I've represented sellers in a few short sales, but have recently been asked to list a home with a VA loan and hope you can give me some advice. Here's the situation:Owner has a VA loan through Wells…Continue
"Go to the County Recorder / Assessor with a letter for their office signature explaining to the HELOC holder that both are one and the same address. Have the County Recorder / Assessor "Stamp" it with their Official Seal. Send…"
Very long story short, have received short sale approval for 1st mortgage with Wells Fargo. Weeks later, still waiting on approval of HELOC because they won't put the file through to underwriting because of a discrepancy in the name of the city the home is in. All the listing, offer, HUD, and 1st mortgage docs show "Blades". The HELOC docs show "Seaford". These towns share a zip code and the actual post office is in Seaford, so I understand how this could have happened but don't understand…See More
I've successfully completed other types of short sales, but this is my first experience with a VA Compromise Sale. The servicer is Freedom Mortgage, and working with them has been challenging to say the least. Package was sent to them the first of August, and file is still with their underwriter. When calling the Loss Mitigation department, they read off notes made in the file and at various times have told me that they are waiting for appraisal to come back or that the appraisal came back…See More
"Escalate the file ASAP on:
Call Chase executive offices ASAP.
If you email me - [email protected], I can give you some of our contacts (we don't post them on public forums).
We can also get authorized and…"
"What he said... There are some Fannie escalation numbers, you want to get to level #2 asap...where are you located as in what state??? I would be working on a strong back up offer for the wings as well...email me at [email protected]"
An agent in my office has asked me to step in and help try to save his short sale that is sinking fast and I need your advice. Only one mortgage (with Chase), Fannie Mae is the investor. Cash offer at a decent price was received May 5th and listing agent submitted all docs to Chase and was working it through Equator. Equator messages said BPO's were being reviewed and requested updated financial docs from seller. Listing agent and/or seller dropped the ball and didn't provide docs so Chase…See More
"Kevin, thank you for your post. Once a contract is in hand, I think they'll meet all those requirements. I'm just really not sure if their hardship will be considered serious enough if they are not delinquent in their…"
"In order to be considered for a compromise sale, several factors must be considered: The property must be sold for fair market value. The closing costs must be reasonable and customary. The compromise sale must be less costly for the Government…"
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