Pat Hood
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Pat Hood's Discussions

What Are the Federal restrictions and requirements on the short sale arms length affidavit?

Started this discussion. Last reply by Pat Hood Feb 9. 4 Replies

Appreciate any information,Have approval from Ocwen and BAC on a short sale but Ocwen's arms length affidavit states buyer cannot resell for more than 120% of short sale price until the 91st day…Continue

Typical percentage to settle BAC HELOC?

Started this discussion. Last reply by Pat Hood Dec 21, 2016. 4 Replies

Hello,Just got Ocwen approval on a 1st lien but have a $49,500 HELOC with BAC. Ocwen has offered $2000 to BAC. I know they will want more as a HELOC than a second mortgaqe. 10% reasonable?  Or is…Continue

Ballpark on HELOC 2nd's realistic settlement percentage?

Started this discussion. Last reply by Pat Hood Nov 15, 2015. 4 Replies

Hi...Short sale with Chase first and $98,000 HELOC with Everbank. Investor on 2nd is River Source Life Insurance Company, Minneapolis, Mn.Everbank has rejected my first HUD where I offered them…Continue

 

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Pat Hood replied to Pat Hood's discussion What Are the Federal restrictions and requirements on the short sale arms length affidavit?
"Again, thank you!"
Feb 9
Brett Goldsmith replied to Pat Hood's discussion What Are the Federal restrictions and requirements on the short sale arms length affidavit?
"My pleasure. Some files are still getting HAFA approved if offers were into the servicer in 2016. Other programs/investors may still have the 120% rule."
Feb 9
Pat Hood replied to Pat Hood's discussion What Are the Federal restrictions and requirements on the short sale arms length affidavit?
"Brett, Thank you. I am used to the 30 days but don't usually see the 91 day restriction before can be more than 120% over short sale price. Since there is no HAFA anymore...this is not a HAFA short sale. Again, thank you for taking the…"
Feb 9
Brett Goldsmith replied to Pat Hood's discussion What Are the Federal restrictions and requirements on the short sale arms length affidavit?
"Different investors have different guidelines. This is pretty standard for the HAFA program. Many times it's a 30 day deed restriction or can't resale for more than 120% within 90 days. Read the arms length, ss affidavit, lender addendum,…"
Feb 9
Pat Hood posted a discussion

What Are the Federal restrictions and requirements on the short sale arms length affidavit?

Appreciate any information,Have approval from Ocwen and BAC on a short sale but Ocwen's arms length affidavit states buyer cannot resell for more than 120% of short sale price until the 91st day after the sale. I explained that I already sent them a contractor bid for $65,000 Plus so the buyer would basically be purchasing and re-selling for 0 dollars!!!And we will lose our investor/buyer!Ocwen stated it is boilerplate and cannot be changed as it is Federal law!!I am certain he is not correct…See More
Feb 9
Pat Hood replied to Pat Hood's discussion Typical percentage to settle BAC HELOC?
"Got it. I thought and even per their approval letter they had to pay out to the second minimum of 8% or $12000???Or has that changed??"
Dec 21, 2016
Brett Goldsmith replied to Pat Hood's discussion Typical percentage to settle BAC HELOC?
"If it's going through HAFA I'd be pushing for 12,000 to the 2nd. It's very possible that is what they will ask for."
Dec 21, 2016
Pat Hood replied to Pat Hood's discussion Typical percentage to settle BAC HELOC?
"Brett, Thanks for your reply. On original settlement statement asked Ocwen for a $12000 payout to Bank of America HELOC. Per the Ocwen approval letter investor is"Deutsche Bank National Trust company as Trustee for Residential Asset…"
Dec 21, 2016
Brett Goldsmith replied to Pat Hood's discussion Typical percentage to settle BAC HELOC?
"How much did you ask Ocwen to review as a payoff? Who is the investor on the note with Ocwen? [email protected] 310-564-6389 www.ishortsalenow.com"
Dec 20, 2016
Pat Hood posted a discussion

Typical percentage to settle BAC HELOC?

Hello,Just got Ocwen approval on a 1st lien but have a $49,500 HELOC with BAC. Ocwen has offered $2000 to BAC. I know they will want more as a HELOC than a second mortgaqe. 10% reasonable?  Or is even less a possibility?Thanks for sharing and have a great holiday season!Pat HoodSee More
Dec 20, 2016
Pat Hood replied to Pat Hood's discussion Ballpark on HELOC 2nd's realistic settlement percentage?
"Brian, Thank you for your response! Really appreciate your help! Pat"
Nov 15, 2015
Pat Hood replied to Pat Hood's discussion Ballpark on HELOC 2nd's realistic settlement percentage?
"Thank you, Wendy. On my Hud to Chase I allowed for 10% but was curious about what is typical... Thank you again!!!"
Nov 15, 2015
Wendy Rulnick replied to Pat Hood's discussion Ballpark on HELOC 2nd's realistic settlement percentage?
"Pat - It sometimes depends on the type of loan the senior is.  Otherwise, 10% of the junior balance is common. Ask them.  "
Nov 14, 2015
Pat Hood posted a discussion

Ballpark on HELOC 2nd's realistic settlement percentage?

Hi...Short sale with Chase first and $98,000 HELOC with Everbank. Investor on 2nd is River Source Life Insurance Company, Minneapolis, Mn.Everbank has rejected my first HUD where I offered them $2000.Realistic for me to expect them to take 5 cents on the dollar? or around $5000?Thanks for any input...Pat HoodSee More
Nov 13, 2015
Pat Hood replied to Paul Aceto's discussion Promissory Notes
"I just checked and on 1st HUD I had buyer credit on buyer side but then title put offsetting figure on seller side as credit. Buyer contribution Flagstar 2n 2,000.00 Ln.110(on buyer side). Buyer contribution Flagstar 2n 2,000.Ln.411 on seller…"
Jan 25, 2013
Pat Hood replied to Paul Aceto's discussion Promissory Notes
"NationStar/ Fannie has been adamant on this one about buyer not contributing to 2nd lien. I did put buyer contributions on the first HUD's and negotiator kept having me remove saying Fannie would not allow more than 6% of balance due. I am sure…"
Jan 24, 2013

Profile Information

First Name
Pat
Last Name
Hood
Are you a...
Agent
State
Arizona
City
Cave Creek
My Profile
Agent since 2002. Short sales since February, 2009.Joined Short Sale Genius for training.Found a passion in helping homeowners and "getting the deals done!"Have found my "stubborn" and "persistent" personality actually work well with short sales! Learn more with every deal I do! Life before real estate: teacher, MS in counseling, VP of Marketing for real estate company in Chicago, and President and owner of Association Management Company in Scottsdale... Looking forward to a group of professionals where we can exchange ideas and give and get help!

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