On this week’s Preforeclosure Daily Grind “Tip of the Week” we dive into what is going on with SunTrust Mortgage and how long they are actually taking to close short sales these days. We go over a recent deal we have with them and some tips and tricks on how to get a short sale deal closed when you have two mortgages with the same lender. Listen in as we cover this and how often SunTrust Mortgage will order a new BPO, what Fannie Mae will allow 2nd mortgage holders when they are in first position, whether or not SunTrust will give a “Settlement in Full” or a “Release of Lien” only on their short sale approval letters and more. Visit www.PreforeclosureDailyGrind.com for more real estate videos from North Shore Enterprises.

3 Responses to “SunTrust Mortgage Short Sales- Are Our Sellers Getting Screwed?”

1. Sharon says:

   June 3, 2010 at 9:44 am

   Aurora too…on the new appraisals every 90 days.

   Reply
2. Laura Morton says:

   June 12, 2010 at 5:16 pm

   Bank of America has promised to be more proactive and aggressive with short sales.
   One suggestion was to set the minimum acceptable sales price in advance. All is left is for the realtor and the homeowner to find a qualified buyer.
   This makes sense. It will eliminate sending offers back and forth.

   Reply
3. Bob says:

   June 24, 2010 at 7:12 am

   Hi Bob
   You mentioned how we can get 1% back from the Realtors for the short sale negotiation if it is set up corretly. Can you explain on the next video? Is it able to be paid on HUD in the commission section, if we are not a Realtor? How do you “sell” this to Realtors?
   Thanks,
   Bob

   Reply