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Permalink Reply by Jim Schneider on November 4, 2011 at 2:27am

Trina,

I'm just about to start on a similar issue with SLS, so I'd love to hear how this goes with you. One piece of advice, one way to escalate is to go to the investor's instead of the servicers. Check the fannie mae, freddie mac, and MERS websits and see if you can find out who the investor is, then call them, they may be able to help.

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Permalink Reply by Trina Gonzales on November 4, 2011 at 2:59am

Thanks so much Jim!  I'll do that today.  I think I'll also have my homeowner call SLS and ask them who her investor is.  They may tell her verbally too.  I'll keep you abreast.

 

I appreciate the input so much!

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Permalink Reply by Katherine "Kat" Breig on November 6, 2011 at 6:24am

Bill- SB 458 - Deficiency Judgments was signed in July and it works! Read the bill and talk with the CAR Hotline and speak with an Attorney.

I had a Chase -1st & 2nd, Keybank - HELOC, Tax lien and unfinished, unpermitted pool. After 8 mths it closed! NO additional funds to close! Chase gave the 2nd $8,500.00, Keybank $1,000.00., after the 2nd demand more funds, we had offered another $10,000 to the 2nd, but after the passing of this bill the 2nd declined our additional $10,000. No funds brought in to close and NO Deficiency Judgments! I had a 1-on-1 conversation with Gov the lead Attorney the day he spoke at our Board and he went through the whole Bill with me. It is quite easy to understand. When I called the Car Hotline one of the Attorney's advised me to advise my clients to write this veribage on the approval letter, even though they said they would persue a DJ - Approx verbiage "Sellers accept the lenders approval as long as it is in compliance with Federal and State Law."

Good ludk!

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Permalink Reply by Trina Gonzales on November 6, 2011 at 7:54am

I'm with you there Harry.  The other issue with this shortsale is, this Chase loan used to be EMC and they'd previously approved the amount with all parties  contributing (except my sellers) to satisfy the 2nd.  Now that Chase has eliminated all EMC loans and converted them, we have a new negotiator who states they will only allow the $8500 to the 2nd, period. I truly believe SB458 has given 2nd's leverage if anything else.  They know that they could be wiped out in a foreclosure and everybody needs their cooperation to prevent it so... they dig in their heels to get more money and don't seek deficiency. I'm planning to work on the 1st negotiator to get them to be more pliable.  Arrrgggghh!

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Permalink Reply by Katherine "Kat" Breig on November 6, 2011 at 8:25am

I disagree, I feel most agents don't understand the Bill. Of course it is not a guarantee, and I don't feel it gives the 2nds more power. In my short sale it was the 2nd that said they would not take the extra funds offered because of the new Bill and the Heloc signed off because of the new Bill they would not go after a DJ. If any thing the Jr lien holders know if there is a foreclosure and they want to go after the DJ that it will cost them more time and money. Fortunately I had the advantage of having a one-on-one with CAR's lead Attornrey and we went through the Bill paragraph-by-paragraph. I think this is something that we are just starting to see the out comes of the new Bill. It is an advantage for the sellers and takes less funds for agents as well.

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