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Suntrust Bank Protocol / Procedures

Posted by John Scully on June 9, 2011 at 10:35am in Short Sale Discussions
Just signed up today and I do have a question....I have a client that is interested in conducting a "short sale" on his property...lender is Suntrust, and howmeowner did obtain a Loan Modification approximately 18 - 20 months ago and shaved around $80.00 a month off his mortgage, but is still going down hill even with that payment and loan mod...my question is...does anyone have any knowledge, advice on whether Suntrust will even consider "short sale' on this property??? thank you in advance for your help and input..

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Replies

  • Sabrina Simpson October 20, 2011 at 6:39pm

    Another agent in my office has a short sale that is Suntrust and she lost 4 offers (one was my buyer) and after a year and a half, they final approved her 5th offer for the short sale. 

  • Jennifer Hart June 12, 2011 at 3:12pm

    Start with knowing who the investor is. If it's Fannie Mae backed and Fannie approved a HAMP Modification on this client and he is not able to sustain the payments he DEFINITELY is eligable  for HAFA Short Sale.  :)  

     

     

     

    Jennifer Hart

    KW

    360.521.8504 cell

  • The Negotiator June 12, 2011 at 1:54pm
    It probably has PMI and Sunny will make more money when it forecloses..
  • Sabrina Simpson June 12, 2011 at 1:30pm
    We have one in our office that has SunTrust on the first & second.  We've lost 4 buyers including my cash buyer and recently the SunTrust negotiator contacted the seller and told him he's better off letting it go to foreclosure.  What kind of advise is that?
  • John Scully June 12, 2011 at 10:06am

    that would be great if I could get that contact info... scullysells@aol.com is my personal e-mail or text it to 706-577-2279...

    thanks so much for the guidance

  • The Negotiator June 12, 2011 at 2:11am
    Suntrust can be good or really really bad ..... The VP is John DeBerry.... If you want his phone number, private message me as I will not post it for all to see.
  • Bryant Tutas June 12, 2011 at 1:30am
    Let's place this in the newsletter today and see what kind of responses we can get
  • Eric Mieles June 10, 2011 at 4:56pm

    Yes sir! Like Bryant said.."Why not". I also have a SunTrust approval where the borrower sought out a loan mod, was his 2nd property and was only 2 months late. We worked it and got it discounted from $112,000 owed to final approval of $21,900.

    No deficiency, no prom note.

    I say play up the fact that he got a loan mod and STILL can't make it. That's a TRUE hardship and one that will be on your side to get APPROVED. Work it brother. Put together a great package. Document his late bills and/or anything to prove your case.

    Welcome to the site and good luck.

  • Bryant Tutas June 9, 2011 at 10:43am
    Why not? I getting ready to close on a Suntrust where the seller has missed no payments and has no hardship. If the seller has money and assets they may want the seller to participate but you won;t really know until you go through the process. Good luck.
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