Guerry Clegg
  • Male
  • Columbus, GA
  • United States
  • Georgia
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Guerry Clegg's Discussions

Short sale checklist

Started this discussion. Last reply by Patricia Bravo Dec 18, 2012. 2 Replies

I use Top Producer, which makes it easy to schedule tasks, like emailing updates to buyers agent. Does anybody have a general checklist they could share? Obviously, there's no one-size-fits-all, but…Continue

Chase VA compromise sale

Started this discussion. Last reply by Mike Rosania Mar 30, 2012. 5 Replies

My colleague is representing a seller with a VA loan through Chase, and her contact -- presumably a negotiator -- said they would accept a net payoff that was $3-4k below the VA required 88.13…Continue

Who has to say 'Yes'

Started this discussion. Last reply by Joseph Alfe Feb 6, 2012. 3 Replies

I tell clients and agents that one of the keys to getting short sales approved, or at least understanding the process, is knowing who has to yes. The lender(s), obviously, has to, but there's often a…Continue

VA shortsale and Fannie Form 710

Started this discussion. Last reply by Guerry Clegg Feb 6, 2012. 2 Replies

I'm working a short sale with SunTrust, and they have asked for the seller to complete the Fannie Mae form 710, Uniform Borrower Assistance form. I don't recall sellers having to complete this for a…Continue

 

Guerry Clegg's Page

Latest Activity

Chad Gelsinger replied to Guerry Clegg's discussion Borrower current in the group VA Compromise Sales
"Hi Guerry, We have never closed a VA Compromise Sale with the Borrower being current. VA regulations typically require 60 days of delinquency. It makes sense the Servicer will not close without the VA backing. I would agree with Brett, where the…"
Jun 19
Brett Goldsmith replied to Guerry Clegg's discussion Borrower current in the group VA Compromise Sales
"Maybe they were okay with not taking out a claim after that sale if the deficiency was small. Most servicers won't approve short sales for FHA or VA if they won't pay out the…"
Jun 19
Guerry Clegg added a discussion to the group VA Compromise Sales
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Borrower current

I have a VA short sale that is taking a long time for lender approve. They said the holdup is the seller is current on her payments so they have to get a variance from VA. Someone at VA told me they don't issue such variances, and if the lender approves the short sale, VA will not pay the guaranty because the borrower is not in default. But I closed one last fall where the seller remained current and never went into default, Any thoughts?See More
Jun 19
Guerry Clegg joined Sara Mehrpouyan Los Angeles CDPE's group
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PennyMac Loan Servicing

This group is for information, tips and solutions for PennyMac Short Sales.See More
Jun 14
Guerry Clegg commented on Jeff Payne's group US Bank
"Are these escalation contacts current? US Bank gave a hard decline after approval of VA short sale because the buyer's lender could not work out one issue. We took a backup contract with identical terms -- net, loan type, everything -- and once…"
Apr 12
Guerry Clegg commented on Stephanie Lim's group FHA - HUD Short Sales
"How do I escalate an issue with NOVAD and with M&T Bank? Two issues, actually. Lack of communication with my negotiator and an unrealistic valuation due to property condition. Background: I have a short sale with M&T. We have an ATP,…"
Mar 7
Guerry Clegg commented on Jason Yacoub's group M&T Bank
"Also, this is an FHA short sale. M&T is telling him the house has to be listed for 90 days before they will consider an offer. They told another agent in my office the same thing on another FHA short sale. That one is current on payments, and my…"
Nov 20, 2018
Guerry Clegg commented on Jason Yacoub's group M&T Bank
"Thanks Chad"
Nov 20, 2018
Guerry Clegg commented on Jason Yacoub's group M&T Bank
"Anyone know if the fax numbers are current? All of the links that I've tried within this group appear dead. "
Nov 16, 2018
Guerry Clegg commented on Stephanie Lim's group FHA - HUD Short Sales
"I'm confused. Why would you need a variance for 86 percent within the 30-60 day period when that's the required net for that period?"
Sep 13, 2018
Guerry Clegg commented on Stephanie Lim's group FHA - HUD Short Sales
"That's good to know. The last time I tried they were completely rigid, but that has been a while. Our net was about 94 pct, which made it more frustrating. "
Sep 12, 2018
Guerry Clegg commented on Stephanie Lim's group FHA - HUD Short Sales
"So Brett and Alexis, it sounds like HUD has loosen their rule about the allowable/disallowable costs. Is that right? If so that's good to know. It still has to net 88 percent for the first 30 days, so that doesn't allow much wiggle room…"
Sep 12, 2018
Guerry Clegg commented on Wendy Rulnick's group VA Compromise Sales
"68%20Lee%20Road%20962%20allowable%20costs.pdf This is what I have received on the last several Chase VA short sales. It makes no sense because VA is only concerned with the 84.05 percent net. In fact, I always thought that VA limited closing costs…"
Feb 27, 2018
Guerry Clegg commented on Wendy Rulnick's group VA Compromise Sales
"Chase has a stupid rule that it will only allow certain closing costs to be paid by the seller. I have escalated and received approval but have not always been successful. I had to get an email from VA to confirm that they would pay the claim."
Feb 27, 2018
Guerry Clegg commented on Stephanie Lim's group FHA - HUD Short Sales
"Scott, is there a mortgagee letter that states a credit score threshold for non-Streamline? I have never seen one. I had 2 traditional short sales that were denied because the sellers abandoned the property, so I tried to get them approved for a…"
Aug 30, 2017
Guerry Clegg commented on Stephanie Lim's group FHA - HUD Short Sales
"Corinn, I think the Lender is getting it confused with Streamline. I don't know of any mortgagee letter that states that, and my personal experience is I've had FHA sellers  maintain good credit and stay current until missing their…"
Aug 30, 2017

Profile Information

First Name
Guerry
Last Name
Clegg
Are you a...
Agent
State
Georgia
City
Columbus
My Profile
I've been selling real estate for 9 years and added short sales as a specialty about 4 years ago. I've completed a number of them and hold the SFR designation. But there's always so much more to learn. This site is one of the best places to learn because of the breadth of experience everyone here has collectively.

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