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tludlam
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Post subject: 3 months on the market rule?  Posted: Tue Sep 18, 2007 7:56 am |
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| Junior Member |
Joined: Tue Jul 17, 2007 2:27 pm
Posts: 25
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A mortgage officer told me that he heard that you can't even do a short sale until the home has been on the market for 3 months. Has anyone ever heard of this before?
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dgrieb
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Post subject: Posted: Tue Sep 18, 2007 9:08 am |
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Yes, I have heard of this however it is a rule that was used when the market was heading up. I have not heard of a lender saying that you must do that now. In this case they are losing even more money.
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Jenks
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Post subject: 90 Days Still A Rule With Lender Posted: Tue Sep 18, 2007 9:30 am |
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| Junior Member |
Joined: Tue Sep 11, 2007 9:49 am
Posts: 3
Location: St. Louis, MO
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I'm working a short sale with Wells Fargo. Just this AM, I received a response from Loss Mitigation that the home must be on the market for 90 days at/around their appraised value before they will consider a Deed In Lieu of Foreclosure.
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dgrieb
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Post subject: Posted: Tue Sep 18, 2007 4:03 pm |
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In a deed in lieu situation the 90 days on the market is standard with all lenders however to sell it short that rule does not apply. I think so folk are confusing the two.
Dan
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FrankWible
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Post subject: Deed in lieu Posted: Fri Sep 21, 2007 5:06 am |
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| Junior Member |
Joined: Thu Aug 09, 2007 12:49 pm
Posts: 36
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Just got back from Florida, I am looking to setup operations down there soon. The rule I heard is that lenders there are now asking for a 30 day listing for deed in lieu. I only discovered this by looking under every rock while I was there so that I am very familiar with the laws when I open for business with my partners.
I am not sure what the rule is for New Jersey where I am at (I never really cared to find out)! But, why would we even have this conversation. Deed in lieu is NOT what we as short sale agents promote! I guess just for the educated answer we can relay to our clients when they ask? Don't side step the question, tell them you will find out for them if they like. However, I have only seen a few deed in lieu deals go through and most of them had equity in the home. The bank looks at what they are getting for them to stop the foreclosure...most NO EQUITY deals will be turned down in my experience. This is valuable time wasted trying to get that approved!
- Frank Wible
_________________
Frank Wible
REMAX ALL PROS
Turnersville, NJ 08012
(856) 228-2990
[url="http://www.ShortSaleNJ.com/"]http://www.ShortSaleNJ.com/[/url]
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