Hello Superstars,I am in a single lien situation with a Midland mtg as servicer, lender bought PMI through Radian (of course without my sellers knowledge), with Wells Fargo as the investor.Home was…Continue
"I just had one with Bank of America. They had offered my seller cash incentive to cooperate. They dumped it to Ocwen who is refusing the previous agreement. Seller is ticked off of course. They do make our job more difficult."
"Does anyone have contact info to escalate a file with United Guarantee? I have a file approved by servicer and they are asking seller to sign note for $23,000 and bring $6,500 cash to closing. Sellers have $1,600 in checking account and…"
Corporate Office 1601 Market Street Philadelphia, PA 19103 800.523.1988 Customer Care Hours M-F 8 a.m. - 8 p.m. Eastern Time Phone 877.RADIAN1 (723.4261) Media Contact Emily Riley 215.231.1035Loss Mittigation 800 523-1988 x 1391 or 1267See More
"try these contacts:
Loss Mitigation: LiquidationResponsible for overseeing all of Radian’s liquidation workout activities.Chris Malinowski – Director, Loss Mitigation, [email protected] 800.523.1988 x1175Dispute…"
Hello Superstars,I am in a single lien situation with a Midland mtg as servicer, lender bought PMI through Radian (of course without my sellers knowledge), with Wells Fargo as the investor.Home was purchased as owner occupied. They out grew the house and bought a larger one that needed many repairs and upgrades. Bad experience with contractor depleted their resources and then the tenant in this house was put into active duty from the reserves. Hence no rent to cover payments at a bad time…See More
"I have a transaction with a Chase first and a BoA second (non-purchase). Equator rejected the BofA loan number as invalid. The BofA helpline found the loan number but it couldn't go through the equator system and my seller needed to…"
I closed my first short sale in 1984. The banks didn't even know what I was talking about. As I worked up the management ladder they kept saying "this is the principal, plus the back payments, and the fees".
At that time prices were flat due to 17% interest rates. All we were asking for was to have the brokerage fees and other closing costs covered.
I finally got the number of a Vice-president from another VP at a Savings and Loan that I was listing property for.
It was approved in 5 minutes. He looked at our offer and compared it to what they would net if they foreclosed. "This number is bigger than that number, of course we'll do that" was his response. Can't argue with math.
Things have become much more complicated with multiple liens, PMI, private mortgage insurance paid by lenders that the borrower doesn't even know about, selling of loans as derivatives and more.
Seeing that things are changing by the week I invested time and money in keeping current. I've been through Harris Real Estate University Short Sale course, earning the "Accredited Shortsale Designation". I've also earned the CDPE "Certified Distressed Property Expert" through the Charfen Institute and am involved in the ongoing education of the CDPE advanced program.
With over 30 years experience I never imagined seeing the market we've gone through in recent years. I don't see short sales going away soon, or possibly ever.
There is reason for optimism however, the low prices and high rental rates present the best investor opportunity I've ever seen.
Remember, once you decide you like living indoors, you're buying a house. You're either buying it for yourself or you're buying one for someone else.
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