"Victoria - I have closed 5 short sales with Wilshire over the past several years (before it became LBPS); three short sales with LBPS and have two currently in process with Seterus. I just got approval from Seterus on one of them and…"
Most conventional lenders will limit seller concessions to 3% but you can try for 6%. Government loans such as FHA and VA usually will allow 6%. There is no magical formula that lenders use. To your continued…"
"First I would email an authorization/release to [email protected] and then wait for an automatic response
Then call the borrower outreach team at 877.518.8429 and discuss the situation.
I just called the number of…"
All LLCs have a managing member or members. One or both managing members need to be entered as the purchaser - ie. social security and dates of birth, etc. in the initial short sale offer worksheet. Copies of the articles of incorporation…"
This so called "expert" does not know what he is talking about. It is solely at the lien holders discretion whether or not to pay the delinquent taxes. In all the short sales I have handled (and that is a lot) I rarely run into an…"
Email Mike Milazzo at Excalibur Properties - [email protected] or call him at 602-571-6889 (if the property is in Avondale as it looks like your earlier posting indicated). Mike is highly experienced with short sales and would be glad to…"
It is highly unlikely that BofA would approve a short sale without stating a closing date. The approval letter (otherwise known as a short sale demand letter) will spell out the terms of the transaction. It usually states the purchase price,…"
"My two cents:
1. Something has to be done about this crap. Why are we helping out Bank of America by sending them short sale offers if they refuse to work in good faith? Over and over again it is the same story. Short Sale Demand Letter is received…"
"If Chase will not allow more than $1200 then you have several choices:
1. Ask Chase if the purchase price were to be increased by the difference ($3800 although I would increase by more to compenasate for the additional closing costs such as…"
Unfortunately Bank of America pulls this kind of crap all the time and they think they can get away with it. Darlas message above is simply incorrect in that even though the lender has sold the property at auction and recorded a…"
Well said and I agree completely. If Bank of America wants to stave off the tide of foreclosures they need to more agressive with short sale acceptance. Let us hope things change for the better.
This type of stuff happens all the time with BofA. The one positive is that if you set the short sale up in Equator, you should be able to request a postponement to the foreclosure date by calling BofA's short sale support line several…"
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