I am very green to SS; however a HO needs advice and I can’t give it… at any rate the Loss Mitigation dept has agreed that the prop needs a SS deal and quick - current on payments but since the house is so upside down bank is willing to work with this…
The initial investors that agreed to do the SS submitted an offered and it was denied they resubmitted another offer and the bank is asking for more funds (so another denial). Now the investor that is orchestrating the deal has to get internal approval to offer a higher package. The real prop has two liens and the 2nd wants more money; Once this investor gets approval from their internal team that they can submit a higher package it will then be resubmitted to the 1st lien holder again requesting more funds to be given to the 2nd lien holder.
THe investors keep noting they are waiting on internal approval and the HO is getting worried the SS deal will get denied all together.
There are two other investors that are aggressively seeking to pursue but the HO started with the initial group and is afraid this will prolong it more starting with a new investor.
Also the new investors asking price is higher that the initial investor.
Should the HO start working with at least one of the other investors to make sure the deal goes through.
Or is the HO stuck with the 1st investor or until the deal drops. ALso once the bank agrees what is the turn around time for a close on the deal.
The property is about 60K upside down… so how could this SS generate for an investor - about 2K in repairs needed.
I really don’t know about SS as you can see but couldn’t think of any other place to go for assistance.
Another situation has popped up since this last post regarding the same SS deal. Bank did a BPO on the prop at an amount and now wont except anything close to it however they [bank] are saying the prop is now worth about 30K more than their original BPO and all offers that were submitted were close to the first BPO… another BPO was asked to be ordered by an investor and the loss mitigator refused stating the original is still good and the LM also stated that they’re BPO did not come back at the original amount… per the investor the LM is not being truthful whereas another LM at the same bank revealed the numbers from the original BPO. The supervisor of the LM that is handling the file has been brought into situation but with little help. Now the prop is nearing foreclosure and the LM is not accepting any offers but wants a deed in liue of foreclosure… the prop owner doesn’t want to do this since it will affect their credit the same as a foreclosure… any advice on situations like this or dealing with stern LM’s??
Let me make a lttle sense with this… pls note the original post was in Feb… per the HO - feb, mar and april payments were/will be missed due to recent job loss.
Now per the HO a “rep” from the LM dept suggested a SS (I’m not here to make you believe what was actually stated in the conversation)…
Hence it is no longer “current” - sorry I didn’t reference this viable info in the followup post…
Next, the bank offered HO another suggestion since the LM rejected all offers even close to the ordered BPO amount. And that offer was a DIL… the HO has the option to do it (Once again I’m not here to make you believe what was actually stated in the conversation)… The conversation went something like this… sorry Mr. Bank/LM no other offers are available for the prop at the price you are requesting since you say the prop is worth more than “your” BPO… what other suggestions or options are there to avoid foreclosure" reply of Mr. Bank/LM - you could always do a DIL, let me know if you are sure about this before I order title b/c this will cost me and the prop must be vacant"
Is this normal… pls offer any advice… if this still makes no sense I can understand it… I am just giving the info as given.