"HUD should approve if everything else lines up. Net, contract terms, etc."
Guerry Clegg's Groups
Guerry Clegg's Discussions
Short sale checklist
Started this discussion. Last reply by Patricia Bravo Dec 18, 2012. 2 Replies 0 Likes
I use Top Producer, which makes it easy to schedule tasks, like emailing updates to buyers agent. Does anybody have a general checklist they could share? Obviously, there's no one-size-fits-all, but…Continue
Chase VA compromise sale
Started this discussion. Last reply by Mike Rosania Mar 30, 2012. 5 Replies 0 Likes
My colleague is representing a seller with a VA loan through Chase, and her contact -- presumably a negotiator -- said they would accept a net payoff that was $3-4k below the VA required 88.13…Continue
Who has to say 'Yes'
Started this discussion. Last reply by Joseph Alfe Feb 6, 2012. 3 Replies 0 Likes
I tell clients and agents that one of the keys to getting short sales approved, or at least understanding the process, is knowing who has to yes. The lender(s), obviously, has to, but there's often a…Continue
VA shortsale and Fannie Form 710
Started this discussion. Last reply by Guerry Clegg Feb 6, 2012. 2 Replies 0 Likes
I'm working a short sale with SunTrust, and they have asked for the seller to complete the Fannie Mae form 710, Uniform Borrower Assistance form. I don't recall sellers having to complete this for a…Continue
Guerry Clegg's Page
Latest Activity
Guerry Clegg liked Stephanie Lim's group FHA - HUD Short Sales
Guerry Clegg replied to Eric Middlebrook's discussion Penny Mac digital signatures? in the group PennyMac Loan Servicing
"They did on mine that I just closed. "
Chad Gelsinger replied to Guerry Clegg's discussion Borrower current in the group VA Compromise Sales
"Hi Guerry,
We have never closed a VA Compromise Sale with the Borrower being current. VA regulations typically require 60 days of delinquency.
It makes sense the Servicer will not close without the VA backing. I would agree with Brett, where the…"
Brett Goldsmith replied to Guerry Clegg's discussion Borrower current in the group VA Compromise Sales
"Maybe they were okay with not taking out a claim after that sale if the deficiency was small. Most servicers won't approve short sales for FHA or VA if they won't pay out the…"
Guerry Clegg added a discussion to the group VA Compromise Sales
Borrower current
I have a VA short sale that is taking a long time for lender approve. They said the holdup is the seller is current on her payments so they have to get a variance from VA. Someone at VA told me they don't issue such variances, and if the lender approves the short sale, VA will not pay the guaranty because the borrower is not in default. But I closed one last fall where the seller remained current and never went into default, Any thoughts?See More
Guerry Clegg joined Sara Mehrpouyan Los Angeles CDPE's group
PennyMac Loan Servicing
This group is for information, tips and solutions for PennyMac Short Sales.See More
Guerry Clegg commented on Jeff Payne's group US Bank
"Are these escalation contacts current? US Bank gave a hard decline after approval of VA short sale because the buyer's lender could not work out one issue. We took a backup contract with identical terms -- net, loan type, everything -- and once…"
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- I've been selling real estate for 9 years and added short sales as a specialty about 4 years ago. I've completed a number of them and hold the SFR designation. But there's always so much more to learn. This site is one of the best places to learn because of the breadth of experience everyone here has collectively.
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