I have not heard this but would be dangerous for all. There are too many agents taking on short sales that should not. Also, try to remember we facilitate short sales for the seller (not negotiate)…Continue
"Yes, this is common with Ocwen depending on what state the property is located in. Are you currently representing both sides?
If you have any questions do not hesitate to reach out to me as my door is always…"
"If they waived the deficiency it will be stated in the approval letter. If it wasn't then if your state allows it the lender can go after a deficiency judgment.
The lender has every right to go after the borrower unless they agreed in writing…"
Two years ago a short sale was performed with a BB&T first lien only. Mortgage balance was 2.2 million. Short sale price was 1,925,000.00 BB & T accepted the wire and funds in 2010. No short sale letter was produced. Deed of Trust was released. 2 years later they are pursuing 500k difeiciency from the Seller noting that they released the Deed of Trust but not the note. I was not involved in the transaction but have been asked my opinion by legal counsel on how short sale terms…See More
"If they answer no to Hafa and request a traditional short sale, they will grant it. They can tell the customer immeduately if they qualify for a MOD with income. If they have no income due to job loss it is not a problem."
"The banks are already partnering with brokerages handling REO accounts. Bank of America already rolled out a program with select brokerages in which they are being given the contact information for homeowners that are pre-qualified for a short sale.…"
I have not heard this but would be dangerous for all. There are too many agents taking on short sales that should not. Also, try to remember we facilitate short sales for the seller (not negotiate) as this will get us into trouble. If banks counter or want monies on a second to release, we are the messenger/facilitator for the client and the bank. Be careful of the negotiate word. Best to all of you, love the comments and shared experiences. I know you are all working too hard these days!See More
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