I requested up front the short sale application and guidlines in order to see how hey operate.
Their short sale application up front stipulates 3 things I have never seen:
The package must have a buyers hardship letter that includes a phrase stating they "intend to pay the deficiency"
Is that strictly enforced ?
2. One of the conditions for consideration of a short sale is :
Member must "be able" to pay the deficiency.
Has anyone out there dealt with these folks and found a way aroUnd this or is it absoultely bveen set in stone?.
3. Buyer must continue to pay the loan payments during the short sale considweratpn process.
This is a heloc and technically the buyer has no trouble paying the second
It's the huge first which is a problem .
So if buyer continues to pay the second and there is still a harsship case based upon
the second, is that all they really want to see for short sale approval.?
It is sort of ironic to ask a borrower to continue to make payments and yet still be requesting a short sale?
Anyone have a point of view or experience with this scenario?
3. on a 70K heloc, what have they been known to accept? 5% ? 10% max?
4. Do they issue an unsecured note for the deficiency or how is it handled?
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I am in the initial stage on tthis transactin and want to do my best to inform the seller
up front of how USAA works .
Thank you
Tags:
It's a line of credit. I got the same letter. The seller wrote a hardship letter requesting for them to accept their payoff as payment in full. They wrote another letter to address the deficiency that they do not have any funds to contribute and to refer to hardship letter for reasons why. I have heard that USAA plays hard in the beginning but if you keep pushing, they will settle for less. They will ask for 95% then 75% and I've heard that they have gone down to 15% of the note. The sellers are not current.
Amy, How much did USAA ask for to release the lien? How much was the note? Will they file judgement for the remaining balance?
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