Need your ideas and assistance Superstars. I have an FHA short sale and the seller has a HELOC with SLS which has been written off but the lien has not been released.
SLS sent me acceptance of the short sale but is demanding $4,836 and the primary
Read more…Good morning, I am involved in a transaction where I am only the 3rd party negotiator. The contract in which I got both approvals on was an all cash offer with no contingencies. I am in CA. The buyer proceeded to breach the contract, taking over 2
Read more…This is a really interesting article by Yves Smith of Naked Capitalism on"FICO's Dubious Explanation of Why It Treats Short Sales the Same As Foreclosure".
The article quotes at length FICO's explanation of the future probability of a negative credi
Read more…I have a short sale where the second was with Litton. I know most everything was absorbed by Ocwen but Ocwen cannot find anything related to the loan or sellers ss#.
We do have a letter from 2009 produced by seller stating payment should be sent t
Read more…I have a short sale with one mortgage with Suntrust. The principal balance of the debt is $386,000, and our offer is $370,000.
Suntrust will NOT waive the deficiency. The first approval issued was with a cash contribution of $42,000. We countered
Read more…I have been negotiating with Ocuwen to get a short sale approved for a client. After the initial runaround of having to send the same paperwork in over and over only to be told that FHA will not allow the short sale and that my client will be forced
Read more…Per the FHA Guidelines, the borrower must first apply for a modification and get denied. If the borrower previously applied for a modification was approved or denied then submit the proof of the denial or approval of the modification. The only way
Read more…Preparing to list property where we're close to payoff on the first mortgage (BofA). Sellers have a 2nd HELOC (5th 3rd) that puts them underwater approx $80,000. Seller is needing to relocate for work out of state. Anyone have a strategy?
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Hi Short Sale Superstars,
You have all been so helpful with all my questions I appreciate it. Our offer is now in the "Offer Analysis" phase on Equator....From your experience how long should it take to get the Approval letter from this point? We ha
Read more…Hi, this might be a silly question but is the New Duel Tracking (Homeowner’s bill of rights) law Nationwide or just in CA?
Do you know if it applies only once you have a short sale or modification approval?
Thanks for your help.
Read more…Are any of the Georgia agents having challenges with Citimortgage as they start the short sale process? When I called to initiate the short sale, I was told that the homeowner had to call first to start the file. OK, fine... we did this. I also sen
Read more…Who can I call? The negotiator repeatedly escalates to his supervisor to no avail. Property with SS package and offer sent in. Can't even get them to close to Loan mod and open to SS. How will I ever get the offer reviewed. They seem powerless t
Read more…The last time I did a short sale with this awful loan company I said never again. Well I was wrong. I appers that OCWEN has advanted from running you around to various agents who know nothing to asking you to contact them only on Equator.
My client
Read more…We put in an offer on a Bank of America short sale home in the middle of May. The offer was accepted by the sellers and we are now waiting on approval from the bank. We had the inspection done and everything came back fine. We also have our mortgage
Read more…I have a Nationstar file that is set to close today, but the buyers lived in China. Beside the SS Affidavit, some of the closing docs will also need to be notarized, is there no notary in China? Is there any way we can get around this?
Read more…My husband is active duty, we used the PCS orders hardship that came out in August 2012. Today, FM denied our short sale request based on the orders- no explanation, but the bank had warned us that our orders were 'too old' and may be denied. The o
Read more…Hello All,
Does anyone have a good contact at Nationstar Mortgage? I recently had a B of A short sale APPROVAL LETTER and after this is was transferred to Nationstar so we cannot close. B of A transfer letter states that the short sale and all of it
Read more…I have a short sale that I have been working on for about 11 months now. It is a BOA first and they have farmed it out to DTS, then LRC.
Long story short. They (DTS) declined the short sale about 50 days ago due to the BPO being expired. When I calle
Read more…How do you evaluate whether or not you have enough time to complete a short sale?
For example... if a Seller calls you and the sale date is within 2 weeks, 4 weeks... whatever. At what point do you decide if it is worth your time to go through the m
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