I closed a HAFA shortsale with WF on the 1st and GT on the 2nd.  

One prominent issue that came up that I thought may be helpful for others to know about was that when my borrower was reaching 180 days without a payment to them they called the borrower (but did not inform me) and told them to make a payment but did not explain why.  

It was not until I happened to call in on status that I found out we had less than a week to make an almost $700 payment even though we were already in overtime in waiting for their written approval on the s/s to begin with.  We ended up making the payment, but it was a hardship on my disabled property owner.

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Just an fyi...I had a file a couple of months ago with GT on the 1st (and only lien). They did a very similar threat to my seller but my seller. After much discussion and stress my seller decided that it didn't make sense in their situation to pay. The short sale went through without an issue despite ongoing threats for payments and/or partial payments. I've closed lots of GT short sales this year and personally like working with them but they will give you BS at times...but thankfully everytime we've called out their "bluffs" they've always been proven to be just that. I'm not saying this is always true but it hasn't come back to bite any of my sellers yet...though I always warn them that it could when they decide to make this decision.

GOOD AFTERNOON,

I HAVE A SIMILILAR HAFA SHORT SALE GMAC-FIRST AND GREEN TREE-SECOND, I ALREADY HAVE THE GMAC APPROVAL, I JUST CALLED G.T TO ASK FOR THE STATUS AND THEY ARE REQUESTING $24K TO APPROVE THEIR HAFA SHORT SALE , THE FIRST IS OFFERING $8500 TO G.T BUT THEY REFUSED TO ACCEPT, THE NEGOTIATOR JENNIFER SAID THAT IF THEY DONT GET THE $24K THEY WILL CLOSE THE FILE.

WE ARE ALREADY SHORT BECAUSE THE ASSOCIATION IS AKING $10k AND THE FIRST IS ONLY CONTRIBUTING WITH $4K, THE BUYER AND I WILL COVER THE DIFFERENCE.

WE ALREADY HAVE A SALE DATE 03/15/2013. ANY SUGGESTIONS IN WHAT TO DO.? THANK YOU VERY MUCH...WALLY PELAEZ. 

So so so many of you guys forget:

THE PEOPLE YOU DEAL WITH AT THE BANKS ARE CALLED NEGOTIATORS FOR A REASON!!!!

and

THEY HAVE NO ZERO ZILCH NADA FIDUCIARY RESPONSIBILITY TO ANYONE OTHER THAN THE HOMEOWNER

I could go on for pages and pages about this, but, know that GR is only a servicer and they get paid to get as much money as possible from you and your clients.

I am admittedly biased as I process and negotiate on behalf of agents all over the country, and, you MUST KNOW THE ABOVE if you decide to process short sales on your own for some reason.

Another point - most servicers will tell you what you were told at a certain point as the loan will go to charge off status after 6, 9, 12, etc. months of missed payments (again, WAY too much to get into on here).

Once the loan does go to charge off status it can be a blessing or a curse for many many reasons.

You should ALWAYS know at what point this will happen and any potential consequences thereof, make note, and, plan accordingly.

All my best, let me know if I can help you.

Ben Benita

[email protected]

GOOD AFTERNOON,

I HAVE A SIMILILAR HAFA SHORT SALE GMAC-FIRST AND GREEN TREE-SECOND, I ALREADY HAVE THE GMAC APPROVAL, I JUST CALLED G.T TO ASK FOR THE STATUS AND THEY ARE REQUESTING $24K TO APPROVE THEIR HAFA SHORT SALE , THE FIRST IS OFFERING $8500 TO G.T BUT THEY REFUSED TO ACCEPT, THE NEGOTIATOR JENNIFER SAID THAT IF THEY DONT GET THE $24K THEY WILL CLOSE THE FILE.

WE ARE ALREADY SHORT BECAUSE THE ASSOCIATION IS AKING $10k AND THE FIRST IS ONLY CONTRIBUTING WITH $4K, THE BUYER AND I WILL COVER THE DIFFERENCE.

WE ALREADY HAVE A SALE DATE 03/15/2013. ANY SUGGESTIONS IN WHAT TO DO.? THANK YOU VERY MUCH...WALLY PELAEZ. 

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