kent Dills on May 18, 2010 at 12:19pm

Jeanette, the answer to your question is - it depends.

The second only gets wiped out if a more senior lien holder (e.g., the 1st) forecloses. If the second forecloses, they need to pay off the 1st. So....2nds usually only foreclose when the BPO they had done shows considerable value. So much value to the point the 2nd thinks they can get the 1st lien paid off (and any other senior liens (like back taxes, etc.) and still have some equity left over for themselves.


Or, sometimes the 2nd lien holder is totally playing a poker hand and is just bluffing that they are going to foreclose (by scheduling the sale) and will not actually follow through with it as there is too much debt to payoff (as previously discussed).

Comment by Jeanette Becker on May 18, 2010 at 11:17am

I have a short sale with the second with GMAC. They keep going forward with foreclosure notices. What standing do they have if all the money from the sale goes to the first? In foreclosure, don't they just get nothing as the second?

Comment by Rosemary Brooks on May 15, 2010 at 10:39am

I am going to hold back on opinons of GMAC for now. I can say I sent them the short sale request (all 81 pages); they confirm receipt of the fax and all pages made it there except 1. I refaxed that one. A week later I called and they said they needed a w2 on a self employed borrower that owns her own business. So I am now refaxing the profit and loss statement and educating them on self employed not getting w2 and that she already provided the P/L statement.
Then they told me I'd get an email to get hooked up on Equator. That has not happened.
But -- Yes. I am going to hold back on opinions just yet. And I am still praying this one goes smooth and without a hitch.
They quoted me 60 business days.

Comment by CJ Wright on April 28, 2010 at 11:23am

Team, Did anyone here happen to catch the Fidelity National Title teleconference today on the subject of Short Sales?

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