Hi everyone, I have a WF 1st short sale that has a sale date set for Monday. They have had all the paperwork they need to submit postponement request to the investor for weeks now, but the request…Continue
Hi everyone, I have a WF 1st short sale that has a sale date set for Monday. They have had all the paperwork they need to submit postponement request to the investor for weeks now, but the request still has not been sent to the investor by our negotiator. She keeps saying she is working on it but we have little faith she is going to get it submitted in time. We have talked to the foreclosing attorneys office several times but they keep saying they don't have the request package from WF and they…See More
Hi Gang, I have a BOA approval on our 1st and we are trying to settle a Citi 2nd that has been sent to NCO. NCO claims they did not buy this note and are negotiating for Citi, and that Citi will only release the lien for 50% of the balance, which ends up being around $14K. The seller in this situation has about $30K in the bank which is why they are asking for so much. She is willing to pay $8K or $9K but will walk if forced to pay the full 50%. NCO says it is their final and best offer. Any…See More
"Buyer needs to look for another TF or you may want to move on from this guy. Banks are very reasonable with a proven TF and any POF letter must contain the amount lendable, name and contact info of the TF (obviously to verify) and the name…"
"Have to agree with my colleagues. There is no reason why the transaction lender would not put the buyer's name on the approval letter.
Sounds very fishy. How thoroughly have you researched your buyer?
"Strange that the "transactional funding" company will not provide any proof that the buyer is "approved" for the amount of the purchase. There are other companies that can assist and would suggest that the buyer locate a…"
"Hi Scott -
No surprise by any of the Short Sale Lenders. I've seen a lot of this lately and the lenders typically will not budge. They want to see either a true Loan Approval in the actual buyer's name (not a…"
Hi Gang, I have an investor buyer on my listing who is using a transactional funding company for their financing. The proof of funds statement does not have the buyer's name on it, and the funding company will not put their name on it. So, BOA will not accept this POF since there is no buyer name on it. The buyer's agent is trying to see what else the transactional funding company can provide, but they are not being very helpful. Anyone have suggestions of how to get around this?Thanks!See More
"I have not had this happen but I will not put anything past the banks. Especially if they are doing something like this. We have them calling our sellers after we have offers on their short sales with deed in lieu offers! They don't even…"
Hi Gang, in the last 2 weeks I have submitted 5 new short sales, with lenders including BOA and Chase, and since then ALL have just received a NOS on their door. They ranged from 6 months delinquent to 2 years. Does anyone know if opening a short sale is a trigger for the investor to review the borrower's account and file a NOS? There must be, this just seems to ironic to be a coincedence. I wonder if I didnt open the short sale would the account file keep collecting dust with no reminder for…See More
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