Comment

Comment by Jimena Paridee on September 28, 2012 at 1:28pm

 @Sheila,the lender would have to pursue and win a deficiency judgement in order to go after the retirement income. The banks can't just access seller's money, it takes a court order, the best outcome would be to negotiate a successful short sale so that the seller is well aware of their liability if any.  Unless the father is able to sustain both homes on his own you have a hardship that should be easy to prove but you will have to provide all the short sale documentation for both as they are both responsible for the loan.

Comment by Dean E Eshelman, CPA, CDPE, IRES on September 28, 2012 at 1:18pm

@Sheila What are the retirement funds in -- IRA? If so the income can be used to make payments on a note, but a lienholder to my knowledge can not tap into the IRA for recovery. Other pensions may be different depending on what they are.

Comment by Sheila Vardakis on September 28, 2012 at 9:27am

Okay SUPERSTARS...........here is my situation............I have a Wells Fargo FHA loan that was bought with son income and father co-signing on the loan.  Son is going through loss of income and possible divorce and needs to sell because he is unable to keep making payments.  Father is retired and has been since 2001.  Question the seller would like to know is can the bank come back on his retirement funds since these were used to co-sign on the loan?  I haven't worked with a co-signed loan yet so not sure the protocol for these and how the bank looks at the seller who co-signed.  Any help on this would be very much appreciated. 

Comment by Becky Bortzfield on September 27, 2012 at 3:12am

Hi Jen.  Thank you for that tip.  I actually tried that and VA said there was nothing they could do except "monitor the file".  Wells Fargo has everything they need.  They were trying to order another appraisal even though the one we have is good through December.  We are repeatedly bringing attention to things they are asking for that have already been sent in and are sitting right in there file.  They are telling me that it will be another 30 days before it goes to a negotiator.  Buyer has already accepted WF's counter offer to give them their NET.  I am at a loss here!

Comment by RE/MAX Hometown, Realtors on September 26, 2012 at 11:00am

Can anyone recommend anything with regards to getting your short sale approval sooner? I learned that writing a letter to the investor will speed up the process. Does anyone know how to find out who is the investor? I am aware of the website www.mers.com

Thank you, grately!

Comment by Kevin - Greenville, SC on September 25, 2012 at 4:55pm

Payouts to subordinate lien holders - For each short sale completed in accordance with Sections B65.35-B65.41, the Servicer may authorize the settlement agent closing the short sale transaction to pay subordinate lien holders an aggregate amount of six thousand dollars ($6,000.00) from sale proceeds at the same time that all other payments, including the payoff to Freddie Mac, are disbursed by the settlement agent. The subordinate lien holders may not receive any other payments, in cash, promissory note or otherwise, from the Borrower in connection with approval of the short sale.

Comment by Kevin - Greenville, SC on September 25, 2012 at 3:59pm

■ Authorize payment of up to an aggregate $6,000 to subordinate lien holders in exchange for a lien release and extinguishment of the indebtedness secured by the Mortgaged Premises. Servicers may divide the payment among subordinate lien holders to maximize the chances that all subordinate lien  holders will release their liens and extinguish the debts, provided that the aggregate payout does not 

exceed $6,000.

Comment by Kevin - Greenville, SC on September 25, 2012 at 3:23pm

■ Payments to subordinate lien holders that will require each lien holder to release its lien(s), extinguish 

the secured debt(s) and waive the right to pursue the deficiency.

http://www.freddiemac.com/sell/guide/bulletins/pdf/bll1216.pdf

Comment by Kevin - Greenville, SC on September 25, 2012 at 3:06pm

My question is, does Freddie Mac always require a seller contribution?  - No, it's based on the Borrower's Financial Situation.

 

Also, the second will NOT waive the deficiency judgment.  - They will have to if they want to see any money.

Comment by Donna Perry on September 25, 2012 at 2:58pm

Hello WF SS Superstars:  My question is, does Freddie Mac always require a seller contribution?  My h/o has two loans.  One is WF and one is a local credit union.

Both are asking for a 3k contribution?  Is this typical?  Also, the second will NOT waive the deficiency judgment. 

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