On this week’s Preforeclosure Daily Grind “Tip of the Week” we dive into what many of today’s buyers’ lenders are requiring on your short sale acceptance letters, in order to finance a short sale purchase transaction. Listen in to see what McCue Mortgage is requiring from Bank of America and CitiMortgage. We also cover what line to put a 2nd lien holders payment on a HUD-1 settlement statement to satisfy a 1st mortgage, why you can’t change a Bank of America short sale approval letter, why CitiMortgage no longer accepts extra payments of the HUD-1 settlement statement and more.

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2 Responses to “End Buyer’s Lenders Are NOW Stopping Short Sale Transactions”

1. Sharon says:

   July 16, 2010 at 8:42 am

   Great tips guys.

   You got me to thinking about all the deals we have closed and the ones we have not…I can not think of a single transaction (in going on 6 years now) that has gone off 100% without some sort of “management” of the closing process and all the parties involved on my part…

   I will ponder it some more today, but for the most part, being flexible and a problem solver is why we make the big bucks :0)

   Make it a great one.

   Reply
2. Natalie in California says:

   July 19, 2010 at 12:15 pm

   I run across many times. The agent and lender are scared to death of the short sale banks not agreeing. We let them know that by them even making this statement let me know of there level of SS knowledge. Also I remind them that the HUD will have to be approved by Both SS lenders again 24-48 hours before closing. This is full disclosure on the HUD and escrow will have the “final” approval letters. The end! take it. The short sale lenders are the special ones not the buyers lender. We are just strong with them.

   Reply