Favorite Lenders To Short Sale With
First time posting in this forum. Thanks to everyone for all the great info.
I recently had an authorization signed by a motivated seller who has a mortgage with GMAC. I just wanted to know if anyone has had any experience short selling with this lender.
Also which lenders have you found easier to deal with and ones that are not so easy to deal with.
I have had good sucess short selling with CountryWide -Ocwen - Fairbanks and National City.
I am well aware that there are a lot of factors invloved in sucessful short sale but it nice to know who plays ball and who doesn't.
Thanks,
Bob
Ft. Lauderdale
Hi Bob,
I have had good results with Countrywide as well. It was actually "pleasant" to deal with them!
On the other hand, I had a negative experience with Household Finance. They would not do a short sale - wouldn't even return my phone calls any more after asked about doing a short sale. For what it's worth . . .
This is surprising. Household was easy. They returned my calls. Worked with me and kept my up to date on any changes.
I found Household to be very helpful, even volunteer'd a slightly different way to go then ever before.
Of course their portfolio is how shall I put it. Volitile? They were thrilled to get off of the loan. Oh my gosh, I forgot to tell them about the additional unit the defaulting Borrowers had built out of the garage and the new carport and the additional bathroom. None of which was permitted but all done to code. I am filing an "As Built Plan" to obtain Permit. Now how could I have forget that?
Saintly Lucius
Household will not do a short after the auction sale during the redemption period.
I have heard other people that had good luck with them before the sale.
Tom
I am closing a deal with GMAC next week, they can be a little tough, but it all depends on your deal. Also, different departments handle different loans, so you may get a good rep to work with and then again you may not. They will try and only short about 15-18%, but give them time, if you have it, and they will come down. I just spelled out what it was going to cost them to take the house back and they were willing to do the deal. I actually could have got a better deal, but the private mortgage insurer end up making the final price.
I am having a little rougher time with Household Finance. Ameriquest just denied a short as did Countrywide and HomeEq.....Option One has been slow to get back to me...still waiting....It seems to depend on the property, timing, and other variables.
Quote:
On 2004-02-07 18:35, tbelknap wrote:
Household will not do a short after the auction sale during the redemption period.
I have heard other people that had good luck with them before the sale.
Tom
That's a good point, Tom. The owner contacted me about ten days before the sherriff's auction. Household told me there wasn't sufficient time to do a short before the auction. When I talked to them about doing a short sale a few days after the auction, they stopped returning my calls.
It's legal to do short sales in Michigan during the redemption period, but Household didn't seem interested.
Thanks,
Storm
BB&T, Citifinancials.
I have had no sucess with Ocwen, by far i think they are the worst to deal with.
We worked with National City on one short sale. They were friendly and easy to work with.
I'm currently working with Beal Bank. I've never heard of them before.. so far so good though. I let you know how it turns out.
Nice to see you here BuyerBob,
GMAC only purpose is to circulate money for AIG ( American Insurance Group), which is one out of only 3 real world's insurance companies; while all the rest can be considered reinsured front office desks. In my opinion, it is not simply dealing with banks that meters but the personal relation with the "iceman" or the manager at the lost mitigation dpt. who can pack your deals in the right price range allowing you to make money. I for example get quiet often the package deals that worth my while and the reason that I get them before anyone else does is because I can close fast and I like to take care of my birddogs regardles if they are working graveyard shifts or are vice presidents at the major banks. You bring me a deal and you'll make money. Period.
With one exception... unless you want to be paid in foreign currency, gold or bare bonds but to reach that level, you have to come up with a great deal at list once a month.
Grateful. Alex.