Short Sale Strategies

<p> Can someone tell me the required docs for B of A short sale package or point me to a link. I don&#39;t have much time and want to make sure I have everything they need. </p> <p> </p> <p> Thanks in advance, </p> <p> Dan Walker </p> <p> Walker Realty - Salt Lake City </p>

<p> <span style="font-family: &quot;Arial&quot;,&quot;sans-serif&quot;; font-size: 9pt">I just initiated a short sale with BofA through their Equator system. After doing the initial task of accepting the short sale, the next task is enter offer price and dated listed. When I entered the offer price it got rejected as being too low and that we had up to 7 days to submit up to 3 new higher offers. This offer is actually a little above current FMV.<o:p></o:p></span> </p> <p> <span style="font-family: &quot;Arial&quot;,&quot;sans-serif&quot;; font-size: 9pt">When I called back to the set up dept at BofA I was told that they do not have a way to override what the computer has determined and that I need to submit a higher offer. The person on the line looked at the file and could see that a driveby BPO had been done in Nov when the owners were trying to do a loan mod and that the BPO value was in line with the offer I was trying to submit. Said it may be because of the loss severity.<o:p></o:p></span> </p> <p> <span style="font-family: &quot;Arial&quot;,&quot;sans-serif&quot;; font-size: 9pt">How that has anything to do with current FMV when if we can&#39;t short sale it, it goes to foreclosure and it doesn&#39;t make any difference what the severity is as it is non recourse in CA. and if goers to foreclosure because no one can override a computer, we all lose.<o:p></o:p></span> </p> <p> <span style="font-family: &quot;Arial&quot;,&quot;sans-serif&quot;; font-size: 9pt">Has anyone else had a similar situation and did you have any success to getting a solution to the impasse? Thanks.<o:p></o:p></span> </p> <p> </p>

<p> anyone heard anything about fannie and freddie moving to 6 months ownership prior to selling property. thanks! </p>

<p> Hi Friends, I have a Chase Wamu short sale going on now for 8 months...I can&#39;t seem to accellerate it with any success...Can you share any strategies that I might try? management #&#39;s </p> <p> Thanks, Tod </p>

<p> The California Assembly moved a bill forward yesterday that would exempt California sellers (short sales) from taxes on the forgiven debt in a sale or foreclosure (to match the federal mortgage debt forgiveness act). California did this for a while, then the program ended at the end of 2008. We&#39;ve all been hoping and waiting for this to return. </p> <p> The Senate votes on Thursday. Check out the article here: </p> <p> <a href="http://blogs.pe.com/business/2010/03/state-law-to-save-foreclosure.html">http://blogs.pe.com/business/2010/03/state-law-to-save-foreclosure.html</a> </p> <p> </p> <p> </p>

<p> Is it true that when a property, which has not sold as a short sale, goes to a trustee&#39;s sale, that all delinquent HOA fees disappear? Or are they still a lien against the property which a new owner must pay? </p> <p> Thanks </p>

<p> Anybody have contact info for upper management at Wells Fargo HELOC? </p> <p> My file was declined twice. First time because the agents put their foot down and refused to reduce their commission down to 4%. The first (ASC) approved a 5% commission but Wells Fargo HELOC demanded 1% credit to them. After the decline, the agents agreed to give up 1% and credit it to WF HELOC to get an approval and move on with closing. </p> <p> After that agreement, a revised HUD was sent in showing the 1% credit to WF. It was yet declined again because this time they demanded borrower contribution. The borrowers have NO MONEY. But they insist on having borrower contribution. </p> <p> Long story short, Borrowers raised $1,000 from family over the weekend. I spoke to my negotiator this morning and she doesn&#39;t think this will fly ..... yet she won&#39;t give me an idea of what they want from the borrowers when I ask. She&#39;s loving this game and she&#39;s on a power trip. We want an idea so we have a benchmark to go off of. And if it&#39;s something too high, then none of us want to waste our time. Raising $1,000 alone was hard enough. But she refuses to give me an idea. She keeps saying &quot;I don&#39;t know what the &#39;approval&#39; team wants and can&#39;t guarantee anything. She is getting more than 10% of outstanding balance. </p> <p> Any ideas? Or anyone have contact info to someone at Wells that may be able to help out? </p>

