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surplus in short sales and deeds-in-lieu of foreclosure

Published 08/09/2012 02:13 PM   |    Updated 08/09/2012 03:16 PM

In regards to the short sales and deeds-in-lieu of foreclosure, if verbal financials are reviewed with the mortgagor and a surplus is showing is the file then to be returned to retention for review since retaining the property is the first option?

If the homeowner does not have the desire to retain the property, even if there is a surplus, the file does not have to go back to retention but if the homeowner does want to keep the home, then retention options should be reviewed with the homeowner and secured if feasible.