I have a short sale with WF and I was told this morning that the Investor (Deutsche bank) is denying the short sale due to it not being Investor Insured. The WF rep stated that the Investor did not want to take the property back and would not partici
Read more…Hi, Wells approved the short sale. Seller is current on mtg but showed a financial and medical hardship. Its a condo/second home, not primary residence. Had a purchase agreement for the sale and one last stipulation was 10K cash contribution from sel
Read more…I have an approved Fannie Mae SS with Seterus. Things have gone very smoothly until the current buyer (who is also my customer) had the utilities turned on to do the inspection and we could see that there is a lot of mold in the property! He had a mo
Read more…Oh Boy! Fannie making more stupid decisions...
We process lots of short sales here in Central Ohio. Recently in about the past 4 months we have seen the landscape of short sales changing quite a bit. These things have happened in the past but not in such high frequency. It seems the banks and inv
Read more…Hi! Just received and email this morning from BofA that states as of Oct 1, 2013 an agent (nor broker) can represent BOTH seller and buyer in a single transaction? The verbiage is: "Different dual agency/brokerage requirement: to meet the new short
Read more…I am the buyer on a short sale, it has been 162 days since contract was signed. The original deal price was $225K.
I have run into a situation that I can't figure out how to fix. Any ideas or experience recently with this?
I have been doing a B of A FHA short sale with the same offer for over 6 months. We knew what the appraisal came in at which was $295K. The bu
Read more…Boy - issues abound today! I just received this via Equator on one of my FHA files. Has anyone seen this and/or know what it means because Chase certainly couldn't explain it to me!
ADVZD AGENT INFORMATION PER NOTES ON 09/25/2013 TO THE HOMEOWNER loan
Need some assistance. Can anyone confirm when initiating a Nationstar short sale in Equator, when selecting your “Reason for Default” is “Loss of Renters/Tenants” listed as one of Nationstar choices. I don’t have a new short sale with Nationstar t
Read more…We submitted a Short Sale Package through Equator on a Nationstar (sold to them by B of A) loan. Never received confirmation that Equator received our package. Nationstar states they will not initiate the short sale transaction as the Trustee Sale da
Read more…Part of my short sale agreement included a promissory note through United Guarantee for $18k. The short sale negotiator recommended making a cash settlement offer days after closing. Does anyone have advice for the best way to go about this?
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Hello,
I was wondering if my client has to show her financials to the bank when she gets an offer. BMO wants her financials and hardship letter, bank statements and taxes. Since she is not responsible for balance, can't the bank just look into the of
Read more…Fannie Mae is KILLING me!!! Seems that in light of their overspending being uncovered, they're attempting to collect the "lost" money, but ruining short sales currently in progress. I have THREE files that have all been declined this week due to re
Read more…Hello Superstars - does anyone have info or additional numbers to escalate at Home Guardian, or have any luck dealing with them?
They are the 2nd on this file. The first is a HAFA via Ocwen. Going rather smoothly thus far, with $8.500 offered to 2nd.
New HUD PFS new mortgagee letter effective 10/1/13. HUD 2103-23. This Inman News article http://www.inman.com/2013/09/20/nar-hud-shooting-itself-in-the-foot-with-short-sale-policy/ says the new policy prohibits dual agency. I don't see anything in
Read more…FHA loan with BOA. Now, being told that the loan was purchased by Altisource and due to service release to Altisource. How can a loan type change without the mortgagor refinancing? Just doesn't make sense?
Being told that the new investor will n
Read more…Who out there has successfully completed a short sale with Ocwen? They have the first mortgage. B of A has the 2nd. We have approval on the 2nd. Ocwen is telling us they want more money, but refuses to give us any type of amount.
Read more…The new eligibility requirement for BOAs FHA short sale involves a Deficit Income Test; where you subtract monthly expenses from net monthly income. I’m assuming that a negative result of the DIT means the borrower is most likely qualified, but is th
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