Greetings to All
I have done many, many short sales ,but this is my first HAFA to be actually approved .Wells is the first and I have the approval from them with the 6k for the 2nd which happens to be GMAC. The bank statements and paystubs used to obtain the approval were all those supplied at the outset ,Dec, 2011, and having received the approval last week from the first,Wells , I asked the 2nd ,GMAC , for their approval .
GMAC are seeking updated information like bank statements and paystubs and are not accepting the ones used to obtain the Wells approval.
Seller has moved to another State and is now working and earning money . He could not find suitable employment in Florida .
Such requests are common in regular short sales , but I am inquiring from those agents who have been through this if GMAC will try try to get more than their 6k ,even though they got TARP money ??
Kindest regards
Donal
Tags:
YOU HAVE DONE MANY SHORTS AND THIS IS THE FIRST TIME YOU GOT HAFA APPROVAL FOR YOUR CLIENTS ???-SOMETHING IS WRONG WITH THIS PICTURE--TELL ME MORE--RON GENT NEW CENTURY REAL ESTATE 909-815-0281
Here's the problem: if you show paycheck stubs and this is a recourse second, they now have info to go after your client to garnish wages. If the bank accounts show a hefty surplus on a monthly basis, then that can lead to a promissory note or a request for additional funds. It could also mean nothing and they will just accept the 6k and need these documents to close out their file. Who knows. What I would do is to tell my client the possible outcome of any information given (like what I did) and ask him how he wants to respond to GMAC, such as telling them he is unemployed and/or doesn't have a bank account anymore (or whatever).
Hmm. hadn't thought of that or run into it. What the heck am I thinking? That banks are scrupulous ethical entities? Wow, need to get back to drinking reality-juice. Thanks for the heads up!
Started by Sara Mehrpouyan Los Angeles CDPE. Last reply by Kevin - Greenville, SC Mar 23, 2013. 10 Replies 0 Likes
Started by wayne brooks. Last reply by wayne brooks Aug 3, 2012. 5 Replies 0 Likes
Started by Amie Jensen. Last reply by Joe Beauchamp Jun 27, 2012. 9 Replies 0 Likes
Started by Carmen Chavez. Last reply by Anwar hossain Jun 17, 2012. 4 Replies 0 Likes
Started by Donal J Dowling. Last reply by Joe Beauchamp Jun 1, 2012. 3 Replies 0 Likes
© 2019 Created by Mike Linkenauger.
Powered by
Always seek legal advice and representation in legal and tax related matters. The Short Sale Specialist Network and LinkUp Realty assume no responsibility for the content of this website. The opinions, views and information should never be taken as legal advice. Keep in mind that this is an open forum website for anyone to join. The owners of this website do not directly offer short sale assistance on this site, nor do we guarantee or offer any type of screening prior to joining this website. Real estate agents posting on this forum do so at their leisure, and are not regulated by the site owner. Sawgrass Homes for Sale. Nocatee Homes for Sale.