All Forum Posts by: Allen Wu

My loan office just inform me that, Frannie Mae just came out with a new guideline. All B buyers need to hold title for at least 90 days before the C buyer can get a loan, even with conventional.

I spoke to a few lenders (Chase, Icon, Just Mortgage), and they all confirmed that.

Looks like they are tighten the regulation on the title seasoning even with Frannie Mae now.

Any thoughts out there?

Thanks for all your great suggestions. I am working with all parties right now and see how we can close the gap.

The purchase price on this one is $500K, 1st lien is willing to pay 3% commission, that is $15K if the case can go through.

Besides, the most important thing is help this client to avoid foreclosure.

Dear All, I need some advice on this deal. 1st is with WF and they approved the short sale already. The problem is with 2nd, Chase.

Chase needs 10% (which is about $15K) of the original loan amount PLUS a promissory note from home owner. WF is only willing to pay $5K, which leave a difference of $10K. The home owner doesn't have this money to come up.

I am working on this short sale as a realtor, so there isn't much profit in it other than the commission.

Can anyone please give me some advice what to do?