Short Sale
my short sale is approved but indymac wants defficiency rights 2nd is wamu wants promissory note should i just let the bank foreclose this was a refinance will i be responsible to my realtor for not going through also in california they do non judicial and cant come after me for the difference should be closing soon with escrow didnt sign anything yet help ideas thanks eric
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With Indy the FDIC will not remove the right to a deficiency from the acceptance. We have not heard of them actually pursuing any of these. As for Wamu 2nds they can be a real pain in the ass. You just need to keep negotiating and push up the ladder for an acceptance. You can get that removed from the acceptance if they don’t blow the deal up by taking to long. And no you will not have to pay the agent if the SS is not accepted to your approval.
I cancelled the short sale we didnt want to take achance our realtor had 16 sellers with the same situation had I known that it would be a guarantee I think I would recomended it to them also. thanks for the reply. eric
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On 2009-06-15 14:59, Freeflyer wrote:
With Indy the FDIC will not remove the right to a deficiency from the acceptance. We have not heard of them actually pursuing any of these. As for Wamu 2nds they can be a real pain in the ass. You just need to keep negotiating and push up the ladder for an acceptance. You can get that removed from the acceptance if they don’t blow the deal up by taking to long. And no you will not have to pay the agent if the SS is not accepted to your approval.
that sounds like they are jus protecting their play in the chain of title.
Jack,
What lenders are putting this type of "small print" in their approval letters? I have yet to notice it.
I would not worry about it too much...some lenders have approval letters that are barely longer then a paragraph....others are 3 pages.
aurora, wells fargo, chase
My interpretation is that a buyer cannot be substituted prior to the closing of the approved transaction.
I got an approval for Aurora just last week and that line is not in my letter. Interesting.
Saw that language in a GMAC approval letter.
Got loss negotiator to approve, in writing, deed into family trust however. I hammered him hard lol.
[addsig]
Q. In the deal you have negotiated verbally with the mortgagee, have you disclosed your intent to assign your interest in the contract for sale, withdraw yourself in favor of a substitute buyer, and get paid a $10,000 fee from short sale proceeds?
If you get that in writing, you should not have a problem ....
If you figure out how to get by the FHA 90-day seasoning requirement, let us ALL know, OK?
[addsig]
Regarding the 90 day seasoing, I have resolved that in other cases by first establishing a relationship with the end buyer lender, who of course I recommend. In my case, I was able to get Bank of AMerica underwriting to accept the date of the notary on the trust as the date to start the 90 day seasoning rolling. I also did this with a small local bank, but did that ahead of time, before I agreed to approve them . We put a clause in the P & S to the end buyer that the trust has to approve the lender for the end buyer. I am new to the optons contract idea, but understand that you can file a memorandum of option at the deed of records and establish your equity interest and right to sell so that should also start the 90 day clock. I have not done that yet though. In this current deall, I am going to havea the contract be between the original owner and the end buyer, an include paying me off for my option. I think this eliminates the 90 day problem altogether. How does this sound to the rest of you??
Whats a 6h trust?
Whats a 6h trust?