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Tiffany, I think the problem could be Fannie Mae. They are trying to get higher prices. I am not trying to discourage you but some agents think they are looking to direct more distressed homeowners into the deed-in-lieu program. If they take the house back, they can offer financing without the home having to appraise. It is a win for Fannie Mae but it sucks for you who has done all this work. It also sucks for the unknowing future home buyer who will be buying an overpriced home through the Fannie Mae HomePath program. I hope I am wrong but I have been reading more and more how Fannie Mae is coming back with high counter offers. It happened to me but I am hoping it was just a bad BPO. Keep fighting! Good luck.
Oh by the way, home is a primary residence and the owner has already been discharged from Bankruptcy. Why would Chase want this house? BPO is below contract price...
I have a Chase loan that I have been negotiating for nearly 90 days. It was a pre-approved Chase that went over the 6 month time frame.
I submitted an offer which needed a new value (it took 60 days to get a BPO completed) which came in $90,000 below the original value that is now out of date. Long story short the new value came in at $199,000 and Chase countered my offer at $285,000, I have submitted a dispute and am told that they came down to $245,000. Our contract price is at $225,000, they are submitting for final approval but the negotiator doesn't believe it will go. Has anyone had any crazy experiences like this with Chase. The investor is Fannie Mae. I usually have no issues with Chase, what is going on with them?
Jack, this is standard text for FHA. A shorter one must be in the sales agreement.
MidFirst bank just sent this addendum:
"Seller may cancel this agreement prior to the ending date of the listing period without advance notice to the broker, and without payment of a commission or any other consideration, if the property is conveyed to the mortgage insurer or the mortgage holder.” The sale completion is subject to approval by the mortgagee."
thoughts?
I have never encountered this before.
Client has rental property she wants to short sell, market price $385K. First loan is $386K. Second loan is $885K to a private investor who gave a business loan to her and put a lien on her prinicpal residence(Value $1M) and the rental property.
I assume the best place to start would be to talk to the private investor first to find out what it would take to remove the lien of the rental property from the loan.
Am I thinking correctly or is there another better way to handle this?
question: if a seller files BK7 and includes their home in the BK, tare they eligible for HAFA incentive?
After 2 months of back and forth with paperwork to the bank, they finally have come back with a response to my short sale request. The bank is Homeward residential (Formerly AHMSI, and the loan is a Fannie Mae loan). Their response is, that I don't truly have a hardship and therefore they want one of the following #1 a promissory note for $50k over 10 years or #2 $25k at closing.
We technically have enough money each month to cover the mortgage but we just don't want the house. Its not a smart financial move to hold on it (I've had 2 attorneys and 2 CPAs agree that I'm throwing good money at a bad investment, bottom line). We bought the house in 2005 @ 6.5% and had remained current on the loan for 5+ years, even though its dropped its value by 50%.
Bottom line, we've countered with $5k at closing and the bank responded saying that with the paperwork they have in front of them, they just don't see a hardship and are still asking for the $50k over 10 years or $25k at closing. I will not agree to a $50k promissory note and flat out don't have the $25k to bring to closing. I have maybe $10k (and that's after I dip into my IRA and ask for money from family).
Any thoughts on how I should respond?
@Jessica, Unfortunately we had, it wasn't right off the bat but it was denied when it went to investor approval. We have escalated it multiple times but it has not helped. Do you know who the investor is on yours?
Has anyone had a bank deny the short sale right off the start because the "investor doesn't offer any work out options including short sales or loan modifications"??? What??? This is Nationstar... any help you can provide would be great.
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