Payments after short sale approval - Loan Modification Forum

sepra · 10-13-2009, 01:40 PM

I have received short sale approval 2 days ago on 9th of october, I been current on payments all the time. do I need to make payment due on october 1st, this payment has to be made by october 15th so wondering whether I should make payment or not. any suggestions...

Appreciated.

Evan Bedard · 10-13-2009, 02:20 PM

Hi sepra welcome and thank you for joining.

Quote:

I have received short sale approval 2 days ago on 9th of october, I been current on payments all the time. do I need to make payment due on october 1st, this payment has to be made by october 15th so wondering whether I should make payment or not. any suggestions...

I suggest you call your lender right away and find out as they may still want that payment.

By the way who is your lender? Also were you behind on payments or current when you got approved for the short sale?

sepra · 10-14-2009, 02:50 PM

My lender asked me not to disclose the name, its kind of strange but I want stay in compliance. small lender from CA, I have been current on all payments. Lender holds my first and second loans, I have a solid case, completely upside down because of reduced house price, divorce etc.

sepra · 10-14-2009, 03:09 PM

Here is additional verbiage on approval letter, can you folks throw some light on deficiency, property is located in bayarea

forgoing, lender policy is to pursue “dual tracks” whereby we initiate the pursuit of our rights under the loan documents while borrower works to complete the short sale. Accordingly, the promissory note has been issued and lender willingness to accept less than full payment in satisfaction of the loan in accordance with above section shall not waive any rights lender may have due to the default by the borrower and does not constitute an agreement to refrain from the delay the exercise of any rights.

sepra · 10-14-2009, 05:46 PM

Here is additional verbiage on approval letter, can you folks throw some light on deficiency, property is located in bayarea

forgoing, lender policy is to pursue “multiple tracks” whereby we initiate the pursuit of our rights under the loan documents while borrower works to complete the short sale. Accordingly, the promissory note has been issued and lender willingness to accept less than full payment in satisfaction of the loan in accordance with above section shall not waive any rights lender may have due to the default by the borrower and does not constitute an agreement to refrain from the delay the exercise of any rights.[/QUOTE]

sepra · 10-25-2009, 11:28 AM

After negotiating with lender I have received a letter stating 'payment in full verbiage'. I am going to talk to my tax consultant now.

Lender agrees that payment to lender of 100% of the net proceeds from the sale of the property but in no event less than XXXX paid by certified funds no later than close of business day December 28 2009. Lender will accept sum as payment in full on your loan and lender will at that time cause to be recorded a full reconeyance releasing its lien on the property

Enough Already · 10-25-2009, 05:07 PM

That's great news Sepra! Thanks for posting the update. What bank/s are you with?

Evan Bedard · 10-26-2009, 11:24 AM

Congratulations Sepra on the short sale. Great news!

sepra · Yesterday, 02:27 PM

Lender is Kenecta, never late on payments till closing date. They asked lot of paper work and took 6 months to issue final approval letter. After few back and forth discussions I was able to get "Payment in full" wording in approval letter.

10-13-2009, 01:40 PM	#1 (permalink)
sepra Member Join Date: Oct 2009 Posts: 6 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	Payments after short sale approval I have received short sale approval 2 days ago on 9th of october, I been current on payments all the time. do I need to make payment due on october 1st, this payment has to be made by october 15th so wondering whether I should make payment or not. any suggestions... Appreciated.

10-14-2009, 02:50 PM	#3 (permalink)
sepra Member Join Date: Oct 2009 Posts: 6 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	Re: Payments after short sale approval My lender asked me not to disclose the name, its kind of strange but I want stay in compliance. small lender from CA, I have been current on all payments. Lender holds my first and second loans, I have a solid case, completely upside down because of reduced house price, divorce etc.

10-14-2009, 03:09 PM	#4 (permalink)
sepra Member Join Date: Oct 2009 Posts: 6 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	Re: Payments after short sale approval Here is additional verbiage on approval letter, can you folks throw some light on deficiency, property is located in bayarea forgoing, lender policy is to pursue “dual tracks” whereby we initiate the pursuit of our rights under the loan documents while borrower works to complete the short sale. Accordingly, the promissory note has been issued and lender willingness to accept less than full payment in satisfaction of the loan in accordance with above section shall not waive any rights lender may have due to the default by the borrower and does not constitute an agreement to refrain from the delay the exercise of any rights.

10-14-2009, 05:46 PM	#5 (permalink)
sepra Member Join Date: Oct 2009 Posts: 6 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	Re: Payments after short sale approval Here is additional verbiage on approval letter, can you folks throw some light on deficiency, property is located in bayarea forgoing, lender policy is to pursue “multiple tracks” whereby we initiate the pursuit of our rights under the loan documents while borrower works to complete the short sale. Accordingly, the promissory note has been issued and lender willingness to accept less than full payment in satisfaction of the loan in accordance with above section shall not waive any rights lender may have due to the default by the borrower and does not constitute an agreement to refrain from the delay the exercise of any rights.[/QUOTE]

10-25-2009, 11:28 AM	#6 (permalink)
sepra Member Join Date: Oct 2009 Posts: 6 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	Re: Payments after short sale approval After negotiating with lender I have received a letter stating 'payment in full verbiage'. I am going to talk to my tax consultant now. Lender agrees that payment to lender of 100% of the net proceeds from the sale of the property but in no event less than XXXX paid by certified funds no later than close of business day December 28 2009. Lender will accept sum as payment in full on your loan and lender will at that time cause to be recorded a full reconeyance releasing its lien on the property

10-25-2009, 05:07 PM	#7 (permalink)
Enough Already Senior Member Join Date: Jan 2009 Posts: 438 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	Re: Payments after short sale approval That's great news Sepra! Thanks for posting the update. What bank/s are you with?

10-26-2009, 11:24 AM	#8 (permalink)
Evan Bedard LoanSafe.org Homeowner Guide Join Date: Aug 2007 Location: Southern California Posts: 2,168 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	Re: Payments after short sale approval Congratulations Sepra on the short sale. Great news! __________________ Keep Fighting! Evan Bedard LoanSafe.org Support Team Please donate via paypal to LoanSafe.org to help keep this forum going The comments by me and the materials available at this web site are for informational purposes only and not for the purpose of providing legal advice. Most of the information you find here is easily available on the internet. You should contact your attorney to obtain advice with respect to any particular issue or problem. The opinions expressed at or through this site are the opinions of the individual author and may not reflect the opinions of the firm or any individual attorney. Please Read our Privacy Policy and Legal Disclaimer Here.

Yesterday, 02:27 PM	#9 (permalink)
sepra Member Join Date: Oct 2009 Posts: 6 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	Re: Payments after short sale approval Lender is Kenecta, never late on payments till closing date. They asked lot of paper work and took 6 months to issue final approval letter. After few back and forth discussions I was able to get "Payment in full" wording in approval letter.

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