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Comment by Barbara Wing on February 12, 2021 at 7:20am

Hi fellow Realtors! been awhile since I have been here but boy do I need help!
I have a Celink reverse mortgage that was just transferred to Novad for servicing. For starters, If the owner is alive and not in a facility, does he have to occupy the house in order to do a short sale?

Comment by Paul Rudewicz on May 15, 2017 at 6:44am

Hey everyone, I'm having issues with Cenlar on a short sale. I will also post up on the Cenlar page but wanted to see if I can find help literally anywhere someone may see this. Issue I'm having - 1st lien with Seterus (fannie mae) junior lien is Cenlar. Cenlar is only getting $6k per FNMA guidelines, no big deal right? Well we were advised it takes 30 days to review/issue approval - that 30 day mark was last month. We were supposed to get our approval somewhere around mid April. After numerous calls, escalations, report filed with CFPB and still getting nowhere we finally received (after practically begging) a copy of the approval letter on 4/26/17. Great! Not quite...the date on the approval was 4/10/17 (we were told for over 2 weeks they could NOT fax or email us a copy of the approval - only mail to the homeowner/seller). So now I'm stuck with an approval that expired on 5/10/17 every call made to Cenlar only gets me sent to their "short sale department" which is essentially a voicemail box and no one returns the calls/messages. Escalations with mgmt. have gotten us nowhere and we're told "they will just tell you the same thing I'm telling you" - CFPB complaint came up with no results. Does anyone have any other options we can work with? a complete package containing a change in terms addendum, offer, HUD/CD, buyer proof of funds/pre-approval and copies of approval letters have been sent to Cenlar - problem is, we don't have 30 days to wait for them to re-review everything. Seterus has already issued their now 4th approval extension so....HELP!

Comment by Karen on April 16, 2015 at 7:21am

i have to ask boa to vacate an auction. they were notified of representation and a contract--what's the success rate for this?

Comment by Rob Olson on April 15, 2015 at 10:26am

I have located a property that is going to foreclosure becuase the owner passed away.  However, there is a beneficiary deed on the property.  I have found the person on that deed.  What would be the best way to approach this person about doing a short sale?  Is there a benefit to them?  Also, could there be any repercussions?  Thanks!

Comment by Jeanette Becker on September 8, 2014 at 7:46am

I was just talking to legal in the title company that helps process the short sale.  She said the banks can do this.  The short sale loss is a different kind of loss and there is insurance that will pay better than the short sale proceeds.  This is after the property goes through foreclosure. I am at a loss now to determine if after a year (sometimes 2 years) in working short sales if I can determine if I am wasting my time.  Ugh!

Comment by Jeanette Becker on September 8, 2014 at 7:17am

Please Help!  I have a property that has been on the market for a year and we have finally got our 6th buyer approved for a short sale.  The first is with Farm Credit Services and the second is with PNC.  Farm Credit said they would not move forward with the sale until we cleared the offer with PNC.  We finally got the offer approved by PNC for $4000 ($500 has to come from anywhere but Farm Credit).  PNC said that the deficiency will have to be paid back after closing.  Farm Credit now says they won't sign off unless they are paid the deficiency. I didn't think they could do this.  Can they? 

Comment by Brett Goldsmith on July 29, 2014 at 9:39am

Did they review a value dispute with comps, repair bids, or an appraisal? They won't take anything less than the exact value they have on file? What is their value and what is the offer being reviewed? [email protected] www.ishortsalenow.com 310-564-6389

Comment by Nicole Espinosa on July 29, 2014 at 8:26am

HELP!

I currently am working on a short sale where pennymac owns and services this note. Despite everything i have sent them they are refusing to accept any offers lower than their "value" which is a joke. Does any one have a escalation contact?!? I have already pushed out the foreclosure twice, but they are refusing to do anything now.

Comment by Kevin - Greenville, SC on March 25, 2014 at 10:18am

Ro, have you gone to www.homepathforshortsales.com ?

Comment by Ro Reed on March 25, 2014 at 9:48am

Last ditch effort here:  short sale mismanaged by previous agent, languished for 18 months. Took over second week of Feb. with Sheriff Sale date 03/07/14. Got an offer, submitted, lender (First Merit) came back with Fannie's required net on the morning of 03/05 which required another $2000 from buyer. No problem. Everything was signed, sealed, and delivered that morning. Thurs. afternoon negotiator said she was waiting on Fannie's approval?? Fast forward, First Merit bid the min. at the sale. Eventually got to a high level supervisor at FNMA who had reviewed and said FNMA could not do anything: it was FirstMerit who was refusing to rescind. Of course, FirstMerit blames Fannie for not rescinding the sale. Fannie says if the servicer wants it rescinded it will happen. Negotiator not answering calls nor emails now. I have been given 3 other contacts at the bank and none of them will call me back.  Any suggestions??  We have no recourse once we hit 30 days on 04/06/14. 

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