"Question #1; how long does a foreclosure take in New Jersey? Its 8 months in on a life of X-months.
How are sellers with the foreclosure on their record? Do they care? Any plans to purchase a property in 7-years?
A DIL can have deficiency or…"
Chris's Discussions
Why would they do this?
Started this discussion. Last reply by Linda Susan Fox Oct 3, 2011. 13 Replies 0 Likes
We had an offer in for a short sale two weeks ago. The bank denied it and countered with a number they want. We submitted a new offer (still slightly less than what they wanted). They rejected that…Continue
Are they serious?
Started this discussion. Last reply by Ban KKiller Apr 28. 6 Replies 0 Likes
After 9 months on the market, I finally received an offer on my house (short sale). We signed the contracts two weeks ago. I spoke with Nationstar today and they told me that PMI won't even accept…Continue
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Michael Hayley replied to Chris's discussion Nationstar Deed in Lieu in the group NationStar Mortgage
Chris added a discussion to the group NationStar Mortgage
Nationstar Deed in Lieu
I had Keagan with Nationstar contact me about doing a deed in lieu on property. The house has been listed for 18 months and there has been no luck on a short sale (under contract twice, buyers flaked). He proposed the deed in lieu to prevent foreclosure (house is 8 months behind... in New Jersey). Has anyone dealt with them on deed in lieus? Does owner usually need to pay the price difference in price or take a big tax hit? Also, anyone work with this guy before?See More
Linda Susan Fox replied to Chris's discussion Why would they do this?"When the bank states they want X, then offer that amount if you want the home and it is still at or about fair market value.. Each time the Bank needs to negotiate they can change their minds. The listing agent will need to negotiate the…"
Cate Norton replied to Chris's discussion Why would they do this?"Not surprised if its Fannie/Freddie"
Chris replied to Chris's discussion Why would they do this?"Sorry for the confusion.
For example, we submitted an offer of $185K. The bank countered saying they want $200K. We resubmitted at 195K. The bank countered at $210K. Trying to see why they would raise their counter amount in such a short…"
Jeff Payne replied to Chris's discussion Why would they do this?"Chris, I am confused, you said that you put an offer in and the bank countered your offer? Did the bank give you an approval for your sale and then say they wanted more? remember that you dont have any approval until it is in…"
Becky Martin replied to Chris's discussion Why would they do this?"Ask your negotiator if there is MI on the loan and if so who holds it...ask directly about the price increase and ask to speak to their manager if you don't get clear answers...."
Chris replied to Chris's discussion Why would they do this?"But why would the bank ask for X amount one day, then up it a week later? Are you saying because the MI company wants more?"
Jeff Payne replied to Chris's discussion Why would they do this?"Only a few times and we went directly to the MI company. I have never had a short sale denied due to the MI company. "
Kimberley Kelly replied to Chris's discussion Why would they do this?"Yes. MI Companies are the worst, but if you deal with them directly and figure out what their bottom line is, they WILL approve many times. Worth tyring.."
Becky Martin replied to Chris's discussion Why would they do this?"I don't know Jeff - that MI can be a real problem, I had one pending at PNC a bit above the appraisal and could not prevent the foreclosure and the negotiator said it was because of the MI....have you experienced this?
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Jeff Payne replied to Chris's discussion Why would they do this?"Sounds like your offer was simply too low and needs to be higher? What do the comparables look like?"
Becky Martin replied to Chris's discussion Why would they do this?"MI is your answer - good luck getting this thru"
Becky Martin replied to Chris's discussion Why would they do this?"What lender is this??? Who is the investor and is there MI on the loan?"
Chris posted a discussionWhy would they do this?
We had an offer in for a short sale two weeks ago. The bank denied it and countered with a number they want. We submitted a new offer (still slightly less than what they wanted). They rejected that and INCREASED the amount they are asking for. Does this sound kosher?
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