A Short Sale Miracle

[kev374]

If their scores are still in the 700s and they are prime A+ borrowers after they did not honor their original contract then there is something wrong with the credit reporting system. In my book these guys are poor credit risks and their credit scores need to reflect that.

[sdrealtor]

92126
That wont stop some of them from trying

sdr

[sdrealtor]

92126
That wont stop some of them from trying

sdr

[sdrealtor]

92126
That wont stop some of them from trying

sdr

[sdrealtor]

92126
That wont stop some of them from trying

sdr

[sdrealtor]

92126
That wont stop some of them from trying

sdr

[PadreBrian]

[quote=sdrealtor]Effective Demand,
If you look around more than a couple minutes online you will see alot of peple claiming the damage to ones credit is just as bad with a short sale.

All your comments about the recourse/non-recourse, securitized/non-securitized are accurate. However, when you do a short sale you can give up the non-recourse nature of the loans which does not specifically cover a short sale but rather a foreclosure. All the issues regarding portfolio/securitization only cover how quickly the short sale gets done.

The question I was never quite able to put a figure on is what happens to one’s credit when a large debt is written off and I fully expected 100 to 200 points of FICO damage, maybe more.

I have a client whose scores dropped almost 150 points because a department store bill for about $75 went to an old address for 3 months (dropping from 815 to 670 recently). This is probably gonna make some folks unhappy around here who have never gotten debt relief anywhere near this level. Quite frankly, I am shocked myself. Their scores today (they sent me a printout) are 748, 748, 770. Those are damn good scores and still prime A+ quality borrowers. [/quote]
So shot sells do work. Nice to know.

[PadreBrian]

[quote=sdrealtor]Effective Demand,
If you look around more than a couple minutes online you will see alot of peple claiming the damage to ones credit is just as bad with a short sale.

All your comments about the recourse/non-recourse, securitized/non-securitized are accurate. However, when you do a short sale you can give up the non-recourse nature of the loans which does not specifically cover a short sale but rather a foreclosure. All the issues regarding portfolio/securitization only cover how quickly the short sale gets done.

The question I was never quite able to put a figure on is what happens to one’s credit when a large debt is written off and I fully expected 100 to 200 points of FICO damage, maybe more.

I have a client whose scores dropped almost 150 points because a department store bill for about $75 went to an old address for 3 months (dropping from 815 to 670 recently). This is probably gonna make some folks unhappy around here who have never gotten debt relief anywhere near this level. Quite frankly, I am shocked myself. Their scores today (they sent me a printout) are 748, 748, 770. Those are damn good scores and still prime A+ quality borrowers. [/quote]
So shot sells do work. Nice to know.

[PadreBrian]

[quote=sdrealtor]Effective Demand,
If you look around more than a couple minutes online you will see alot of peple claiming the damage to ones credit is just as bad with a short sale.

All your comments about the recourse/non-recourse, securitized/non-securitized are accurate. However, when you do a short sale you can give up the non-recourse nature of the loans which does not specifically cover a short sale but rather a foreclosure. All the issues regarding portfolio/securitization only cover how quickly the short sale gets done.

The question I was never quite able to put a figure on is what happens to one’s credit when a large debt is written off and I fully expected 100 to 200 points of FICO damage, maybe more.

I have a client whose scores dropped almost 150 points because a department store bill for about $75 went to an old address for 3 months (dropping from 815 to 670 recently). This is probably gonna make some folks unhappy around here who have never gotten debt relief anywhere near this level. Quite frankly, I am shocked myself. Their scores today (they sent me a printout) are 748, 748, 770. Those are damn good scores and still prime A+ quality borrowers. [/quote]
So shot sells do work. Nice to know.

[PadreBrian]

[quote=sdrealtor]Effective Demand,
If you look around more than a couple minutes online you will see alot of peple claiming the damage to ones credit is just as bad with a short sale.

All your comments about the recourse/non-recourse, securitized/non-securitized are accurate. However, when you do a short sale you can give up the non-recourse nature of the loans which does not specifically cover a short sale but rather a foreclosure. All the issues regarding portfolio/securitization only cover how quickly the short sale gets done.

The question I was never quite able to put a figure on is what happens to one’s credit when a large debt is written off and I fully expected 100 to 200 points of FICO damage, maybe more.

I have a client whose scores dropped almost 150 points because a department store bill for about $75 went to an old address for 3 months (dropping from 815 to 670 recently). This is probably gonna make some folks unhappy around here who have never gotten debt relief anywhere near this level. Quite frankly, I am shocked myself. Their scores today (they sent me a printout) are 748, 748, 770. Those are damn good scores and still prime A+ quality borrowers. [/quote]
So shot sells do work. Nice to know.

