The seller called BOA yesterday and was told that although his loan was handed off to Fannie Mae several months ago as a result of the Countrywide fiasco (serviced by BOA, of course), it has somehow been listed as belonging ultimately to Freddie M
Read more…Does anyone know the next step when the negotiator wants to close the file stating we don't have a reason why we can't make our payments based on our bank statement (shows $400 balance at end of month) and financial affidavit (showing $1200 deficit m
Read more…Have you been working shorts sale for months with no end in site?Have your second or third qualified buyers walked due to the lack of a forthcoming approval? Well if these are typical scenerios impacting your businest then our Note Purchase Program m
Read more…I have an approved short sale from Citi Mortgage. Freddie Mac is the investor. Short sale approval price is $125,000.00. Buyer is obtaining FHA financing. FHA appraisal came in at $120,000. Citi will NOT adjust the contract price to meet the appraisa
Read more…The lender has given us the opportunity to challenge the BPO which came in too high, along with three comps / what should the explanation letter say...? If you have an example of one that you have used that you want to share that would be awsome...!
Read more…I have a seller that owes about $164,000 total with 1st and 2nd mortgage. The home is value is around 150,000 tops. They have been unemployed but not behind on payments. But have exhausted all of their savings and are living on unemployment check
Read more…I have been trying to stop an October 5th foreclosure with Wachovia and have been told that THEY DO NOT STOP FCs???? WTH does that mean????
I have been doing Short Sales for over 4 yeasr and this is truly a FIRST??? I
have an $875K Offer on a ho
Read more…We are in escrow with this property. The sales price$1,050,000 is adequate to pay 1st and 2nd in full. BofA has the 1st, Citi has a 2d. BofA and also holds a 3rd but even though the Citi loan was placed 2 years prior to the BofA 3rd. BofA claims it
Read more…Is anyone having issues with BPO Real Estate Agents who actually are REO agents going out to your short sale listing? I have issues with a couple here who are married but have different last names. Wife is REO agent. Husband gives an elevated value t
Read more…In Arizona our state association (Arizona Association of Realtors; AAR) has strived to generate standard contract forms that provide consistency to business of buying and selling real estate. When the short sale of property became a significant facto
Read more…We just had a situation with a short sale that everyone has said they have never heard of. I'm curious what you all think about this and what advice you may have.
We had a contract signed by the seller and preliminary approval letter (from Chase- the
We have been in a short sale contract with the owners of a marco island florida home since July 5, 2010. To date we have not heard a word from the bank or listing realtor. Our Florida realtor reassures us each week that the paper work is in and there
Read more…Mary, can you let us know what's the status on your 2nd lien with Chase? Did they approve? if yes, how much? I currently had one like that, not going any where.--the 1st with BOA been approve since 7/2010--now they cannot wait from the 2nd. thank yo
Read more…Where can I get more information on the differences for Commercial Property Short Sale requirements as opposed to Residential property requirements? Anybody have any ideas?
Read more…I am losing deals left and right due to the MI companies. Looking for any suggestions please! The last deal i was working on, the MI company came back wanting a 76,000. promissory note...of course the sellers walked. Any helpful ideas out there?
Read more…Hello all,
We are in the process of buying a short sale. The
bank never countered our offer and asked for the "arm's length"
paperwork to be immediately executed 3 weeks ago , and informally
indicated to the seller at that point that approval was f
I am a prospective buyer of a short sale. All information was uploaded into Equator in early July, 2010, an appraisal was done in mid August, 2010, and my husband and I are still waiting to hear back on our offer. Thanks to this site, I was able to
Read more…I have a VERY qualified, pre-approved with underwriting approval, Buyer, who wants to buy a home VA with 0 down in Orange County, CA. Max loan amount is $593,000-ish, including the VA funding fee and closing costs. Which means actual sales price is
Read more…I recently closed a short sale in Texas using the Equator system. There was a descrepancy in the net sheet (the way it read online versus what they came back with on the approved HUD) and I was wondering if anyone had a name of someone I could conta
Read more…We just received a "full release" for a client from B of A. They first asked for $5,000 cash or a $10,000 note and did not mention release of liability on the note. I questioned the negotiator and he came back with the "release" verbiage. We then rec
Read more…
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