All Discussions Tagged 'California' - Short Sale Superstars2024-03-29T13:16:52Zhttps://shortsalesuperstars.com/forum/topic/listForTag?tag=California&feed=yes&xn_auth=noCenlar Short Sale ** NEED HELP**tag:shortsalesuperstars.com,2013-12-24:3468065:Topic:3408532013-12-24T03:41:36.451ZSeth Rowlandshttps://shortsalesuperstars.com/profile/SethRowlands
<p>I have a short sale with Cenlar where the investor is Freddie Mac...We submitted the file on 11/12 and we still don't have the BPO ordered and the supervisor Neil bender is saying it's an issue with Freddie but when we called Freddie they said there was no issue ...So here we are on 12/23 still no BPO?? What can we do to escalate this file ???</p>
<p>I have a short sale with Cenlar where the investor is Freddie Mac...We submitted the file on 11/12 and we still don't have the BPO ordered and the supervisor Neil bender is saying it's an issue with Freddie but when we called Freddie they said there was no issue ...So here we are on 12/23 still no BPO?? What can we do to escalate this file ???</p> Would you take this short sale?tag:shortsalesuperstars.com,2012-01-17:3468065:Topic:2050622012-01-17T02:58:46.753ZBeth Walshhttps://shortsalesuperstars.com/profile/BethWalsh
<p>My client bought a property in 2005 with 100% financing for $326,000. The method of holding title is married as a sole and separate property. The first is OCWEN, the second is HSBC. OCWEN modified the loan in 2009 and the seller has not missed a payment or been late.</p>
<p>The owner wishes to sell to move closer to a job (37 miles away) The owner is self employed and has seen a decrease in income which <em><strong>might</strong></em> show a hardship.</p>
<p>Here's the rub. The spouse who…</p>
<p>My client bought a property in 2005 with 100% financing for $326,000. The method of holding title is married as a sole and separate property. The first is OCWEN, the second is HSBC. OCWEN modified the loan in 2009 and the seller has not missed a payment or been late.</p>
<p>The owner wishes to sell to move closer to a job (37 miles away) The owner is self employed and has seen a decrease in income which <em><strong>might</strong></em> show a hardship.</p>
<p>Here's the rub. The spouse who is not on title or the loan still files a joint tax return. So my client has very little income while the spouse makes good money. <strong>Given there are no late or missed payments and a spouse who is not on title or the note does make adequate money would the banks approve a short sale?</strong></p>
<p>The value of the property today is approximately $120,000 to $140,000.</p>
<p>My concerns are the hardship may be "weak" and the value has fallen precipitously. If a negotiator comes back and looks at a budget sheet the family income will show the modified payment is well within the 31% federal guidelines. Looking at OCWEN's guidelines it states a borrower must be 2 or payments behind to be considered for a short sale.</p>
<p><strong>Has anyone had experience with OCWEN approving a short sale without a borrower being behind in payments?</strong></p>
<p>I am new to the site. I've been reviewing topics but haven't seen this scenario. Any feedback would be appreciated.</p>
<p></p>
<p>Beth Walsh</p>
<p>Tarbell, Realtors</p>
<p>Chino/Chino Hills, Ca</p>
<p>951-966-1417</p>
<p>Beth@walshsells.com</p> Schools First FCU in Orange County California - Any Experience?tag:shortsalesuperstars.com,2011-05-17:3468065:Topic:1032272011-05-17T17:29:30.330ZColin Delaneyhttps://shortsalesuperstars.com/profile/ColinDelaney
<p>Hello Superstars - Does anyone have experience with Schools First Credit Union in Orange County with regards to processing short sales? They are formally called OCTFCU.</p>
<p><br/>Any knowledge or advice would be appreciated!!</p>
<p>Hello Superstars - Does anyone have experience with Schools First Credit Union in Orange County with regards to processing short sales? They are formally called OCTFCU.</p>
<p><br/>Any knowledge or advice would be appreciated!!</p>