WOW, short sales seems to be taking a different approach these days. I had 1 approved thru the Lender and Lender said the MI company would get back to us when they figured out how much the seller would need to pay back? I'm thinking about $2 to $5 grand----long story short, the MI company came back with the following terms: $30,000 at $125.00 per month with 0% interest---Radian the MI company will be paying back to the Lender $102,468.39
Salem and Bend Oregon FHA, VA & USDA 503.931.4490 - Salem, OR
FHA, USDA, VA, LOAN EXPERT - Salem OR Homes For Heroes SALEM OREGON
Short sales are crazy. I pend 6 months on one earlier this year. What a crazy transaction!
Oh, and it never closed :)
Jul 29, 2008 05:54 AM
Anonymous
The Short Sale process itself is distorted, I had a deal working with Wells Fargo and they denied when the deal was only short the attorney fees and then it sold on the courthouse steps for 50k less, they are not trying to help the customers in forclosure at all!
Jul 29, 2008 06:03 AM
#2
Bethesda, MD
Tom,
MI companies are bleeding heavily nowadays, pretty much like many mortgage lenders are, on account of the slow real estate market. This is one way they try to get something back from a bad insurance policy.
Jul 29, 2008 06:20 AM
16 Sunview Blvd - Fort Myers Beach, FL
Fort Myers Beach Realtor, Fort Myers Beach Agent - Homes & Condos
We just closed one which was 3 days shy of 6 months ! Lender was of little to no help !
Jul 29, 2008 06:25 AM
Fred Griffin Real Estate - Tallahassee, FL
Licensed Florida Real Estate Broker
Hi, Tom
We invite you back to ActiveRain. Log in, leave some comments, write a blog post!
Oct 27, 2017 07:58 PM
Comments(5)