Justin Berry
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  • Denver, CO
  • United States
  • CO
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Justin Berry's Discussions

Freddie Mac Subordinate $6000 variance?

Started this discussion. Last reply by Bill Garrett Jul 28. 4 Replies

Hello,I was curious if other members have recently been successful in appealing to Freddie Mac allow more than $6000 to a 2nd. I have a WF 1st approval and Ditech 2nd, borrower has some assets and…Continue

184 Indian Housing Guaranteed Loan

Started May 7, 2014 0 Replies

I'm getting a new short sale that is a "184 Indian Housing Guaranteed Loan".  I beleive it's with Wells Fargo. Is this treated as a normal FHA PFS?  Any advice, superstars?Continue

Tags: 184

Reverse Mortgage Short Sale to Family?

Started this discussion. Last reply by Justin Berry Dec 20, 2012. 3 Replies

Borrower is deceased, reverse mortgage.  Lender (small regional bank) is calling the note due and has said a short sale is an option, but the sole heir/PR is occupying the property and wants to be…Continue

 

Justin Berry's Page

Latest Activity

Bill Garrett replied to Justin Berry's discussion Freddie Mac Subordinate $6000 variance?
"FREDDIE MAC:  Is the 2nd Mortgage Required to Waive Deficiency? I know Freddie has a $6k cap for junior liens.  Does Freddie require the 2nd lien to waive the deficiency (in addition to releasing lien) in exchange for the…"
Jul 28
Smitty replied to Justin Berry's discussion Freddie Mac Subordinate $6000 variance?
"The $15,000 can be paid, but they won't get the $6000 out of the proceeds, meaning someone else would have to come up with it.  I'm surprised that Ditech isn't budging.  They usually know the rules.  I usually fax in…"
Jul 11
Justin Berry replied to Justin Berry's discussion Freddie Mac Subordinate $6000 variance?
"Same here but thought I'd check. They aren't budging. Yeah, we're not going into contribution land very Thanks very much for your reply. "
May 8
Brett Goldsmith replied to Justin Berry's discussion Freddie Mac Subordinate $6000 variance?
"No, never heard or seen FHLMC allow more than 6,000 to a subordinate lien as that's a hard set guideline. Generally you need to get the subordinate liens to play ball with FHLMC guidelines. At times 2nd's will try to get people to step…"
May 8
Justin Berry posted a discussion

Freddie Mac Subordinate $6000 variance?

Hello,I was curious if other members have recently been successful in appealing to Freddie Mac allow more than $6000 to a 2nd. I have a WF 1st approval and Ditech 2nd, borrower has some assets and 2nd won't budge below $15k and really will fly the plane into the ground. I've escalated with them repeatedly and truly believe them. Parties are willing to contribute/buyer will raise offer but, of course, no luck with WF.  I've submitted an auth to Freddie and just getting going but thought I'd gain…See More
May 3
Justin Berry replied to Brett Goldsmith's discussion USDA LOAN CURRENT GUIDELINES
"Great question. Did you find an answer? Is it Guaranteed or Direct? You've probably seen his but I've had good luck getting straight answers from the St. Lweis office.  You've probably seen his but I've had good…"
Mar 13
Justin Berry liked Barbara Thomas's discussion BSI Financial Is Requiring 1% of Listing Commission to go to "Entra Asset Management"
Apr 27, 2015
Justin Berry replied to Heather's discussion Ocwen - Citi Approval Question
"I would press the 2nd hard and let them know you need a decision ASAP. Usually they'll step up their review if they think the 1st approval is in jeopardy. Escalate. "
Apr 27, 2015
Justin Berry replied to Jill Schappel's discussion PNC - Hone Equity loan
"Great to hear"
Jan 14, 2015
Justin Berry replied to Jill Schappel's discussion PNC - Hone Equity loan
"Timothy Seislove  Short Sale Manager / Investor Relationship Manager Lending Services-Consumer Default Management PNC Bank Locator  BR-YB58-01-3 6750 Miller Rd.  Brecksville, Ohio  44141 440-546-9476 (office)…"
Jan 13, 2015
Justin Berry liked Tony Morales's discussion Nationstar Auction Process
Dec 10, 2014
Justin Berry posted a status
"About time: CFPB Hits Flagstar Bank with First Servicer Rule Enforcement http://j.mp/1vOHgSe"
Oct 7, 2014
Justin Berry replied to Melissa Polce's discussion looking for Decision Makers at US Bank
"Ask for a supervisor and file a complaint with the CFPB. Those seem to be the only ways to get through to US Bank lately. If FHA loan, be sure to contact HUD too. They really don't care unless you are a squeeky wheel. "
Sep 26, 2014
Justin Berry replied to tom foster's discussion Financial Freedom Help neeed
"I worked with them earlier this year too.  My guess is probably not since the borrower is deceased."
Sep 15, 2014
Justin Berry liked Bryant Tutas's discussion FANNIE MAE PRESS RELEASE. Homepath Short Sales Update
May 29, 2014
Justin Berry posted a discussion

184 Indian Housing Guaranteed Loan

I'm getting a new short sale that is a "184 Indian Housing Guaranteed Loan".  I beleive it's with Wells Fargo. Is this treated as a normal FHA PFS?  Any advice, superstars?See More
May 7, 2014

Profile Information

First Name
Justin
Last Name
Berry
Are you a...
Agent
State
CO
City
Denver
My Profile
I have been at this since 2005, have successfully closed over 170+ short sales and I'm still enjoying every minute of it. I'm both a real estate broker and owner of a short sale processing firm. Don't hesitate to contact me!
[email protected] or 720-608-1173

http://BerryHomeSearch.com
http://www.RockyMountainShortSales.com

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