Wednesday, October 1, 2008

Washington Mutual Approves Short Sale

My most recent approval was received this morning, approximately seven weeks from submission, from Washington Mutual. It was a very smooth transaction. Here is the summary:

Property: House in Fort Walton Beach Florida

Value and Offer: About $110,000

First Mortgage: CITI owed about $70,000

Second Mortgage: Washington Mutual owed about $90,000

Hardship: Medical

Package Submitted: August 13

Appraisal Ordered: September 3

Approval Email: September 30

Factors: First mortgage, Citi, was in collections, but not in a short sale position, since net was enough to cover full balance- so only needed approval from WAMU

Delays: Washington Mutual "lost" Letter of Authorization and "lost" part of the ahort sale package

Overall, this was a quick and mostly problem-free Fort Walton Beach short sale.

It's Wendy!
Wendy Rulnick, Broker, CRP, CRS, GRI, ABR Rulnick Realty, Inc.

Search Fort Walton Beach real estate and vicinity.
Destin and Fort Walton Beach short sale and pre foreclosure help.
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Specializing in real estate sales, traditional and short sales on Emerald Coast of Florida: Destin Florida real estate, Santa Rosa Beach, Fort Walton Beach, Niceville, Bluewater Bay, Navarre, Seagrove Beach, Watercolor, Sandestin, Seaside, Dune Allen, Blue Mountain Beach, Freeport, Rosemary Beach, Mary Esther, Shalimar, Eglin AFB, Hurlburt Field. Call toll-free 1-877-ITS-WNDY (1-877-487-9639) or local 850-650-7883 ext 204
Copyright © 2008 By Wendy Rulnick. All Rights Reserved. *Washington Mutual Approves Short Sale* Contact Wendy Rulnick regarding Fort Walton Beach real estate and vicinity.

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5 Comments:

Anonymous Anonymous said...

Wendy-- Your blog is great! Thanks for all the help. As I read your update on this short sale, it seems so simple but the one I'm interested in as a Lis Pendens already filed which lists "Mortgage Electronic Registrtion Systems, Inc" as one of the defendants along with the owner, and the home owners association. Why would the loan company (Country Wide) list MERS a the home owners asso as defendants?

Thanks!

October 1, 2008 at 1:47:00 PM CDT  
Blogger Wendy Rulnick said...

Thank you - glad you find the blog helpful. I don't know why MERS is named as a defendant. I know MERS is an electronic loan registry used to track loan servicers. You can look on www.mersinc.com Perhaps one of our attorney readers can enlighten us.

October 1, 2008 at 2:43:00 PM CDT  
Anonymous Anonymous said...

Wendy--Wow--thanks for the quick comment! Already checked out MERS.com and and got nowhere. What about the home owners association, then? Why would the loan holder file against them?

October 1, 2008 at 2:59:00 PM CDT  
Blogger Wendy Rulnick said...

HI, I really have to defer to an attorney in this case. It was explained to me that the lender will name everyone to protect its interest, but I don't have an answer for you. If I get the answer, I will publish it... Let me know how your research goes.

October 1, 2008 at 3:17:00 PM CDT  
Anonymous Susan said...

That's great! Congratulations!

October 1, 2008 at 4:31:00 PM CDT  

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