A Short Sale Miracle

[SD Realtor]

Urban the two I have had with Wells were Wells Fargo Mortgage.

sdr I I have not had any luck with CW but that has been strictly as a selling agent. It has been rather nightmarish. In those cases it seems more like the listing agent has thrown in the towel then anything else.

I have had a few offers in for short sales to Battiata and the results have been abysmal, more likely because of his office then the lender but that is speculative.

Another thing that nobody has touched on at all has been the tax liability issues. FLU posted on this awhile ago and I responded by discussing the Debt Forgiveness act. However when one really scrutinizes the Debt Forgiveness Act there is not nearly as much protection as you think there is.

[sdrealtor]

There is no black and white in all of this. MM touches on some great points but it is not always possible to negotiate how something is reported. Many of the lenders have boiler plate approval letters they will not change.

I have closed several with CW. Its a matter of not messing up the process and peristence/patience.

Still, I am stunnedat how little impact the short sale had on their credit. They are good responsible people and would have done more to offset the loss if I hadnt negotiated it away. I am thrilled for them as they are one of the rare short sale clients I have that truly deserved a break.

[sdrealtor]

There is no black and white in all of this. MM touches on some great points but it is not always possible to negotiate how something is reported. Many of the lenders have boiler plate approval letters they will not change.

I have closed several with CW. Its a matter of not messing up the process and peristence/patience.

Still, I am stunnedat how little impact the short sale had on their credit. They are good responsible people and would have done more to offset the loss if I hadnt negotiated it away. I am thrilled for them as they are one of the rare short sale clients I have that truly deserved a break.

[sdrealtor]

There is no black and white in all of this. MM touches on some great points but it is not always possible to negotiate how something is reported. Many of the lenders have boiler plate approval letters they will not change.

I have closed several with CW. Its a matter of not messing up the process and peristence/patience.

Still, I am stunnedat how little impact the short sale had on their credit. They are good responsible people and would have done more to offset the loss if I hadnt negotiated it away. I am thrilled for them as they are one of the rare short sale clients I have that truly deserved a break.

[sdrealtor]

There is no black and white in all of this. MM touches on some great points but it is not always possible to negotiate how something is reported. Many of the lenders have boiler plate approval letters they will not change.

I have closed several with CW. Its a matter of not messing up the process and peristence/patience.

Still, I am stunnedat how little impact the short sale had on their credit. They are good responsible people and would have done more to offset the loss if I hadnt negotiated it away. I am thrilled for them as they are one of the rare short sale clients I have that truly deserved a break.

[sdrealtor]

There is no black and white in all of this. MM touches on some great points but it is not always possible to negotiate how something is reported. Many of the lenders have boiler plate approval letters they will not change.

I have closed several with CW. Its a matter of not messing up the process and peristence/patience.

Still, I am stunnedat how little impact the short sale had on their credit. They are good responsible people and would have done more to offset the loss if I hadnt negotiated it away. I am thrilled for them as they are one of the rare short sale clients I have that truly deserved a break.

[temeculaguy]

[quote=sdrealtor]Scores were high 700’s/low 800’s.[/quote]

I think my “50 point hit” guess is the winner, I’m going to crown my a$$, Denny Green style.

[temeculaguy]

[quote=sdrealtor]Scores were high 700’s/low 800’s.[/quote]

I think my “50 point hit” guess is the winner, I’m going to crown my a$$, Denny Green style.

[temeculaguy]

[quote=sdrealtor]Scores were high 700’s/low 800’s.[/quote]

I think my “50 point hit” guess is the winner, I’m going to crown my a$$, Denny Green style.

[temeculaguy]

[quote=sdrealtor]Scores were high 700’s/low 800’s.[/quote]

I think my “50 point hit” guess is the winner, I’m going to crown my a$$, Denny Green style.

[temeculaguy]

[quote=sdrealtor]Scores were high 700’s/low 800’s.[/quote]

I think my “50 point hit” guess is the winner, I’m going to crown my a$$, Denny Green style.

[macromaniac]

If you utilize an attorney’s letterhead and backing with a forensic audit of the file amongst a few other tricks it will go a long way and give you more leverage. Having a few high level connects at these places also helps.

sd, the approval letters are mostly boiler plate with banks these days you are correct, BUT how you request and negotiate HOW THEY REPORT IT to the bureaus is not…big difference….most people are not aware of this and do not negotiate it….

Obviously, the closer you are to the trustee sale the more leverage you have as they know they are about to own the property and take a bigger hit on the books…

By the way, if anyone has a WAMU NEG AM loan, they can be negotiated to a 1%/3%/5% 40 year term even if you are not late…..CHASE wants to clean these up right now…..and strengthen the portfolio by getting rid of these at all costs…it is called a step loan….

[macromaniac]

If you utilize an attorney’s letterhead and backing with a forensic audit of the file amongst a few other tricks it will go a long way and give you more leverage. Having a few high level connects at these places also helps.

sd, the approval letters are mostly boiler plate with banks these days you are correct, BUT how you request and negotiate HOW THEY REPORT IT to the bureaus is not…big difference….most people are not aware of this and do not negotiate it….

Obviously, the closer you are to the trustee sale the more leverage you have as they know they are about to own the property and take a bigger hit on the books…

By the way, if anyone has a WAMU NEG AM loan, they can be negotiated to a 1%/3%/5% 40 year term even if you are not late…..CHASE wants to clean these up right now…..and strengthen the portfolio by getting rid of these at all costs…it is called a step loan….

[macromaniac]

If you utilize an attorney’s letterhead and backing with a forensic audit of the file amongst a few other tricks it will go a long way and give you more leverage. Having a few high level connects at these places also helps.

sd, the approval letters are mostly boiler plate with banks these days you are correct, BUT how you request and negotiate HOW THEY REPORT IT to the bureaus is not…big difference….most people are not aware of this and do not negotiate it….

Obviously, the closer you are to the trustee sale the more leverage you have as they know they are about to own the property and take a bigger hit on the books…

By the way, if anyone has a WAMU NEG AM loan, they can be negotiated to a 1%/3%/5% 40 year term even if you are not late…..CHASE wants to clean these up right now…..and strengthen the portfolio by getting rid of these at all costs…it is called a step loan….

[macromaniac]

If you utilize an attorney’s letterhead and backing with a forensic audit of the file amongst a few other tricks it will go a long way and give you more leverage. Having a few high level connects at these places also helps.

sd, the approval letters are mostly boiler plate with banks these days you are correct, BUT how you request and negotiate HOW THEY REPORT IT to the bureaus is not…big difference….most people are not aware of this and do not negotiate it….

Obviously, the closer you are to the trustee sale the more leverage you have as they know they are about to own the property and take a bigger hit on the books…

By the way, if anyone has a WAMU NEG AM loan, they can be negotiated to a 1%/3%/5% 40 year term even if you are not late…..CHASE wants to clean these up right now…..and strengthen the portfolio by getting rid of these at all costs…it is called a step loan….

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