"Thanks for the responses.
Yes, Indeed those are the key components of a Short Sale, and yes @Brett Goldsmith you nailed it. In fact in this situation the 1st position lien and a 2nd will be settled for less than the…"
"Typically a short sale and a short pay are exactly the same thing. Not sure if you are referring to a 1st mortgage settlement ( short pay ) where the borrower can bring a lump sum and settle while keeping the home. If another buying is coming in,…"
"Kay VanKampen I have also had the opposite experience from you, but hear of similar accounts. Now that SPS has become the largest loan servicer in the country, I can assure you there is a method to their practice. Your situation…"
Has anyone been offered this option via SPS? This little known, sister to the Short Sale, is claimed to be like a short sale except without the arms-length restrictions. However no closing costs, attorney fees, or relocation assistance can be bundled in to the package.The seller, at least according to the contract I receieved, can 'only' profit from the transaction with prior approval by SPS. HUD-1 must still match HUD.I'd appreciate any experiences or insight on this program.See More
"My guess is that the seller removed your negotiators privilege and their policy is to 'avoid confrontation".
"We responded in 2 days, but this did not seem to matter."
Did you respond verbally or fax? Having a…"
For Short Sale - OverviewHomeowners interested in pursuing a short sale, can call 888-818-6032 to speak with a Loan Servicing RepresentativesTo speak to a Loan Servicing Representative to Help you with answers to your questions regarding the status or history of your account call please call 888-818-6032Representatives are available Monday through Thursday from 8:00 AM to 11:00 PM, Eastern Time.Friday from 8:00…See More
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