Now, five and ½ months is not historically long in short sale time lines, but it’s long enough for me considering I submitted the same file four times, three with the same buyer and ended up with the same negotiator ALL but this last time. This is the end of one of the most frustrating deals I’ve ever encountered, mainly because the STUPIDITY of the team at Chase astounded me. Now in case you’re not up to speed on this sale, check here for my BPO quandary. Yes, even getting a BPO ordered a second time around with the EXACT VALUE of our offer, miraculously, our file ended up closing as the NET to the investor wasn’t yielding them enough.
The truth of the matter is there is very little short sale fraud. The FBI has published that there are no solid numbers on short sale fraud (“As such, the extent of short sale fraud nationwide is unknown” http://www.fbi.gov/stats-services/publications/mortgage-fraud-2009) – According to the Corelogic (a company that sells mortgage fraud software) it’s estimated that short sale fraud is 2% of overall mortgage fraud. So every time you see an article with the words fraud, scammers, floppers, etc., remind yourself that only and ESTIMATED 2% of overall mortgage fraud is a short sale transaction
We are very excited. We just got an approval from AHMSI!! FULL release of deficiency for the homeowner and the second Real Time Resolutions ALSO released any pursuit of a deficiency. We are purchasing this home for 70% of the mortgage note balance. It is a complete gut job. We are very excited. We have […]
We have done enough short sales to see our fair share of bankruptcies occur. There is an impact to a homeowner’s credit and their short sale if they file bankruptcy. Homeowner’s in need of filing need to speak to an experienced attorney if they are considering bankruptcy as an option to stall a foreclosure or capture their deficiency from a short sale. I would even suggest they find a bankruptcy attorney that also specializes in Real Estate.