B of A 2nd lien approval in 12 business days - Short Sale Superstars2024-03-28T22:28:18Zhttp://shortsalesuperstars.com/forum/topics/b-of-a-2nd-lien-approval-in-12?groupUrl=bankofamericashortsales&feed=yes&xn_auth=noThat is why we have a short s…tag:shortsalesuperstars.com,2010-01-07:3468065:Comment:110422010-01-07T18:15:37.533ZSteele V. Propphttp://shortsalesuperstars.com/profile/SteeleVPropp
That is why we have a short sale attorney review this. He/she then makes the contact and the request in a non-threatening manner. Or you can make the request yourself. Worse case scenario, fax them a request to change the language along with an explanation of why you are requesting it. Pluck some heart strings.<br />
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The worst that they can do is say "no".<br />
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If the language stays open ended I don't know if any amount of disclosures will protect an agent should the clients get hit will a bill later…
That is why we have a short sale attorney review this. He/she then makes the contact and the request in a non-threatening manner. Or you can make the request yourself. Worse case scenario, fax them a request to change the language along with an explanation of why you are requesting it. Pluck some heart strings.<br />
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The worst that they can do is say "no".<br />
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If the language stays open ended I don't know if any amount of disclosures will protect an agent should the clients get hit will a bill later on. Funny how they don't remember what we tell them. Easier to sue us.<br />
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<cite>Tim Schmitz said:</cite><blockquote cite="http://www.shortsalesuperstars.com/forum/topics/b-of-a-2nd-lien-approval-in-12?groupUrl=bankofamericashortsales&commentId=3468065%3AComment%3A11037&xg_source=msg_com_forum#3468065Comment11037"><div>Blow me up? I don't quite know what you mean by that.<br/><br/>I am doing and will always do what is best for my clients. It is the reason many of them do business with me. I have a profound respect for them and understand what they are going through.<br/><br/>Does anyone have any specific suggestions on how to go about this situation? That is what I am looking for. I have not had any contact with a negotiator on this file other than via fax. I do not know their name or phone extension.<br/><br/>thanks much</div>
</blockquote> Blow me up? I don't quite kno…tag:shortsalesuperstars.com,2010-01-07:3468065:Comment:110372010-01-07T17:09:59.101ZTim Schmitzhttp://shortsalesuperstars.com/profile/TimSchmitz
Blow me up? I don't quite know what you mean by that.<br />
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I am doing and will always do what is best for my clients. It is the reason many of them do business with me. I have a profound respect for them and understand what they are going through.<br />
<br />
Does anyone have any specific suggestions on how to go about this situation? That is what I am looking for. I have not had any contact with a negotiator on this file other than via fax. I do not know their name or phone extension.<br />
<br />
thanks much
Blow me up? I don't quite know what you mean by that.<br />
<br />
I am doing and will always do what is best for my clients. It is the reason many of them do business with me. I have a profound respect for them and understand what they are going through.<br />
<br />
Does anyone have any specific suggestions on how to go about this situation? That is what I am looking for. I have not had any contact with a negotiator on this file other than via fax. I do not know their name or phone extension.<br />
<br />
thanks much Negotiating is not being hard…tag:shortsalesuperstars.com,2010-01-07:3468065:Comment:110122010-01-07T13:44:18.849ZSteele V. Propphttp://shortsalesuperstars.com/profile/SteeleVPropp
Negotiating is not being hardball nor jeopordizing your approval. It is a request, not necessarily a demand.<br />
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The question is what is best for your clients. If this is a landmine waiting to blow up in the future what is the approval really worth? Agents are starting to be be held accountable for short sales. This could blow you up as well.<br />
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<cite>Tim Schmitz said:…</cite>
Negotiating is not being hardball nor jeopordizing your approval. It is a request, not necessarily a demand.<br />
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The question is what is best for your clients. If this is a landmine waiting to blow up in the future what is the approval really worth? Agents are starting to be be held accountable for short sales. This could blow you up as well.<br />
<br />
<cite>Tim Schmitz said:</cite><blockquote cite="http://www.shortsalesuperstars.com/forum/topics/b-of-a-2nd-lien-approval-in-12?groupUrl=bankofamericashortsales&commentId=3468065%3AComment%3A10979&xg_source=msg_com_forum#3468065Comment10979"><div>Does anyone here think I will jeopordize the approval I currently have in place if I now start to play hardball on the deficiency/charge off language? They have showed their hand that they will take "x" dollars and have given us 45 days to get them the payoff and close the deal.<br/><br/>thoughts on this?</div>
</blockquote> Does anyone here think I will…tag:shortsalesuperstars.com,2010-01-07:3468065:Comment:109792010-01-07T01:46:28.014ZTim Schmitzhttp://shortsalesuperstars.com/profile/TimSchmitz
Does anyone here think I will jeopordize the approval I currently have in place if I now start to play hardball on the deficiency/charge off language? They have showed their hand that they will take "x" dollars and have given us 45 days to get them the payoff and close the deal.<br />
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thoughts on this?
