"I did get it approved 2 weeks after they did complete another review with comps and repair estimates"
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Home Point Financial
Started this discussion. Last reply by Tony Morales Mar 30, 2020. 5 Replies 0 Likes
In all my years of negotiating short sales I have never done one with this company. I am on the buyer side of this transaction and the listing agent is a little vague on the process with them. Has…Continue
SPS dragging out short sale review
Started this discussion. Last reply by Tony Morales Jul 21, 2020. 7 Replies 0 Likes
SPS is delaying short sales by using invalid valuations. The BPO reports show 2 different values:..current-30 days As-Is and, 90-120 days As-IS. They are countering the offer at the 90-120 day value…Continue
Short Sale Negotiator Fraud
Started this discussion. Last reply by Smitty Dec 10, 2019. 3 Replies 0 Likes
I have had many conversation over the last 10 years with agents that are contacted by companies that state the agent will get their full commission and the bank will pay the negotiation fee. I have…Continue
Fannie and Freddie Allow Short Sale Negotiator Fees
Started Apr 19, 2019 0 Replies 1 Like
This was verified SHORT SALES AND DEEDS-IN-LIEU OF FORECLOSUREEffective September 1, 2019; however, Servicers may implement earlier if they are operationally ready to do soWe are revising our short…Continue
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Elva Branson-Lee replied to Tony Morales's discussion SPS dragging out short sale review
"Hi Tony. I'm interested in how this transaction finally worked out. How long did it take to close after your contact with Ombudsman?"
Tony Morales replied to Tony Morales's discussion Home Point Financial
"Listing agent could also go to Fannie Mae Lookup website. I can;t because I do not know last 4 digits of seller's ss#"
Michele McClintock replied to Tony Morales's discussion Home Point Financial
"Good Afternoon Tony
I understand that you represent the Buyer. You can provide the information to the Listing agent to assist and suggest that they initiate the short sale through Homepath.
If it turns out not to be Fannie Mae, Fannie Mae will…"
Tony Morales replied to Tony Morales's discussion Home Point Financial
"thank you Michele As I said I am representing the buyer so I am not authorized .The listing agent never stated that it may be FM I will have to check the Deed of Trust from title as it may state that it is a Fannie Mae backed loan"
Michele McClintock replied to Tony Morales's discussion Home Point Financial
"Hi Tony
I have done short sales with Home Point Financial.
Home Point Financial 800-686-2404
[email protected] or [email protected]
typically negotiators email is first initial of first name and last name…"
Brett Goldsmith replied to Tony Morales's discussion Home Point Financial
"I haven't done any with them that I can recall. Hopefully you got more feedback by now or you could give them a ring yourself to ask general questions."
Tony Morales posted a discussion
Home Point Financial
In all my years of negotiating short sales I have never done one with this company. I am on the buyer side of this transaction and the listing agent is a little vague on the process with them. Has anyone handled short sales with Home Point? What can I expect? Do they accept electronic signatures?, etc Any direct phone number to loss mit or short sale department Also the borrower is deceased so there would be no reason to review for home retentionThanksTony MoralesSee More
Tony Morales replied to Tony Morales's discussion SPS dragging out short sale review
"Finally got some clarification from Ombudsman department. They stated that if the net of the offer is lower than they want they will do a "variance" by reviewing the full offer along with repair estimates and comps. This process goes…"
Brett Goldsmith replied to Tony Morales's discussion SPS dragging out short sale review
"Yup, I've literally had 5 SPS listings die within the last year. Trying the AG and CFPB route on one of them now."
