Sentences with phrase «approving short sale»

It's not uncommon for lenders to demand a cut in real estate broker commissions as a condition of approving a short sale.

What good is Countrywide approving your short sale if the investor has not ok» ed the deal.

PMI — property mortgage insurance — usually plays a roll in approving the short sale.

So much so, that mortgage holders are more willing now than ever to work with home owners by approving a short sale.

Why would a lender foreclosure instead of approving a short sale?

You may be aware that the FHA has some strict guidelines lenders must follow before approving a short 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.

Myth # 2: Banks would rather foreclose on a property than approve a short sale.

Bill, I always crinch when I read «approved short sales».

So what is the solution or what do I do if they simply do not approve the short sale?

For example I had a short sale last week where the lender approved the short sale with the seller not contributing any funds.

Hi Petra — Often times when you see approved short sale in MLS what the agent is trying to communicate is that a price has been approved.

Well guess what folks it was NOT an APPROVED short sale.

If the lender has just approved the short sale then it has not been foreclosed.

The property I was interested in purchasing was marketed and advertised as an APPROVED short sale in MLS.

Taking these steps ensures that when the seller's lender has finally approved the short sale, your loan will be mostly done and you'll be able to close quickly.

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.»

At the end of the day, you need the lender's approval, and the bank can decide at the last minute not to approve a short sale, putting you back at square one.

We recently walked through the three phases of review lenders use to decide whether to approve a short sale offer: processing, valuation and negotiation.

A bank will not approve a short sale for just a loss in value.

However, we were required to be 31 days late on our Mortgage before the mortgage company would approve the short sale.

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.

If a borrower has not obtained an approved short sale transaction at the end of any marketing or listing period, a servicer may determine that a borrower has failed to perform under an agreement on a loss mitigation option.

An approved short sale transaction is a short sale transaction that has been approved by all relevant parties, including the servicer, other affected lienholders, or insurers, if applicable, and the servicer has received proof of funds or financing, unless circumstances otherwise indicate that an approved short sale transaction is not likely to occur.

(The bank won't approve a short sale because I'm not in a financial hardship; I can afford the mortgage, it just seems foolish to pay that much to protect my credit.)

However, the second lender has a lot of bargaining power, because they can stop the whole process by refusing to approve the short sale.

FHA guidelines require that a property be owner - occupied in order to approve a short sale.

It's featured on communications to other agents as an approved short sale.

If the bank will not be reimbursed for the loss chances are the bank will not approve the short sale.

The first bank approved the short sale real quick!

If the property had two mortgage with two different banks unrelated to another than don't you think they both need to 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.

More lenders are approving short sales before the homes even get to foreclosure, a new survey shows.

Since they will likely not approve a short sale, is our best option a deed - in - lieu?

They can not approve the short sale.

If the underlying investor has not approved the short sale than who has accepted the short sale?

So, my question is, given our situation, how likely do you think they'd actually approve a short sale for us?

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.

On some loans there could also be mortgage insurance in which case the insurer also has to approve the short sale.

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.

Bank approved short sale in good condition, property has been well maintained and features 3 bedrooms 1 bath with a full finished basement.

If you took out two mortgages, a first and a second at the same time in order to buy your Wellington home than you can most likely be able to work with both of your lenders to approve a short sale with a minimum amount to your second home loan.

Foreclosure, however it may occur, can be damaging to your credit and reputation.Instead, working with your bank or lender to approve a short sale will have much less impact on your future.

Even when a lender approves a short sale, it could require that the sellers sign a promissory note to repay the deficient amount of the loan, which may not be acceptable to some financially strapped sellers.

When the bank does respond... it can approve the short sale, make a counteroffer, or deny the short sale.

I am waiting on an approved short sale to be blessed by the bank and you know how long these can take.

The Broker refused to approve the short sale.

Getting a lender to approve a short sale is primarily a question of economics.

There is one short sale available and it is an approved short sale.