My client bought a property in 2005 with 100% financing for $326,000. The method of holding title is married as a sole and separate property. The first is OCWEN, the second is HSBC. OCWEN modified the loan in 2009 and the seller has not missed a paym
Read more…I have a seller that has a first and second lien with Chase. The first has offered him $30k to short his home and the 2nd has offered him $10k. This is on top of the $3k from the HAFA program. Have any of you heard of other lenders offering so muc
Read more…My colleague is representing a seller with a VA loan through Chase, and her contact -- presumably a negotiator -- said they would accept a net payoff that was $3-4k below the VA required 88.13 percent. PLUS, they would give the seller $10,000 because
Read more…My client has an Acorn grant that she will have to repay if she sells before Aug 2012. She has lost her job and cannot make her payments anymore and wants to do a short sale. What happens to the Acorn grant if we sell before August? Is it considered
Read more…I'm working on a MetLife short sale with a FHA loan. I was starting to see the writing on the wall that there was probably a hard time ahead with the bank. Luckily I found your site and a posting by someone saying to contact FHA directly. I never
Read more…I have a question to see if I proceed with a short sale, the lender is provident funding, they purchased the home in 2006 for 496,000 and they have a current mortgage of 395,000. The current market value of the home is 325,000 and they are current wi
Read more…In initiating a Bank of America short sale I have received a call from them telling me my seller has been approved for their cooperative short sale program. I didn't find a group here specifically related to this program so I can't find the posts tha
Read more…The buyer needs a sellers contribution for his down payment and has increased his offer by that amount. This is a BOA short sale, and of course "contribution" is just semantics since it just means the buyer is financing closing costs, but will that
Read more…Hi. I am new around these parts. This forum is obviously filled with Short Sale Superstars! I'm merely an individual real estate investor still trying to figure out how to be the most effective investor I can be.
I invest in several markets in Fl
Read more…I just received a very disturbing email that originated from BoA to my title company to me. The email reads:
FHLMC Prohibits Short Sales During Redemption Periods 3.22.2012
FHLMC has made a change to their policy, effective immediately, that proh
Read more…From all the time I spend reading on this forum I have learned about the HAFA, FHA PFS and VA Compromise Sale programs.
My friend is buyer's agent on what the listing agent told her is a non-HAFA short sale. So, my question is: If the short sale does
Read more…I couldn't find much on this site about RTR but approval on both with no deficiency and RTR wanted $1070 at closing. Homeowner has nothing, so both the buyer and I are splitting 1/2. I'm happy to do it. This was a long one, but I'm finally happy t
Read more…Question. Is there anyone using Easysign?
This is signature pad device I just plug into my laptop and have clients sign on the zipform documents (the real estate forms we use here in California) without having to print out the documents first.
I to
Read more…Does anyone know if a borrower has to be current on HOA dues if they are participating in a HAFA short sale with Bank of America? Is there such a thing as a set amount for HOA liens allowable by HAFA/BofA? Thanks in advance
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I have a short sale listing coming up. There are two loans, both with Chase; the first has a very low balance. The 2nd, a HELOC is at approx $100K. My dilemma is; when the home sells at market value, the first will be paid off and the 2nd will not
Read more…A Foreign National owner needs to sell 3 of his 6 properties where he can no longer afford to pay for all 6 properties. The issue is that all 6 of these mortgages are with the same bank and I want to see if there is a possibilty to still do it. The p
Read more…Do I have an obligation to the bank to tell them I have a back up offer?
I have a short sale working on a property with an executed contract from a qualified buyer and I have sent this contract to the bank. I also have a back up offer that is sign
Read more…We have a home with a VA loan, that is serviced by Wells Fargo. Short Sale property of course, got a contract on home, decent price, still pretty low, but I know that buyers are willing to come up in price, they all gotta test the bank, dont you kno
Read more…After 8 months on the market and 2 buyers, Wells Fargo finally sent me the short sale approval letter for my second buyer giving me a close on/before date of March 30. When I told them there was no way we could get this done in 8 days, they said to
Read more…Hi everyone, what a great website! I am in an ugly situation with Chase on the 1st and RTR on the 2nd. Chase approved HAFA short sale in November, and RTR wanted $27k to release 2nd. Chase would not allow that under HAFA and would not allow any buyer
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