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Melinda John…, Real Estate Pro in Anaheim Hlls, Anaheim,...

Has anyone done a short sale with Schools First (formerly OCTFCU) as 2nd? Doesn't seem like they have a process in place...so just wondering.

Asked by Melinda Johnson, Anaheim Hlls, Anaheim, CA Fri May 21, 2010

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10/17/12

Currently, I'm in the process of completing a short sale with Schoolsfirst. They do have some standards in place regarding short sales.

First, they do NOT participate in HAMP, HAFA or many government backed programs at all. They are a non-profit and therefore are not provided with the same kickbacks that regular banks have access to.

They will allow up to 5% total commission, no more.
*No relocation incentives to defaulted homeowner,
*No credit back to buyer
*No more than 1% of offer to closing cost (settlement charges to seller)

They have a committee meeting about once every two to three weeks to review and to approve or deny your short sale.

Our meeting is tonight and I was told by the negotiator that if the offer is accepted by the Credit Union, I will have the approval letter within 24hrs after the meeting.
0 votes Thank Flag Link Wed Oct 17, 2012
Your information is exactly the same as my experience with the credit union. However, we had our committee meeting on Dec. 5th (nearly 3 weeks ago) with no answer until today - the day before Christmas. ***DECLINED*** NO HARDSHIP.

My seller had to relocate her mother and father to care for them as her mother was diagnosed with cancer early last year. She and her parents purchased a home together where they live now. She is $150,000 upside down on her existing home. She has a tenant in the home but it does not pay the mortgage with a $1,000 negative each month. She cannot afford to keep both homes and pay for her mother's care.

This hardship is not considered a hardship in the eyes of the CU. It breaks my heart to tell her the news the day before Christmas.
Flag Mon Dec 24, 2012
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