Xceed Financial Credit Union Short Sale Help!

Credit Unions often have stricter guidelines when it comes to participating in a short sale. Many times they will have a 5% commission cap for agents and many of them do not participate in the Home Affordable Foreclosure Alternative (HAFA) Program. Also, they are more likely to pursue for a deficiency if they can legally. These factors may be due to the fact that the money lent is often from in-house depositories so recouping as much funds as possible is extremely important.

Credit Unions such as Xceed Financial Credit and others will request more money than often 1st lien holders will allow when they are in 2nd position. This often puts the buyer, agents, and the seller in a position to contribute funds to cover the gap.

We just ran across a Xceed Financial Credit Union Short Sale where they will not move forward due to a Homesearch premium fee being paid. Nationstar who is servicing the 1st lien required the account to go through their Homesearch program which is standard for many shorts sales with Nationstar. The Credit Union will not move forward without this fee removed even though it does not change the position of money they will recoup at all. It’s a tough situation which does not make sense, but smaller banks and credit unions often do not follow the standard procedures of big servicers.

If you have any questions about anything short sale related please fill out the form below for free support:

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