Replies to This Discussion

Permalink Reply by Karyl Moore on March 7, 2011 at 2:16pm

I've only worked with M & I on two land sales -- same owner on both.  They did not waive the deficiency and were firm on the price they wanted.  The Sellers' attorney advised him to close the sales, even with the deficiency.  I assume because the sales amount would reduce the deficiency.

Permalink Reply by Stephanie Lim on March 10, 2011 at 1:15am

I got a M&I approval on a second/ HELOC.  The first negotiator was very deceptive.  He would tell us that they would take X amount then if we thought we might could make it work out he would decide no, they needed Y, over and over. He would never issue anything in writing.  He absolutely refused to approved and we lost the first couple of buyers.  We could not get a negotiator reassignment no matter what we did.  Finally, months later, that negotiator who seemingly had the file for life dropped off (we assume he was no longer working there...) and we got a new negotiator...and an approval within a couple of weeks.  Think it just came down to the negotiator there too.  (The difference to the banks for this delay was $15,000 additional loss to BOA/1st and from my memory maybe a couple thousand additional loss to M&I).  Would not waive the deficiency, a real estate attorney tried as well.  The sale closed. 

Permalink Reply by Guy Lofts CRS on January 11, 2012 at 7:54am

Just closed a short second with M&I went very smoothly.   

took about 6 weeks, would have been quicker if we were not fighting over adjusting commission to 5%.   

They would not push forward whatever i did.   

As soon as i sent over the "corrected" HUD i had an approval in 2 days.

Offered $8k on loan of $88.    NO DEFICIENCY NO PAYMENTS

They said they do not negotiate payments or credit reporting.