"It does not specifically write that the lender waives the right to a
deficiency judgement. There is no mention of a promissory note.
What it does say is...
If the short payoff amount is remitted to us, Aurora Loan Services will:
"It depends upon the short sale approval letter. Does the approval letter say that the seller has full satisfaction or that the lender waives the right to a deficiency judgment? If not, your seller is not protected.
It Aurora was asking for a…"
"Thank you for clarifying it for me.
One other thing, once the sale closes, then the seller is no longer responsible for the amount forgiven, correct?
I've seen on here that sometimes they ask for a promissory note or…"
"Aurora's paid closing costs generally match the closing costs on the HUD that you submit with the short sale package. If not, either the seller or the buyer can pay the difference or you may be able to re-negotiate the closing costs that…"
"I believe 1) means the closing costs will be paid from the sales proceed as usual; and 3) means Aurora wants your client (the owner of the house) to contribute $2,000 cash at closing.
Sometimes the lender just want the homeowner to bring cash…"
Short sale has been approved with some criteria, most of which is straight forward but there are a few lines that I'm not sure of. Can someone help out? 1. Seller paid closing costs not to exceed $3000.2. Buyer pays any and all additional closing costs.3. Seller paid cash contribution of $2000 required at closing. We asked for Aurora to pay the closing costs, so I figure #1 means they will pay up to $3000 in closing and buyer pays anything above (#2).But then #3 seems to mean they want us to…See More
"Wendy: I have seen that on all Aurora approval letters and specifically asked Aurora about it since they were trying to push us into doing a HAFA short sale and we wanted to do traditional. They said a HAFA eliminates…"
"Did I understand correctly that you are trying to purchase a short sale house which you are currently renting? So basically the seller is selling the house to the current renter? I believe Aurora may deny this due to not being an arms-length…"
"Sounds more like it's a dispute over $130 since the seller already agreed to pay half of the $260. You really shouldn't even be in this situation over such a small amount, just give them what they want and move on."
Finally some good news. After making an additional calls to Aurora this morning, I was finally able to get a supervisor to email the underwriter (while on the phone with him). Not even an hour later, when I called back, I was told…"
"Apparently the information that a supervisor could postpone the foreclosure was BS as they are saying they can't. All they keep saying is to call back but what does that do?? Absolutely nothing. I can accept if they deny the short sale request…"
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