"I had the same thing happen to me on a Freddie Mac through One West Bank. I had a great offer for "full value" on the table. They would not postpone the Sheriff Sale and just denied the Short sale, saying "Not in the…"
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widows retiremet income exceeds 31% rule for modification/short sale?
Started this discussion. Last reply by Ernie Dill Apr 14, 2011. 5 Replies 0 Likes
I have been getting more and more requests from homeowners who want to do Short Sales, however, their monthly housing expense is less than 31% of their monthly income. Even though they are having…Continue
Indy Mac won't even consider Short Sale?
Started this discussion. Last reply by Ben Benita Feb 26, 2011. 1 Reply 0 Likes
Shocked ! I just submitted a short sale for approval where City was 1st and Indy Mac was 2nd. Negotiator and two supervisors later all insisted they would not accept anything less than a full payoff.…Continue
will banks do short sale when borrower is current on payments
Started this discussion. Last reply by Sheyenne Schultz Sep 4, 2011. 24 Replies 0 Likes
i have client who wants to do Short Sale but is current on mortgage payments. I am reluctant to tell him to stop making payments but i have heard most banks won't even consider Short Sale unless…Continue
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Michael Schneider replied to marc lederman's discussion onewest/IndyMac blames Freddie Mac for not doing Short sale in the group IndyMac Onewest Short Sales"The NPV calculation compares the net-proceeds of the short-sale to the expected net-proceeds of the foreclosure.
Meaning, "Do I make more money short-selling or foreclosing." I don't have specific codes for the Servicer…"
marc lederman replied to marc lederman's discussion onewest/IndyMac blames Freddie Mac for not doing Short sale in the group IndyMac Onewest Short Sales"Do you have any insight on how the NPV is calculated? Do they have some kind of insurance/arrangement that effect their bottom line? This is Freddie Mac who is rejecting the Short Sale...not Onewest/Indy (who may have sweetheat deal). I have never…"
Michael Schneider replied to marc lederman's discussion onewest/IndyMac blames Freddie Mac for not doing Short sale in the group IndyMac Onewest Short Sales"Sounds like they did the NPV calculations and concluded that they would make more with the foreclosure than the short sale. So, by their Investor guidelines, they denied the short sale.
Don't the numbers imply they were right in this…"
marc lederman added a discussion to the group IndyMac Onewest Short Sales
onewest/IndyMac blames Freddie Mac for not doing Short sale
I am having trouble firguring this one out? Onewest has repeatedly denied Short Sale stating "Not in Investors interest" to do Short Sale. I have escalated file to supervisors who have blamed Freddie Mac for not postponing the Sheriff Sale, even though sale date was 3 weeks away; and, we are in Michigan; a redemprtion State. I personally called Freddie Mac, directly, and made request to postpone Sheriff Sale, in order, for Onewest to process Short Sale. They submittted request to their Short…See More
marc lederman joined Mike Linkenauger's groupIndyMac Onewest Short Sales
This is a page to discuss Onewest Bank Short Sales and short sale strategies and information with Onewest Formerly Indymac Bank.
Sheyenne Schultz replied to marc lederman's discussion will banks do short sale when borrower is current on payments"I've done several where the borrower did not miss any payments. B of A allowed this and so did GMAC and some others. You MUST show a hardship though. These were "imminent defaults"... the property was imminently going to default due…"
Mellissa Young-Ramirez replied to marc lederman's discussion will banks do short sale when borrower is current on payments"Good Answer! :-) "
Mellissa Young-Ramirez replied to marc lederman's discussion will banks do short sale when borrower is current on payments"Yes, not all banks or transactions are qualified but yes they can and do approve short sales on occasion from current borrower if hardship is easily documentable and verifiable and obvious on it's face as to what's to come in near future"
Marcy Moyer replied to marc lederman's discussion will banks do short sale when borrower is current on payments"Just got approval on a Wells short sale with no missed payments but they had to relocate."
Ernie Dill replied to marc lederman's discussion will banks do short sale when borrower is current on payments"I've had three different lenders recently decline 5 different short sales with sellers current on payments. 1. Bank of America...Marine Major transferring pursuant to PCS Orders. Investor response: "The Marines…"
Mellissa Young-Ramirez replied to marc lederman's discussion will banks do short sale when borrower is current on payments"Yes that's true, but Im sure you already know that :-)"
Pamela Lester replied to marc lederman's discussion GMAC acceptance with only 5% commission in the group GMAC Short Sales"I have completed many, many short sales. I just submitted a GMAC short sale package to GMAC. I was shortly thereafter contact by a 3rd-party negotiator from REDC. There is only a 1st Mortgage and it is not a FNMA/Freddie Mac…"
marc lederman replied to Reva Harris's discussion Great Success in the group GMAC Short Sales"And than you woke up....Right?"
Ernie Dill replied to marc lederman's discussion widows retiremet income exceeds 31% rule for modification/short sale?"The 31% number pertained to HAFA from 2010 and was deleted as a requirement for HAFA qualification by Treasury in January. Short sales can be done without regard to the percentage of gross income a potential seller devotes to housing…"
Joseph C. Alfe replied to marc lederman's discussion widows retiremet income exceeds 31% rule for modification/short sale?"There is no income restriction on short sales, only modifications
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