Comment

Comment by Tara Samney on April 13, 2012 at 9:07am

Wonderful escalation resloution number!  Negotiator had not made contact with me in 3 weeks, never picked up and wouldn't return voicemails.  Resoluton rep had him on the phone with me within 10 mins. Impressive!

Comment by Darren Jenkins on April 11, 2012 at 10:52am

@Brigitte - I had a B of A hafa 1st approval that took so long that the 2nd mtg negotiator added a $150 penalty to the demand on the 2nd prior to closing.  This would have required the 1st to re-approve the increased payment to the 2nd.  The deal was very near falling apart and the time lost for the $150 would have killed the transaction.  The solution that satisfied the negotiator on the 2nd was for the seller to make a $150 payment on the loan.  Once the payment was verified received the negotiator supplied an updated approval letter with the original payoff amount.  The HUD1 matched both the 1st and 2nd approvals.  No funds for payoff were sent outside of escrow.

Comment by Jim Schneider on April 11, 2012 at 9:05am

@ Eduard,

So you're only shorting the second. Realize that loans 1 and 2 are probably owned by separate entities. Not much to do on the first, but you should request payoff statements at regular intervals, especially if no payments are being made to the first (which means the required payoff is growing). It would seem like Chase could do that for you, but don't count on it.

Comment by EDUARD KHACHATRYAN on April 11, 2012 at 8:48am

Hello Ladies and Gentlemen.

It’s nice to see all of you here.

I wanted to see if anyone was in a similar situation as I am now.

The property is in California with both lenders being Chase.

The unusual thing is the second loan being $437,000.00 and the first loan being $72,000.00. The property value is 250K-300K.

If you had a case like this, how did you process? Is there something I need to do differently?

Thanks

Comment by Mike Horton on April 9, 2012 at 9:54am

If you can reach an agreement from the 2nd and get a lien release prior to closing with thefirst, then it does not have to show on the HUD. It no longer exists so you are ok at closing. You must get the lien release however or you can't close with the first and getting a lien release in a timely manner may be your biggest issue.

Comment by Ron Margolis, RA on April 9, 2012 at 9:15am

I have heard this on numerous Freddie files. I have had short sale experts tell me to cut a deal with the lienholder to get them a check outside of escrow, but, since that is illegal I have resisted that solutions.

Comment by Bill Black on April 9, 2012 at 9:15am

All proceeds for a transaction must be on a HUD... confirmed. Making a principal payment toward a first or a 2nd note prior to closing doesn't have anything to do with the closing of a sale right? So if you seller made a $1438 principal payment to the 2nd would they issue a acceptance letter?

Comment by Thom Colby CA Brkr 888-391-5245 on April 9, 2012 at 9:06am

@ Brigitte - I say put it on the HUD and send for pre-approval - MAKE them deny it in writing.....

 

Comment by Brigitte Mueller on April 9, 2012 at 9:04am

Chase has just informed me that the Freddie Mac guidelines will not allow ANY contributions from buyer, seller, agents towards the 2nd.  I have one that is off by $1468 and the buyer was willing to pay at closing toward the second, but Chase says no way can that appear on the HUD.  And we all know not do to anything outside the HUD.  Has anyone else run across this Freddie Mac guideline issue?

 

Comment by Ken Bailey on March 23, 2012 at 5:06am

Tara, regarding borrower paid closing costs, remember...it is usually the investor that dictates how much closing costs will be paid. You can have 3 files with Chase and you could 3 different answers on how much closing costs they will allow. I just got more than 4% approved on a VA ss, 3% is the most common number for Fannie and Freddie, and FHA won't allow any closing costs without a variance, unless buyer is also FHA, in which case they will allow 1% cc without a variance. Clear as mud?

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