FHA PFS with ATP already issued. Now working on submitting HUD and the negotiator's e-mail states dual agency is not permitted per FHA guideline. I don't remember reading this in the FHA docs I have read.
I guess I wouldn't have a problem with it ex
Read more…Anyone know a way to proceed to closing or remove a second place lien that has been charged off in the State of Virginia?
Read more…Looking for some input as to what other agents feelings are regarding uneven commission splits. I recently had a listing agreement with a 6% commission and advertised at 2.5% split on MLS. It is approved at 6% and sent HUD over to buyer and agent is
Read more…BofA serviced Fannie Mae Investor short sale. Borrower is current but is truly facing imminent default. He has documented illness, curtailment of income, and depleted all of savings. As far as I understand Fannie Mae requires at least 1 payment behin
Read more…SOMETIMES THEY HAVE ZERO MOTIVATION TO MOVE OUR TRANSACTIOONS FORWARD...
Read more…So I have a file with B of A just sitting idle until I can get the trustee to release the home to sell. I have my clients attorney and my negotiator at Bank of America going back and forth over the correct procedure to get this accomplished.They feel
Read more…We all know what a deed-in-lieu is. The question is: How often does a DIL occur? In 80 short sales, I have zero DILs, as far as I know. I would like to know other people's experiences. I have a DIL in process where for the first time the client
Read more…I did a listing presentation to a seller who needs to do a short sale. I explained that some banks require the seller be delinquent before the short sale will be approved. I have also been told that if the seller is current on his mortgage, the lende
Read more…Now that I have finally received a final bank approval from Bank of America for my listing, I have been notified by the closing attorney that we have 2 state tax liens. Can someone let me know how to handle this so we won't lose this deal.
Read more…My first question on this forum: At what point do I start asking the bank to release the deficiency against my client? I don't even know if I asked that correctly. What I'm asking is, I don't want my client to have a deficiency at the end of this sho
Read more…Our buyers walked. We had a back up offer. However BOA closed the file in error and now we are being told we have to start over. Anyone know how we can get this on the fast track or who to contact this is their error
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I have seller who purchased home in 2004. He is alone on loan, but was married then and wife in on deed and mortgage. They got divorced 4 years later. Wife still lives in the house and we listed it for sale ( of course short sale). I deal with Bank
Read more…Just got a file with a second lien holder named Loan Care. It's a first for me. I guess they are a GMAC equity line sell off. They describe themselves on their site as "full service subservicing and interim subservicing" - Sounds like i'm dealing
Read more…What has your experience been with response from short sale lenders when your sellers donate a portion of their earnings to religious institutions, charities, etc, as a regular "expense" item, large or small?
Read more…I have a client (with US Bank 1st mortgage only and no MI), who is worried that if he discloses his financials to try to complete a short sale AFTER the sheriff's sale, that the bank will stop the redemption process and sue him for Judicial Foreclos
Read more…My sellers were told that they qualified for the HAFA program. An appraisal has been ordered by the bank. I know that HAFA will set the pricing guidelines. Since the home is currently on the market, should I accept any offers before the appraisal has
Read more…I must admit, I hate when I don't know the answer! Fellow agent called me for help. Has a HAFA deal. Offer meets the minimum net. 1st is only willing to pay $669 to 2nd lienholder despite the fact that 6% of the balance owed is around $1500. In
Read more…would like to do a referral for short sale in Canon City for a Client I am working with here in the Destin Area.
looks like a real easy sale...from what I can see in paperwork
will help on my end to get you all of Seller's documents....she is coope
Read more…What are the maximum allowable buyer closing cost a seller can pay when the buyer is obtaining a new FHA insured loan?
The default answer tends to be 3%, however, you have to pay attention last part. I know that HUD guidelines state the following:
Read more…Negotiating a SS on a BOA loan. It was not allowed to go through equator. We were referred to a different department we've worked with before, but then they said they couldn't take this one and we had to go through IMPAC.
We just got our "Conditi
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