As of October 1, the borrower must apply for a loan modification. In this case, the buyer has been relocated to a different state over 500 miles away. He cannot afford 2 places to live. Yet, it has…Continue
I have a short sale with 2 liens. The first lien holder contacted me to tell me that I do not need to do a short sale with them as the purchase price will pay them off. If this is the case, how do I…Continue
There is a new Fannie Mae program called mortgage release. The program appears to be perfect. I have a client who wants to take advantage of this program as it has all the benefits of a short sale,…Continue
I have a client with 5 short sale properties. The first one was forced into foreclosure by 5/3. We had a contract and all short sale documents were received by the bank 7 days prior to sheriff's…Continue
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I am dealing with both entities in 2 separate transactions. The negotiators will not give out investor information. When I call the general number, the response is "talk to your servicer". I cannot seem to get anywhere. The negotiators do not make much effort in getting the investors to understand what we are asking or saying.
One deal is with B of A, the FNMA loan. Property has been on the market since April, 2011. I originally listed it at $165,000 and had to keep reducing…Continue