Here is a new one:
First things first just so everyone knows GMAC does not automatically review sellers for HAFA qualification like other lenders. So that being said we recieved a counter stating the seller needed to pay 4k and the file would be appr
Read more…Hi there-
After disputing an appraisal and being made to raise the price $75K over value, B of A is finally ordering a new appraisal. Now here's the question, do I drop the price back down to vaule before the appraisal? If I leave it up where they
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In the case where a buyer is paying a commission of 6% do you just reduce that from the final sales price and list the 6% on the buyers side of the HUD ? .
Can a buyers agent take a short sale listing ?
Read more…Good morning Superstars. Just got off the phone with United Guaranty and had a discussion regarding HAFA. I just want to make sure everyone who is doing HAFA take some time prior to initiating and do a FULL and THOROUGH discovery.
A lot of time we wi
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We received our approval with the following phrase:
upon completion of all requirements by borrower(s), Seterus, Inc. will execute a release and a discharge of the deed of trust/mortgage and if necessary, will dismiss any pending legal action to
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I was proposing to a propsective client to short-sale his property in Reno, Nevada. Client responded that he tried to short-sale but nobody made an offer. He showed me his latest credit report and the mortgage was now "Charge off account, profit an
Read more…So I have a seller who is short selling their home. They were part of that original group that got the $7500 tax credit for purchasing a home, the group that had to repay it (before the next group that got 8K and didn't have to repay)... remember th
Read more…Can anyone tell me at what point is the junior lien holder is brought into the picture once approved for HAFA by the primary? Chase is the servicer, Freddie is the investor, HELOC with Regions. Also, am I understanding correctly that the HAFA program
Read more…I have a home that was illegally foreclosed earlier this year (bk wasn't complete) and the loan then transferred from Ocwen to Freddie Mac/Homesteps. The home was listed with an REO agent but then tagged unmarketable and removed from the market. The
Read more…Do some here feel that it's legal? Unethical? Or, just a downright bad decision? I'd be interested to hear how lenders feel about this.
I know that there are hardships, transfers and variences granted, but does this fit into those categories?
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OK,
After three years I am finally about to lose my Sh*t with the fax machine.
Every month it seems like it's harder and harder to get complete fax packages to the lenders. Sometimes it's just a few pages before their "machine" hangs up.
I've don
Read more…Looks like it might be to late, but does anybody have a contact or suggestion on how to postpone a foreclosure sale date?
Wells Fargo is first, BOA second w/ MI
second agreed to reduced payoff, MI will take cash payment.
Wells sale is scheduled for
Read more…I am the listing agent on a VA Short Sale. The appraisal was done prior to me becoming the agent and of course you know it appraised too high. I have had offers on the property and submitted the highest of the offers.
Bank countered at 1K lower t
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Is this an M and T rule or is it a HUD rule , just got contract with 4% seller concession USDA financing but M and T is saying no concession allowed with USDA and only 1% if its FHA financing
Read more…Lookout, everyone - as of the first of this week, Freddie Mac stopped allowing corporations and trusts to purchase short sales. I found this out after our short sale was approved by BofA but then denied by Freddie Mac today. They will allow LLCs, h
Read more…I was just curious on what some of you guys have been experiencing in terms of approval's from start to finish?
I often find it helps when we can recognize what one may be doing to get approvals quicker than others.
Read more…http://money.msn.com/home-loans/uncle-sam-stuck-with-248000-homes-bloomberg.aspx
Fannie, Freddie and HUD have snubbed their noses at short sales for too long and now they want to know what to do with all of the homes that they foreclosed on! Maybe
Read more…On 9-12 I received My letter to participate from FHA on a property the letter is dated 9-12 however it states I must have an offer to bank my 9-29 . They only gave me 17 days to market the property and sale it... I contacedt the lender (flagstar) the
Read more…Thanks to everyone for your vital input on Short Sale Superstars. Because of you, this is the premier site for short sale information!
Keep it up.
Any members going to Mega Agent Camp? I will be there tonight thru Wednesday, text me at 850-890-01
Read more…We are about two months into our short sale process. I believe the buyers agent set an unrealistic timeline and our buyers are getting anxious. Things have actually gone pretty quickly with the bank. Full package received in August and BPO was ordere
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