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Green Tree Fannie Mae 1st Ocwen GMAC 2d

Started by mike romone. Last reply by Kelly Magreevy Oct 12, 2015. 44 Replies

MIDFIRST BANK

Started by Bob Helmig. Last reply by Brian Avery May 7, 2015. 8 Replies

Need contact # for Guaranty Bank please.

Started by Evelyn Broxterman Sep 3, 2014. 0 Replies

Bank of America servicing USDA

Started by Jeff Struchen. Last reply by Jeff Struchen Aug 7, 2014. 2 Replies

SAFEGUARD BREAK INS

Started by Barbara Wing Mar 20, 2014. 0 Replies

Short sale finally closed now what......

Started by Cassandra Lynn Crull. Last reply by Brian Avery Feb 27, 2014. 1 Reply

Indymac/One West Bank- Urgent

Started by KIM KISER Jan 17, 2014. 0 Replies

Everhome Offer 109K above offer on short sale!

Started by Mark Gottlieb. Last reply by Mark Gottlieb Jan 12, 2014. 4 Replies

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Comment by Lupe Soto on September 4, 2009 at 5:11pm
Short sale contract fully executed 8/20, short sale addendum reads time period for inspection and reports shall begin after short sale inspection. escrow deposited delivered to escrow 8/24, short sale package submitted 8/25 per agreement, as of today, buyers canceling due to reduction of income one of spouses, are buyers entitled to their deposit back?. thanks for your feedback. Lupe in Burbank, CA
Comment by Barrett Thomas on August 26, 2009 at 9:23am
Etrade...Has anyone does a short sale with them yet? If so, is there any info you can share?
Comment by Lupe Soto on August 25, 2009 at 1:40am
HI, Wendy & Brian, this particular short sale in CA, seller (her) bought house when single loan is with Wells Fargo, then married and got Wamu Equity Line with husband both names are on the deed or note. House was rented, now vacant. I just submitted short sale package Wells Fargo with no income from her (laid off). For Wamu Equity I will submit 8/26 with husband income (only income). thank you Wendy & Brian for your feedback, Lupe in Burbank CA.
Comment by Bryant Tutas on August 25, 2009 at 12:45am
It's only the person on the mortgage/note that provides financial info. The spouse could even be on the deed and still does not have to provide finances if she is not on the mortgage/note.
Comment by Wendy Rulnick on August 24, 2009 at 10:37am
Right, they could get divorced tomorrow... Plus bank can not go after someone else's income not on the loan....
Comment by Wendy Rulnick on August 24, 2009 at 2:19am
Lupe - The only person liable for the mortgage is the wife. I would not include husband's income.
Comment by Lupe Soto on August 23, 2009 at 1:26pm
Seller is now married, does husband income need to be considered on financial worksheet? seller bought short sale house as single person 4 years ago. Lender # is wells fargo, lender # 2 is wamu or chase. Seller along cannot afford mtg payments, adding husband still gives higher expenes. thank you Lupe in Burbank CA
Comment by Wendy Rulnick on August 10, 2009 at 10:21am
Sounds good, Bud, best of luck with an approval!!
Comment by Wendy Rulnick on August 10, 2009 at 9:47am
if the house comped at 205K my gut feeling would be "dicey" to send in an offer that low.... To be honest, I try to get as close to fair market value as possible. Some investors base what they take on the appraisal or broker price opinion. That is it. If they want a percentage, like Stephanie says, they are looking at their NET. FOr example, $100,000 sale price minus $12,000 or who knows what for closing costs.
Comment by Karen Mathers on August 10, 2009 at 9:42am
I am still in a fog but that is nothing new . . . Bud's first comment said his home comps at $205,000 but he had an offer of $185,000. I would think that would be an acceptable price for a short sale? Maybe we are talking apples and oranges. When Bud said his home comps at $205,000 . . . I would think that is fair market value? That would be what that home would sell for in a normal transaction (not a short sale). If I had the buyer, I would expect to pay less that that for a home being sold as a short sale. Now I am confused when you say NET to FMV? I am not sure what you mean by that . . . most of my short sale transactions have been on the buyer side so that my explain my confusion.
 

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