"How do I write up the HUD w the extra cost to the buyer for a payment to the 2nd? Wouldn't that be unfair to the 1st mortgage, aren't they gonna see the HUD and go hey - if the buyer can afford more, we want more too? I don't get it.…"
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Theresa Young-Rock
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Gretchen Beard, PLLC replied to Theresa Young-Rock's discussion Short Sale Second with Citi in the group Citi Short SalesGretchen Beard, PLLC replied to Theresa Young-Rock's discussion Short Sale Second with Citi in the group Citi Short Sales"OMG I had the same thing happen. I had Citi as the 2nd. The first was great to work with - IndyMac/OWB btw. :-) Kudos. The gal at Citi - Felica killed my deal. The 1st hud submitted to IndyMac showed $6000 to the 2nd. And I got an approval! The 2nd…"
""SS business is a game of chicken to see who can blink first” AMEN Sally, unfortunately SS are a huge part of our markets nationwide and we are subject to their abuse unless we choose not to work short sales. As pissed off as I am today I…"
"BOA is a nightmare. Equator has only made things worse and now we are dealing with the "foreclosure freeze" in play that effects the REO market as well. What a mess we are in.....
forgive me, I have the flue and today was not a good day…"
"I had a closing with sunstrust, Michael Barnes was also my negotiator. He was very nice and always returned my calls and emails. The deal still took over 8 months to close. It was a nightmare. Mr. Barnes was great and he did keep the lines of…"
"I know they are tight on that 31%. If your client is at 35.5% DTI then that does not look positive. I just read up on the new policy Fannie as of August 1st.…"
"I know 98 days seems like a long time but I've had them take as long as eight months to close a deal. I always tell my buyers and sellers to expect the worst. If it closes within 3-4 months be greatful but expect 8-10 months with boa and…"
"I submitted a BOA short sale on equator. 429K, the balance on the 1st with boa is 395K second is 165K. Buyer asked for 15K in closing and 5K in lender required repaires. They countered back with no CC assistance, no repairs, asked the seller that…"
"Hey Clay,
Any luck getting a contact number for First Horizon? I'm trying to get in touch with them so I can submitt a short sale package and I can not get anyone to call me back. I go straight into a VM. I've left three messages and have…"
MetLife Home Loans
Group to discuss short sales with Metlife Home Loans. MetLife short sale package, information and help.See More
Ellen Muzzio replied to Theresa Young-Rock's discussion Short Sale Second with Citi in the group Citi"Has the homeowner stopped making payments to the 2nd with Citi (where it's been charged off)? We strongly suggest that sellers stay current with their 2nds (as they usually aren't paying the 1st) so we don't have to face this. Once…"
"i've gone digital with my files and I love it. for $20.00 I went online and purchased a "PDF Fill" software and I can open my adobe files with PDF Fill and make changes, edit, etc. You can add a text box put in the account# and then…"
"I agree, I just closed one where the selling agent was also the buyer. It was disclosed and the lender approved the short sale and allowed the selling agent to keep the commission. If it is disclosed and the lender approves it, it is not unethical…"
Short Sale Second with Citi
I am in the middle of negotiating a transaction were citi is holding a small second in the amount of 15K. I was able to negotiate an acceptable short payoff with the first and even got them to agree to pay out 10,500 towards repairs that need to be done to make the property "lendable". The first offered to pay the 2nd 1K to release their interest in the property. The second will not accept. They want $9,500.00 to settle the debt. There is NO WAY to make that happen. The first lender will…See More
Citi
A group to discuss Short Sale programs with CITI Mortgage Company offer short sale help and strategies.
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- Hampton Roads Virginia; Virginia Beach, Chesapeake, Norfolk, Suffolk, Hampton, Portsmouth
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Theresa Young-Rock's Blog
Equator
Posted on March 11, 2010 at 10:46am 6 Comments 0 Likes
Hey Gang,
I'm doing my first short sale using the equator program and I have a question;
When I checked the status is said "HELD". Does anyone know what that means. The status went from "assigned to a negotiator" to "HELD".
Any comments?
Comment Wall (2 comments)
- At 5:01pm on March 11, 2010,
Angel Sims Wright said… - Theresa,
It has been my experience that "HELD" means they are getting an approval from management on the offer. So hopefully, that will work in your favor. Good Luck!
- At 3:18pm on February 17, 2010,
Mike Linkenauger said… - We're in the middle of a suntrust nightmare as well right now that we're hoping will end soon!
Was that one of our listings?
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