This Green Tree and USAA short sale in the Beaver Creek subdivision, Crestview Florida, has been approved for short sale and closed today. The home at 127 Mill Pond Cove, had a senior lien serviced by Green Tree and was a Fannie Mae loan.  The junior lien was USAA.  In this case, Permament Change of Station (PCS) orders from Eglin Air Force Base was the reason for short sale. PCS orders are considered an acceptable hardship by Fannie Mae, who announced this year that there would be no cash contribution or promissory note required from the PCSing seller if the home was purchased before June 20, 2012 and had been a primary residence.

This Crestview Florida short sale was initially counter offered by Fannie Mae via Green Tree at a price much higher than the contract price.  I challenged the valuation through Fannie Mae’s Homepath website by providing comparable sales that supported the original offer.  One week later, Fannie Mae agreed to lower the price after reviewing my data.

This home at 127 Mill Pond, in Beaver Creek, Crestview Florida, sold for $120,700.

Here is the Fannie Mae bulletin that addresses the short sale PCS hardship and seller contribution.

Fannie Mae PCS Short Sale Update

It’s Wendy… It’s Sold!

Wendy Rulnick, Broker, Rulnick Realty, Inc.
Call 850-650-7883 ext 204
Email Wendy: itswendy@rulnickrealty.com

Wendy Rulnick, Broker, is co-found of www.shortsalesuperstars.com has been featured in “Kiplinger Personal Finance Magazine” and “Florida Realtor Magazine”.  Wendy Rulnick sells real estate in Destin, Santa Rosa Beach, Miramar Beach, Seagrove Beach, Watercolor, Sandestin, Seaside, Crestview, Rosemary Beach, Mary Esther, Shalimar, Fort Walton Beach, Niceville, Bluewater Bay, Navarre, Panama City Beach. 

The post Green Tree, USAA Approve Crestview FL – Eglin PCS Short Sale – Beaver Creek first appeared on Rulnick Realty.

The market value of the Antioch Estates home was under $120,000, but the senior lien, Bank of America had a mortgage balance of about $150,000.  Through negotiations, we were able to get a waiver of deficiency for the remaining note, and Bank of America agreed to pay USAA $6000 out of the net proceeds. 

The junior lien, USAA Federal Savings Bank was more difficult.  That mortgage balance was around $80,000, and the $6000 offer from Bank of America was not acceptable to USAA to settle the account. 

Negotiations with USAA were lengthy, taking four days to respond to each request from the seller.  The USAA choices were: pay 75% of the loan balance to settle the account in full, or pay 25% of the balance at closing (almost $20,000), and continue to pay on a promissory note for the remaining note.  When I relayed USAA’s request to Bank of America, they almost closed the file due to the extraordinary junior lien demand.

With each increased offer to “settle” for cash from the Crestview short sale seller, USAA increased its minimum requirement to simply release its lien. (Originally, USAA stated they would release the lien for 25% of the outstanding balance.)  During negotiations, the “25%” grew to whatever the seller offered to settle (less than 75%). I questioned this, and was told USAA was trying to “minimize promissory note payments post-closing for the seller’s benefit”, if that was the seller’s end decision. Of course, that doesn’t make sense.  USAA was, in my opinion, just requiring as much as it thought was obtainable.  USAA is not the easiest short sale lender to work with, but with persistence, you can succeed.

If you are a Crestview Florida homeowner considering short sale to avoid foreclosure, consult an attorney and an experienced Crestview FL short sale agent.

It’s Wendy!

Wendy Rulnick, Broker, Rulnick Realty, Inc.

Call toll-free 1-877-ITS-WNDY (1-877-487-9639) or local 850-650-7883 ext 204

Email Wendy: itswendy@rulnickrealty.com

Crestview FL Real Estate

Crestview Short Sales & Pre Foreclosure Help.

Read Wendy’s Crestview FL Real Estate Blog.

The post USAA Approves Crestview Florida Short Sale first appeared on Rulnick Realty.

Each year I give out awards for the worst short sale lenders I have dealt with in the last twelve months.  Congratulations to our 2009 winners!

1.  PHH – Now Waiting 9 Months for Approval and Counting PHH Mortgage has had a VA Compromise Offer since February 2009 for a Niceville Florida short sale.  They were so lame as to do a VA appraisal back in July, then let that expire after six months because they were so slow, and had to order a new one.  The sale is still is not approved.

2. USAA will Wait for Short Sale Seller to Die to Go After Probate  This Niceville short sale story had a happy ending, but not until after USAA commented they would get their money even if they had to wait for the elderly owner to pass away to get the estate.

3.  Saxon Mortgage – Reduces Realtor fee if short sale does not close by approval deadline- for whatever reason- by a full percentage.

4.  Green Tree Servicing – Current on Your Mortgage? Short Sale Denied! This short sale servicer denied a Fort Walton Beach short sale because he was current with his payments. They said they would take the “hit” if the seller would take the “hit on his credit”.  The homeowner drained his entire savings to make payments after spouse was in a serious auto collision.

5. Finally, who else but BANK OF AMERICA, would makes the list – four times over!

Bank of America Approves Short Sale, But Won’t Finance Approved Amount  Here we find a lender who underappraises a Destin short sale condo for the buyer’s mortgage, but on the short sale end- refuses to accept its own appraisal and closes the file!  Head spinning yet?

Bank of America – Two Strikes and Buyer Walks As aforementioned transaction goes into round two- Bank of America flubs short sale demands by illiterate negotiator, and refuses to correct error.  Short sale denied.

Bank of America Now Wants Your Retirement Account  Bank of America is ever so bold now, not even your retirement savings is sacred.

Bank of America – Deficiency Threat Sends Shockwaves  The now-infamous Bank of America approval letter has probably caused many a frightened homeowner to pass on a short sale.

Now, that was my list of the TOP worst short sale lenders for 2009, who were yours?

It’s Wendy!

Wendy Rulnick, Broker, CRP, CRS, GRI, ABR     Rulnick Realty, Inc.

Destin FL Real Estate

Destin Short Sales & Pre Foreclosure Help.

Read Wendy’s Destin Real Estate Blog

www.ShortSaleSuperstars.com for Realtors- join us!

Call toll-free 1-877-ITS-WNDY (1-877-487-9639) or local 850-650-7883 ext 204

Email Wendy: itswendy@rulnickrealty.com

The post Worst Short Sale Lenders of the Year Awards first appeared on Rulnick Realty.