Smitty replied to Tony Morales's discussion SPS dragging out short sale review
"SPS has a racket going now. ON EVERY SALE it's the same M.O. They wanted 3 comps for a value dispute for one of our sales, and took WELL OVER the thirty days to state they were staying with their original valuation. Even the…"
Tony Morales replied to Tony Morales's discussion SPS dragging out short sale review
"mine too they were really good up to 8 months ago. My next step is to contact the actual investor"
Brett Goldsmith replied to Tony Morales's discussion SPS dragging out short sale review
"SPS has really been going downhill lately with the processing experience and their unbecoming guidelines. They used to be one of my favorite servicers,
[email protected]
310-564-6389
www.ishortsalenow.com"
Tony Morales posted a discussion
SPS dragging out short sale review
SPS is delaying short sales by using invalid valuations. The BPO reports show 2 different values:..current-30 days As-Is and, 90-120 days As-IS. They are countering the offer at the 90-120 day value meaning they want an offer based on that future value,, not the current AS-IS value. We have submitted our dispute with comparables and contractor estimates. They then say their review takes "up to" 30 days. Then on the 28th day they send out a letter saying they need more time and could take an…See More
Smitty replied to Tony Morales's discussion Short Sale Negotiator Fraud
"Not necessarily true. Freddie and Fannie did not allow third party negotiation fees until recently. I believe this year. Somewhere around 2013 - 2015 they prohibited 3rd party negotiation fees out of proceeds. I believe it…"
Tony Morales replied to Tony Morales's discussion Short Sale Negotiator Fraud
"Had they disclosed that they were asking for a credit and that credit was going for short sale negotiations then the bank would decline. Paying out of commissions has always been acceptable as it is not an additional loss "
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- Morales
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- Rancho Cucamonga
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- former loss mitigation employee worked in short sale dept at major lender for over 5 years. Also licensed real estate agent
Tony Morales's Blog
Short Sale with HERO Assessment
Posted on April 9, 2018 at 8:59am 3 Comments 0 Likes
As anyone dealt with any short sale lenders that will agree to pay the HERO tax assessment? Are lenders declining short sales due to the HERO being a "future" tax bill rather than a current or delinquent tax? Need responses
Franklin Still Killing Short Sales
Posted on October 22, 2015 at 4:11am 0 Comments 0 Likes
I was hired by the listing agent to save this short sale Franklin played their silly games. We offered $12,000.00 They countered back at $20,000.00 Buyer walked. Month and a half later obtained new buyer, whose offer was approved by and the first lien holder, and allowing $20,000.00 to Franklin. They came back and countered at$28,000.00 claim they have new guideline. That is a crock. This one will end up in foreclosure. Other than preaching to the choir, who can we reach out to stop…
ContinueFannie Mae Countering above their own values
Posted on November 1, 2013 at 9:00am 0 Comments 0 Likes
If you are in a real estate market that is going strong and values are increasing then this applies to you. My reliable sources have informed me that Fannie Mae will counter your offer above what their BPO or appraisal came in at.
As of November 1, 2013 they are instructing servicers to submit all offers to them where the net proceeds are less than what they have required They are stating that they want the sales price to be inline with how their REO's are handled.
They are…
ContinueFight Back Against Nationstar
Posted on February 23, 2013 at 5:20am 6 Comments 0 Likes
Nationstar has taken the position that they will dictate to agents and if you don't like it they will just close your file. Agents need to join together and not accept the silliness of Nationstar. DO NOT ACCEPT 5% commission! DO NOT ACCEPT that they will not pay title insurance or any other state regulated fees. Recently they closed my file because I questioned why they required a separate letter on a LLC buyer's letter head their instruction said .....
ContinueComment Wall (3 comments)
- At 2:08am on October 29, 2018,
Brandy Nelson said…
Not a lot but yes there are distressed properties.
- At 1:56am on April 10, 2018,
Thank you. Not a lot but there are more and more short sales I am seeing.
- At 8:19am on July 1, 2016,
Donna Perry said…
- Tony: I need to talk to you ASAP. Have a short sale that I just got my second offer on and now they want to go to auction....again. Please send me your number....so frustrated Donna Perry
508-287-4186
Massachusetts real estate agent
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