Realtor Short Sales Training and Resources
PHH Mortgage help
I have never worked with them before and it has been several years since I have done a VA. Very few VA loans were done here due to the 100% conventional financing. So I call the first time after I have sent my authorization in. Wanted to see what there process was etc. OK so the person I talk to tells me: Send in the package without an offer, it will be assigned and then they will order the bpo. So I asked - Do you give me a value up front like the FHA pre-foreclosure program? Sure he says, we will send you a copy of the BPO. HUH? I then asked him if VA would set the value - he said no the investor sets the value once we get an offer in. VA is the Investor - No he says, they are the insurer, FNMA or Freddie will be the invester HUH? Kind of like Who's on First? Now I know I am in trouble. Well at least I was able to verify that they had my authorization and the package I had sent in.
Today I call again because it was supposed to be assigned to a processor the first of this week. This person tells me NO, the file will sit until I have an offer and then we will get the bpo, etc and no, they will not give me a copy of it. DARN!
I have a feeling this could be a challenge. First of all, can anyone tell me if there is any special procedure on a VA? Also if anyone has a contact a PHH. Have a feeling that I am going to need it. Putting home on market this weekend and hope to get a quick offer and I was trying to bee prepared.
Replies to This Discussion
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Permalink Reply by Brett Goldsmith on
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Debbie,
VA files are processed similar to FHA files. Sounds like you are just talking to some low level representatives who aren't exactly sure what is going on. Just process the file as you would process any short sale. Are there any additional liens or just the 1st mortgage? We have closed a great deal of transactions with PHH in the past and they are relatively not to difficult to work with.
If you ever need any assistance feel free to reach out to me as my door is always open.
310-564-6389
Brett@ishortsalenow.com
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Permalink Reply by Debbie Parkans, CDPE, CSSG, CRS on
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Thanks, I just love talking to some of these people. You just sit there and think HUH? Think of what would happen if an agent who doesn't do short sales got that information. I'll yell if I have any issues with them. Just put the home on the market today - fingers crossed for a quick contract.
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Debbie,
I know, people at the banks give misinformation all the time, it's no wonder why so many people have issues when processing short sales. Hope you get an offer quickly, just give me a yell if you need or just want any assistance with taking some of the headache of the short sale process off your shoulders.
Best regards,
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Permalink Reply by Ruben Ortega, NRBA, CDPE, RDCPro on
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You or your client should be able to get the appraisal value from VA. Remember that VA will want to net at least 88% of the appraisal value. You can price your listing accordingly.
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