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Saxon
Short Sale Report
| Time to Acknowledge |
Time to Approve |
Commissions | Full Release Available |
Comments |
| 3-5 days | 45-60 days | Unknown | usually |
It appears that all files will be outsourced to component servicers. The servicers will be incentivized to close files but they will also be following the instructions from the very closely since they will be dependent on these lenders for additional business.
Comments
I have negotiated a short sale with Saxon that will close soon. I have a recourse loan with them and I live in California. I owed $472k and the short sale is for $255k. A previous negotiator said that when the sale is final they will post "Paid As Agreed" on my credit. My lawyer says there is nothing from preventing them coming back to me for any losses. I debating letting it go into foreclosure and taking the credit hit instead of taking the chance of filing bankruptcy down the road.
Does anyone have any info to share on this matter. I am days away from closing.
Francis
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