promissory note: Cash Contributions and Promissory Notes With Short Sales
- 01/20/11 05:34 AM
Yesterday we touched on cash contributions and promissory notes. There seems to be an increase in requests for these things over the past few weeks and months. Fannie and Freddie seem to be the leaders in this trend. In Arizona, there are no deficiency rights. If the home goes to foreclosure, the bank has almost no recourse on that money. However, that trend is starting to reverse and we are seeing it now all of the time. If you are seeing that increase in trends, we'd like to hear about it. Please mention what state you are in also. We are … (2 comments)
promissory note: Promissory Notes From A Servicer? Really?
- 01/06/11 05:11 PM
We're talking about cash contributions and promissory requests from your servicer. That's right! You heard it right, cash contributions and promissory requests from your servicer. Just yesterday, we got a request from a Wells Fargo negotiator named Wes who reviewed the financials of our homeowner. Wes believes that he is looking out for the interests of the investor because the investor is taking a $200,000 loss and the homeowner has income. It is true that the homeowner does have an income and the bank is taking a big loss. However, the homeowner doesn't have $50,000 in his bank account and he … (3 comments)
promissory note: Banks Request Promissory Notes And Cash At Closing
- 11/04/10 03:00 AM
Welcome back to Short Sale Power Hour with special guest Brian Gubernick. We'd like to discuss promissory notes today and how to handle situations when the bank or investor is asking for promissory notes. We've been dealing with short sales for about three years now. In 2008 and 2009 there were some requests for promissory notes, but many of those requests made sense. Homeowners were showing banks things like 401K information. However, more recently, we are seeing an increase in requests for promissory notes from homeowners that have proven hardships. For example, a gentleman that is not working was accepted to … (2 comments)
Yesterday we touched on cash contributions and promissory notes. There seems to be an increase in requests for these things over the past few weeks and months. Fannie and Freddie seem to be the leaders in this trend. In Arizona, there are no deficiency rights. If the home goes to foreclosure, the bank has almost no recourse on that money. However, that trend is starting to reverse and we are seeing it now all of the time. If you are seeing that increase in trends, we'd like to hear about it. Please mention what state you are in also. We are … (2 comments)
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