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Help Me!

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Discussion Forum

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

Mortgage Debt Forgiveness expiring, what to do?

Started by Carl Landella. Last reply by Richard "RJ" Kas Nov 11, 2013. 3 Replies

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Comment by Karen Mathers on November 26, 2012 at 10:16am

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.

Comment by Tiffany Carver-O'Malley on November 26, 2012 at 9:08am

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...

Comment by Tiffany Carver-O'Malley on November 26, 2012 at 9:07am

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?

Comment by joe beauchamp on August 31, 2012 at 4:02pm

Jack, this is standard text for FHA. A shorter one must be in the sales agreement.

Comment by Jack Barry on August 31, 2012 at 12:31pm

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?

Comment by James Lockard on August 9, 2012 at 9:25am

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?

 

 

Comment by Sheila Vardakis on August 2, 2012 at 12:56pm

question:  if a seller files BK7 and includes their home in the BK, tare they eligible for HAFA incentive?

Comment by John Kline on July 10, 2012 at 1:24am

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?

Comment by Jimena Paridee on June 4, 2012 at 7:29am

@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?

Comment by Jessica Eisenhauer on June 2, 2012 at 3:18pm

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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