I have run into a situation that I can't figure out how to fix. Any ideas or experience recently with this?I have been doing a B of A FHA short sale with the same offer for over 6 months. We knew…Continue
What is going on with FANNIE MAE? I have 2 deals right now where I know the BPO for the servicer came in at the offer price and FANNIE MAE countered $20K more on a $220K priced home with no…Continue
Chase picked up a loan the first week of March from Met Life. We turned in a full package the first week of March as soon as Chase assigned a loan number to the loan. A foreclosure sale date was…Continue
I have a short sale for a deceased single person with no significant other who passed away. The estate with no positive assets and actually a lot of debt, including $20K in child support, was left to his 2 kids. (He has been divorced for at least 10 years). A person (not ex wife) with no financial interest in the property and who did not inherit anything (except a headache) is handling the estate as the "Special Personal Representative". This person is married and doesn't even live in the…Continue
I am frustrated with the lack of consistency and organization at the loan modification dept that you have to go through before you can go to the short sale dept. Can anyone out there get that dept straightened out?
My average time in that dept is about 5 months, with one still stuck in there after over 6 months and they already had gone through the loan mod process before we listed it. One assigned representative says that if they are approved for a loan mod even if it isn't an amount…Continue
I was just told on a Wells Fargo, Freddie Mac loan that they won't accept doing a short sale on the property and basically said that their minimum acceptable net is exactly what is owed. The price that we would need to sell it for is about $50K higher than Fair Market Value on a $200K - $220K valued property. Wells Fargo did say that they are not privy to the BPO value that it goes directly to Freddie. We did get a BPO agent that many agents in our office have been having value problems…Continue