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#1932918 - 06/16/14 06:41 PM Short-sale. No late payments
HRH Okie Banker Offline
Power Poster
Joined: Jan 2003
Posts: 3,070
Oklahoma
Received letter from customer on 05/28 that he can no longer make payments on mobile home. Has never been late. Has a buyer but it will be a short sale. Do you see any reason we can't accept this and sell short? It's not a foreclosure and never any late payments.
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Just working here until I get my letter from Hogwarts.

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Mortgage Servicing Rules
#1933057 - 06/17/14 12:29 PM Re: Short-sale. No late payments HRH Okie Banker
rlcarey Offline
10K Club
rlcarey
Joined: Jul 2001
Posts: 79,923
Galveston, TX
Why would you think that you could not enter into a voluntary agreement with the borrower?
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The opinions expressed here should not be construed to be those of my employer: PPDocs.com

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#1933092 - 06/17/14 01:44 PM Re: Short-sale. No late payments HRH Okie Banker
HRH Okie Banker Offline
Power Poster
Joined: Jan 2003
Posts: 3,070
Oklahoma
Randy, I just don't deal with enough mortgage loans so when something comes up that is out of the ordinary I seek guidance. Just a precaution. Thanks for chiming in. Makes me feel better.
_________________________
Just working here until I get my letter from Hogwarts.

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#1935164 - 06/24/14 05:19 PM Re: Short-sale. No late payments HRH Okie Banker
Scribby Offline
New Poster
Joined: Mar 2014
Posts: 19
I suppose you could but, to mitigate the appearance of not exercising due dilligence, we require that all short sales be listed with agent and MLS. Having the borrower find their own buyer smacks of non arms length. We also make sure, any short sale offer is commensurate with the appraised value we obtain.

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