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Latest Activity

Chad Gelsinger replied to cat's discussion Streamlined Shortsale??? in the group FHA - HUD Short Sales
"Hi Cat, we have completed many Streamline Short Sales. Most of the Servicers/Lenders are following the HUD/FHA guidelines with little exception. I would like to know which Servicer is "shady." How was it that the Borrower didn't…"
Oct 20, 2014
cat added a discussion to the group FHA - HUD Short Sales
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Streamlined Shortsale???

Hi, Has anyone been successful in doing a Streamlined Short Sale with HUD?  I have a seller that we had listed about a year ago and we had an offer.  At the time, they had provided all of their financials to their lender and the lender was very shady, we got HUD involved and finally were told that the seller did not qualify for a shortsale based on financial date.  The HUD rep told us that we could wait and try to do a streamlined SS after 90 days and no financial data would be required.  So,…See More
Oct 20, 2014
cat replied to cat's discussion New Chase Shortsale - Divorce Question in the group Chase
"thanks for all responses.  I will call Chase and find out their guidelines - just wanted to know if I was wasting my time if the wife wasn't willing to sign anything.  When I get a response from Chase, I will let you know. …"
Aug 28, 2014
Tony Morales replied to cat's discussion New Chase Shortsale - Divorce Question in the group Chase
"True.. but not a question of who is responsible  but what are CHASE's guidelines.  I have done many divorce short sales with them and they won't require documents from ex spouse"
Aug 28, 2014
Thom Colby CA Brkr 888-391-5245 replied to cat's discussion New Chase Shortsale - Divorce Question in the group Chase
"Tony may be correct - but I would ask Chase first.  A debt cannot be transferred from one debtor to another.  They are both responsible for the Mortgage no matter who the court awarded the property to."
Aug 28, 2014
Kathleen Lordbock replied to cat's discussion New Chase Shortsale - Divorce Question in the group Chase
"You can not to my understanding quit claim your financial obligation away. The last one like this I did, the ex-wife signed everything, I submitted the divorce decree which also put the property in the ex husband's name and they had a Quit…"
Aug 28, 2014
Tony Morales replied to cat's discussion New Chase Shortsale - Divorce Question in the group Chase
"CHASE will only require copies of the final divorce decree and it should state who the property was awarded to. You should also include a letter from the husband stating that the ex-wife will not participate in the the process and will not provide…"
Aug 28, 2014
cat added a discussion to the group Chase
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New Chase Shortsale - Divorce Question

Hi, I am working a new Chase shortsale.  The loan was taken out in the name of the husband and wife.  They got divorced and the wife quit-claimed the property to the husband.  Now I am working on a shortsale with the husband, my question is, does the wife have to sign and submit all documents too?  She definitely has nothing to do with the property any more and is not living there. I know I have worked one like this before, but for the life of me, can't remember how it worked.  Any help would…See More
Aug 28, 2014
cat replied to Keji Ogunleye's discussion Fannie Mae & Value in the group Fannie Mae
"Hi Brett, I am reaching out to you - how do I have a heart to heart with Fannie Mae.  We have a property that was listed in February for $129,900ish and we barely had any showings definitely no offers.  Price was reduced in June to…"
Aug 12, 2014
London Cox replied to cat's discussion FNMA and Request for Promissory Note??? in the group Fannie Mae
"I wouldn't worry about submitting a valuation dispute. If the value was that much higher than the actual offer, they would have countered the contract price and would not be demanding a note from the borrower. What has likely occurred is that…"
Jul 15, 2014
Kevin - Greenville, SC replied to cat's discussion FNMA and Request for Promissory Note??? in the group Fannie Mae
"PROMISSORY NOTE TEST AND FORMULA The servicer must evaluate a borrower for a promissory note if the borrower’s future debt-to-income ratio (“back-end ratio”) is less than 55%. The servicer must calculate the borrower’s…"
Jul 15, 2014
Kevin - Greenville, SC replied to cat's discussion FNMA and Request for Promissory Note??? in the group Fannie Mae
Jul 15, 2014
cat added a discussion to the group PHH Mortgage Solutions
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PHH/Fannie Mae - Counter & Promissory Note???

Hi All -I have a shortsale listing and the servicer is PHH, but it is a Fannie Mae loan. We originally listed property in February-2014 for $129,900 (seller would not be short if we sold for this value).  We did not get any offers and seller finally decided that he MUST do a short sale, so in June-2014, we reduced price to $119,900.  Still no offer or activity.  So, 2 weeks later we reduced price to $113,900.  Soon after, we got an offer for $112,000 from an owner occupant, but it was a CASH…See More
Jul 15, 2014
cat joined Wendy Rulnick's group
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PHH Mortgage Solutions

PHH Services mortgages for many companies.This group is for information, tips and solutions for PHH short sales.See More
Jul 15, 2014
cat added a discussion to the group Fannie Mae
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FNMA and Request for Promissory Note???

Hi All -I have a shortsale listing and the servicer is PHH, but it is a Fannie Mae loan. We originally listed property in February-2014 for $129,900 (seller would not be short if we sold for this value).  We did not get any offers and seller finally decided that he MUST do a short sale, so in June-2014, we reduced price to $119,900.  Still no offer or activity.  So, 2 weeks later we reduced price to $113,900.  Soon after, we got an offer for $112,000 from an owner occupant, but it was a CASH…See More
Jul 15, 2014
cat joined Bryant Tutas's group
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Fannie Mae

Information to assist with Fannie Mae Short SalesSee More
Jul 15, 2014

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First Name
Camille
Last Name
Z
Are you a...
Agent
State
Arizona
City
Tucson

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