This past week we
received our approval on this Short Sale. It was a Residential Credit Solutions
serviced, Fannie Mae owned first and a Wells
Fargo HELOC second. It was critical to the seller to remain
current while the short sale was in process. We initiated the short sale back in mid-September however
even though we had successfully competed Fannie Mae
Short Sales with the borrower remaining current, RCS would not
submit the file to Fannie Mae for review while the seller was
current. Since it was mid-October when they declined the file, rather than
escalate directly to Fannie Mae we waited two weeks and re-submitted
the file based on Fannie Mae’s new guidelines stating the
homeowner just to only be at risk of eminent default which these folks
certainly were.
With the file
re-submitted November 1st I have to say we threw RCS for a loop. Not fully
aware of the revised guidelines, which is scary in itself, RCS took a week or
so to confirm the file did meet Fannie
Mae’s guidelines. While it took us right around 60 days to get
the approval, which is longer than usual, we did receive short sale approval and relocation
assistancefor this borrower.
The Wells
Fargo second was more than helpful and issued the approval on
the second within 10 business days of receiving the approval letter from the
first.
Once again all’s well
that ends well. Now we still have to close the escrow and there can always be
turbulence in that process, but for the most part this family will avoid
foreclosure, avoid the credit impact of missing payments, get $3000 in
relocation assistance and most importantly get a fresh start financially.
Is a West Sacramento Short Sale Right for Me?
To get a better idea of when your West
Sacramento home will be worth what you owe, log in to www.shortsaleandloanmod.info for
a free estimate or call me today for a free no obligation consultation or for
the latest West Sacramento short sale information. Call me
today and sleep better tonight; you’ll be glad you did.
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