Bill Garrett
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Bill Garrett's Discussions

CPA RECOMMENDATION - PENNSYLVANIA

Started Apr 10 0 Replies

Looking for a tax professional who has experience with the application of Mortgage Debt Relief Act.  I have a very large short sale.  The contract was signed in 2016, hence the Act still applies. I…Continue

TRID & The Short Sale Settlement: Who's Doing What, When??

Started this discussion. Last reply by Vikki Lucas Dec 7, 2015. 5 Replies

As we move forward into this unknown TRID world, I know I would welcome any info about what you folks are discovering about this TRID stuff.   Pooling our experiences should help with the learning…Continue

 

Bill Garrett's Page

Latest Activity

Bill Garrett commented on Wendy Rulnick's group VA Compromise Sales
"My thanks to Corinn and Wendy.  Have a good weekend."
Apr 14
Bill Garrett commented on Wendy Rulnick's group VA Compromise Sales
"VA APPRAISAL DISPUTE............Our VA appraiser was either unaware of or ignored significant repair work that was needed.   No buyer is going to pay enough to hit the required net.  .............. Anything new about challenging a VA…"
Apr 14
Bill Garrett posted a discussion

CPA RECOMMENDATION - PENNSYLVANIA

Looking for a tax professional who has experience with the application of Mortgage Debt Relief Act.  I have a very large short sale.  The contract was signed in 2016, hence the Act still applies. I know there are several criteria and wrinkles, but our sellers' CPA needs some guidance from a tax expert with direct experience with these issues.    Thanks.See More
Apr 10
Bill Garrett joined Kimber Regan's group
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Key Bank

Key Bank is an online lender. See More
Mar 9
Bill Garrett posted a status
"MGC Mortgage, Inc. -- Has anyone worked with them?"
Feb 20
Bill Garrett commented on Wendy Rulnick's group VA Compromise Sales
"Wendy:  Thanks, as always, for the quick and reliable info.  Appreciated."
Sep 14, 2016
Bill Garrett commented on Wendy Rulnick's group VA Compromise Sales
"JUNIOR LIEN PAYMENTS____________ Two Questions:  _____ (1) Does VA cap what is allowed to a 2nd mortgage?  ______ (2) Does VA require the 2nd mortgage to forgive the balance of the loan?   ______ Thanks."
Sep 14, 2016
Bill Garrett commented on Bryant Tutas's group USDA Rural Housing Loans
"MINIMUM NET PERCENTAGE?...............Is there a standard percentage used by USDA is calculating an acceptable minimum net (similar to what is done with VA or FHA loans)?............Thanks."
Jun 22, 2016
Bill Garrett commented on Wendy Rulnick's group Bank of America Short Sales
"Ah, the dreaded Ocwen/BAC combo. ________Only thing worse that I can think of is the Ditech/Ocwen combo (with a $62,000 offer) that I now have.  I vowed last year to take no more Ocwen files, but this one somehow slipped…"
Apr 29, 2016
Bill Garrett commented on Stephanie Lim's group FHA - HUD Short Sales
"FHA VALUATION CHALLENGE QUESTION: After a long battle with Wells Fargo (and FHA/HUD) to get them to revisit their flawed appraisal's valuation, they did finally order a new appraisal.  They did, however, order it with the same guy who did…"
Apr 15, 2016
Bill Garrett replied to Thom Colby CA Brkr 888-391-5245's discussion Nationstar new name "Mr. Cooper" in the group NationStar Mortgage
"Maybe "Mr. Cooper" will realize how terrible the Nationstar auction scam process has been for folks trying to do a short sale. "
Jan 27, 2016
Vikki Lucas replied to Bill Garrett's discussion TRID & The Short Sale Settlement: Who's Doing What, When??
"I've been turning in the ALTA Settlement Statement - Seller with good results."
Dec 7, 2015
Jeffrey W Wolff replied to Bill Garrett's discussion TRID & The Short Sale Settlement: Who's Doing What, When??
"I actually just talked to First American Title.  The Closing disclosure is lender only. What I was confused on before is the "settlement statement" is replacing the HUD. Jeff"
Nov 2, 2015
Bryant Tutas replied to Bill Garrett's discussion TRID & The Short Sale Settlement: Who's Doing What, When??
"First American title will not issue the "Closing disclosure" unless it is going straight to the lender doing the loan. I called NS on this and they explained that the old HUD is really all they need until closing time. I sent in the old…"
Oct 22, 2015
Bill Garrett replied to Bill Garrett's discussion TRID & The Short Sale Settlement: Who's Doing What, When??
"Thanks for the feedback (and for the heads-up on Nationstar.)  It's going to be interesting to see what the fixes will be for the inevitable problems.  For what it’s worth, I’ve been asking SS folks at different…"
Oct 21, 2015
Wendy Rulnick replied to Bill Garrett's discussion TRID & The Short Sale Settlement: Who's Doing What, When??
"Bill - The new HUD's are a problem with short sales, or more work anyway. Some lenders, like Bank of America, want to see the older version of the HUD during the approval process, while Nationstar wants the "new" version. I have a…"
Oct 21, 2015

Profile Information

First Name
Bill
Last Name
Garrett
Are you a...
Other
State
Delaware
City
Wilmington

Bill Garrett's Blog

Incarcerated Seller

Posted on January 26, 2011 at 7:25am 3 Comments

I have a short sale selling homeowner who finds himself an involuntary guest of the state.  Looks like he may be there for the foreseeable future, likely to be years not months.  He has a conventional FNMA mortgage (and a second mortgage), both with First Franklin.

 

I anticipate and can handle the logistic complications of getting docs signed, etc. but wonder if anyone has had a similar experience with a locked up-seller.  What, if any, impact would that key fact have on the…

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