I own a bottom unit. The above is leaking from rains and its bad enough that my tenants note soft sheetrock on the ceiling and leaking when raining. The above unit has been vacant for months and the bank that owns it is a private bank with no public REO division to speak to. This creates great liability all the way around. Tenants have a small child. Mold only takes 72 hrs from what I hear. The HOA is a joke. I live too far away to be involved. How do I contact the bank (i’ve tried online inquiry on their site & calling). This is a west coast property owned by Bank of New York and the foreclosed loan was only for 105K…so like they care! I’m on the Management company like a massive squeeky wheel…Ideally I’d like to throw the bank a bone to take this problem off their hand and deal with the unit repairs myself and flip the top unit……the management co. maybe thinking the same thing and moving slower than is acceptable to accomodate me and my tenants…. Any Ideas?

Short sale is approved with my bank. PMI usually wants a payout. How does PMI determine how much money they want? What formula do they use? A certain percentage of the deficiency?? if my deficiency is around 60k, how much does PMI want or do I owe at closing???

Im so frustrated. I have a rental property that I know longer can afford so my tenants decided to purchase the property instead of moving. So I decided to short sale it to them. Everything was fine, contracts were signed, pre-approval was granted, bank approved the short sale.

Ok now Im waiting. My Realtor gives me a call and told me to go to the Title Company to sign the final papers for them to draw docs. This is prior to funding.

Now my Agent just informed me that the deal is dead. The Buyers Agent informed my Agent that the final underwriter turned down the sale due to the relationship on the buyers lease. WTF DOES THAT MEAN?!

The lease was under a Mothers name but she recently lost her job the time they decided to buy it and her son who lives with her decided to buy it under his name. I don’t get why her son cannot purchase the property.

Will any lender work with this type of deal today? Since the short sale began, I was letting them live there rent free. Should I make them pay last 7 months of past rent and kick them out? put it back on the market? help me pls. IM STRESSSING OUT!

We have already signed the escrow papers a week ago, the lender has already made payment 5 days ago and now our real estate agent and escrow is saying they need to FINAL short sale approval from bank of america in order to send it to registar in order to close so we can get our keys!!! The house has been vacant for 3 months so its not like the amount of time for escrow matters. The real estate agent says bank of america has a 72 hour hold before they approve? I have never heard of this? We are already paying mortgage for this place and we cant even get the keys.. does anyone have any advice? we keep getting the close date pushed back farther and farther and we have to be out of our apt in a few days! does anyone know anything that can help us? Thank you
we have approval from bank of america but we are being told that they must approve everything after it goes to escrow again

I purchased a home nearly 2 years ago with a 100% financing with 2 loans for $365K in Northern California. I have a 1st 80% and 2nd 20% from the same lender, both loans closed on the same day, never refi the loans and the 2nd 20% loan is not a HELOC. The properties comparable to my house around my neighborhood now sold for $265k-$280k so in that respect, I’m very upside down. To make long story short, I’m having difficulties paying my mortgage and here’s my question: If I foreclosed on the property, the bank would lose about $80k-$100k. If I go with short sale, assuming the bank approves it. It would still only be selling around $265k - $280k at the most, I’m 90 days late on my mortgage and I realized this might be a good time to negotiate with the bank since I might be able to leverage the current market turmoil situation to renegotiate the terms. What are chances the bank are willing to forgive my 2nd loan, which is at around $72k? Please advice, time is running out. Thank you.

Hello,

A property I am looking at that is an approved short sale says the bank will provide 3% in closing cost help. Is that 3% of the sale price? (Ex: a $200,000 sale would mean $6k in help) Or 3% of the closing costs? (Ex: $10,000 closing costs, thus $300 in help)

I am looking for a good deal on an apartment complex as an investment. I know there are foreclosure sites out there, but I can not find any sites to find commercial or multi-unit foreclosures and bank owned properties (REO). Can anyone help lead me in the right direction? Thank you so much everyone!

We recently put in an offer on a Michigan home that we were told by our agent was a foreclosure. We found out after putting in our offer that the home is actually a short sale - so we do not have a short sale addendum. We put up earnest money which we were told by our agent was required and would not be cashed until the offer was accepted. The seller accepted our offer but the bank has not approved the short sale. However, our earnest money check was cashed this week? So I have several questions that I hope someone experienced with short sales can answer for me:

- Without a short sale addendum, can we back out of this purchase if the bank takes too long (several months) to give us an approval?
- Was it right for our real estate agent’s office to cash our earnest money check prior to lender’s approval of this short sale?

No provisions were made to the contract so we had to get an inspection already - before the lender’s approval. Do we have an inexperienced agent? Please help
Our agent is not the listing agent. The acceptance deadline in our contract was only put in place for the sellers acceptance. Nothing is listed as an approval date for the bank - as when the offer was written, we were told it was a bank owned property and not a short sale. In regards to Trulia, I had not yet seen those responses. I posted my questions to both sites but I will check Trulia now. Thanks for the responses.