I’ve got a couple of good potential deals I will be working on in the comming weeks with New Century Mortgage, Equifirst and TCF Bank. Have any of you worked with any of these banks and if so how were your experiences with them. New Century and Equifirst are wholesale lenders. What does that mean? Thanks
Mj
Can’t speak for New Century but typically EquiFirst sells there loans to Wallstreet once they have funded them. If EquiFirst still holds the note there are two possible reasons. Either the loan was just funded less than 3 months ago or they decided not to sell it for whatever reason.
Contact EquiFirst’s loss mitigation department. You can get there # by going to www.equifirst.com.
Hope this helps.
When I called Equifirst the rep said “we dont do short sales since we dont hold on to the loans, we sell them right away.” I said you still own this loan and you’re foreclosing on it so of course you do short sales. She then told me hold on and a minute later I was talking to a supervisior who told me to fax an authorization to release info letter and a HUD-1. Anyone else heard of such a short short sale package. I still plan on including all of the items normally asked for.
-off to the ribs…
Mj
Yes I’m currently dealing with Washington Mutual and they sent the seller and short sale package. They have not received it yet so I’m not sure what is in there.
If I had to guess probably a bunch of bank addendums to cover themselves along with information about the seller.
One thing with new century you have to deal with very early in the beginning, because if you wait, they will not want to work a deal.