Gloria Rivera's Blog (5)

About to lose deal because of OCWEN

I need some guidance please. I have cash buyers who offered $50,000 for a two family condemned and uninhabitable property. Originally OCWEN wanted the buyers to increase their offer to $67,000 based on a drive by valuation. I proceeded to inform OCWEN that the property has been condemned and uninhabitable per the City.  I've sent them pictures of the outside of the property and the posted condemned notice. I've also emailed a list of the violations from the city plus I have informed them…

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Added by Gloria Rivera on September 4, 2014 at 4:39pm — 1 Comment

BOA BIG Mixup

I have a client who purchased her home with a BOA financing. A year later she applied for a home equity again thru BOA. BOA sold the home equity to Ameristar. Simple enough, BOA is the primary, Ameristar is the secondary. Well no, apparently when she applied for the home equity, BOA somehow made that the primary making the primary secondary. Now she is doing a short sale. How do I figure this out for sure?

Added by Gloria Rivera on August 12, 2014 at 12:56pm — No Comments

Short sale difference

Does anyone know if there is a way to find out if a bank will waive the difference on a balance owed from a short sale? Are there any banks that absolutely will not waive it and send a client a 1099?

Added by Gloria Rivera on August 12, 2014 at 12:31pm — 1 Comment

Short sale and divorce

I have a divorced couple doing a short sale. They are both very cooperative. Banks aren't. The wife went back to her maiden name and banks will not accept her authorization with her signature under the maiden name. I can get her to sign in her maiden name but will her docs such as filed taxes and pay stubs be an issue. I already have buyers who really want this home.

Added by Gloria Rivera on August 7, 2014 at 8:51am — 1 Comment

Disputing valuation with Freddie Mac

I have a buyer who has been trying to buy a short sale property for the longest time. He wants this house. It has foundation issues. We gave an engineers report to the listing agent. Cost to repair is $75,000+. House was listed at $157,000 bank wants $154,000 plus they want a promissory note from the seller for $18,000. Is this legal? Also, I asked the agent to file a dispute with Freddie Mac, it's been almost 2 weeks. How long does it take Freddie Mac to reply?

Added by Gloria Rivera on August 7, 2014 at 8:43am — 1 Comment

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