Replies to This Discussion

Permalink Reply by alisa hagner on July 30, 2010 at 3:41pm

Is it a fannie or freddie loan? If yes, then call them with the owner and complain.

Permalink Reply by Anthony Hoshmand on August 2, 2010 at 3:58am

I just closed a short sale loan with this admin fee. FNMA loans do not allow this, but the seller's loans were originally an Argent 80/20. Most of the big lenders will decline the deal with any out-of-pocket from the borrower, but several mortgage bankers said yes. I got it done, ironically with a lender whose investor is Wells (one of the ones who said no to the deal originally).

Permalink Reply by Wanda Borman on August 3, 2010 at 10:54am

Google it!

Permalink Reply by Anthony Hoshmand on August 23, 2010 at 3:50am

Hi Kate,

Yes, the buyer paid the fee (in this case it was 2750) & even extra to the 2nd lienholder who was demanding more. Your new lender has to approve of this, and it has to be properly disclosed on the HUD. I can see why your buyers wouldn't want to pay 15K, that's a lot. At that purchase price, I'd think there'd be a lot more room for negotiation.

Permalink Reply by Mike Jackson on August 25, 2010 at 4:22am

I have a trustee sale date tomorrow with AHMSI and they keep telling me they never received my short sale fax when I faxed it once last week friday and yesterday and they are still saying they have not uploaded it. Any advise would be helpful.

Permalink Reply by Brad Stevens on September 16, 2010 at 6:54am

Hi Mike,

I just signed up with SSS because of your post. A very similar situation to yours occurred here in New Mexico on Tuesday, Sept. 14, 2010. BTW...Did you get a postponement? Here's my story: On the morning of, and well before the foreclosure sale, our point man on the short sale offer was told by an AHMSI rep that the foreclosure sale would be postponed for 30 days to further review our SS offer. That it had in fact been assigned to a negotiator. We thought they were telling us straight, however, I attended the sale personally and watched as the property came up for bid and was sold back to AHMSI. After the sale, our rep immediately called the bank and a different rep told him they were unable to "notify the Special Master" in time. Funny, I was standing there prior to, during and shortly after the property was sold back to AHMSI. The Special Master's phone never rang. Now I have to chase it into the REO abyss...and frankly I hesitate to believe what some of those folks at AHMSI may tell me going forward.

I'm asking if you, Mike, or any of the experts here on SSS can help me understand AHMSI's internal process after they take back property. And then how I can best follow that bouncing ball to a point where I may have another opportunity to buy it.

Thanks in advance to anyone and everyone for your help!

Brad Stevens

Mike Jackson said:

I have a trustee sale date tomorrow with AHMSI and they keep telling me they never received my short sale fax when I faxed it once last week friday and yesterday and they are still saying they have not uploaded it. Any advise would be helpful.

Permalink Reply by Trinidad Gaeta on September 28, 2010 at 8:37am

Be careful with using legal language with them, they don't take threats too well. In the future you might want to negotiate a lower price and have the buyer be prepared to pay the 1% or they will cut your commission to pay for it. Another great way to avoid this fee is by submitting FHA offers vs' conventional or cash offers.

Hope that helps.