Comments on: Federal Guidelines for Short Payoff, Short Sales!

By: Destiny

Destiny — Thu, 22 Sep 2011 16:37:10 +0000

I WANT TO NEGOTIATE A SHORT PAY OFF…NOT SHORT SALE ON MY MORTGAGE..I HAD TWO BPO’S AND THEY BOTH SAID DUE TO CONDITION OF THIS “SINK HOLE” PROPERTY AND CURRENT MARKET CONDITONS ..THIS HOME IS WORTH APPROX 20% OF THE CURRENT MORTGAGE. SINCE THE MORTAGE COMPANY THAT I VERBALLY NEGOTIATED A SHORT PAY OFF WITH CHANGED HANDS BEFORE IT WAS “SET IN STONE”, THE CURRENT COMPANY IS DEMANDING THE ORIGINAL LOAN VALUE, I AM BASICALLY STARTING OVER AGAIN. I NEED A SAMPLE LETTER STATING MY OFFER FOR SHORT PAY-OFF. THE PROPERTY IS LOCATED IN HOLIDAY, FLORIDA 34691. I NEED TO LOOK UP A SAMPLE LETTER OF REQUEST TO NEGOTIATE WITH THE CURRENT MORTGAGE COMPANY.

By: Babette L

Babette L — Fri, 30 Oct 2009 16:05:55 +0000

Hi Hector

I am looking to buy property in Fort Lauderdale, Florida and I have been told by my real estate agent that unless I can show cash in my bank account for the total amount of the purchase, the banks will not accept my offer on any short sales. I have excellent credit and I have a pre-approval letter from my bank. My friend just purchased a short sale home in Pa. and she did not have to do this. Can you tell me is this a policy for Florida only or is my agent lazy?

Thank you

By: leon

leon — Wed, 02 Sep 2009 22:02:59 +0000

I have found a home that is empty, its new, and looks abandoned. It does not appear on the foreclosure list, but I want to negogiate a short payoff with the owner of this home. What should I do to kick off this process? Is there a way for me to confirm if the mortgage on an empty house is current?

404-786-3297

By: Los angeles Short Sales

Los angeles Short Sales — Mon, 13 Jul 2009 15:02:01 +0000

Hector, I am having similar issues to ^ above, can you get back to us?

By: Los angeles Short Sales

Los angeles Short Sales — Mon, 13 Jul 2009 15:00:05 +0000

I am having similar issues. Please get back to us hector. Thanks

By: Beth Walden

Beth Walden — Sun, 12 Jul 2009 20:33:34 +0000

Hi Hector,

I am a Realtor in Bloomington, Indiana. I am the listing agent and the buyer’s agent for a particular property that I have sold. This is a short sale. There are two mortgage companies involved. The first mortgage company can be paid off without going into a short sale. The second mortgage company is taking a short sale. Since I am a limited agent, they are refusing to give me at least 6% commission. They are demanding no more than 4.5% because I am the only Realtor involved. They said that if this wasn’t a limited agency situation, they would be willing to pay 3% to each agent. March 1st, the Federal Government passed a law stating that they must pay no less than 6% unless my listing contract stated less. This is for Fannie Mae and Freddie Mac. The first mortgage was a government backed loan. I’m not sure yet what the second is considered. What do you know about the new rules? I noticed above that rule number 7 states, “The Short Sale Agreement must specify the reasonable and customary real estate commissions and costs that may be deducted from the sales price.” Who determines what the “customary real estate commissions” are? I have worked hard and feel that I am being slighted for all of my hard work. If you are familiar with this issue, could you please enlighten me of my rights? Thanks.