Does anyone here think I will jeopordize the approval I currently have in place if I now start to play hardball on the deficiency/charge off language? They have showed their hand that they will take "x" dollars and have given us 45 days to get them the payoff and close the deal.<br />
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thoughts on this? We have a couple of very good…tag:shortsalesuperstars.com,2010-01-05:3468065:Comment:106472010-01-05T19:08:56.709ZSteele V. Propphttp://shortsalesuperstars.com/profile/SteeleVPropp
We have a couple of very good attorneys that specialize in short sales. We have them review all approval letters and then talk to the clients to make sure that they understand the ramifications. Keeps us from looking like we are practicing law.<br />
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Steele
We have a couple of very good attorneys that specialize in short sales. We have them review all approval letters and then talk to the clients to make sure that they understand the ramifications. Keeps us from looking like we are practicing law.<br />
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Steele Would it not be better to acc…tag:shortsalesuperstars.com,2010-01-05:3468065:Comment:106442010-01-05T17:49:34.898ZTim Schmitzhttp://shortsalesuperstars.com/profile/TimSchmitz
Would it not be better to accept the short sale and then file BK instead of foreclosing and filing BK?<br />
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I am in the state of WA and yes, the first mortgage is behind as well and could start foreclosure proceedings. The seller is not living in the house anymore and has future plans to handle the deficiency and was completely prepared for it.<br />
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<cite>Tracey Martin said:…</cite>
Would it not be better to accept the short sale and then file BK instead of foreclosing and filing BK?<br />
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I am in the state of WA and yes, the first mortgage is behind as well and could start foreclosure proceedings. The seller is not living in the house anymore and has future plans to handle the deficiency and was completely prepared for it.<br />
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<cite>Tracey Martin said:</cite><blockquote cite="http://www.shortsalesuperstars.com/forum/topics/b-of-a-2nd-lien-approval-in-12?groupUrl=bankofamericashortsales&xg_source=activity#3468065Comment10642"><div>The only bank I ever received a letter with language like this was from the WaMu charge off department. They are the collection dept. What state are you in? Is the first foreclosing? There is a common misconception in California that the first foreclosing will prevent the second from sending the deficiency owed to them to collections. It appears that the second plans to pursue the deficiency no matter what. You need to send your client to an attorney who will probably tell your client to foreclose and declare bankruptcy. The other option is that your client goes through with the short sale and hopes that Country Wide sell the note to a collection agency who is more willing to negotiate. I hope this letter is an exception and not a new rule.</div>
</blockquote> The only bank I ever received…tag:shortsalesuperstars.com,2010-01-05:3468065:Comment:106422010-01-05T17:40:40.498ZTracey Martinhttp://shortsalesuperstars.com/profile/TraceyMartin
The only bank I ever received a letter with language like this was from the WaMu charge off department. They are the collection dept. What state are you in? Is the first foreclosing? There is a common misconception in California that the first foreclosing will prevent the second from sending the deficiency owed to them to collections. It appears that the second plans to pursue the deficiency no matter what. You need to send your client to an attorney who will probably tell your client to…
The only bank I ever received a letter with language like this was from the WaMu charge off department. They are the collection dept. What state are you in? Is the first foreclosing? There is a common misconception in California that the first foreclosing will prevent the second from sending the deficiency owed to them to collections. It appears that the second plans to pursue the deficiency no matter what. You need to send your client to an attorney who will probably tell your client to foreclose and declare bankruptcy. The other option is that your client goes through with the short sale and hopes that Country Wide sell the note to a collection agency who is more willing to negotiate. I hope this letter is an exception and not a new rule. You have to get rid of the li…tag:shortsalesuperstars.com,2010-01-05:3468065:Comment:106392010-01-05T17:39:21.475ZMori Langshaw Srhttp://shortsalesuperstars.com/profile/MoriLangshawSr278
You have to get rid of the liability for your client. Based on this, BofA is coming after your client for $103,000. That won't be cool. Your client may have a different solution in mind.<br />
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I request the release of liability and give them language to report to credit bureaus as part of my package. Just so I can build that in as I negotiate with the negotiator. Sometimes it works sometimes it doesnt but I try to get the liability waived and reported a certain way.
You have to get rid of the liability for your client. Based on this, BofA is coming after your client for $103,000. That won't be cool. Your client may have a different solution in mind.<br />
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I request the release of liability and give them language to report to credit bureaus as part of my package. Just so I can build that in as I negotiate with the negotiator. Sometimes it works sometimes it doesnt but I try to get the liability waived and reported a certain way. Sounds like a release of lien…tag:shortsalesuperstars.com,2010-01-05:3468065:Comment:106362010-01-05T17:26:01.002ZDominique Van Ryckeghemhttp://shortsalesuperstars.com/profile/domi
Sounds like a release of lien, but not of liability. Your client's still on the hook for the deficiency.
Sounds like a release of lien, but not of liability. Your client's still on the hook for the deficiency.