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Permalink Reply by Elena Katarsky on July 23, 2013 at 6:48am

Thank you Ron, I try that already, they will not do anything outside the HUD, flat out they rejected the short sale application unless they get the 10% of the balance. I cant explain why First lean will care, I offer to increase the sale price since the buyer is going to pay for it and the bottom line will be the same for them, but they refuse to accept the proposal. I worked on this file for over nine months and now this. 

Quicken loans tells me the FHA guidelines will stop them from awarding more than $ 2500 for the second and I been trying to find the FHA guidelines scrip and prove to NYCB why they will not get their desired 10%, but I cant find it anywhere. 

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Permalink Reply by Elena Katarsky on July 23, 2013 at 6:58am

Yep, so true but sad. I don't even know how to bring the news to both buyer and seller.

 

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Permalink Reply by Short Sale Superstars LLC on July 23, 2013 at 7:22am

Elena,

         FHA guideline state 2,500 max to subordinate lien holders. I'd be escalating with the 2nd to see what can be done. Have you spoken to any supervisors/managers over there? Many times it's all about who you speak to and how you communicate the case.

I don't know if anything can or can't be done, but we would love to take a stab at it if even the opportunity.

[email protected]

www.ishortsalenow.com

310-564-6389

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Permalink Reply by Elena Katarsky on July 23, 2013 at 7:48am

Thank you so much, I will keep you posted. enjoy your day 

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Permalink Reply by Alexis Adams on July 23, 2013 at 7:42am

Elena, we have run across this a few times - mostly with SLS. Even if you send over FHA guidelines to the 2nd they usually do not budge. If the buyer is willing to put up the difference in funds to close, the only way we have been successful is if we overnight the funds directly to the 2nd lien holder and once received, have them issue you a short sale approval letter showing that they are accepting the $2,500.00. Best suggestion is to get on the phone with your negotiator at the 2nd and run the scenario by them and see if they are willing to work with you. That way everything lines up on the HUD but they still get their money. Email me if you have any further questions. Hope this helps!!

[email protected]

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Permalink Reply by Elena Katarsky on July 23, 2013 at 7:47am

That is a good idea, thank you Alexis I will give it a try.

Thank you all for your help. 

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Permalink Reply by Elena Katarsky on July 23, 2013 at 2:23pm

I did and Quicken Loans could care less. 

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