A lender will never guarantee cancellation or postponement of a sale, but you have 15 days which should be enough time. Ordering title means they need to look at any potential liens (judgements, loans, tax) recorded against the property. …"
"Thank you for your input... and sorry for the delayed response. BLS approved the buyer paying additional funds it just took them 10 days to re-review so we were all in fear and limbo mode. Lesson learned! "
"The investor and mortgage servicers guidelines on the 1st lien do determine whether contributions can show on the Est. HUD to subordinate lien holders. RTR always likes to ask for more money than a 1st lien holder typically allows and this is why…"
Hello, We have an approved Bayview short sale in CA. Bayview would not approve the Hud-1 since the buyer is paying the deficiency on the 2nd. They rejected the Hud-1 and said they need to send the file back for investor approval (BofA is the investor). I have processed at least 100 short sales in the 4 years licensed. I have never seen this before. The 2nd lien Real Time Resolutions does not issue approval prior to 1st lien approval. Would anyone out there in this community have any…See More
"Ps. The approval letter should show net proceeds to 1st and escrow can calculate extra funds less settlement and fees (commissions). So it wouldn't be that unusual to no see a line item in the approval letter for 2nd payoff."
"Does anyone have escalation department fax or contact for PNC 2nd lien department. We have 1st approval and unresponsive rep over there. This was previously approved 2nd HAFA short sale, but they would not extend due to new CFPB…"
"Seems odd, but on another file with PNC they advised me the CFPB requires a change in paperwork requirements effective in Jan. so we had to submit a new package on previously approved expired short sale, no extensions could be granted due to new…"
"You bring up an interesting point and guidelines would vary from each board of realtors. In our case we were required ( outlined in the participation agreement to insert Auction.com verbiage /contingent on our MLS rules), which in our case…"
"Presumably, Christopher if it's initiated in EQ there is already an offer. Also forgot to mention, when I contacted Nationstar on a general question: do all Nationstar shortsales=Auction.com, they advised me yes. However we are in CA. Not sure…"
"We have done two Nationstar/Auction.com short sales, both had liens.. one had a giant tax lien and Nationstar was sympathetic and allowed two extensions in order to settle the issue with the IRS.
On the other property, there was a large HOA…"
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