Replies to This Discussion

Permalink Reply by Bryant Tutas on October 19, 2010 at 12:35am

Hi Stephanie. I would just place the extra payment on the seller side as a POC (paid out of closing) item. The seller will just bring a check to closing. Now the commission is a different story. The seller or buyer needs to come up with the $4,500 for closing. If your State allows commission rebates after closing then you could just rebate the seller $1,500. But of course you need to check with your broker and legal to make sure this is OK.

Permalink Reply by Julia Fishel on October 19, 2010 at 2:48am

Stephanie - Another possible scenario: It IS possible to get GT to agree to 10% of the 2nd mortgage balance - perhaps this works out to less than 5% of the sales price in your case? If it does, find out who the Operations Manager for short sales is for your state (see GT posts in here for the phone #). I just got an approval this way.

Bryant - Do you know if FL allows rebates to the seller or buyer? I'm having the exact same issue Stephanie is having with BofA and GT and BofA says Fannie Mae will only allow 6% of the 2nd Mortgage balance (and my approval is for 10%). Thanks!

Julia

Permalink Reply by Stephanie Hart CA 310-930-2342 on October 27, 2010 at 7:17pm

How is this going for you. Im having the same issue ready to close with OWB (freddie) & BOFA. Thinking about trying the POC item but the 2nd wants it in the payoff amount. Let me know if you found a way around it that worked for you. They rejected my HUD today

Permalink Reply by Stephanie Bates on November 3, 2010 at 11:05am

Well, it's not going good in general with Greentree. I just got off the phone with our negotiator (Leeann) and she was screaming at me to get her the 30% ($17000) of the remaining balance on the loan (which is impossible for the seller). I mentioned that they would be willing to settle for 5% of the sales price ($7500) and she freaked out me telling me that agents don't understand that each loan has a different investor that they have to follow guidelines for. I replied asking who was the investor on this loan and after long silence, she replied "we are". I think I will be calling the operations manager tomorrow morning. In that call I will also mention how extremely rude she was.

Permalink Reply by Stephanie Hart CA 310-930-2342 on November 17, 2010 at 10:40am

Any news... just started a greentree 2td Chase 1st and we are now at the same deal.. only it is Chase willing to pay 3K and GT wanting $19,500.
No one is willing to cover this... and Chase already said they will not allow cash to the 2nd unless we match it to the 1st. 33K, I think not. Im only 40 days in. SO I still have a lto of fight left in me:)


Stephanie Bates said:

Well, it's not going good in general with Greentree. I just got off the phone with our negotiator (Leeann) and she was screaming at me to get her the 30% ($17000) of the remaining balance on the loan (which is impossible for the seller). I mentioned that they would be willing to settle for 5% of the sales price ($7500) and she freaked out me telling me that agents don't understand that each loan has a different investor that they have to follow guidelines for. I replied asking who was the investor on this loan and after long silence, she replied "we are". I think I will be calling the operations manager tomorrow morning. In that call I will also mention how extremely rude she was.