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Not Missing Payments... The New Trend
Started this discussion. Last reply by Vanessa Calhoun May 27, 2010. 4 Replies 0 Likes
It seems that everyone I meet with lately is trying to dodge missing payments. This makes me a little timid in listing the home. Is anyone else seeing this or working with any banks that completely…Continue
Credit / Lending Question
Started this discussion. Last reply by Joseph C. Alfe May 15, 2010. 2 Replies 0 Likes
If a seller sells their home short without harming their credit and missing NO payments, are they eligible to purchase a home right away or do they have to wait 24 months no mater what their credit…Continue
Short Sale Commission Question
Started this discussion. Last reply by Joseph C. Alfe May 15, 2010. 2 Replies 0 Likes
I feel ignorant for asking this but thought this was the perfect place to do so.... If a seller is required to repay the defficient balance of the short sale... is the commission and closing cost…Continue
Equator Rejects A Good Offer In 4 Minutes!
Started this discussion. Last reply by Nichole LaVigne May 14, 2010. 7 Replies 0 Likes
I listed a condo in a neighborhood where the builder still exists so the comps are a little skewwed. However, re-sales have REALLY struggled. This past week I recieved a really clean offer,…Continue
Tags: sales, sale, rejections, short, boa
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Vanessa Calhoun replied to Jonathan Bunn's discussion Not Missing Payments... The New Trend"I've closed a few that even allowed a Seller's incentive for maintaining payments on the property through closing."
Joseph C. Alfe replied to Jonathan Bunn's discussion Not Missing Payments... The New Trend"About 40% of the short sale that I close are not delinquent. They will absolutely do it."
Clay Kime replied to Jonathan Bunn's discussion Not Missing Payments... The New Trend"As Ellen said, it usually depends on the investor. Some servicers, such as SunTrust will not entertain a short sale unless the borrower is delinquent, regardless of the investor's rules.
I have reccently had several short sales approved and…"
Ellen Muzzio replied to Jonathan Bunn's discussion Not Missing Payments... The New Trend"We just had one denied by BofA because they weren't 60 days late and they said it was a Fannie Mae rule. We don't ever advise people to go late on their 1st as it can have adverse credit consequences. However, we do stress to the homeowner…"
Jonathan Bunn posted a discussionNot Missing Payments... The New Trend
It seems that everyone I meet with lately is trying to dodge missing payments. This makes me a little timid in listing the home. Is anyone else seeing this or working with any banks that completely reject this from the beginning?
Joseph C. Alfe replied to Jonathan Bunn's discussion Credit / Lending Question"Only government investors (Fannie/Freddie/HUD) Have the 2 year wait. Other lenders may or may not lend earlier."
Joseph C. Alfe replied to Jonathan Bunn's discussion Short Sale Commission Question"The sellers costs are paid through the transaction. If the lender does not fully release the debt, the seller is responsible for the deficiency."
Mike Linkenauger replied to Jonathan Bunn's discussion Credit / Lending Question"A short sale will be a two year flag on a fannie may loan if I'm not mistaken. Just having a short sale will harm their credit score some, even if they do it without having any late payments.
They can purchase one at the same time (within a…"
Mike Linkenauger replied to Jonathan Bunn's discussion Short Sale Commission Question"For the most part, yes. They will likely take the mortgage balance, deduct the proceeds from the sale of the property, the remainder is commonly called the deficiency. If the lenders are only releasing the lien against the property and applying the…"
Nichole LaVigne replied to Jonathan Bunn's discussion Equator Rejects A Good Offer In 4 Minutes!"Yes, I have had this happen. I had to reinitate the file a couple of times and it finally went through to the next task. Just keep trying."
Brian Pitcher replied to Jonathan Bunn's discussion Equator Rejects A Good Offer In 4 Minutes!"We have only had that happen if it is an FHA loan that is being shorted. In that case you want to get the short sale packet to them the old fashioned way as they do not have that capability in equator work on FHA shorts. We found this out the hard…"
Jonathan Bunn commented on Mike Linkenauger's group Chase"Could someone please tell me where I can find the maximum amount of seller concessions that fannie mae will pay out of short sale in the state of Virginia?"
Rebekah V Owen replied to Jonathan Bunn's discussion Equator Rejects A Good Offer In 4 Minutes!"The times I ran into this the note was underwritten/insured by another investor. In one instance I thought I was dealing with Wells but their "investor" wouldn't approve a market rate offer. Turns out it was HUD insured. Came back…"
Tish Thompson replied to Jonathan Bunn's discussion Equator Rejects A Good Offer In 4 Minutes!"I went to show a house last week. I called the list agent to confirm that he still hadn't received any offers and he told me he withdrew the listing because BoA kicked the listing back and told him to change the price. Like your experience,…"
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Forum
Bank of America Short Sale Incentive Relocation Assistance
Started by TeamKane Realty in Rants and Raves. Last reply by Robin Mitchell 5 hours ago. 3 Replies 0 Likes
Are FHA loans eligible for HAFA?
Started by Cinda Rose in Rants and Raves. Last reply by Larry Hollingsworth 9 hours ago. 1 Reply 0 Likes
Supreme Course rules on Quicken Case - Fee does not violate Section 8(b) of RESPA
Started by Patti Guilford in Rants and Raves. Last reply by Fred Shocklie 12 hours ago. 2 Replies 0 Likes
What does Analysis stage mean Bank of America
Started by Craig Schneider in Rants and Raves. Last reply by Craig Schneider 12 hours ago. 9 Replies 0 Likes
Making sure your Realtor is on top of things
Started by Stephen Dotlich in Rants and Raves. Last reply by Satar Naghshineh 13 hours ago. 16 Replies 0 Likes
Bank of America changed closing date
Started by Kevin Hayes in General Discussion. Last reply by Dawn Marie Richeal 16 hours ago. 5 Replies 0 Likes
Bank of America NDS Co-op on Proactive
Started by Olesya Drozdova in Question and Answer. Last reply by Jack Dudenhoeffer 16 hours ago. 3 Replies 0 Likes
Is There A Maximum Dollar Amount That Qualifies For A Short Sale?
Started by James Ybarra in Rants and Raves. Last reply by Mike Linkenauger 17 hours ago. 4 Replies 0 Likes
Does anyone have any short sale experience with Ocwen Bank?
Started by Varnie Jules in Network Talk. Last reply by Joseph C. Alfe on Monday. 15 Replies 0 Likes
Can the seller pay additional commission?
Started by Jose Hernandez in Question and Answer. Last reply by Satar Naghshineh on Sunday. 63 Replies 0 Likes
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