It has just come to my attention the HUD does not require HECM/ Reverse mortgages to be listed on the MLS. Has anyone else run into this? I have been negotiating short sales in south Florida for over 10 years and I was just made aware of this.
How to get a mortgage approved with Bad Credit Score?
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Hi fellow Realtors! been awhile since I have been here but boy do I need help!
I have a Celink reverse mortgage that was just transferred to Novad for servicing. For starters, If the owner is alive and not in a facility, does he have to occupy the house in order to do a short sale?
You often hear the term Short Sale and Short Pay. They both are programs that involve a servicer review and a that a lien holder is being shorted and taking a loss on the mortgage payoff. They are similar in that nature but the outcome is distinguished as one program transfers the home to a new purchaser and the other is a designed for a borrower to retain ownership of their home.
In a short sale you are going through a detailed review with the mortgage servicer(s) and lien holders to obtain permission for them to take a loss and to sell the asset to a new buyer. The borrower wants to mitigate losses and reduce potential liabilities associated with a home that may be in foreclosure and an overall personal financial hardship.
In a Short Payoff a borrower is looking to settle mortgage debt and retain ownership of the property. Short Pay Offs are typically not options for borrowers as most lenders do not settle first mortgage debt to allow borrowers to keep the property. Also, most borrowers are not able to settle a large lien in a large cash lump sum. These programs are very uncommon for first lien holders but are not unheard of. We typically see these programs more available on charged off upside down or subordinate mortgages.
Both programs have negative credit impact, deficiency judgments if not waived, and potential tax liabilities due to the cancelled debt if settled.
If you have questions or need anything at all reach out to me at Bgold@ishortsalenow.com or 310-564-6389
Hey everyone!
If you haven't run into this yet, be aware that Select Portfolio Servicing (SPS) with Chase backed assets have a new guideline that can throw a wrench in the transaction. They are only allowing one short sale review! Meaning that if the buyer walks or if the deal is denied for a low offer, you won't be able to try again.
I had an approval and the buyer walked then they would not allow us to submit at the same terms due to this guideline. We also had a buyer get countered, the buyer only raised their offer slightly, they would not counter gain, and they closed the file out.
Be cautious as they won't tell you these guidelines ahead of time or about the only one counter rule!
Brett@ishortsalenow.com
310-564-6389
If you need short sale help or have questions about a specific short sale transaction please reach out to our community of specialists at 1-888-664-6964. We are happy to answer any questions and help point you in the right direction to accomplish your goals.
I have a customer who need agent in Orange county Florida.
It was approved but failed to go to settlement due to buyer's loan.
Please email me asap.TY
nina.bonan@gmail.com
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
While it IS possible to have a great "BUTT", eat right and get in those squats, there is simply NO such thing as a great "BUT"!!!!
I could lose the weight.....BUT
I could improve my relationship....BUT
I could get more clients...BUT
I could close more short sales...BUT
Just be honest....start following "but" with this phrase:
"but....it's just not that important to me"
and watch how it puts things into perspective.
If you REALLY want to make those resolutions happen, start saying this phrase to the people who will be affected if you DID follow through on those resolutions:
"Honey, I could lose weight so that I can live longer, be healthier, be better in bed, be a better role model for the kids......BUT it's is just not that important to me!!!"
"Kids, I could be making more money so that we can live in a better neighborhood, take more trips together, help more people less fortunate than us.....BUT it's just not that important to me!!!"
No More Excuses!!!
No More "Buts"!!
Making A Difference One Post At A Time!!!
#BBenita123
#Inspiration
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Nationstar is now Mr. Cooper! They do have a new Mr. Cooper letterhead authorization letter and they are still utilizing equator. Nothing internally has changed to our understanding of the short sale process for now. This was a move to re-brand the company.
Brett@ishortsalenow.com
310-564-6389
We had a surprise just before closing on what we thought was a traditional sale. We found out the seller had a loan modification in 2015 that include and $80,000 junior lien from HUD. This made the payoff about $20,000 short to close and HUD would have to agree to take $60,000 to $65,000 and release the lien and note. According to the seller's attorney, HUD doesn't negotiate. I don't believe that because after 500+ closed short sales I've never experienced a lender that would not work with us.
QUESTION: Has anyone in SuperStar land negotiated a short sale with HUD as the junior lien holder and will they negotiate?
Has anyone been having an even more difficult time getting the approvals over the last 4-5 months than usual? Seems like lenders are holding back since the market has gotten better or is it just me?
Just initiating a short sale with Ditech with Ginnie Mae as the investor. Trying to see if I need to start off the jump escalating anything to at least get off on the right track... Does anyone know if the servicer will pay for a short sale processor..? Thanks
Been working a short sale with Shellpoint as the first for over 2 years. Wells Fargo as the second. 1mil a piece owed on both. Wells, 2nd removes their lien and will issue 1099. Shellpoint has been playing games with the file and now on the 4th processor. Give them everything they requested, for the 12 time, and now tell me their foreclosing. Any suggestions??
Looking fir a 2nd lien which was Service released to Trinity Asset Management LLC in Jacksonvill FL, the company was closed in 2009 , any clues of where should i look ?
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