Replies to This Discussion

Permalink Reply by Kevin - Greenville, SC on May 3, 2012 at 4:41am

Not always if the Homeowner can still afford to pay.  

1. Who is the Investor?

2. Is there Mortgage Insurance?

3. Are they current on payments?

Permalink Reply by Lane Hansen on May 3, 2012 at 5:49am

Thanks Kevin

1, Wellsfargo

2. Yes

3, Yes

Permalink Reply by Karyn samuel on May 3, 2012 at 5:14am

This happened to one of my sellers as well (they didn't move out of state, but the SS was rejected). It so happened that my seller was current. They decided, at the rejection letter, to stop making payment on their mortgage, and then we submitted the package about a month later and it was approved, but without the deficiency release language, which we need in Florida.  The attorneys are working on getting that removed, but i think we are on our way. If your seller is current or not current and you were denied, i would submit again...sometimes a new negotiator is all it takes.

Permalink Reply by Lane Hansen on May 3, 2012 at 5:50am

Thanks Karyn,

 

ya, seller is still making payment to save credit. The property is way underwater, and they have to sell to move, but they cant sell for the price to pay off the loan.

Permalink Reply by Jim Schneider on May 3, 2012 at 9:33am

Lane,

can you find out who the MI company is? The reason I say that is that usually in the servicer, investor, MI triangle, the decision gets made by whoever has to cough up the dough, in your case MI is definitely going to be in that position. There are some good groups here by MI company (some started by me) where you might find your answers, and where we'd love to hear about how this all goes.

Permalink Reply by Lane Hansen on May 4, 2012 at 4:39am

Thanks. I will check.

Permalink Reply by Joanie Cubias on May 3, 2012 at 11:35am

I just rec'd my first rejection letter as well. The negotiator asked for some revisions to the HUD, which I uploaded same day, and a few hours later we got the rejection via equator. They said the file did not meet investor guidelines for imminent default. I took that to mean they weren't delinquent enough (the had only missed their April payment, and it was April 25th.) Any other interpretations to "imminent default"? I had my clients write a letter to the Office of Disputes and put it to the attention of the VP of Loss Mitigation. Will let you know if that does anything.

Permalink Reply by Lane Hansen on May 4, 2012 at 4:39am

I think we just have to keep trying.