Quicken Loans Short Sale Demand / Approval Letter
Here's an example of recent short sale with Quicken Loan for a home in Virginia.
Contact us if you have any questions concerning short sales in Virginia, Maryland, DC & Illinois.
Simon Hahn - Quicken Loans short sale specialist for homes in Virginia, Maryland, Washington DC and Illinois.
703-662-1466
Nationstar Mortgage (Centex Home Equity Company) Short Sale Approval Letter
We recently received a short sale approval for a National Mortgage short sale. Hopefully you'll find this helpful.
Quick Facts
Hardship: Decrease in income
Days for Approval: 2 months+
Amount Forgiven: ~$60,000.
Missed Payment: Yes
Lessons Learned: Nationstart Mortgage is little bit slower than others so it's important to stay on top of things. Depending on the net amount they receive, they will either release deficiency or seek it. In this case, Nationstar is releasing deficiency.
Contact us if you have any questions concerning Nationstar Mortgage short sale or short sales in general.
Hahn Group - Nationstar Mortgage Short Sale Specialist
703-662-1466
Ocwen Short Sale
We recently completed a short sale with Ocwen Loan Servicing. Fortunately, the borrowers didn't have to bring any cash or sign any promissory note. The borrowers were forgiven of their debt.
Quick Facts
Hardship: Decrease in income
Days for Approval: 14 days
Amount Forgiven: ~$100,000.
Missed Payment: Yes
Lessons Learned: Ocwen Loan Servicing is very quick with their short sale process. One important thing to remember is that once Ocwen set a foreclosure date, Ocwen will not postpone the foreclosure date even with an active short sale contract. I hope this was an isolated case but we had to push the file along quickly to avoid foreclosure.
Contact us if you have any questions concerning Ocwen short sale or just short sale in general. We have successful completed well over 100 short sales to date.
Simon Hahn - Ocwen Loan Servicing Short Sale Specialist
703-662-1466
Our group has successfully completed another short sale with Capital One. Here's the approval letter from Capital One. This was an approval for both first and second mortgage with Capital One. They issued one letter with both loan numbers on it. Fortunately, the borrowers didn't have to bring any cash or sign any promissory note. The borrowers were forgiven of their debt. You can compare this letter with another Capital One short sale that we did earlier this year.
Quick Facts
Hardship: High debt ratio
Days for Approval: Initially 2 months. The negotiator forgot that there was a second lien. This resulted in about 4 month delay. So all in all it took 6 months.
Amount Forgiven: ~$125,000.
Missed Payment: None
Lessons Learned: Capital One is going through some internal changes with their short sale process. They closed down their Laurel, MD office causing this delay. We did a short sale earlier this year that took little over a month. However these days it's common for Capital One short sale to take much longer. This transaction was a little tricky because we had to get mortgage insurance approval of the short sale as well. We actually contacted MI directly speeding the process. We had 3 negotiators along the process. Whenever there's a change in negotiator, the process can slow down because it takes some time for the new negotiator to get up to speed. Patient and persistence is the key.
If you have any questions concerning Capital One / BF Saul short sale, contact us. We have proven record with Capital One short sales. We can help you with Capital One short sales in Virginia, Maryland, Washington DC and Illinois.
Here's the copy of the short sale approval letter. Although this letter does not mention anything about 1099 or tax consequences, we have in writing that they will issue 1099. Download PDF copy of Capital one short sale approval letter.
If you have any questions about Capital One short sale or any short sale, please contact us for free, confidential consultation.
Hahn Group Realty
Keller Williams Realty
703-910-3157 Direct
866-348-5461 Fax
Here's an Acacia Federal Saving Bank short sale (preforeclosure) approval letter.
Quick Facts
Hardship: Loss of job
Days for Approval: 60 days for initial response. After the first buyer walked, it took 14 days for approval on the second offer.
Amount Forgiven: ~$175,000 with deficiency waived.
Missed Payment: Forced to miss one payment after the first buyer walked but mostly current.
Lessons Learned: Acacia takes little longer than other banks so staying on top of communicating with the bank is important. The first buyer walked after the bank countered the buyer's offer by 10%.
Here's the Acacia Federal Savings Bank short sale approval letter. On second page, the banks states "The preforclosure sale may have an impact on your income taxes. You should consult with your tax preparation professional. Additionally this transaction will be reported to the credit bureau as 'Settled in full for less than total payoff.'" According the attorney, this is a good letter.
If you have any questions concerning Acacia Federal Savings Bank short sale, contact us. We have proven record with Acacia short (preforeclosure) sale. We can help you with Acacia short sales in Virginia, Maryland, Washington DC and Illinois.
Simon Hahn - Keller Williams Realty
14155 Newbrook Drive Suite 100
Chantilly, VA 20151
703-662-1466 (Direct)
703-815-5700 (Broker)
We just completed a Ditech / GMAC short sale with first and second mortgage.
Quick Facts
Hardship: Employment
Days for Approval: 30
Amount Forgiven: ~$100,000
If you obtained your mortgage through Ditech then your mortgage is pretty much handled by GMAC.
Here's a sample Ditech/ GMAC Mortgage short sale approval letter for first trust. It's a clean letter with GMAC stating tax consequences (1099) on page 3.
Here's an approval letter for Ditech second trust. This too mentions the tax consequences on page 2.
Contact us if you have any questions concerning short sale with Ditech / GMAC.
Simon Hahn - Ditech / GMAC short sale specialist
703-662-1466
Here's a recent PNC / National City short sale approval / demand letter. It's one of the most detailed short sale approval letter. In fact, it shows how much the bank is forgiving. On the fourth page (image), you'll see the statement that PNC is will be reporting this to the credit agency.
PNC / National City Mortgage Short Sale Specialist
703-662-1466
Email me here.
PNC / National City short sale approval letter. For more info on PNC /National City short sales, click here.
Here's a Wells Fargo Home Equity short sale approval. It took 38 days. The first trust on this bank was also Wells Fargo and I posted the approval here. Although you may have both loans with Wells Fargo, the two loans essentially act like separate banks.
Virginia, Maryland, Washington DC short sale specialist Wells Fargo Home Equity Short Sale 703-662-1466
Simon Hahn - Keller Williams Realty
I'm going to call April the National Short Sale Approval month. This is like the 10th short sale approval this month. Let me say generally that the banks are making improvements particularly Bank of America. I must admit that Equator system is improving Bank of America short sale system.
Anyway, here's another Wells Fargo short sale approval. This would be the fourth Wells Fargo approval this month.
Hardship: Bought second home and rent does not cover mortgage
Approval Period: 34 calender days.
Amount Forgiven: Over 100k+
Missed Payments: No
Bank asked for seller contribution at closing.
Simon Hahn - Keller Williams Realty
Virginia, Maryland, Washington DC short sale specialist
703-662-1466
Here's a recent Central Mortgage short sale that got approved. Due to some title issue, it took little longer than one I did couple years ago.
Type of Hardship: Loss of Job
Approved Period: 90 Days. If the title issue wasn't there, it would of taken probably about 45 to 60 days.
Amount Forgiven: ~$50,000
Simon Hahn - Keller Williams Realty
Virginia, Maryland, Washington DC short sale specialist
703-662-1466
