Sentences with phrase «approve a short sale for»
They point out that starting in November, Fannie Mae and Freddie Mac reportedly will begin approving short sales for underwater borrowers who are current on their mortgage payments, provided the borrowers face an imminent «hardship.»
http://www.fico.com/
A bank will not approve a short sale for just a loss in value.
So, my question is, given our situation, how likely do you think they'd actually approve a short sale for us?
Not exact matches
If the lender approves your client for a short sale, he is able to get out from under the debt of his properties and incurs less damage to his credit than if the lender foreclosed on him.
In short, you want to make it easy for lenders to approve your loan application, and you can do this by having good or improving personal credit, growing your sales and revenue and showing profitability.
The process can take two to three months, but as the short sale broker for the transaction, VA Home Loan Centers will continually communicate with you and the lender to ensure that they have everything they need to approve the sale.
Second and all subsequent lien holders must also approve a short sale, so even though it can still happen, it's a lot of extra work with more opportunities for a last - minute fall - through.
With the exception of a Chapter 13 bankruptcy, there is usually a 2 year requirement for discharge, short sale, deed recording, or action of credit report before you can be approved for a new VA loan.
For example I had a short sale last week where the lender approved the short sale with the seller not contributing any funds.
If a modification isn't the right move for you, we can also assist you in getting a short sale approved by your lien holder.
All homeowners with FHA case numbers assigned after Aug. 25th of 2013 that have gone through a bankruptcy, short sale, foreclosure, loan mod or a deed - in - lieu can now apply and potentially get approved for an FHA mortgage.
we'll call them P.J Chevy Morgan and they are servicing a loan that's owned by Fannie Mae that doesn't have mortgage insurance and they say that the loan must be late in order to get approved for a short sale, the solution is simple.
Doing inspections before getting a short sale approved to me is a hidden negotiation tactic should there be a concern for my buyer.
I like for my buyers to be 100 % committed, although they do fear about a short sale not closing, although I never had a short sale not getting approved whether I represent a buyer or a seller.
Owing more on a mortgage than your home is worth creates problems including inability to relocate for a new job, and losing potential buyers when mortgage lenders take forever and a day to approve a short sale.
First, the lender reviews and declines the borrower for home retention options and approves them for participation in a short sale.
The worst part of this is that you probably will already have been waiting for months to find out if the short sale was going to be approved.
have you got clear notification from BoA when your short sale moved to a phase II negotiator and if it was approved by them and sent to the investor for approval?
If the bank will not be reimbursed for the loss chances are the bank will not approve the short sale.
Their only hope for avoiding foreclosure was to request that their lenders approve a short sale.
We have been waiting for our written contract for 5 weeks since Wells approved the short sale.
If you are indeed approved for the short sale, it should be noted online on your personal CW account now, or within a few days — like my Sep 22 posting.
I also have a short sale that just got approved by Bank of America but now the file is being sent to Freddie Mac, the investor, for their approval.
CW is my 2nd mortgage holder and since it took so long for them to approve the short sale, the updated HUD didn't give them as much money as they were expecting and it even put the first a lil short, so the deal had to be re-approved by the 1st mortgage holder.
We were then told the sellers agent spent all day on the phone with the lenders and the short sale was approved for our asking price.
You're usually required to come up with just a percentage of the amount needed for a securities purchase or short sale while paying interest to finance the rest based on an approved line of credit.
Hi John — there is no way for me to tell you whether or not the short sale will get approved with this limited information.
Short sales are sold «as is» and requests for repairs to be made by the seller will likely not be approved as the seller is already in an unfortunate financial situation.
If there is more than one lien holder both will have to approve the short sale, which can complicate things further and increase the time needed for approval.
I had a property that was short sale approved for $ 227k.
It's not uncommon for lenders to demand a cut in real estate broker commissions as a condition of approving a short sale.
«More must be done to streamline short sale transactions, since many potential home buyers are simply choosing to walk away from transactions due to the length of time it takes for lenders to approve and complete these sales.»
Without language in the contract stating that the lenders must approve the offer and release all liens on the property, the seller may face a legal problem for failing to execute the contract if the short sale is not approved, says Hollingsworth.
I like for my buyers to be 100 % committed, although they do fear about a short sale not closing, although I never had a short sale not getting approved whether I represent a buyer or a seller.
Lets can go over your situation in detail and then if you decide a short sale is for you, we will go over the process on how to get your Temecula short sale approved at no charge to you.
My message here is the same for all seller's give me time, 30 to 90 days and I will get your short sale approved.
Doing inspections before getting a short sale approved to me is a hidden negotiation tactic should there be a concern for my buyer.
The mortgage lenders constantly change their requirements for a property owner to be approved for a short sale.
When the lender approves the short sale they will more than likely ask for a 30 day closing.
I'm very happy to have been able to get your Short Sale approved for you so you can put it all behind you now.
Approved short sale listings come about when a potential buyer submits an offer for consideration but backs out after the bank approves it.
The lender Wells Fargo approved the short sale but is asking this poor woman to get a promissory note for $ 25,000.00 payable back with no interest untill the yar 2022.
For example I had a short sale last week where the lender approved the short sale with the seller not contributing any funds.
The two main requirements for a short sale to be approved are that the market value of the home is less than the mortgage owed and the seller must be able to demonstrate some type of financial hardship to their lender.
I had a question; I recently ran into a situation where a fellow wholesaler has a house under contract that the bank has approved for a short sale.
In order for a Florida bank to approve any short sale, the borrower who is wanting to short sale the home must be able to prove a hardship with the appropriate documentation, to the bank's satisfaction.
During August in the core Orlando market, year - over-year prices increased 26 percent for short sales, which are bank - approved sales for less money than the mortgage owed on the property.
The worst part of this is that you probably will already have been waiting for months to find out if the short sale was going to be approved.
It's always a good idea to work with an agent who can help you explore all the possible options for avoiding foreclosure in the event that your short sale application is not approved.
It's very important that you find a Wellington Florida short sale agent you won't feel uncomfortable to talk to anytime and whose methods for short sales you heartily approve of.