Comment

Comment by Emily Crowe on May 12, 2011 at 5:11am

I am the listing agent on a NFCU short sale.  We just got the initial reponse from the bank and they want seller to sign a Promissary Note for the enitre $109k short fall.  Is this a normal first offer?  I thought they would start off forgiving some of this.  I'm in shock!  How much do you think we could talk this down?  I know they will need to sign some kind of note but we are hoping to get it down to $20-25k

Comment by Adam Woodhall on May 11, 2011 at 2:05pm

No problem, Bryant.  As a fellow shortsalepowerhour.com guest, how could I not, right..hahaha....

Comment by Bryant Tutas on May 11, 2011 at 12:20pm

Thanks Janie. And thanks Adam for taking care of your group. We depend on you guys keeping this info current.

Comment by Janie Booth on May 11, 2011 at 7:22am

You bet, Adam. Sounds like a good time to be a notary!

Comment by Adam Woodhall on May 11, 2011 at 7:03am

Janie - Thank you for sharing this..I'll upload it to the group documents section up top. I also got a similar form from Wells Fargo yesterday...it needs to be notarized FIVE different times (assuming both brokers, buyer, seller, and title agent aren't in the same room togther, haha...)...is the wave of the future with banks!?

Comment by Janie Booth on May 11, 2011 at 6:57am

Hello Everyone ~ I've just attached a LOA form from Navy Fed that my negotiator says is a new requirement and must be notarized.

 

 Authorization%2Bto%2BRelease%2BInformation.pdf

Comment by Adam Woodhall on April 30, 2011 at 5:41am

Michelle - I do not recommend an attorney ever facilitate a short sale. They charge up front fees and offer no guarantees. In addition, they practice real estate law, not practical application. I would make this comparison to agents doing short sales vs. attorneys, paraphrased by the late, great Mitch Hedberg...let's say you worked your butt off to be a great cook, had original ideas and recipes, everyone liked everything you made. Does that mean you can farm? No. It's food making related but not making food. I would enlist an attorney to answer questions, as all state laws are different, but not to a short sale. However, ultimately as the homeowner, it is up to you. I do not live in AZ, but to my knowledge as a non-recourse state you would be 'off the hook' if you went to foreclosure. For the first mtg, at least. The second may be able to file a judgment. If you do a short sale with NFCU, you will need to do a promissory note or bring cash to close. I have yet to hear of any agent closing one without one of those. If they have, by all means, speak up! We want to know!

Comment by Michelle on April 28, 2011 at 7:19am

I have just begun the process of a short sale on my NFCU mortgage.  1st is Fannie Mae, 2nd is NFCU portfolio loan.  I am in AZ.  As a non-recourse state, do you recommend I hire an attorney to navigate me through the process or simply trust my real estate agent? It is my understanding that the 2nd is not protected under the non-recourse law correct?  All $$s were used to build a pool/landscaping.  From the boards here it looks like NFCU requires a promissory note to finalize a short sale ... I am fully prepared to refuse that option and head to foreclosure is necessary ... so this is where my concern comes in asking if I need a real estate attorney involved.  I did meet with one and they said they would 'handle' this for $1500 ... your thoughts?

Comment by Samson_is_Furry on April 28, 2011 at 2:35am

Do I need to be late on my Fannie Mae owned NFCU mortgage in order to do a short sale?

Comment by Adam Woodhall on April 26, 2011 at 10:26am

Mike - The short sale I closed with NFCU was a portfolio loan, it went relatively smooth, outside of them going after my commission and demanding a promissory note (all NFCU short sales require notes, as far as I've seen). So I would prepare yourself for that. Read through all the notes on this page, they will certainly be an eye-opener. Let us know if have any questions.

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