Although I have been an assistant to brokers for quite some time now, I am just jumping into doing short sales. My true experience is REO's. Can anyone give a sort of step by step into the process to…Continue
"You will need to "continue" with the servicier assigned. Not sure who is who in your statement. Some servicers are cooperative about honoring what the previous bank approved. I would think that Deutsche is the servicer, except you threw in…"
I am in the closing phase in equator,and have approval on both my loans on my property. So, that being said, my seller just received a Assignment of Mortgage with Deutsche Bank. Does this mean that I will been to start all over with Wells Fargo or will BOA still continue to service the loan and I will close with them?? HELP!! Will I need wells fargo to sign off on everything in closing too?? See More
Hello All,I am doing a SS with Chase as the First and there is also a second (a line of credit secured by the house) with BOA. Do I still initiate it in Equator just as I would if this was the first? Will they know they are the junior when the HUD shows the second only getting a small amount (whatever it may be). Also, the seller is not delinquent on the second. Will this be a problem. Any advice would be greatly appreciated. Thank youSee More
"Thank you all for your advise. I am slowly finding my footing and learning new things every day. I have developed my own system which seems to change by the minute! haha. I am constantly on this site reading new things, and have been taking all…"
"First of all Katy if you are having a hard time getting information from the sellers this means that the "other than stellar agent" whom you took this file from did not qualify the seller. When a seller is behind they have 1 of 2…"
"It sounds like the lender you are working with is using Equator, and that you have already started the SS process in Equator. ASSUMING you are using Equator, the lender should be giving you 'tasks', and yes one of the tasks is…"
Each point made so far is dead on. But if you are going to be doing short sales other than the two files you currently have, then you will need a system. I have checklist and forms that I use for each client so that I don't miss out on…"
Although I have been an assistant to brokers for quite some time now, I am just jumping into doing short sales. My true experience is REO's. Can anyone give a sort of step by step into the process to give me an idea of where to start. I know each bank is different. I am just getting into two files, that have already been initiated by a less than stellar agent, and I am expected to fix it. For both files, I have contracts that are above what the bank suggested as a listing price. But I am having…See More
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