All Forum Posts by: Alexis Adams

@Rita Medeiros Sounds great, I will check it out.

Hi Cherise, welcome to South Florida & thank you for your service. I have a great loan originator here who would be happy to give you some insight and walk through your options. Please feel free to send me a message if you're interested, and I can send you over his contact information. In the meantime, if you need any assistance finding a property, I am happy to help you there. I am a licensed realtor here in Fort Lauderdale.

The Mortgage Debt Relief Act of 2007 ended in 2017. 

You will need to submit the short sale package to the 2nd lender as well. On the prelim HUD that you submit, you will allocate funds to the 2nd lien. How much the 1st lien will allocate to the 2nd lien depends who the investor is on the 1st loan. If you're already in negotiations with the 1st, ask them how much they will allocate to the 2nd mortgage then adjust your HUD accordingly and get everything submitted to the 2nd for review.

Hi Lora, if the attorney and investor are working together then I would be a little hesitant about what they’re saying. Florida foreclosure court records are public record. Take a look at the docket and make sure the motions have been filed. Happy to walk you through it, if you want to send me a message. 

In regards to a short sale, the lenders will normally require that the borrower is the one on the deed. If the deed was quit claimed to this scam artist, they are now the owner and would need to be the one to sign any listing agreements or purchase contracts. 

Without more details, it’s hard to say but I do think that if the lender will speak with your friend, he should get on the phone with them and see if he has any options. Then consult with an attorney and see if there are any options to go after the people who scammed him.

Emergency because there’s a sale date coming up?

Where in Florida?

Offer needs to be written not verbal. Seller needs to accept offer. Offer needs to be submitted to Chase short sale department along with all of the seller’s financial/hardship documents, Chase will order appraisal or BPO to confirm that your offer is realistic, Chase will review seller’s situation to see if they qualify for any sort of assistance. Simply being underwater may not be enough of a hardship for a short sale to be approved. Final approval will ultimately be up to the investor.

There are other/additional factors as well. For example, the property may need to be listed for sale prior to accepting your offer and may need to be in MLS prior to accepting offers, etc. so I do agree with the above comment that it is usually best to contact a local negotiator/attorney who can walk you through what the next steps are. Wouldn't hurt for the homeowner/seller to open the line of communication with Chase about their intentions to get the ball rolling.

With a short sale, the basic explanation of the process is that the homeowner contacts their lender and the lender reviews the homeowner’s specific situation (financials, hardship and reason they are seeking to sell the property, etc.). The overall goal is to have the lender approve to sell the property for less than what is owed so the homeowner can walk away not owing anything and can avoid foreclosure. 

The lender will also confirm the fair market value and look to have an offer that is in line with the value.

It’ll come down to the lender’s guidelines and what the homeowner’s situation is.. that will really determine whether or not they will qualify for assistance.

I have had some servicers accept a signed/dated letter from the homeowner declining the modification and I have also had some who force the 3 month trial to go by without any modified payments received THEN they’ll go into short sale. See if the servicer will accept a letter. If not, maybe reach out to Novad and see if you can open a ticket and get things moved into the short sale dept. If the seller showed the affordability to be approved for a mod, the servicer may want proof that those modified payments can not be made (further hardship explanation).