Short Sale Help
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BBVA Compass Short Sale Guidelines
BBVA Compass Short Sale Guidelines BBVA compass is a smaller servicer and actually has proven to process short sale transactions fairly quickly, but you need to be aware of their guidelines upfront. BBVA Compass does not participate in the HAFA program. BBVA Compass...
Bankruptcy Short Sale
Bankruptcy Short Sale What happens to the short sale if the seller files for bankruptcy? •Lender can review a short sale offer while the loan is in an active bankruptcy. However, to complete a short sale and issue the approval letter, the bankruptcy documents must be...
One Borrower Cooperating Short Sale
Only One Borrower Cooperating Short Sale We were recently brought a short sale transaction in Santa Monica, California by an agent who has a borrower who desperately needed to attempt a short sale review. The issue in their case though was that there is a co-borrower...
Equator Soft Decline File
What Is An Equator Soft Decline? An Equator soft decline is a term used for declining an offer on a short sale that is being processed through the equator online platform. Short sales are moved forward in equator on the agents and banks side by completing tasks. At...
Service Release During A Short Sale
WHAT DOES IT MEAN TO BE SERVICE RELEASED? WHAT IS LOAN SERVICING? In many cases the lender your payment is made to is not actually the beneficiary of the loan. This means that when the loan was created it was not their that was used; even if they originated it. The...
Nationstar BPO Form For Agents
Nationstar BPO Form Many lenders require servicer specific paperwork when applying for a short sale. Nationstar falls into this category and you must complete the Nationstar Short Sale Package. On top of that they also require the listing agent to complete a...
Specialized Loan Servicing Escalation
Specialized Loan Servicing Escalation Specialized Loan Servicing (SLS) is a mortgage servicer who at times are more difficult to deal with than other short sale lenders. The way they process their transactions often create hurdles. For example whenever any deal change...
Current Mortgage Short Sale
Current Mortgage Short Sale Many borrowers do whatever it takes to stay current on their mortgage even while facing imminent default. It's important to know that even if a short sale is completed while your are current on your mortgage it will still impact your credit...
Fannie Mae Level 2 Escalations
Fannie Mae Level 2 Besides using the Homepath method to escalate short sales with the investor as Fannie Mae there is the traditional escalation route to utilize too. First, email an authorization to resource_center@fanniemae.com, but be sure to not include any of the...
Settle Second Mortgage Lien
Settle Second Mortgage Lien The end of the year is going to be here before we know it. This is typically the best time to try to be reviewed for a settlement on a mortgage lien or any account as parties are more willing to write off losses at the end of the year....