We have never closed a VA Compromise Sale with the Borrower being current. VA regulations typically require 60 days of delinquency.
It makes sense the Servicer will not close without the VA backing. I would agree with Brett, where the…"
"Brenda, Typically VA does NOT require the resale language in the new deed. Check with the Servicer though... Sometimes they will require the language. We recently had an FHA file where the restrictive language was required by the Servicer, not FHA.…"
"Guerry, M&T should NOT be telling anyone an FHA file has to be listed for 90 days.... They should be following the FHA Preforeclosure Sale process which includes Loan Mod review. IF M&T cannot work out a Loan Mod, the next step in the…"
Here are some useful contacts for M&T. You need to know if it is a standard mortgage or HELOC. There are different numbers:
M&T Std Mtg: Short Sale Phone: 800-724-1633 Fax 3rd Party: 866-409-4642
FHA Preforeclosure Sales allow 1% of Buyer's FHA Loan Amount for closing cost assistance. A variance can be requested for 1% of Buyer's Conventional Loan amount. We can typically get 1% of Sale Price approved, but the regs are…"
"Hi Chris, IF this is an FHA loan, then YES, the Personal Rep will have to assume the loan to proceed. Some of the other lenders (Wells Fargo and Mr Cooper) are now following this FHA guideline. Bank of America has done this for several years now.…"
"Kathleen, Ditech has several different fax numbers depending on what you are doing. For 3rd Party Auth: 877-612-2422 For Short Sale Package: 877-612-2422 AND/OR 866-870-9919. You could have a negotiator giving you their personal fax…"
My seller interprets the language as they can never buy the house back (I consulted an attorney who said this is not exactly the case). In the latest version of the form, under section (b), they would just like to take out the part that…"
"Melanie, Wells Fargo Financial does NOT require an Affidavit. Is it possible you are dealing with a WF Home Mortgage? IF so, use the attached WF Conventional Affidavit v3.0.. Chad.
"Jim, the HUD Partial Claim Loans are typically not an issue. Just send a 3rd Party Authorization, with FHA Case number and order a payoff. The Partial Claim will be paid in full from the sale proceeds. For the most part, it is a fairly…"
"Kevin, typically the only times we can get the 84% approved is if there is an ATP. If there is an Active Foreclosure prior to the ATP, the minimum net proceeds needs to be 88%. Did you have a generic ATP or was it buyer specific? Who…"
"Dean, if the BPO and Appraisal are more than 10% apart, WF will have to go to HUD for them to determine the acceptable value. With WF, typically the acceptable sale price will be the appraised value. Sounds like WF can't give you the appraised…"
"I don't know if US Bank will check the validity of the EIN... Whichever one you use, just designate the name associated with the EIN.... They will confirm it as a "password" when you call. If you can't provide the correct number,…"
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My seller interprets the language as they can never buy the house back (I consulted an attorney who said this is not exactly the case). In the latest version of the form, under section (b), they would just like to take out the part that says they can never obtain title of the mortgaged premises again. I spoke to Wells and they will not accept a redacted form in any case. Thank you for your response.
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