Comment

Comment by Karen Roberts on August 31, 2010 at 12:46pm

Citi Bank
I have a 1st with AHMSI ($262,000 note) and a 2nd with Citi (68,000 note). The seller filed BK so both debts are discharged. The first will only allow Citi to have $2000. Citi wants $10,100. They are forcing our hand to make the seller go to foreclsoure? Any suggestions? Sale is schedule for 10/17

Comment by Laura Marshall on August 20, 2010 at 5:02am

I agree with Karyl. I list a LOT of short sales! I ALWAYS want to use my escrow company (we use escrow companies in California). There are so many that do not do short sales...or not many of them. If your escrow / title is not experienced with short sales, they can blow a deal. There are so many little items that need to be done. I honestly can not trust my short sales with an escrow company that I have not used. I had one where the seller insisted on his friends escrow company and the buyer agreed. It was a nightmare from beginning to end. I had to have my escrow officer call their escrow officer and walk her through the transaction. I agree! I would use theirs and close the deal!

Comment by Karyl Moore on August 20, 2010 at 4:45am

Linda, as a lister on short sales we always request a certain title company for several reasons: 1) the title co has already done a prelim, they've prepared numerous preliminary HUDs, they know how we want the costs to be on the HUD, they work hard for us because we give them a lot of business, and when we get a third party authorization we add that title company's name to it. If the selling agent insists on a different company we can do that but after explaining all the above they are usually OK with ours. If you're going to be listing shorts I'd advise you to do the same. Many title officers don't understand short sales and the HUD they prepare is extremely important, as well as timelines, etc. You need someone who knows what they're doing.

Comment by Ben Racela on August 20, 2010 at 4:18am

Dawn. I do not think that excessive condo fees qualify as a financial hardship. I would try to focus on high crime rate supplementing their financial hardship. What I mean is that they are not able to sell for what is owed due to the crime in the area driving property values down along with income reduction or what ever the other reason is. But crime alone I do not think it would qualify.

Comment by Ben Racela on August 20, 2010 at 4:12am

Linda,

I have not seen where a short sale lender has a escrow company they demand you use. But in the overall picture does it really matter? They probably use this specific company only because it may cost them less than if they use yours.

I would just move forward and get the transaction closed.

Comment by Stephen Shafer on August 11, 2010 at 4:00am

Looking for a FANNIE MAE contact number to stop a Trustee Sale? ASAP

Comment by Linda Galey on August 7, 2010 at 12:51pm

My buyers just received approval on their short sale offer. We requested an escrow company and seller signed agreement, no counter was ever received on the services. We received escrow instructions from a different escrow company and seller's agent says bank will only use that company. Does the bank have the authority to do that? I've always thought the services were decided by buyer and seller with bank only suppling approval on the short pay. Advice appreciated!!

Comment by Tina Encheva on August 4, 2010 at 6:54pm

I am representing the Buyer in Short Sale with Saxon Mortgage.We had been waiting for short sale approval extension from them since 7/19/2010 and the Buyer's loan docs are about to expire.Does anybody know what to do in this situation.Any help will be appreciated.

Comment by Joe DeRobertis on August 3, 2010 at 1:01pm

I see back in March there was some chatter about whether or not Fannie Mae required you to be delinquent? Shannon posted this question. Does anyone have any more info on that? I'm trying to stay current while going through the SS process, but i just found out my loan is owned by FM and my agent said she's heard that you must be 30 days delinquent. We can't seem to find any evidence anywhere whether or not this is the case. Has ANYONE had any experience getting a short sale approved through Fannie Mae and keeping current?

Comment by Myra McCaskill on July 20, 2010 at 9:19am

Does anyone know the hard rules if the homeowner must be at least 30 days plus days behind before Fannie Mae will approve a short sale? I know I have gotten approval on short sales when the homeowner was still current but they were not Fannie Mae loans (they were private investor loans). I heard that the homeowner MUST be 30 days behind before a short sale approval can be issued. Please advise. Thank you!

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