"I had this happen with a client once and its just an oversight on the banks part. You will need to contact a senior negotiator to have them make that change. It can be done quickly and revised approval will be sent out. Do not listen to the clods…"
"On the HUD, you will have to show a few differnt things. One, on line 505(?) below the net to the 1st show 3 K net to PNC from proceeds of the sale... on another line altogether, you will shave to show the remaining balance to PNC and the breakdown.…"
"Im so sorry Shannon... I had a deal with Chase 1st and PNC 2nd. It was non recourse on the both and PNC was asking for 91K (250K 2nd) because since it was non recourse, they had to do a settlement or nothing per the investor guidelines. We actually…"
"BofA will review the short sale and do the counters to fit FM guidelines. Fannie will have the final say and its hard to give a time frame because they are as backed up as the bank. If it is a Fannie loan, you may also have MI involved. Just another…"
"Are you the buyer and are being asked for 3K to contribute or the seller??? You will find where the $ is going on the HUD from escrow or the attny. It should specify that x amount is going to the net on the 1st, allowing x to go to the 2nd lien and…"
"Fannie doesnt mess around these days. You dont have an official approval from BofA so you really dont have anything. I had this happen a few times. Once I got the sale date postponed and once, the home went to sale. It depends on the day of the week…"
"First, you need to email the BofA negotiator and let them know the story to see if they will be OK withan additional contribution to the 2nd. If the 1st is a Freddie Mac loan, this will not fly. (You can look this up on your own) FM will not allow…"
"Based strictly on what you wrote, this is not a short sale. Ask the escrow officer/ Attny. what the pay off demand came in at. If they paid 173 and they are current with no other liens against the property, this is an equity sale. Even if they are…"
"Jonathan, we are all at the mercy of the banks. When you were told the file was in underwriting, they probably meant that the file had been assigned to a negotiator there. The length of time depends on a few things... does the loan have MI?…"
"I had this issue and it was because Freddie Mac was the investor. They will not budge at all. They allow X to the 2nd and they dont care if you give the $$ in the end, they will only allow that amount. The only way you may be able to negotiate is to…"
"From my understanding, its the banks cost of doing business. They will force place the insurance and take it as a loss. The 1099C the seller will receive at the end of the year will reflect this amount as well as any other fees. If it is a…"
"Yes, they do seconds in Equator. I have a Wells 1st and BofA 2nd and just got approval via Equator. Its different though and we ended up having to bring 8K in to close since Wells would only offer 3k. Typical and good luck on your SS!!!!"
"Service Link, who services SOME of Indy Mac loans, charges 2k for the short sale and its not included in the net, it is a separate charge. I have to say, it is well worth it because you will have approval in 3 weeks from the time it reaches the…"
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