Over the past two weeks our law firm has seen a new trend in our market. We are seeing the real estate investors who bought large numbers of property, finally start losing their ability to pay. The typical scenario and facts are these: 1. They are cu
I've got a short sale in progress with GMAC and Specialized Loan Servicing. Specialized is playing hardball and want $7k in cash at closing plus a $5k promissory note or they will not even submit it to the investor (Total owed is $53k). I told them n
Read more…Has anyone been successful in getting Chase/Freddie Mac to order an appraisal or BPO before a purchase offer is received? Thanks!
Read more…Hello. I am working a short sale right now, with no offer. The lender in 2nd position is "spring leaf financial" I have called them to send my 3rd party authorization. I have asked them for a list of documents i will need to submit and was told, "oh
Read more…I recently had the fun of negotiating with Compass Bank as the 2nd Lien Holder who fairly quickly informed me they had an acceptance of our offer! When I received the acceptance letter, it was actually and acceptance of what Compass would like to ha
Read more…Has anyone been successful in getting Chase/Freddie Mac to order an appraisal or BPO before a purchase offer is received? Thanks!
Read more…The Hafa program is supposed to speed up the short sale process...in theory, mind you. Anyone believe this to be true? And just how long does it take, on average, for a Hafa/BofA SS?
Read more…Hello everyone,
I represent the buyers on a short sale. Litton holds the first mortgage, and has approved our offer of $310,000. Litton is willing to give the 2nd (GMAC) 10% of the $56,432 owed. The investor for the second, E*Trade Financial, is
Read more…I am set to close on a short sale next month. However, the current owner who is losing the house does not want to move out because he is living rent free and wants to continue doing so for as long as possible. He is threatening to let it go to forecl
Read more…The homeowner has passed away and his daughter is currently living in the home. There was no power of attorney assigned to the estate so it is currently in Probate. Is there any way to save this property with a short sale or is it dead in the water a
Read more…Got a call from someone saying that they can save me $2000 by auditing my mortgage.
Do they have to comply with the MARS disclosure rules to mortgage audits? Can they charge an upfront fee?
Read more…I am working on a short sale where PNC mortgage has both the 1st and the 2nd -- completely different negotiators. 1st is owned by Fannie Mae. 2nd investor is undisclosed.
We have approval from the 1st with 6% contribution to the 2nd approved. Nego
Read more…We submitted a complete file to Wells on June 14th including an offer. Wells did not respond for almost a week. The sale date is set for the 27th. They said that they would not postpone any sale unless there was an approval on the short sale. The
Read more…I have a client that has a unit in Legacy Dunes(Kissimmee) FL that needs a short sale
Also a commercial building in downtown Orlando
Any takers?
Read more…
I started a co-op short sale with b of idiots 2 weeks ago. The online webinar I took said 14 days for price. Of course that hasn't happened and my seller has a sale date of July 5. I spoke to AMS who is doing their coop and said even though both lien
Read more…As an agent that has never done a short sale I am woefully unaware of how this process should go. Until today.
My very interested and patient buyer submitted an offer many weeks ago. The listing agent said, "I have submitted to the bank and I will
Read more…I have had a Short Sale listing since end 04/11. Before my involvement, BoA initiated a Short Sale in Equator.com for same loan #. After multiple letters, calls and emails to Short Sale Dept / Customer service, BoA has yet to delete the active Short
Read more…Confirmed on Monday that PNC plans to acquire RBC potentially worth 3.6 billion. Any thoughts on how this will affect the processes of their short sale department?? RBC reported 11 quarter losses and a $59million loss in the first quarter of this yea
Read more…We have a Short Sale with Wells.... the owner is not delinquent... The SHort sale is approved with him bringing 7,000$ to close.
The MI company, Genworth is looking for some absurd number like 45,000$ contribution. Our client has no savings...
An
Read more…There is a growing number of short sale possibilities. This is not a revelation to anyone actively involved in the real estate industry. I have had a series of buyer side short sale transactions that have gone through fairly smooth.
However I w
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