<p> I am working with a client that is considering a short sale on his property, has any one worked with or had any experience with Nationstar Mortgage which also operates under Champion Mortgage brand based, I belief, in Texas? Any information and/or contact information will be greatly appreciated. </p>

<p> Passing this on - some interesting things.... </p> <p> Here&#39;s where some of the major lenders stand on adopting the FHA 90-Day Waiver….<br /> <br /> Some things are simple, others not. </p> <p> On January 15, 2010, HUD issued a Waiver of Requirements of 24 CFR 203.37a(b)(2) revising exceptions to the FHA Flipping Rule policies. (Notice that HUD did not actually issue a Mortgagee Letter.)<br /> <br /> The FHA Flipping Rule prohibits FHA financing if the contract of sale for the purchase of the subject property is executed within 90 days of the prior acquisition by the seller, and the waiver temporarily puts this aside. </p> <p> Where do the various mortgage investors stand on following or not following the waiver?<br /> <br /> Wells Fargo has taken the approach of being silent on the issue - and if WF is silent on an issue, the default policy is to follow the agencies with their policies. Therefore these loans are a &quot;go&quot;.<br /> <br /> Neither Bank of America, SunTrust, nor GMAC have adopted the FHA issued directive on the waiver of the 90-day FHA Flip Rule, however.<br /> <br /> With other investors, the issue is not black and white.<br /> <br /> Chase will buy FHA loans with a sales contract executed in less than 90 days with overlays. If the property seller is a government entity or a Chase REO, and the sales price is less than 20% higher than the purchase price, it is ok. If the gain to the &quot;flipper&quot; is greater than 20%, the loan is unacceptable under the waiver. If the seller is a non-Chase bank, or even Chase, and the gain is greater than 20%, it is not eligible. The same 20% line applies to inheritances; private sales are not eligible.<br /> <br /> CitiMortgage also has policy overlays. Any increase of sales price over seller acquisition costs should be documented if the increase is 10% or more, instead of the 20% allowed by Citi&#39;s original announcement. The increase in sales price over the seller acquisition cost may not exceed 20%, even if documented per the announcement. If the sales price is greater than $500,000, the increase in sales price over the seller acquisition cost may not exceed $100,000. For Citi, and other investors, all other requirements per the HUD Announcement must be followed.<br /> <br /> For Flagstar, the purchase transaction must be arms-length with no identity of interest between borrower and seller or any other parties participating in the transaction, FHA&#39;s guidelines, and there is no history of flipping for the subject property. If the sales price is 20% or more higher than the seller&#39;s acquisition cost, the property flipping waiver applies only if the lender obtains certain documentation (such as complete documentation for renovations and repairs, a very solid property inspection, etc.).<br /> <br /> &quot;While FHA&#39;s temporary property flipping exemption applies to all purchase transactions that meet these criteria, Flagstar will continue to prohibit FHA and VA financing for properties owned less than 90 days unless the seller meets one of the following Flagstar seller exemptions: seller is a relocation company or employer who acquired the subject property as the result of an employee transfer, seller is any one of the following: HUD, VA, GNMA, FNMA, FHLMC, seller is a non-profit approved to purchase and sell HUD-owned properties with re-sale restrictions, etc. (Check with Flagstar for the complete list.)<br /> <br /> And Flagstar Bank requires a second appraisal from an FHA-approved and Flagstar-eligible appraiser or a Flagstar-approved appraisal management company for all transactions having a new purchase price that is 20% or more higher than the seller&#39;s acquisition cost. </p>

<p> Can anyone recommend a good short sale negotiation company that they trust and doesn&#39;t take money upfront. Please reply only if you have delt directly with the company. </p>