"Yes, I've closed a number of short sales with Wells where the borrower had remained current until the end. It will come down to the policies of the actual investor that owns the loan though. Some will allow it, some won't.
"Yes, it seems that they have deemed that whole interwebs thing as being just a bit too sophisticated for their liking. They did make the bold decision to begin accepting documents via email though, which has proven to me anyway to be…"
"I would recommend anticipating 45 days, but have seen them come back quicker on occasion. You just want to be sure to get them the complete package of documentation the first time around to avoid delays. "
Yes, I've run into this issue with the IRS on short sales on a number of occasions and have found them to be pretty cooperative in removing those liens. As would be expected with dealings with the IRS, there is certainly…"
My firm has successfully negotiated over 1,700 short sale approvals since 2007. We have a strong track record with virtually every lender in the industry and are currently averaging 45 days in delivering written approvals. Please feel free…"
"And therein, we have the very definition of a Catch-22.........
I would keep hammering on Fannie. Nationstar is going to stick with that old value regardless of what you tell them. It will have to come from their investor.
"I've had this same experience with those two parties.
I would recommend going back to your contact at Fannie and request (demand?) that they notify Nationstar of the results of the valuation dispute. Provide the Fannie rep with all…"
"I wouldn't worry about submitting a valuation dispute. If the value was that much higher than the actual offer, they would have countered the contract price and would not be demanding a note from the borrower.
What has likely occurred is that…"
"Likewise, it will depend on who the MI is. I would plan on an additional 7-10 days, but it could certainly be less depending on the company. You can reach out to BofA as well and they will be able to give you a pretty good estimate on…"
"Ocwen has proven themselves to be very capable in acquiring new loan packages over the last 18 months or so by offering some of the lowest servicing rates in the industry. Their ability to do so rests largely on their willingness to outsource…"
"It's unlikely you'll be able to get that approved if the borrower is unwilling to stop making payments. Once Fannie digs their heels in on that point, it's virtually irreversible. Their take on the matter is that if the…"
"A fatal illness should qualify as a legitimate hardship, when coupled with the fact that he likely won't have any income (or it would at least be significantly reduced) as he went through treatment and the very unfortunate reality that he…"
If your seller is still current on his mortgage payments, that is almost certainly the reason for the denial. Fannie and Freddie are both among the most consistent investors to deny these because the payments are current.…"
My firm provides dedicated 3rd party short sale negotiation services for sellers, buyers, real estate agents, title companies and attorneys. 11+ years experience delivering short sale approvals throughout the State of Florida.
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