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Second Mortgage Won't Accept The First's Approval - 05/06/11 09:48 AM
 
I am currently representing a Buyer client on the purchase of a Short Sale. The Seller's first mortgage is a Fannie Mae backed loan with Wells Fargo. The second is with US Bank. This is a traditional short sale, not HAFA.
Wells Fargo has issued their approval, with no Seller contribution at closing or promissory note. They have allocated 10% to the second mortgage, per their investor guidelines, and will permit no more - to the exclusion of additional funds/promissory notes from the Seller or the Buyer that those parties would be willing to bring to the closing table. US … (14 comments)

Soapbox ❐ All That Bailout Money - 05/04/11 09:39 PM
Soapbox: "A thing that provides an opportunity for someone to air their views publicly." I read an article earlier today that made me gasp (which in the new vernacular means that it was compelling enough for me to hit the "share" button and comment). The US Government has filed a lawsuit against Deutsche Bank. That's the good news. The bad news is that it involves $1.274 BILLION that HUD - that's us - has paid, or in the process of paying, this ONE bank, for bad loan insurance claims. The heartbreaker is that this is really about bailing out a bank, … (8 comments)

 
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Kim Novak, REALTOR®

Layton, UT

More about me…

RE/MAX Masters

Address: 3636 N 2900 E, Layton, UT, 84040

Office Phone: (800) 977-7835

Cell Phone: (801) 726-1443

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