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  • Thom Colby CA Brkr 888-391-5245 November 28, 2010 at 10:48am
    John - I closed one last week - BofA / FreddieMac. They wanted Cash and Promissory Note. Borrower wrote a letter stating that she had no funds to bring and if she signed a PN, she would have to file BK. I got an approval within minutes without Cash or PN. Like I said, we closed it last week.

    Thom Colby
    Broker,
    Newport Beach CA





    John Treadwell said:
    About 80% sign them, I have had the lender ask for cash or a note ,sometimes will lower the cash never had them lower the note.
  • John Treadwell November 28, 2010 at 10:34am
    About 80% sign them, I have had the lender ask for cash or a note ,sometimes will lower the cash never had them lower the note.
  • JL Wdng November 28, 2010 at 4:18am
    thank you! As the buyer, i'm praying mine goes through!
  • Thom Colby CA Brkr 888-391-5245 November 28, 2010 at 4:16am
    BK = Bankruptcy

    They all closed without signing Promissory Notes.

    Thom



    JL Wdng said:
    Thanks for your reply, Thom....what is BK? and the 7 that weren't required to sign does that mean it went into foreclosure?
  • JL Wdng November 28, 2010 at 4:14am
    Thanks for your reply, Thom....what is BK? and the 7 that weren't required to sign does that mean it went into foreclosure?
  • Thom Colby CA Brkr 888-391-5245 November 28, 2010 at 3:42am
    JL,
    In the last 2 years, I've handled 81 short sales, both as the Listing Agent or as a 3rd party negotiator for other agents and brokers. Of those, 9 were asked to sign PNs - of those 9, only 2 have signed, and the other 7 wrote letters explaining that they were willing to sign but the PN would be included in their BK. Needless-to-say, the 7 were not required to sign. The two that did sign are very thankful. They got 0% interest, and payable over 10 years. Even better, the lender now reports the PN as a new line of credit and as long as the "borrower" pays on time and per the terms, they are being reported to the credit bureaus as a positive credit line and rebuilding their credit.
    Hope this helps,
    Thom Colby
    Broker,
    Newport Beach, CA
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