SHORT SALE BY EX FELON
My client was convicted of money laundering and served one year federal time , he is out on probation and did chapter 7 . He included 4 upside down properties in the BK . He has a one million dollar federal judgement / fine that comes up on his credit which could NOT be discharged through the BK .
My question is since he cant pass the Frank Dodd test , Do you think Wells , and B of A will allow a co operative shortsale ? , He also has an FHA loan . He wants to give me all four listings but I dont want to waste his time or mine if his conviction or the lien will stop the SS
Replies to This Discussion
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Permalink Reply by Short Sale Superstars LLC on
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I would say it would be worth picking up these listings before another agent does. It seems the dodd frank prevents the homeowner from receiving relocation incentive through the making home affordable program, but doesn't appear to prevent them from going through a short sale. If the loan is a FHA short sale they may be able to receive a relocation incentive, but it is not guaranteed and it is not a large incentive. This is an interesting enough situation that we will be reaching out to some upper level contacts who are assigned to our company to get their opinion on this scenario.
Bank Of America is the only mortgage servicer who offers the Co-Operative short sale program. If BoFA is the mortgage servicer on the homeowner loan they could always apply for the CO-OP if there is no offer in the banks hands yet.
Are these sales contingent upon the homeowner receiving relocation monies?
There may be an opportunity for us to assist you. Please feel free to reach out to me if you have any questions or would like to discuss this in more detail.
310 - 564 - 6389 / 888 - 559 - 5956
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I know it's never guaranteed and let me know if you experience the same thing, but we typically see that when there is no adequate assurance federal lien holders typically are willing to allow partial releases often for no money or a minimal amount.
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Permalink Reply by P Nicolas Velecico on
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Thanks for the response , the seller does not care about any relocation credit , he just wants to move on with his life and would rather sell these properties tan let them go to Sheriff Sale .
I have no idea if the federal goverment will reléase the lien for him to close , the fines are close to 1 million which he will never be able to pay , all his assets and properties that where not upside down where seized . They just let him with the four upside down properties mentioned . I thought that Frank Dodd prevented participation in HAFA period .
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I've sent out a few emails to some escalation contacts to confirm this for you. It looks like they may not be eligible for HAFA. I've requested information regarding whether or not they could be reviewed for a traditional short sale under the homeowners current situation. I'd be contacting the department with the federal government who is holding the lien to see if they would review a release of lien or a partial release of lien to allow a short sale to go through.. I'd love to have myself and our team help you out with these transactions to see if we can get them all closed for you.
If you are interested feel free to give me a call at 310-564-6389 or send me an email at [email protected]
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I was advised from a short sale escalations manager that the borrower could not participate in HAFA, but according to their management they could be reviewed for a traditional short sale. We were advised a homeowner would not be eligible for a relocation incentive. In regards to a homeowner being reviewed through the Pre Foreclosure Sale Program ( FHA Short Sale ) HUD advised that most of the time the fraudulent activity would prevent a PFS from going forward, but that it is up to the mortgage servicers legal department to make the final decision.
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thanks Brett , I will talk to the homeowner about it , in the meantime how does your company work in NJ , I am with BHHS and would like you have an outside processing company handle my short sales
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Nicolas,
We actually have a few transactions in NJ right now with a Keller Williams brokerage. Please send me an email at [email protected] or provide me with your contact information, so we can provide you with additional information or set up a conference call.
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