Edward Goldfarb
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Kathleen Jamal Nations commented on Edward Goldfarb's blog post HUD lien junior to the first mortgage.
"Also doesn't understand the comment re: traditional sale.  An FHA insured loan must be submitted for review of the seller's eligibility to the HUD PFS Streamlined or Standard short sale program.  Would appear a preliminary title…"
Jul 25
Kathleen Jamal Nations commented on Edward Goldfarb's blog post HUD lien junior to the first mortgage.
"The lien is called an FHA HUD 2nd modification.  HUD does negotiate.  HUDS rules allow $2,500.00 to be used towards the 2nd liens.  The FHA stand alone 2nd's are serviced by someone other than the servicing company for the HUD.…"
Jul 25
Brett Goldsmith commented on Edward Goldfarb's blog post HUD lien junior to the first mortgage.
"That's likely a partial claim. They don't negotiate. Servicer should pay it in full if they approve PFS. I've been involved in 50+ situations with partial claims. Brett@ishortrsalenow.com 310-564-6389 www.ishortsalenow.com"
Jul 19
Mickey Murphy commented on Edward Goldfarb's blog post HUD lien junior to the first mortgage.
"Was it  junior to a mortgage or to  realty taxes,  IRS Liens ? Do you know if  the $80,000 was a Reverse Mortgage Lien ? "
Jul 18
Edward Goldfarb posted a blog post

HUD lien junior to the first mortgage.

We had a surprise just before closing on what we thought was a traditional sale.  We found out the seller had a loan modification in 2015 that include and $80,000 junior lien from HUD. This made the payoff about $20,000 short to close and HUD would have to agree to take $60,000 to $65,000 and release the lien and note. According to the seller's attorney, HUD doesn't negotiate.  I don't believe that because after 500+ closed short sales I've never experienced a lender that would not work with…See More
Jul 18
Edward Goldfarb posted a status
"Why would a lender turn down a fair market value price to sell a home as an REO for much less? Who makes up the difference? The Fed."
Jul 22, 2015
Bryant Tutas commented on Edward Goldfarb's blog post Fannie overpricing +/-125% of market value.
"Common practice with FNNMA. They counter EVERY transaction with a very high price. You can count on it. So since we know that it is imperative that we give the property some tome on the market so we can prove to FNNMA that the offer we have is…"
Oct 17, 2013
Edward Goldfarb posted a blog post

Fannie overpricing +/-125% of market value.

I began noticing about nine months ago; confirmed with several other short  sale Realtors and a law firm that does a lot of foreclosure defense and  short sale negotiations.  Have you also noticed Fannie has been countering  offers at +/-125% of fair market value?  I recently had one Fannie short  sale were they countered at $215K and three weeks later changed their mind,  reneged and recountered at $230K.  The buyer met both counter offers and  the FHA appraisal was ordered which came in at a…See More
Oct 13, 2013
Edward Goldfarb posted a status
"I can't recall the agency that puts pressure on the lenders when a short sale goes hyper-absurd. Does anyone know who I am referring to?"
Oct 7, 2013
Edward Goldfarb replied to Eric Mieles's discussion Are Attorneys Ruining Homeowners???
"I have found more than a few instances of misinformed attorneys giving the wrong advise. One of my clients was told that when the bank finds out the home owner wants to short sale they will start the foreclosure. Another was told, that no one is…"
Aug 26, 2012
Edward Goldfarb replied to Kristin Johnsen's discussion Bank of America's policy on allowing third-party negotiators to work short sales
"Can I vent? It has always been an issue on my mind.  We (Realtors) work three to twenty times harder on a short sale than equity sale.  Instead of our files being a few pages thick some short sales I've worked are an inch thick and…"
Aug 26, 2012
Edward Goldfarb replied to Cody Lampariello's discussion Why I think Realtors shouldn't be processing short sales.
"For the most part I would agree with you, however, for the most part. Many Realtors are taking short sales and, quite frankly, don't know anything about them. They are dangerous to their clients and can easily lead them down the road to…"
Jul 8, 2012
Edward Goldfarb is now a member of Short Sale Superstars
Jun 8, 2012

Profile Information

First Name
Ed
Last Name
Goldfarb
Are you a...
Agent
State
Florida
City
Pembroke Pines
My Profile
Successfully practicing real estate for 23 years credited with +/- 400 Short Sale Approvals-1660 Career Sales
Short sale panelist on National, Regional and local levels. Author of "The Foreclosure Wars White Paper, 31 Point Streamline Short Sale Plan and many other short sale related articles. Designations and awards: CDPE, CSSA, NASSPro, Equator Certified, 5-Star Premier Zillow Agent. Formerly REMAX Lifetime Achievement and Hall of Fame.

Edward Goldfarb's Blog

HUD lien junior to the first mortgage.

Posted on July 18, 2017 at 1:47pm 4 Comments

We had a surprise just before closing on what we thought was a traditional sale.  We found out the seller had a loan modification in 2015 that include and $80,000 junior lien from HUD. This made the payoff about $20,000 short to close and HUD would have to agree to take $60,000 to $65,000 and release the lien and note. According to the seller's attorney, HUD doesn't negotiate.  I don't believe that because after 500+ closed short sales I've never experienced a lender that would not work with…

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Fannie overpricing +/-125% of market value.

Posted on October 13, 2013 at 9:13am 1 Comment

I began noticing about nine months ago; confirmed with several other short  sale Realtors and a law firm that does a lot of foreclosure defense and  short sale negotiations.  Have you also noticed Fannie has been countering  offers at +/-125% of fair market value?  I recently had one Fannie short  sale were they countered at $215K and three weeks later changed their mind,  reneged and recountered at $230K.  The buyer met both counter offers and  the FHA appraisal was ordered which came in…
Continue

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