I have a client who wants me to take over a short sale that failed. She was offered $25,000 from Chase Bank. LCS is the second. LCS blocked her contribution from Chase, stating it wanted the money.…Continue
"@Julie -- I have never had to hold an open house, although they have requested it. They cannot make you hold open houses. Sounds like you got some snippy control freak who had no business making those sorts of demands. The key to their process, far…"
"@amy -- I would not worry too much about homesearch. First, if you're close to what the investor wants, then it will be very rare for a bidder to come close to your buyer's offer because bidders tend to underbid. Second, the bidder will…"
"Yes, like Brian says, you can look up the investor at the links he has provided. You will need the last 4 digits of the main borrower's SS #. Be sure to check twice if it returns negative answer. You can make a typo or put a comma in the wrong…"
"I question whether the second was purchase money @Helena. You say it's an equity bridge line, which is typically taken out to buy a different property, and equity implies it is against the equity in the property which would be hard money. Is…"
"I thought maybe this post was dated May 2, 2006, not 2016. Did a double take to see that we are back to that again. Equator fixed most of that stuff, but B of A doesn't use Equator anymore. Try tweeting BoA_help."
"Escalate, Julie. And Tweet BOA. These negotiators sometimes tell you what they think you want to hear, and they don't really have a clue. They are quickly flipping through the pages on their computer, and they don't know up from down. They…"
"Hmmm . . . I am surprised you took the first counter. I've had transactions with USAA in which I've gone through 4 or 5 counters with them. It seems to be the norm. Every time you counter, they come back with something else. It's like…"
"Hello Desmond: Yes, BofA along with a host of other banks do not use Equator anymore. I'm gonna throw this out there, just for giggles, but is it possible that the buyer's offer is too low? Have you considered finding another buyer? I…"
"I suspect you've already ruled out the fact that the investor is not Fannie Mae nor Freddie Mac, right? As I've seen those types of values from the GSEs because they are not always based on market. It can be based on the amount they will…"
"Bank of America is not required to include a second in a loan modification. Although there is a little known law about the non-collectibility of a second that originated at the same bank as the first. Since short sale seems a bad option for your…"
"Whenever I ask lawyers why they didn't get a release (recon) from the 2nd after the BK, they say the clients don't want to pay them extra to get it. But it prevents them from selling the house without some sort of settlement to the 2nd. If…"
"Did Chase approve your HUD? If so, you might have grounds to force them to release the parties from their internal nightmare. If this had happened to me, I would arrange a discussion between my broker's legal team and Chase's legal…"
"The problem is you can't fathom how PNC would rather take $0 and be foreclosed upon. Your thinking is too linear. Too rational. Imagine a process in which the servicer gets paid to foreclose, and you are moving closer to the truth.
Sacramento, East Sacramento, Land Park, Midtown, Elk Grove, Natomas
Author of The Short Sale Savior, published in June 2009. Broker-Associate at Lyon Real Estate in Sacramento. Home Buying Columnist at About.com. 30+ years of experience in real estate. Sacramento Short Sale Agent. DRE #00697006.
I also was not born in 1900, somedays it just feels like it.
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