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Started by Luther Fisher. Last reply by Luther Fisher Feb 21, 2019. 2 Replies 0 Likes
I've got a situation where it appears we will have to do a short sale. 1st is with PNC and 2nd is with ditech. The ditech 2nd would have to take the discount. Would there still be any incentive…Continue
Started by Jackie Gonzalez. Last reply by Ben Benita Jun 16, 2017. 3 Replies 0 Likes
This is the 2nd time the seller's agent gave a ss approval letter with a 7-day approval to close. Need at least 2 weeks to close. Bank has list of work that needs to be done and title company wont…Continue
Started by Jackie Gonzalez. Last reply by London Cox Aug 29, 2016. 4 Replies 0 Likes
The present buyer is backing out due to too high counter offer. The house was listed at $181k and is now at $134,500 after 5 months on the market and no offers. Needs extensive work due to deferred…Continue
Started by Russ Trinidad. Last reply by Russ Trinidad Jun 5, 2015. 3 Replies 0 Likes
Does anyone know if this is possible? The property is a townhouse in Hawaii. The association foreclosed on nonpayment of maintenance fees. It’s a fannie mae owned loan and serviced by green tree.…Continue
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@alfred FNMA backed loan /w Ditech generally take 45-90 days for a decision if things move smoothly. [email protected] http://www.ishortsalenow.com/short-sale-help-now/ 310-564-6389
Good Afternoon,
I am currently working on a ditech short sale application. Do you have any opinion on fast the process would be to approved the application? The property at that the moment doesn't need moderate renovation to sell to a FHA Homebuyer.
one last one on this one ugh....
so I figured out that my seller's gross income shows that they barely make enough, but the net income -- take home pay -- shows a negative cash flow. on the expenses section, should I include the taxes/fica etc to fix this?
thanks
Luther/Fred - with an FHA short sale, income does matter. Escalating it with the servicer/FHA will do nothing but waste a lot of your time. What you need is to contact the HUD dept that can issue you certain types of assistance with dealing with the servicer and FHA's unwillingness to accept the deal based on a number of factors. However, if your client is making enough money for them to deny the short sale, it should be sufficient enough for a loan modification and she could probably apply for a principal reduction loan mod that will lower her payments, lower the total balance, and new laws will protect her from having a trial period turn into a sudden foreclosure. Give me a call if you'd like some advice or assistance; 631-463-6025,
- Jake Small
Can you use the attached ditech short sale forms for 1st morgages held by Ditech, I looked at the forms and they appear to be for 2nd mortgages.
Thanks!
Wondering if there is anything else that can be done on this deal. We were declined because of the borrower's income on an FHA short sale. Should I try and escalate with FHA?
well she isn't divorced, found that out today. I thought she was. she's only separated, and there was an order to give her the house. divorce is pending but won't be final for a while.
Luther, a divorce is a sufficient reason for a short sale, regardless of income. Has that fact been included with the hardship letter and a copy of the decree submitted?
She makes a rather high income but the house is too far behind to catch up (2 years). She was already denied for a modification.
Hi Luther. It's me again, LOL. The Deficit Income Test or DIT is used on all FHA short sales. You take the total take home pay of the borrower and compare that to their monthly household expenses. If they have negative income, i.e. monthly expenses exceed take home pay, the lender will approve the short sale.
My experience is that homeowners are in foreclosure for a reason. When filling out a financial statement for the borrower(s):
1. you only have to list income for everyone on the loan ONLY. If the wife is not on the loan, you're only required to show income of the husband.
2. borrowers drastically underestimate their monthly expenses and they flat out forget things. You'll have to wade through their bank statements and do your own tally. I had to do that on a short sale i just took and I found an extra $1,700 in expenses.
Good Luck!
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