"Hi Renee, was this a jumbo loan? I personally had my loan with OneWest and they turned down our short sale because we weren't delinquent. My husband had lost his job and we had the right hardship reasons but they said NO. It was a jumbo loan…"
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FHLMC and the $6K max payoff to the 2nd
Started this discussion. Last reply by Jeff Grenz Aug 26, 2011. 10 Replies 0 Likes
Anyone have any clue as to how to get around the issue where it's a Freddie 1st and the 2nd wants $12K? My understanding can be no contribution from either the buyer or the seller. The $12K is 10% of…Continue
Wells "HAFA" short sale - NEED HELP
Started Jan 12, 2011 0 Replies 0 Likes
My sellers were approved under a HAFA short sale with $6000 going to Citi Mtg. Citi came back and said they want $15,000 ($250,000 is owed them) and the buyers were willing to pay that. I asked Wells…Continue
FNMA Changes Terms of SS Approval
Started this discussion. Last reply by Julie Tinkey Oct 13, 2010. 12 Replies 0 Likes
I am working with a CitiMortgage 1st (Fannie is the investor) and a Wells Fargo 2nd. I got an approval letter from Citi dated 9/28 that stated net proceeds no less than $144,258 and $3500 to Wells.…Continue
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Latest Activity
Julie Tinkey replied to Renee Ciufo's discussion Short Sale terminated because Sellers are current on payments in the group IndyMac Onewest Short SalesJulie Tinkey commented on Joseph C. Alfe's group Short Sale Q and A"Fannie Mae Exceleration Team
I have a loan serviced by Greentree and owned by FNMA. Our offer was submitted 11/9 (all cash for $52K) I was told 1/15 they wanted $58K. Buyer agreed, sent in the HUD 1/17 and got a "verbal approval on 1/26".…"
Julie Tinkey added a discussion to the group Short Sale Q and A
FNMA 1st and the 2nd wants more than 6% of the UPB
I am in California and have a situation where the 1st is being serviced my Greentree for FNMA. After 2 months I only have a "verbal approval" which I got a week ago and still nothing in writing. The 2nd is with RBS and I got an email from them saying the file has now been assigned to the "recovery" department (basically they have written it off) and this department is insisting on being paid 10% of the balance. Which means the payoff went from $3000 to $5000.Will FNMA accept that?? I don't…See More
Patti Guilford replied to Julie Tinkey's discussion Wells HAFA Disaster in the group Wells Fargo Short Sales"Hi Wendy - is it possible for you to update the buyer contribution on a HAFA deal with your experience in 2011?
As Andrew said - these deals are moving targets and we need to know if this is still a possibility. Thanks much and Happy New Year!!!"
Aileen Potter replied to Julie Tinkey's discussion BofA + AMS + HAFA SS with 6% cap to 2nd in the group HAFA Short Sale Program"Have the 2nd issue a promissory note to the seller"
Aileen Potter replied to Julie Tinkey's discussion BofA + AMS + HAFA SS with 6% cap to 2nd in the group HAFA Short Sale Program"The cap payment to the 2nd lien holder is 6% or $6,000 Which ever is less"
Joe Beauchamp replied to Julie Tinkey's discussion BofA + AMS + HAFA SS with 6% cap to 2nd in the group HAFA Short Sale Program"FNMA & Freddie didn't go with the new guidelines. FNMA is 6%, $6K max, as always.
If you read the HAFA directives carefully, you will see it say that the restriction to the second is from the proceeds of the sale. This phrase…"
Cherlyn Jones replied to Julie Tinkey's discussion BofA + AMS + HAFA SS with 6% cap to 2nd in the group HAFA Short Sale Program"Julie,
I'd love to have that email for BofA contact...I'm at my wits end with BofA/ams/hafa SS we have gone nowhere with.
Thanks!"
Julie Tinkey replied to Ryan Wessels's discussion 2nd Loan and Fannie Mae Guidelines"I was able to have the MI company accept the $1250 outside escrow and they changed their approval letter to accept the $1750. Had this 2nd still been with a Bank, it probably never would have happened."
Julie Tinkey replied to Ryan Wessels's discussion 2nd Loan and Fannie Mae Guidelines"Hi Ryan, I closed one recently where it was a FNMA 1st and a BofA 2nd that an MI company had already bought back. FNMA was only allowing 6% of the outstanding balance to the 2nd. Period. The 2nd wanted $3000 when FNMA would only allow $1750.…"
Julie Tinkey joined Joseph C. Alfe's groupShort Sale Q and A
Got short sale questions? I have been successfully closing short sales since 2005 and I have dealt with just about every lender, every scenario. If you have a question, post it here and I will do my best to help.See More
Jeff Grenz replied to Julie Tinkey's discussion FHLMC and the $6K max payoff to the 2nd"THAT is really interesting."
Julie Tinkey replied to Julie Tinkey's discussion FHLMC and the $6K max payoff to the 2nd"Hi Melissa, this is really weird because I did not start this discussion. I posted a similar question months ago but I have never dealt with Greenpoint on a transaction. Hum....
Anyway, good point about SB458, if you could actually get a negotiator…"
Melissa Sorensen replied to Julie Tinkey's discussion FHLMC and the $6K max payoff to the 2nd"Try sending the 2nd a copy of SB458 (California). Just yesterday I had a 2nd agree to take 6,000 instead of 8,500 because pg 3 (b) states "A holder of a note shall not require a trustor, mortgagor, or maker of the note to pay any…"
Kathy Bond replied to Julie Tinkey's discussion FHLMC and the $6K max payoff to the 2nd"I had a buyer that wanted to house enough that they were willing to pay a little more there and It was ok with suntrust and boa."
Profile Information
- Occupation
- Realtor, Negotiator
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- All of San Joaquin County CA (real estate sales and short sale negotiator)
- Short Sale Designations and/or Special Training
- SFR (Short Sales and Foreclosures Resource), CDPE (Certified Distressed Property Expert)
- Short Sale Transactions Completed
- 25-50
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- Prior to 2003 only
- About Me/Profile of yourself: - Please add your Brokerage Company name also!
- I was a wholesale loan officer with World Savings from 1985-1993. Then a wholesale loan officer with Monterey Bay Bank from 1993-2003. (Central Calif only) I have experience with residentail, commercial and construction financing. Realtor with Buttgereit, Pettitt & Davis since 2008. Sales and recently their short sale specialist.
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Comment Wall (2 comments)
- At 1:51pm on November 12, 2010, Mike Linkenauger gave Julie Tinkey a gift…
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Forum
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Supreme Course rules on Quicken Case - Fee does not violate Section 8(b) of RESPA
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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
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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 17 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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