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Chapter 13 Bankruptcy threatens short sale closing!!!
Started this discussion. Last reply by Ernie Dill Oct 24, 2010. 9 Replies 0 Likes
Just a word of warning for anyone who has a SS seller paying on a chapter 13 BK.I have been working for 2 months alone on getting the second lien holder (CitiFinancial) to accept a $3,000 payoff as…Continue
Tags: short, GMAC, investor, mac, Bankruptcy
HUD issue - GMAC \ FREDDIE MAC (Senior) vs.Citifinancial (Junior)
Started this discussion. Last reply by Vanessa Calhoun Sep 10, 2010. 2 Replies 0 Likes
Using P.O.C to gain FreddieMac approvalBackgroundI have been considering using P.O.C on the HUD to get around an issue posed where GMAC is the servicer for FreddieMac and the senior lien holder and…Continue
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Latest Activity
Darren J. De Wilde replied to Russ Colomo's discussion Promissary Note or Contribution in the group GMAC Short Sales"Hi Russ,
Normally the lender/servicer/investor will require a promissory note or contribution if the income of the seller is too high - for instance if the pension is high or there are insufficient exopenses on the sellers' worksheet…"
Darren J. De Wilde joined Mike Linkenauger's group
GMAC Short Sales
Group to provide information about GMAC Short Sale programs and discuss mortgage short sales with GMAC
Darren J. De Wilde replied to Kenneth J. Ruffo's discussion My 1st Short Sale --- Never Again!!! in the group Wells Fargo Short Sales"It is my understanding that banks prefer to foreclose because they are able to take back the asset and then write off the non performing note as a bad debt on their books. They then sell the asset to another investor..The difference between the…"
Ernie Dill replied to Darren J. De Wilde's discussion Chapter 13 Bankruptcy threatens short sale closing!!!"Check with your Title and Settlement People in your State as well, before doing the short sale if there is an existing or intended BK, as there are State- specific regulations concerning conveyance of a property owned by folks in BK.
In general,…"
Smitty replied to Darren J. De Wilde's discussion Chapter 13 Bankruptcy threatens short sale closing!!!"I've had good luck with Bankruptcies before short sales, but I also work hand in hand with the BK attorney if there is one. Not every attorney is pro short sale either. I found that out the hard way, but luckily the last two had a real estate…"
Darren J. De Wilde replied to Kenneth J. Ruffo's discussion My 1st Short Sale --- Never Again!!! in the group Wells Fargo Short Sales"I remember my first short sale being with BofA like Mike Linkenauger. I specifically remember other agents remarking on how loud I screamed down the phone because I jest kept repeating the situation over and over to people who didnt't seem to…"
Darren J. De Wilde replied to Darren J. De Wilde's discussion Chapter 13 Bankruptcy threatens short sale closing!!!"It might be worth knowing that the chapter 13 was already in place 2 years before I took the SS. :-)"
Darren J. De Wilde replied to Darren J. De Wilde's discussion Chapter 13 Bankruptcy threatens short sale closing!!!"Hi Everyone,
Thanks for all your replies, its really helpful to know. As far as I am aware the HOA fees are up to date. The sellers are and have been paying on the chapter 13 and neither mortgage was included in the petition. In fact, the second…"
Sidney Kutchuk replied to Darren J. De Wilde's discussion Chapter 13 Bankruptcy threatens short sale closing!!!"Joseph,
I advise the same thing to all my clients that ask about the timing of a BK vs Short Sale.
Short Sale first then the BK is the correct order. As you pointed out this is not only to cover any deficiency but also if the lender required a note…"
Joseph C. Alfe replied to Darren J. De Wilde's discussion Chapter 13 Bankruptcy threatens short sale closing!!!"you do the short sale BEFORE you do the BK. That way you have something in writing as to deficiency that you can hand the court."
Joseph C. Alfe replied to Darren J. De Wilde's discussion Chapter 13 Bankruptcy threatens short sale closing!!!"you do the short sale BEFORE you do the short sale. That way you have something in writing as to deficiency that you can hand the court."
Karen Mathers replied to Darren J. De Wilde's discussion Chapter 13 Bankruptcy threatens short sale closing!!!"I thought bankruptcies cover unsecured debts? I would think the house would have to be sold before the bankruptcy could be discharged? What about HOA fees? I have a friend that filed for a BK about 3 years ago and the house is still sitting empty…"
Joseph C. Alfe replied to Darren J. De Wilde's discussion Chapter 13 Bankruptcy threatens short sale closing!!!"This is why you should never take a listing that is in BK unless you have a court order giving permission to sell the property, and even then I do not accept them. They sellers have no financial benefit to following through, so they can and will…"
Darren J. De Wilde posted a discussionShort Sales and Chapter 13 Bankruptcy complicates Bankruptcy
Just a word of warning for anyone who has a SS seller paying on a chapter 13 BK.I have been working for 2 months alone on getting the second lien holder (CitiFinancial) to accept a $3,000 payoff as allocated strictly by Freddie Mac. Freddie Mac would not move off their guidelines and despite constant calling in the hope of reaching someone there with a brain, was always directed back to the servicer who happens to be GMAC. There was nothing I could do other than start working with Citi to get…See More
Darren J. De Wilde replied to Mike Linkenauger's discussion Short Sales with Wells Fargo Financial in the group Wells Fargo Short Sales"Its a shame that a short sale with Wells Fargo ( we have the buyer not the seller) is in jeopardy because they are hitting the seller with a $250,000 note. I don't blame the seller for not wanting to sign. Wells Fargo have both the first and…"
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- Realtor
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- Freehold, NJ, Howell, NJ, Marlboro NJ, Manalapan NJ, Jackson NJ
- Website
- http://www.darrendewilde.com
- Short Sale Transactions Completed
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- Do you have any experience in Commercial Real Estate? If so, do you have the CCIM or any commercial designations? How many commercial transactions and dollar volume have you CLOSED?
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- About Me/Profile of yourself: - Please add your Brokerage Company name also!
- My wife and I have just opened up a RE/MAX office in Freehold, NJ, called REMAX Prestige. We are dedicated and driven by success and results for each and every client through research which has lead to experience and a leading edge in sales and client support. Our agents are trained and educated to the highest level of ethics, problem solving and professionalism and through the endless array of tools and resources provided by REMAX and RE/MAX of NJ, have gained unparalleled knowledge and technical mastery in the Real Estate profession.
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