This is the language of our approval letter: "Upon settlement of the short sale proceeds, the mortgage loan will be reported to the appropriate credit reporting agencies as "Settled in Full for…Continue
"I am having a similar issue. The homeowner has a first with Carrington who actually wants to do a DIL, pay the homeowner 2K, pay Sovereign $3500 (which is almost 15% of the balance) and still pay me a commission and Sovereign…"
"You're probably better off appealing to FHA and let them know the violation. You need FHA case number from GMAC, submit borrower auth, give it a day, and call back for a level 2 rep.
For GMAC contacts, private message me:…"
"@Suzanne - To be on the safe side, you should contact HUD right away. Remember, you need 3rd Party Authorization from your seller to talk to HUD on their behalf. It will take HUD 24 hrs to image it. Explain your situation and they…"
"It is standard procedure for the servicer to counter back at the full appraised price - but they will accept the required net per the tier you are in as regards the the PFS program.
My recommendation is to just respond back that the offer…"
Anyone have management/escalation contacts with GMAC for someone who knows the FHA short sale process? Homeowner has an ATP, contract submitted at day 70 which nets 87% of FMV. Not only did the negotiator take more than 5 days to respond, the 90051 was returned with a rejected, and then a counter to full market value. When I questioned this, the response was that all offers have to be countered at FMV. That is a direct violation of acceptable terms as listed on Mortgagee Letter 2008-43. This…See More
"I had this happen several times with BofA, including on a COOP short sale. When I vet potential buyers/buyers agents for a short sale listing, I let them know there is a chance that not only will proof of funds be requested and…"
"Thanks for the response. Unfortunately all this will do is run off more buyers from short sales. I understand providing proof of funds if cash purchase, that is a given. But providing personal information to their own mortgage…"
"Suzanne, I have been seeing this happening more often. Bank Of America is not the only Short Sale lender requiring to see proof of funds. If the buyer wants this home, they will have to provide a statement showing they have the funds available. You…"
Currently working a short sale with BOA. Negotiator wanted loan approval letter which has been provided. Now negotiator wants buyers; bank statements to show down payment money. This has already been covered by the buyers mortage officer and the buyer is not willing to provide copies of bank statements to me and/or bank of america. The buyer's down payment is 5% of purchase price which is covered in the loan approval letter. I have been doing short sales successfully for a couple of years…See More
"I had the same scenario with Nationstar and Bank of New York. Contacted Bank of New York, contacted Pres of Nationstar, escalated as much as I could. Ultimately I was told to agree to the terms including maximum 5% commission or short…"
"When a homeowner has a FHA mortgage, I do not list the property until the 90045 is issued and this is the reason why - if there are any liens on the property other than a second mortgage, the Approval to Participate will not be issued.…"
"I have had 2 this week and was told it is a Bank of America guideline. We are not necessarily an attorney state but there is no escrow company in our area that will close a file, including performing a title search, for less than…"
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