Real estate blog entries tagged with wamu short sales by Wendy Rulnick, "It's Wendy... It's Sold!" (Rulnick Realty, Inc.)

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wamu short sales: Washington Mutual Won’t Waiver - 11/04/08 01:35 AM

I recently had a Fort Walton Beach FL Short Sale approved by Washington Mutual (WAMU). In this case, WAMU was the junior lien, the first was Citi Mortgage. There was enough from the sale proceeds to satisfy Citi's mortgage balance, so the only approval necessary was from WAMU. As with all Short Sales, we know to provide a preliminary settlement statement (HUD) with the package to the seller's lender. This is a guide upon which the lender bases its approval. As a rule and for the sake being conservative, I instruct the title agent preparing the HUD to overestimate the prorations. Why? … (17 comments)

wamu short sales: Washington Mutual Approves Short Sale - 09/30/08 09:34 AM

My most recent approval was received this morning, approximately seven weeks from submission, from Washington Mutual. It was a very smooth transaction. Here is the summary:
Property:   House in Fort Walton Beach Florida
Value and Offer: About $110,000
First Mortgage: CITI owed about $70,000
Second Mortgage: Washington Mutual owed about $90,000
Hardship: Medical
Package Submitted: August 13
Appraisal Ordered:   September 3
Approval Email:   September 30
Factors: First mortgage, Citi, was in collections, but not in a short sale position, since net was enough to cover full balance- so only needed approval from WAMU
Delays: Washington Mutual "lost" Letter of Authorization and "lost" … (21 comments)

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