P Nicolas Velecico
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  • Atlantic City, NJ
  • United States
  • New Jersey
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P Nicolas Velecico's Discussions

FHA Ammendetory Clause

Started this discussion. Last reply by Wayne Brooks Jul 28, 2015. 1 Reply

 Trying to close a Fannie Mae REO with an FHA loan . The buyers lender insist on having the ammendetory clause fully executed but Fannie Mae says they are except . Who is right The property appraised…Continue

Greetree Short Sale / Fannie Mae

Started this discussion. Last reply by Brian Avery Jul 8, 2015. 2 Replies

 Just received a Green tree approval and they keep referring me back to the FANNIE GUIDELINES which are a bit confusing to me .My first question is a credit card that went into a judgement and thus a…Continue

Tags: servicing, HOA, liens, lien, pay

Seller died during short sale process

Started this discussion. Last reply by Brian Avery Sep 1, 2014. 2 Replies

 The seller died without a will or assetts , the heirs want nothing to do with the property . We have a buyer under contract ,  can anything be done to continue with the sale ?  I had a POA for the…Continue

SHORT SALE BY EX FELON

Started this discussion. Last reply by Brett Goldsmith Jun 2, 2014. 8 Replies

 My client was convicted of money laundering and served one year federal time , he is out on probation and did chapter 7 . He included 4 upside down properties in the BK . He has a one million dollar…Continue

Tags: DODD, LIENS, FRANK, SHORT, FELON

 

P Nicolas Velecico's Page

Latest Activity

Wayne Brooks replied to P Nicolas Velecico's discussion FHA Ammendetory Clause
"Yep, silly. I just had the same exact situation, the listing agent signed it, right or wrong. I looked up the FHA guidelines, and They said FANNIE was exempt, but the lender insisted."
Jul 28, 2015
P Nicolas Velecico posted a discussion

FHA Ammendetory Clause

 Trying to close a Fannie Mae REO with an FHA loan . The buyers lender insist on having the ammendetory clause fully executed but Fannie Mae says they are except . Who is right The property appraised over the value anyway so to me its inconsequential anyway , but no one will budge , so we are stuck See More
Jul 28, 2015
Brett Goldsmith replied to P Nicolas Velecico's discussion Greetree Short Sale / Fannie Mae
"FNMA guidelines are 6,000 max to subordinate mortgage liens only to my understanding. They won't allow contributions to show on the Est. HUD either towards the judgment. Unfortunately the seller will be pushed to settle those liens outside of…"
Jul 8, 2015
P Nicolas Velecico replied to Luther Fisher's discussion short sale when borrower is deceased
" i have a similar situation , in this case the deceased owner left no will , just debts , the only heir is his baby moma , she would like to take over the payments , get a modification so her son can have a home . I put the petition into the…"
Jul 8, 2015
P Nicolas Velecico posted a discussion

Greetree Short Sale / Fannie Mae

 Just received a Green tree approval and they keep referring me back to the FANNIE GUIDELINES which are a bit confusing to me .My first question is a credit card that went into a judgement and thus a lien on the property fall under the Junior lien guidelines ? Green tree is saying NO , The property has a lien with a company called Mid land Funding for $8000 , Green tree is saying even if we negotiate this down we cant use any of the approved  $6000 towards the lien  because Fannie Mae will not…See More
Jul 8, 2015
Brett Goldsmith replied to P Nicolas Velecico's discussion Seller died during short sale process
"Escalate the file to see if anything can be done, but they likely will require this to go through probate at this point in order to obtain an executor of estate. [email protected] 310-564-6389 www.ishortsalenow.com"
Sep 1, 2014
P Nicolas Velecico posted a discussion

Seller died during short sale process

 The seller died without a will or assetts , the heirs want nothing to do with the property . We have a buyer under contract ,  can anything be done to continue with the sale ?  I had a POA for the sale but it does not survive death See More
Sep 1, 2014
P Nicolas Velecico commented on Stephanie Lim's group FHA - HUD Short Sales
"maybe they did not include the mortgage in the BK , I would get proof that the property was abandonned by the trustee and a copy of the petition to show the intention was to include the property in the BK  "
Jun 11, 2014
Brett Goldsmith replied to P Nicolas Velecico's discussion SHORT SALE BY EX FELON
"Nicolas,         We actually have a transaction in NJ right now with a Keller Williams brokerage. Please send me an email at [email protected] or provide me with your contact information, so we can provide you with…"
Jun 2, 2014
P Nicolas Velecico replied to P Nicolas Velecico's discussion SHORT SALE BY EX FELON
" thanks Brett , I will talk to the homeowner about it , in the meantime how does your company work in NJ , I am with BHHS and would like you have an outside processing company handle my short sales"
Jun 2, 2014
Brett Goldsmith replied to P Nicolas Velecico's discussion SHORT SALE BY EX FELON
"I was advised from a short sale escalations manager that the borrower could not participate in HAFA, but according to their management they could be reviewed for a traditional short sale. We were advised a homeowner would not be eligible for a…"
Jun 2, 2014
Brett Goldsmith replied to P Nicolas Velecico's discussion SHORT SALE BY EX FELON
"I've sent out a few emails to some escalation contacts to confirm this for you. It looks like they may not be eligible for HAFA. I've requested information regarding whether or not they could be reviewed for a traditional short sale under…"
Jun 1, 2014
P Nicolas Velecico replied to P Nicolas Velecico's discussion SHORT SALE BY EX FELON
" Thanks for the response , the seller does not care about any relocation credit , he just wants to move on with his life and would rather sell these properties tan let them go to Sheriff Sale .   I have no idea if the federal goverment…"
Jun 1, 2014
Brett Goldsmith replied to P Nicolas Velecico's discussion SHORT SALE BY EX FELON
"I know it's never guaranteed and let me know if you experience the same thing, but we typically see that when there is no adequate assurance federal lien holders typically are willing to allow partial releases often for no money or a minimal…"
May 23, 2014
Brett Goldsmith replied to P Nicolas Velecico's discussion SHORT SALE BY EX FELON
"I would say it would be worth picking up these listings before another agent does. It seems the dodd frank prevents the homeowner from receiving relocation incentive through the making home affordable program, but doesn't appear to prevent them…"
May 23, 2014
P Nicolas Velecico posted a discussion

SHORT SALE BY EX FELON

 My client was convicted of money laundering and served one year federal time , he is out on probation and did chapter 7 . He included 4 upside down properties in the BK . He has a one million dollar federal judgement / fine that comes up on his credit which could NOT be discharged through the BK .My question is since he cant pass the Frank Dodd test , Do you think Wells , and B of A will allow a co operative shortsale ? , He also has an FHA loan . He wants to give me all four listings but I…See More
May 22, 2014

Profile Information

First Name
Nicolas
Last Name
Velecico
Are you a...
Agent
State
New Jersey
City
Atlantic City
My Profile
New Jersey Homes and Loans LLC is an international real estate investment and management firm in Atlantic City NJ

P Nicolas Velecico's Blog

Federal Lien ( Dept. of Justice ) seller is in prison for one year .

Posted on February 22, 2012 at 6:57pm 1 Comment

 

 Seller has about one year to serve on money laundering conviction which also carried a $260,000 fine

 The fine is showing up on title as federal lien DOJ , can he sell , mod or DIL with a lien that exceeds the value of the property ?

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