To be current or not to be current.......
I just had my second short sale decline in one week. Seems pretty strange maybe its the weather here in cloudy southern california or the water these negotiators are drinking.
Both short sales the sellers were current one had a legitimate hardship(out of area job transfer) the other one well not as much. I know its not up to me to make the decision since it is not my property and well I dont want to be made the bad guy, but is it better to make a payment or not?
Any suggestions or ideas?
Replies to This Discussion
-
Permalink Reply by Freddie Castaneda on
-
The buyer who moved out of the area because of her job is able to pay her home that she wants to do the short sale on, but now that she is living out there Im not sure if she can because the living in San Francisco is twice as much as it is here in Riverside County....
-
Permalink Reply by Simon Campbell on
-
A short sale creates a credit hit but missing a payment takes it another step further. Continuing to make loan payments plus a legitimate hardship can qualify the owner to finance another home purchase quicker. Plus, if you are the ethical sort, it is the right thing to do (especially if they have the finances to make the payment.)
-
-
Simon,
One of the short sales I was negotiating that was declined there was a legitimate hardship, but Ocwen just would not work with me. Language barrier and understanding of the true market makes it difficult. Now Im not saying that they dont get deals done but I felt this one was an easy one.
-
Permalink Reply by Minna Reid on
-
Why were the short sales declined? Were they declined because the sellers were current? If so, I would say the sellers have a choice to make. If the decline reason was something else - then maybe being current is not the issue.
I will always try to get a short sale approved for a current borrower, but I do advise them the lender may turn them down for being current, and then they will have to decide what they want to do next. Most of my currents do get approved though they are more likely to be scrutinized and be asked for contributions...I have also had clients denied specifically for being current. All have chosen to default, we have put the short sale through again...and been approved.
I don't specifically advise clients to pay or not pay...too much liability there. I give them the pros and cons either way and let them make their own decision.
-
-
Mina,
Im assuming thats why they were declined. I tried to get a response from both lenders and they acted like I was asking for their social security and kids blood type. I honestly thought the short sale where the sellers was current and was transferred out of the area for her job was going to be approved since it was a legitimate hardship....
-
-
That sounds totally approvable. They have to give you a reason or send a letter or something. Who are the investors on these loans?
-
-
Thats what I said when the broker gave it to me to handle...
The loan is in a trust with many others under American Home Mortgage Assets Trust 2006-5.
They were able to give me the name of the investor but not the reason as to why they declined the short sale.
-
Permalink Reply by Ondrea Mayberry on
-
I had one with Bank Of America that was declined due to my client being current. I called the bank and plead my clients case and asked them to reconsider their decision. I got a call back in about 20 minutes and was asked to re initiate the short sale and I was promised the file would be escalated. It was TRUE, they did escalate and we closed in December. I wish you the best of luck. It might be beneficial to get on the phone, I don't know.
-
-
I wish Ocwen would call me back, Ive contacted their ombudsman and also Kathy who is the contact here and havent heard from them at all...
Thank you for the kinds words... I hope I can make it happen
© 2024 Created by Short Sale Superstars LLC.
Powered by
**********************************
like buttons