In the servicing of first mortgage loans owned &/or insured by major portfolio investors.... it is SOP to order monthly drive-bys, and BPOs during the delinquency, default, and foreclosure stages. The majority of mortgage loans serviced are impacted by boilerplate servicing criteria.
The servicer reports to the investor occupancy status, condition, comparable props on the market in the immediate market, and approximate value,
What was the offer to the second?
In North Carolina, once homeowner is in default, most of the time the lender issues a BPO.
So my question is do I stand a better chance of listing a net sheet (banks true holding costs) to them as part of my justification for my offer.
The time is coming, I agree, for lower auction amounts. In the meantime, what is the best way to handle this situation.
In the servicing of first mortgage loans owned &/or insured by major portfolio investors.... it is SOP to order monthly drive-bys, and BPOs during the delinquency, default, and foreclosure stages. The majority of mortgage loans serviced are impacted by boilerplate servicing criteria.
The servicer reports to the investor occupancy status, condition, comparable props on the market in the immediate market, and approximate value,
Daryl,
That is a good idea using a net sheet to show the lenders expenses. The only way i can see this working is by sending in two settlement statements.
One that reflect your offer and one that shows the alternative.
Brilliant idea. I think i might try that one on my next short sale opportunity.
Defend your stand on the FMV yes but, I still think its a novel idea to provide the alternative.
Does anyone have a list or letter that has given them success with ss approvals?
Make a new topic to see if anyone has had success..... I am intrested too.