"We closed a Wells Fargo short sale where the seller was not delinquent. Hardship was divorce and job transfer. During negotiations they stated the seller would be required to bring 5K cash contribution which he agreed to. Sent over the new HUD…"
Christopher Pendleton's Discussions
Fannie Not Giving Anti-Deficiency Releases In Anti-Deficiency States?? (PHH)
Started this discussion. Last reply by Smitty Feb 8. 9 Replies 0 Likes
Howdy Folks - I have a file I am trying to escalate - PHH Mortgage / Fannie has approved a certain short sale. However, glaringly missing from the approval letter is any release of future pursuit of…Continue
Short Sale Approvals with Seller isn't Delinquent
Started this discussion. Last reply by William F Griffin Jr Mar 2. 62 Replies 0 Likes
Howdy Folks - Just curious if anyone is seeing short sale approvals when the seller isn't delinquent. We just did one, but the seller was military and being transferred out of country. Most…Continue
Tags: on, payments, behind, delinquent, not
Christopher Pendleton's Page
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William F Griffin Jr replied to Christopher Pendleton's discussion Short Sale Approvals with Seller isn't Delinquent
Liane Jamason replied to Christopher Pendleton's discussion Short Sale Approvals with Seller isn't Delinquent"I had one with Chase where we got all the way thru it and they were about to issue an approval and said they could not because the Seller wasn't late. She went 30 days late and they approved it."
Kevin - Greenville, SC replied to Christopher Pendleton's discussion Short Sale Approvals with Seller isn't Delinquent"Have most required a cash contribution or prom note? What's in it for the Servicer/Investor? "
Kevin - Greenville, SC replied to Christopher Pendleton's discussion Short Sale Approvals with Seller isn't Delinquent"Have most required a cash contribution or prom note? What's in it for the Servicer/Investor? "
Joseph Alfe replied to Christopher Pendleton's discussion Short Sale Approvals with Seller isn't Delinquent"About 40% of the short sales I get approved have sellers who are not delinquent, or have significant income or assets.
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Jae Evans replied to Christopher Pendleton's discussion Short Sale Approvals with Seller isn't Delinquent"Honestly, HAFA guidelines say at least 31 days late at closing.
If your seller can time it right, you can close right when his 30 day late would be. Maybe it won't report because it will report a zero balance. You could argue this with the…"
Holly B. Long replied to Christopher Pendleton's discussion Short Sale Approvals with Seller isn't Delinquent"I have just been told by Chase that because my seller is current they do not qualify for HAFA because they are not at least 30 days late....You say these are simply guidelines and everything is negotiable...how do I make this negotiable? Seller…"
Donna Moulton replied to Christopher Pendleton's discussion Short Sale Approvals with Seller isn't Delinquent"I am well aware that a short sale is supposed to be a negotiation, thank you very much. My broker told me to hold firm on our position and the lender would eventually back down. The BofA negotiator called my seller and asked if she would sign a…"
Smitty replied to Christopher Pendleton's discussion Fannie Not Giving Anti-Deficiency Releases In Anti-Deficiency States?? (PHH)"Christopher. I just got an approval on a Suntrust Fannie backed loan. Same type of approval you got, only going into it, the negotiatior told me I had to bring over $40,000 to closing for them to issue a letter releasing their deficiency…"
Christopher Pendleton replied to Christopher Pendleton's discussion Fannie Not Giving Anti-Deficiency Releases In Anti-Deficiency States?? (PHH)"Yeah - California has nice law. Here in AZ the antifdeficiency law only protects in case of foreclosure. With a short sale being a private workout solution it isn't a foreclosure and thus not protected. I know of one RE…"
Christopher Pendleton replied to Christopher Pendleton's discussion Fannie Not Giving Anti-Deficiency Releases In Anti-Deficiency States?? (PHH)"Diane -
They really don't have any rationale for not putting it in writing. All I am is told is that they won't pursue the deficiency because we are an anti-deficiency state and they can't put that in…"
Kimberley Kelly replied to Christopher Pendleton's discussion Fannie Not Giving Anti-Deficiency Releases In Anti-Deficiency States?? (PHH)"What state are you in? California protects..where are you??"
Diane Donnelly replied to Christopher Pendleton's discussion Fannie Not Giving Anti-Deficiency Releases In Anti-Deficiency States?? (PHH)"Christopher, what do they use as a rationale for not putting it in writing?
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Christopher Pendleton replied to Christopher Pendleton's discussion Fannie Not Giving Anti-Deficiency Releases In Anti-Deficiency States?? (PHH)"Still curious if anyone has gotten a release from Fannie. I have talked to Level 2 person and now asked for supervisor to call me. So far they are refusing to put it in writing, even though they say they won't pursue a deficiency...."
Jeffrey Burnham replied to Christopher Pendleton's discussion Short Sale Approvals with Seller isn't Delinquent"I would suggest escalating. The term you should use in dealing with the Negotiator is "immenent default." Wells is one of the more cooperative lenders when it comes to this. (At least in my experience.) THE BORROWER should also write a…"
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- Chris Pendleton is an Associate Broker, ABR, A-REO, CDPE, CSP, CNE, CSSN, SFR with Tierra Antigua Realty. Chris is a specialist in getting short sales to close.
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