http://www.loansafe.org/forum/ en Wed, 19 Jun 2013 13:38:32 GMT vBulletin 60 http://www.loansafe.org/forum/images/misc/rss.png http://www.loansafe.org/forum/ http://www.loansafe.org/forum/short-sale-outpost/85480-where-my-post.html Wed, 19 Jun 2013 00:27:10 GMT i recently posted an article about credit bureaus not having a code for short sales and people having trouble buying again because the short sale was... i recently posted an article about credit bureaus not having a code for short sales and people having trouble buying again because the short sale was reported as a foreclosure.

I don't see my post. If there is a particular reason why it was not posted, please send me an email. I really thought this was important info for all of us short sellers. ]]> Short Sale Outpost Martinique http://www.loansafe.org/forum/short-sale-outpost/85480-where-my-post.html http://www.loansafe.org/forum/short-sale-outpost/85333-short-sale-bought-family-member.html Wed, 05 Jun 2013 21:32:08 GMT Hi,

My house was short sale to family member. Sellers lender agreed to a short sale to a family member without any issues. Buyer's lender tried few of them nobody was ready to do non-arms length transactions. Now everything is done buyer able to find one lender and escrow got closed. Both the buyers lender and sellers bank aware that both buyer and seller are related. Just wanted to prepare myself will there any problem down the road.

Iowemore ]]> Short Sale Outpost iowemore http://www.loansafe.org/forum/short-sale-outpost/85333-short-sale-bought-family-member.html http://www.loansafe.org/forum/short-sale-outpost/85264-what-expect-after-short-sale.html Wed, 29 May 2013 13:39:13 GMT Our short sale was recently approved, the loan was an FHA through Wells Fargo. I asked my lawyer if their wording means we are completely free and... Our short sale was recently approved, the loan was an FHA through Wells Fargo. I asked my lawyer if their wording means we are completely free and clear and he pointed me to read this section, made it seem like this is what we want but didn't really say exactly "yes". Is there anything missing or is this what we want?

Important considerationsPlease note: The minimum amount we must receive for the sale of the property after all deductions
have been made is called the acceptable sale proceeds amount. Please see the short sale approval
requirements section in this letter for more information.

1. Because, with a short sale transaction, the home is sold for less than the amount owed on the first
mortgage, there may be a deficiency balance. This is the dollar difference between the mortgage
amount due and the acceptable sale proceeds amount. In some cases, a mortgagor may be required to
pay this remaining balance at or after the short sale closing. However, if you comply with the
requirements of this Notice of Short Sale Approval and the mortgage is released, Wells Fargo Bank, N.A.
will waive its right to seek a deficiency balance under the mortgage note and/or related documents.

2. When Wells Fargo Bank, N.A. receives the acceptable sales proceeds and all required documentation
as specified in this Notice of Short Sale Approval, we will arrange to have the mortgage of record
released. Your compliance with this Notice of Short Sale Approval, coupled with the release of the
mortgage, shall waive the investor's (and all other interested parties') right to seek payment of the
remaining deficiency balance of the original mortgage note.
]]> Short Sale Outpost aname http://www.loansafe.org/forum/short-sale-outpost/85264-what-expect-after-short-sale.html http://www.loansafe.org/forum/short-sale-outpost/85235-morgan-stanley-refusing-short-sale.html Tue, 28 May 2013 18:07:39 GMT I have a situation that I would love some advice on. I have a home in Delaware which is well under water. Approximately $405k in principal owed... I have a situation that I would love some advice on.

I have a home in Delaware which is well under water. Approximately $405k in principal owed ($323K first & $82K second) which in good condition would be worth around $325k. The house however is not in good condition. It is currently vacant and has numerous floods in the basement leading to a major mold problem. There are several other issues such as roof damage and other water damage from a bathtub which leaked upstairs. In the houses current condition my realtor estimated a $275k value.

I put the home up for a short sale and we got a buy at $270k that was interested. The second mortgage owned by Green Tree was willing to accept a settlement of only $4k. That left it up to the owner of the first mortgage.

The first mortgage is serviced by Central Mortgage Company and is owned by a Morgan Stanley Loan Trust fund. A deal was struck between my realtor and the negotiator from Central Mortgage. It seemed like we had a done deal and he only needed approval from Morgan Stanley. They requested a lot of financial paperwork from me and came back to say that I don't qualify for a hardship and therefore they will not honor a short sale or deed in lieu under any circumstance.

I don't understand. Don't investment company's have a fiduciary responsibility to their shareholders? They are not concerned over whether they mitigate losses but only if I qualify. I spoke with the negotiator who told me that even if the short sale gave them full principal they would not settle with me on a short sale.

Has anyone had experience with a Morgan Stanley Loan Trust?

Does any of this make sense?

Any alternatives or do I just wait another 2 years for these morons to foreclose. They have yet to even register their ownership with my local county which violates state law and prevents them from taking any legal action such as foreclosure. ]]> Short Sale Outpost Pattonator http://www.loansafe.org/forum/short-sale-outpost/85235-morgan-stanley-refusing-short-sale.html