"Has anyone recently worked a short sale with Carrington Mortgage? I just got approval on one and it was super quick and simple with no financials required. The frustrating thing is they are reducing the commission to 5%. You…"
"If the 1st mortgage is not short then just get a full payoff letter, sell the house to the best buyer and take out the sale expenses and 1st payoff on the HUD1. Whatever is left over is the short pay on the 2nd. These short sales are easy compared…"
Need expert opinion. Client has Wells Fargo (Fannie Mae) loan and owes about $69k + fees and has a 2nd mortgage with Huntington and owes $52k. He was told that he can apply for a DIL. Sheriff sale in Feb. He wants to try a short sale and estimated value of home is about $145k. He asked me to discount my commission to 5% since he doesn't know how much fees are on the 1st. Can he still get in the HAFA program even if Wells Fargo gets paid fully and, if so, can the 2nd get paid more than the…See More
"The challenge is that the 2nd will NOT provide a short sale approval since they WILL make more money having it go to the sheriff sale (remember pay off to PNC is $285k and minimum bid at the sale is $316k leaving about $25k for the 2nd…"
"Ohio is a judicial foreclosure state right?
I'm not sure how that process is affected after BK 7 discharge.
PNC is tough to deal with. It sounds like they may be restricted on valuation based on Ohio's foreclosure statute requiring a…"
Located in Ohio. Had a buyer at $285,000, they walked, then got another buyer at $270,000. Yes, BK has been discharged.
Yes, the decision lender is with the 2nd, Emerald Bank.
I have sent a detailed explanation with…"
"Rita your post is very confusing.
What state is the property located?
How much is the buyers purchase contract price? Has your clients BK been discharged? Has the BK Courts “lift of stay” hearing been held? Usually these hearings…"
I need a escalation contact for PNC. The sheriff sale is scheduled for Dec.20th. The sheriff appraised the house at a ridiculous value of $474,000. The auditor appraisal is $365,400 so that should tell you this is an error. The problem we have with this is that PNC's full payoff is $285,000 and the 2nd mortgage is a local bank with an outstanding balance of about $100k. PNC is requiring a short sale approval from the 2nd for $6000 before they will provide us with their approval. My…See More
SHORT SALES ARE MY AREA OF EXPERTISE SINCE I HAVE OVER 7 YEARS EXPERIENCE WORKING SHORT SALES. PRIOR TO BEING A REALTOR I WAS AN INVESTOR WHO SPECIALIZED IN BUYING SHORT SALE PROPERTIES IN THE CENTRAL OHIO AREA, INCLUDING DUBLIN, WORTHINGTON, WESTERVILLE, GALENA, DELAWARE, POWELL, HILLIARD AND UPPER ARLINGTON.
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