A large majority of these loans are owned or insured by Uncle Sam. They own them outright thru Fannie Mae & Freddie Mac. And they insure the actual owners against loss thru FHA and VA.
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The rest of the loans are owned by Wall Street Firms, Hedge Funds, Pension Funds, and other various investors. So who makes the decision on a short sale?
It depends. If the loan is “delegated”, then Bank of America can make the decision to approve or deny the short sale. The actual owner of the loan has “delegated” the authority to make a decision to the lender handling the loan.
Usually a supervisor at Bank of America will make the final decision. This is an advantage because you are able to get an answer faster on the short sale.
A Non Delegated Short Sale can drag out longer. First you have to submit everything to the short sale lender. They look everything over.
They will ask you for any missing documents or anything else needed for the file. Then they submit the complete short sale package to the loan owner. The loan owner looks everything over and makes a decision.
The first question we ask when negotiating a short sale is, “Are you delegated.” I want to know who the decision maker is on the file. This improves the odds of getting the short sale approved.
Here are a few guidelines for whether or not a short sale has been delegated. Is the loan one of the following?
FHA Loan. Not delegated. The lender assembles a package and submits to FHA for approval.
Fannie Mae Loan. Sometimes delegated, but not always.
Freddie Mac Loan. Our experience is they usually are not delegated.
VA Loan. Not delegated. The lender assembles a package and submits to VA for approval.
Sliced and diced loan (Wall Street Owned.) Almost always delegated.
Thinking about a short sale? I can help you short sale your property and never pay the bank another penny. Send me an e-mail at email@example.com. I will contact you for a free consultation.
When we talk, I will explain how the process works in detail and answer any questions you may have. Or, if you prefer, you can call me at 805-208-0823.
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Thinking about a loan modification? Our Ventura County Loan Modification Kit has the instructions you will need to get a loan modification approved with your lender. Click here to request a copy.
Thanks for reading this,
Chris B Johnson.
Chris is a Real Estate Agent at Prudential Califonia Realty.
Phone: 805-208-0823. firstname.lastname@example.org.
Certified HAFA Specialist, Certified Short Sale Specialist
View My homes for sale at http://www.chrisbjohnsonrealtor.com/.
Chris Johnson specializes in providing HAFA Loan Modification and short sales help, Short Sales in Moorpark, Short Sales in Thousand Oaks, Short Sales in Westlake Village, Short Sales in Newbury Park, Short Sales in Camarillo, Short Sales in Santa Rosa Valley, Short Sales in Somis, Short Sales in Lake Sherwood, and Short Sales in Simi Valley California. Moorpark Loan Modification Help, Thousand Oaks Loan Modification Help, Westlake Village Loan Modification Help , Newbury Park Loan Modification Help, Camarillo Loan Modification Help, Santa Rosa Valley Loan Modification Help, Somis Loan Modification Help, Lake Sherwood Loan Modification Help, and Simi Valley Loan Modification Help, Moorpark short sales , Thousand Oaks short sales, Westlake Village short sales, Newbury Park short sales , Camarillo short sales, Santa Rosa Valley short sales, Somis short sales, Lake Sherwood short sales, and Simi Valley short sales. Moorpark Short Sale Realtor, Moorpark Short Sale Realtors, Short Sale Realtor. Ventura County CA Short Sales. Ventura County Realtor, Certified HAFA Specialist, Moorpark Short Sale Realtor, Thousand Oaks Short Sale Realtor, Westlake Village Short Sale Realtor, Newbury Park Short Sale Realtor, Camarillo Short Sale Realtor, Simi Valley Short Sale Realtor, Moorpark CA Short Sales, Thousand Oaks CA Short Sales, Westlake Village CA Short Sales, Newbury Park CA Short Sales, Camarillo CA Short Sales, Simi Valley CA Short Sales, Certified Home Affordable Foreclosure Alternative Specialist, HAFA, HAMP. CA. DRE 10501699. Loan modification assistance and short sales in Ventura County California. Ventura County Loan Modification Help, Ventura County short sales. Ventura County Short Sale Realtor Short Sale Realtor. Ventura County CA Short Sales. Ventura County Realtor.
Copyright 2010 SFI Marketing Institute, LLC. All Rights Reserved. This is not intended as legal, technical, or tax advice. Please speak with a licensed professional before making any decision. Information is deemed reliable but not guaranteed as of the date of writing. The views expressed here are Johnson’s personal views and do not reflect the views of Prudential Califonia Realty. This information on how short sales affect home values in the neighborhood is provided as a courtesy to our viewers to help them make informed decisions.