Replies to This Discussion

Permalink Reply by Sabrina Simpson on May 8, 2012 at 6:58pm

Did your client try to modify before doing the short sale?  What I've found is that some sellers that tried to modify, filed false financial documents and when decided to do the short sale and filed the corrected financial documents, the banks are cross checking what has previously been submitted.  It's best to make sure that the seller gives you copies of everything submitted at the time they tried for a modification so you can verify the information matches.  If there is a change, it needs to be noted and documents provided to verify the change.

Permalink Reply by toni blount on May 8, 2012 at 7:10pm

No, she never tried to modify. It has to do with the financials. The worksheet asks for net income & borrower has a neg $3k per month. I emailed negotiator & her reply was "surplus. We use info from pay stub"

I'm not understanding how they are coming up with surplus when fin worksheet reflects pay stubs and shows deficit. They immediately closed the file in Equator. What recourse do I have now?

Permalink Reply by Sabrina Simpson on May 8, 2012 at 7:15pm

Hopefully you have time before a Trustee's Sale.  Resubmit it as a new short sale.  The process will begin again.  Make sure on the financial you put the deficit in ().  Make a note to stand out that it is a deficit.  There should be a reason unless there is MI (mortgage insurance) on the property.  If there is MI that could really be the reason they closed the file.

Permalink Reply by toni blount on May 8, 2012 at 7:28pm

Thank you for responding. I will try that. Borrower is only 30 days late. Denial email states "you may not be able to submit this for short sale review again" Is that the standard line they put in denials? Should I resubmit immediately? Seems like so much wasted work. Now I have to go back to borrower & get new pay stubs, bank statements, tax returns etc. 

Permalink Reply by Sabrina Simpson on May 8, 2012 at 7:35pm

I would resubmit it immediately if it has been closed out.  You should have most the the paperwork you originally submitted, just update the paystubs & bank accounts.  I know it's frustrating and it is alot of work, but will be worth it once it closes and it will (keep positive).  Remember, your client will never forgot who helped them during this most cruical time and will send referrals your way.  My favorite quote is, "What you do for yourself dies with you, what you do for others will live on forever!"

Permalink Reply by toni blount on May 8, 2012 at 7:48pm

Thank you Sabrina for the inspiration! I will remain positive. Have a good night!

Permalink Reply by Sabrina Simpson on May 8, 2012 at 7:59pm

Your welcome.  Have a good night too.

Permalink Reply by Tina Porter on May 9, 2012 at 4:43am

Thank you Sabrina! I needed that too! Good luck Toni.