All Forum Posts by: Audley Humes

That's great news! Maybe WF is changing thier policies. The last two approvals we've gotten had no 30 day filp clause!

Your client is going to have to call them - 1-866-880-1232 and say he/she wants to initate the Short Sale process. The agent on the phone is going to verify their speaking to the homeowner, and the rep will setup the account with your clients email address and a temp password. The rep has to create the account and login information will be sent to your clients email.

I'm in Florida and have a similar situation. Pretty much, in our situation, we will just need to provide documents that prove the wife is deceased to our title company. At this point the lender, Aurora, has not said anything and they are aware that the wife is deceased

IMO, this seems to be somewhat of a grey area. The seller is still benefiting from the sale of the transaction either directly or indirectly.

I think an investor would possibly be better off if they were able to assist the homeonwer, with moving expenses prior to the approval letter.

If an Investor really feels there will be a deal (if the BPO comes in favorably) and he/she is going to make money, I don't see anything wrong with paying for moving expensive out of their on personal account.

Again, that's just a thought. I would definitely seek the advice from a attorney on that one.

We've had Well's issue a 30 day no flip in our approval letter. Did the contract not state up front your intentions where to re-sell the property for a profit?

In the past week, WF has rejected two of our Option Contracts. We've since created a Standard P&S Agreement with appropriate addedums/disclosures.

Good luck!

Back to back closings must usually occur at the same title company, don't know if that scenerio will work. Last B of A approval was several months back, but I've not heard of them releasing the 30 day hold.

If Back of America removes that, it'll be as big as FHA removing 90 seasoning requirement! (although we still prefer cash or 20% down)

When I speak to homeowners about a Short Sale vs. a Foreclosure I tell them upfront that their credit will take a hit, depending on how the lender reports. I've seen cases when the homeowners credit is impacted just as if they had a foreclosure and sometimes not as bad.

I tell the homeowner that the main difference will depend on how soon they are looking to get a new mortgage with a reasonable interest rate. As soon as 24 months with a Short Sale, and 5-7 years with a foreclousre.

I comepletely agree with Mike. I'm in Florida, and even though this this is a deficiency state, we rarely have lenders go after our clients. Even if a lender is giving us a hard time, we'll raise our offer in order to get them to waive it.

In my experience 2nd lien-holders, mostly those with lardge HELOC's are more likely to pursue the home homeowner for a promissory note, due to the fact they are taking out 10's of thusands of dollars and never receive a payment. Even in those situation if we can't get it waived, we'll negotiate the debt down substanially.

Just my 2 cents.

p.s. An Attorney could also negotiate third party debt, but as crosswind stated. I would definitely seek legal counsel.