In the last several months we have seen a pattern emerge; first with our Freddie Mac files and now, predictably, with our Fannie Mae short sale files. As you know the requirement for most short sales is that the Seller must be at least 31 days late on the loan payments prior to being able…

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It is important to understand your servicer and investor guidelines before taking on a short sale with a 2nd from a smaller local bank or credit union. You may not be able to get there from here. We were surprised on a couple of short sales in the past two weeks because the servicer for…

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BB&T will usually not waive the deficiencies in a short sale if they own the loan (if they are servicing the loan then there is a chance that the deficiencies will be forgiven). Like most smaller or regional banks and credit unions, they simply cannot afford to forgive all of the deficiency in a short…

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We strongly suggest that the Seller use his/her own closing attorney for a short sale. Our firm requires it if we are facilitating the short sale. Why? Well, if the Seller docs are prepared by the Buyer’s closing attorney, as is usually done in a real estate closing in North Carolina, the Seller ends up…

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Completing a short sale involves much more than just sending in an offer that the bank accepts. By definition the Seller’s mortgage and judgment lien debts must be negotiated. There are three issues of liability that face the real estate agent and/or a third party facilitator who takes on the job of negotiating a short…

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