All of these answers apply if you can make sense of it. The reality of a short sale is going to depend on your situation. If you have MI and/or the investor on you loan is the greedy type, a short sale mau not even be possible. Unfortunately the people who setup the current system never planned for the system to collapse so the only way to find out is to execute a short sale and see what happens. REgardless of what the conventional rules are. There are many intitutional investors who are working with distressed non-owner occupied loans in order to improve their portfolio's.... more
"I just had a short-sale with Indy Mac and they never brought this up. They lost 4 of our "hardship packages" but other than that they were typical big bank--4 digit extension, different person to talk to each time, took their sweet time!"
THEY ARE SOMEWHAT A NEW BANK STRUCTURED THROUGH WASHINGTON â€” A seven member investor group (billionaire George Soros and Dell Inc. founder Michael Dell) agreed to purchase. Indy Mac Bank is one of the largest casualties of all time and tied to the housing bust. Estimated at near $14 billion. Indy Mac, which specialized in loans made with little down payment or proof of assets. Thatâ€™s hard to believe as regulators let it go unchecked. Bank was seized by the government in July after a run on the bank as the U.S. housing market collapsed. The Federal Deposit Insurance Corp. statements showed a holding company and private equity firm Dune Capital Management, agreed to buy Indy Mac.
The ability for Indy Mac bank to raise capital and mange losses will necessitate avoidance of short sales and modifications. You go through "He.ll to get a file approved, then receive an offer then get a sign off by another person who will lose the file (yeah yeah ) and then MAYBE ! Fannie AND FHLMC YES MAYBE. TOXIC SUP PRIE LOANS . . . NO WAY! THEY MUST FORECLOSE
Hey, I normally want to hear your feedback but ....Nope - the shorts and mods argument is not in the cards!... more