To settle for a foreclosure means accepting the damage to your credit a foreclosure would bring. It also means accepting the fact that in many states, the lender will seek a deficiency judgment in the amount that is owed. A short sale by itself will typically lower your credit score by 50-120 points, however the hardest hit on your credit will be from missed mortgage payments, not the short sale itself. Your credit will usually recover from a short sale in as little as two years, whereas a foreclosure could dampen your ability to take out any future mortgage loans for at least five years
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Currently working on a Fannie Mae pre-approved short sale with BOA as a servicer.
1. Seller took the time to get a pre-approved price for the short sale
2. I listed the home at the pre-approved short sale
3. Got an offer at the pre-approved shortsale - Cash
4. Got a message through equator that they agreed to th eoffer but they needed a couple of the changes on the HUD
5. Made the changes and submitted them all through equator immediately
6. This was 7 weeks ago of constant follow up with no response
7. Escalated through Fannie Mae - got some action and an extension of the approval -
8. No answer yet and the same run around to call tomorrow.
We have the banks claiming they want to work with Realtors and get the short sales done I am not seeing this.
We have people in selling CDPE certs that to me they sound like just more scheme to get money out of us and encouranging us to work with banks.
Is anyone experiencing the same levels of pain.
2nd lienholder - I also have a negotiated approval
3rd lienholder (USAA $144,000 balance-seller current) ) USAA refuses to play ball
The seller offered to pay USAA the entire balance owed of 144,000 by giving them $6500 at closing and paying the remaining 137500 in monthly payments at an interest rate that USAA suggested initially until paid off. USAA said NO to this offer Instead USAA countered with demanding $70,000 cash from seller at closing to release lien then remaining $74,000 deficiency balance must be paid off by unsecured note in monthly installments at agreed upon interest rate. They know seller has a retirement fund and they understand that he would incur all kinds of fees and penalties to cash out his retirement in order to pay them but....
USAA are stalling long enough for our approval to expire--and our very good buyers to walk...they want the seller to go to foreclosure. What will they gain then? The seller vows to sue them if he is forced to forclosure because he was initially approved through HAFA but USAA killed that deal too...which forced us to go conventional short sale .. this is clearly not a strategic default
Is there no sense to how these idiots think ?
Any suggestions?
FYI-anyone else get the pleasure of dealing with Judith Madeira as negotiator for USAA?????
Short Sale Not Closing, Is it possible to list it as REO ? and if so what are the set necessary?
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