[PadreBrian]

[quote=sdrealtor]Effective Demand,
If you look around more than a couple minutes online you will see alot of peple claiming the damage to ones credit is just as bad with a short sale.

All your comments about the recourse/non-recourse, securitized/non-securitized are accurate. However, when you do a short sale you can give up the non-recourse nature of the loans which does not specifically cover a short sale but rather a foreclosure. All the issues regarding portfolio/securitization only cover how quickly the short sale gets done.

The question I was never quite able to put a figure on is what happens to one’s credit when a large debt is written off and I fully expected 100 to 200 points of FICO damage, maybe more.

I have a client whose scores dropped almost 150 points because a department store bill for about $75 went to an old address for 3 months (dropping from 815 to 670 recently). This is probably gonna make some folks unhappy around here who have never gotten debt relief anywhere near this level. Quite frankly, I am shocked myself. Their scores today (they sent me a printout) are 748, 748, 770. Those are damn good scores and still prime A+ quality borrowers. [/quote]
So shot sells do work. Nice to know.

[cashflow]

MM and all, I know an older lady that is trying to do a loan modification, but not having much luck and I don’t think is going the right direction. She has some people even asking for some money up front to ‘help’ her with this. I have told her I think this is the new fraud of the day…so hopefully she listens. However any guidance from some of the Piggs on this would be helpful.

What I know about her case:
Bought 2 condos in the hey day. Pulled out tons of equity in Condo #1 to purchase Condo #2. Had originally put down over $100k to purchase Condo#1. Condo #1 is now worth #200k less than what total loans amount to….one loan with Wells, the other with Wachovia, which now is Wells.

Any ideas Piggs. She’s retirement age and I just hope she can get to the right help for her situation. Doesn’t want to lose Condo #1. She has been told that she has to stop payments to even get the bank to look at a Loan Modification, so I believe she is a couple months behind right now. I think she’s getting bad advice….what do you all think? any ideas I can pass on?

[cashflow]

MM and all, I know an older lady that is trying to do a loan modification, but not having much luck and I don’t think is going the right direction. She has some people even asking for some money up front to ‘help’ her with this. I have told her I think this is the new fraud of the day…so hopefully she listens. However any guidance from some of the Piggs on this would be helpful.

What I know about her case:
Bought 2 condos in the hey day. Pulled out tons of equity in Condo #1 to purchase Condo #2. Had originally put down over $100k to purchase Condo#1. Condo #1 is now worth #200k less than what total loans amount to….one loan with Wells, the other with Wachovia, which now is Wells.

Any ideas Piggs. She’s retirement age and I just hope she can get to the right help for her situation. Doesn’t want to lose Condo #1. She has been told that she has to stop payments to even get the bank to look at a Loan Modification, so I believe she is a couple months behind right now. I think she’s getting bad advice….what do you all think? any ideas I can pass on?

[cashflow]

MM and all, I know an older lady that is trying to do a loan modification, but not having much luck and I don’t think is going the right direction. She has some people even asking for some money up front to ‘help’ her with this. I have told her I think this is the new fraud of the day…so hopefully she listens. However any guidance from some of the Piggs on this would be helpful.

What I know about her case:
Bought 2 condos in the hey day. Pulled out tons of equity in Condo #1 to purchase Condo #2. Had originally put down over $100k to purchase Condo#1. Condo #1 is now worth #200k less than what total loans amount to….one loan with Wells, the other with Wachovia, which now is Wells.

Any ideas Piggs. She’s retirement age and I just hope she can get to the right help for her situation. Doesn’t want to lose Condo #1. She has been told that she has to stop payments to even get the bank to look at a Loan Modification, so I believe she is a couple months behind right now. I think she’s getting bad advice….what do you all think? any ideas I can pass on?

[cashflow]

MM and all, I know an older lady that is trying to do a loan modification, but not having much luck and I don’t think is going the right direction. She has some people even asking for some money up front to ‘help’ her with this. I have told her I think this is the new fraud of the day…so hopefully she listens. However any guidance from some of the Piggs on this would be helpful.

What I know about her case:
Bought 2 condos in the hey day. Pulled out tons of equity in Condo #1 to purchase Condo #2. Had originally put down over $100k to purchase Condo#1. Condo #1 is now worth #200k less than what total loans amount to….one loan with Wells, the other with Wachovia, which now is Wells.

Any ideas Piggs. She’s retirement age and I just hope she can get to the right help for her situation. Doesn’t want to lose Condo #1. She has been told that she has to stop payments to even get the bank to look at a Loan Modification, so I believe she is a couple months behind right now. I think she’s getting bad advice….what do you all think? any ideas I can pass on?

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